TAXATION:

25% rate to now be applicable to companies with turnover up to Rs 400 crore: Finance Minister Nirmala Sitharaman

Govt has already moved GST council to lower the GST rate on electric vehicles(EV) from 12% to 5%. Also to make EVs affordable for consumers we will provide additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase EVs.

India's ease of doing business under the category of paying taxes showed a significant jump.

"For the ease of taxpayers, I propose to make the use of PAN and Aadhaar interchangeable."

Union Budget 2019: FM Nirmala Sitharaman targets massive infrastructure focus; announces range of initiatives for road, rail, aviation and water transport

Praising India Inc, Sitharaman said that they are the job creators and are the nation's wealth creators and with shared belief and faith on them the government highlighted all the steps taken towards connectivity. Tap to read

Finance Minister Nirmala Sitharaman concludes her maiden Budget speech by thanking the floor of the house.

Union Budget 2019: Pradhan Mantri Karam Yogi scheme to extend pension to 3 crore retailers and shopkeepers, announces Nirmala Sitharaman

The first budget of Narendra Modi government's second tenure is the maiden one for Nirmala Sitharaman. In her speech at the Parliament, she said:

"Our objective was and continues to be 'Mazboot Desh Ke Liye Mazboot Nagrik'. With determined human efforts the task will surely be completed." Tap to read

Nirmala Sitharaman speaks about the expansion of programme for women for enhanced entrepreneurship in the rural-urban sector:

Union Budget 2019: Nirmala Sitharaman announces 'Gandhipedia' in the works to spread positive Gandhian values, in Budget speech

Union Finance Minister Nirmala Sitharaman, on Friday announced that the National Council for Science Museum will set up 'Gandhipedia' to sensitize young people about Gandhian ideas and philosophy.

She said: "The 150th birth anniversary is an apt ocassion where Rashtriya Swachhata Kendra will be inaugurated at Raj Ghat, on 2nd October, 2019.

She further said: "Gandhipedia (like an encyclopedia on Gandhi) is also being developed by National Council for Science Museums to sensitise the youth and society at large about Gandhian thoughts and philosophy", says Finance Minister.

Tap to read.

India's sovereign external debt to GDP is among the lowest globally at less than 5%. Govt will start raising a part of its gross borrowing program in external markets in external currencies: Finance Minister Nirmala Sitharaman

Budget 2019 proposes new welfare scheme Pradhan Mantri Karam Yogi Man Dhan Scheme under which pension benefit will be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores.

Suggestions invited for further opening up of FDI in aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders in the Union Budget 2019:

In the Union Budget 2019, the government has given a massive push to all forms of physical connectivity via:

1. PMGSY
2. Industrial corridors 
3. Dedicated freight corridors
4. Bharatmala
5. Sagarmala
6. Jal Marg vikas
7. UDAN schemes

By 2022, I would like to assure the nation that every single rural family, except those who are unwilling to take the connection, will have electricity and access to clean cooking facility: Finance Minister Nirmala Sitharaman makes big announcement in her maiden Budget Speech in the Parliament.

Nirmala Sitharaman proposes to harness the space ability of India commercially, for which a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap the benefits of ISRO. 

FM speaks on the Budget allocation for the rural sector:

The government keeps Gaon, Garib and Kisan at the centre of everything we do, of every programme. 

In second phase of PMAY-Gramin, 1.95 crore houses to be provided to eligible beneficiaries, during 2019-20 to 2021-22; they will have amenities such as LPG, electricity and toilets.

By 2022, every single rural family except those who are unwilling to take the connection, will have an electricity and a clean cooking facility.

9.6 crore toilets have been constructed since Oct 2, 2014. More than 5.6 lakh villages have become open defecation free. We have to build on this success. I propose to expand the Swachh Bharat mission to undertake sustainable sold waste management in every village: Finance Minister.

Education:

Speaking on the Youth of India, Nirmala Sitharaman proposed the National Educational Policy to transform India's higher education system to the best education system. It proposes major changes in both schools and higher education.

"Higher Educational Institutions are becoming a centre of innovation. There was not a single Indian institution in the top 200 in the World University ranking for five years back. We now have two IIT's and IISc Bengaluru in top 200 categories," the Finance Minister added. 

