Union Budget 2020 Live: In her bid to address all, pressing economic issues Nirmala Sitharaman ends up impressing some, disappoint some others

Although my immediate response to the budget was satisfactory, now that I’ve read the fine print I must say I’m less optimistic about strong economic revival. In fact removal of exemptions n DDT will hurt individual tax payer n affect consumer spending. Why no export incentives? This time around business confidence is boosted but individual tax payers are disappointed. Consumer spending is unlikely to be boosted, tweeted Kiran Mazumdar Shaw. 

I congratulate finance minister Nirmala Sitharaman and her team for the first budget of this decade, which has a vision. The budget also proposes tax holidays for start ups for a period of 5 years with a view to encouraging starting businesses in India. Budget will give new energy to youth in country by promoting start-ups. The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment, these four sectors have been given a lot of emphasis in this Budget. The govt has announced many measures in Budget to push employment in country: PM 

FM out-rightly rejected every idea given in the economic survey. Government does not believe in reforms. This budget has done nothing to create jobs. 10 has got a one and a zero, you can pick either number, I don't care. Nothing for mining, manufacturing and construction. We have to live with this Budget until the govt is forced to revise it: Chidambaram

Mamata Banerjee: I am shocked & appalled to see how the Central Government plans to ambush the heritage & legacy of public institutions. It’s the end of a sense of security. Is it also the end of an era?

It is a balanced Budget which prepares India for the decade ahead of us and prepares it to be a 5 trillion dollar economy. It also covers a vast canvas both on the social side, on economic development&ensures that we continue to remain an economic powerhouse: Piyush Goyal 

Finance Minister Nirmala Sitharaman: I agree that my budget speech was lengthy but in the speech, I had focussed on and spoken about the schemes for employment for the youth, as well as benefits to them. 

Govt to provide additional capital to public sector banks as and when required, says FM

FM Nirmala Sitharaman: To improve consumption demand, private investment and public spending and since revenue side could not be pressed further, without violating FRBM (Fiscal Responsibility and Budget Management), we had to relax fiscal deficit target by 0.5%. Corporate tax cut and benefit derived by new companies, as well as improved GST collections will improve revenue generation & give the comfort to bring down fiscal deficit next year, with disinvestment too improving. 

We've made changes in Income Tax Act where if an Indian citizen stays out of country for more than 182 days,he becomes non-resident. So we've made some changes, now in order to become non-resident he has to stay out of country for 240 days. Some people are residents of no country. They may be staying in different countries for certain number of days. So if any Indian citizen is not a resident of any country in the world, he'll be deemed to be a resident of India&his worldwide income will be taxed: Revenue Secy

We took a comprehensive review of all exemptions&found close to 120 exemptions. We took a review of each item. In order to offer a simplified system, now the total exemptions which have been removed from the new system is, about 70: Revenue Secy

Sensex closes at 39,735.53, down by 987.96 points.

Grateful to PM @narendramodi Ji & FM @nsitharaman Ji for announcing National Technical Textiles Mission. Technical Textiles is the sunrise sector in the overall Textiles spectrum & formulation of this mission will help tap the huge potential of the sector.

Budget Taxpayer charter is a major step in line with our commitment to ensure honest taxpayers are respected: FM 

We have given the real estate sector much before the Budget was announced: FM 

Power tariffs may fall as corporate taxes reduced

We want to remove all exemptions eventually: Finance ministry

The whole idea of tax reforms is to offer a simplified regime: Government

Income tax rate to make sure money is in the hands of the people, particularly the middle class and lower middle classes: FM

We want to bring the tax rates down and remove complications when it comes to compliance: FM

In budget, Modi govt has taken effective steps to rationalize tax system, boost basic infrastructure, strengthen banking system, promote investment & ease of doing business, which will further Modi govt’s resolve to make India a US$ 5 trillion economy.