"India has the potential to become ahub of higher education. I aim to propose to start a program. 'Study in India' that will focus on bringing foreign students to India in our higher education institutions."

Nirmala Sitharaman speaks about the Modi government's aspiration to reach the 5 trillion dollar economy:

When we aspire to reach 5 trillion dollars, many wonder whether it is possible; the target is eminently achievable, given our citizens' desire and the leadership of the Government.

India Inc, our job creators, is the nation's wealth creators; together, we can prosper. I wish to propose no. of reforms to kickstart a virtuous cycle of growth.

The Finance Minister speaks about the various projects started by the Modi government to improve the rural-urban divide:

"Schemes such as BharatMala, Sagarmala and UDAN are bridging rural-urban divide and improving our transport infrastructure."

"For providing an enabling ecosystem for Maintenance, Repair and Overhaul, suitable policy interventions will be adopted."

The Finance Minister speaks about the National Common Mobility Card:

"India's first indigenous payment ecosystem for transport based on National Common Mobility Card was launched PM in March 2019, enabling people to pay multiple types of transport charges."

"FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging infra."

Nirmala Sitharaman announces allocation for the Railways:

Railway infra would need an investment of 50 lakh crores between 2018 and 2030; PPP to be used to unleash faster development and delivery of passenger freight services: Nirmala Sitharaman.

Here are the plans proposed by the Modi government to reach 5 trillion USD economy by this year.

• Heavy investment in infrastructure
• Digital Economy
• Job creation

Budget allocation for MSME sector:

Rs 350 cr allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans. Pension for shopkeepers & retailers with turnover less than Rs. 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme: FM

Union Budget 2019: Is Inheritance tax set for a comeback after 35 years, in Budget 2019?

Chances are high that in the Union Budget 2019, Finance Minister Nirmala Sitharaman may reintroduce 35-year-old inheritance or estate tax in her first budget speech. Tap to read

Union Budget 2019: Budget terms to know to understand Nirmala Sitharaman's speech better

The Finance Minster Nirmala Sitharaman presents her first Union Budget for the financial year 2019-2020 on July 5. All eyes are set on to the Finance Ministry to know how the Modi government in its second term will deal with the country's economy. Here is a list of terms that will make understanding the Budget easier. Tap to read

Prime Minister Narendra Modi reaches the Parliament ahead of the budget 2019 speech.

Copies of Budget 2019 have been brought to the Parliament ahead of Finance Minister Nirmala Sitharaman's speech in Parliament at 11 AM:

Union Cabinet meeting begins in Parliament ahead of the Budget 2019 speech.

Union Budget 2019: Parents of Finance Minister Nirmala Sitharaman - Savitri and Narayanan Sitharaman - arrive at the Parliament ahead of the Budget:

Union cabinet approves Budget 2019. It will be presented by Finance Minister Nirmala Sitharaman at the Lok Sabha at 11:00 AM.

Finance Minister Nirmala Sitharaman presents her maiden Budget in the Lok Sabha.

The recent election was charged with brimming home and desire for a bright and stable New India: Nirmala Sitharaman

Between 2014 and 2019, we provided rejuvenated centre-state dynamic, cooperative federalism, GST Council and a strident commitment to fiscal discipline; set the ball rolling for New India: Finance Minister

An Urdu couplet 'Yakeen ho to koi raasta niklata hai, hawa ki ot(protection) bhi le kar charagh jalta hai': Finance Minister Nirmala Sitharaman

Last mile delivery stood out, citizens in every nook and corner of the country felt the difference; our objective was and continues to be Majboot Desh Ke Liye Majboot Nagarik: Finance Minister Nirmala Sitharaman

The Indian economy will grow to become a 3 trillion dollar economy this year itself: FM

From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars; we can very well reach 5 trillion dollars in the next few years: Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman, along with MoS Finance Anurag Thakur and other officials of the Finance Ministry reach the Finance Ministry. She poses with her team outside the ministry ahead of her maiden budget. 

Union Budget 2019: Finance Minister Nirmala Sitharaman poses with her team outside the ministry ahead of here maiden budget.

Union Budget 2019: Principal Economic Advisor Sanjeev Sanyal highlights Economic Survey's key features. Tap to read

Union Budget 2019: CEA Krishnamurthy Subramanian hopes ideas from his Economic Survey will find space in Nirmala Sitharaman's speech. Tap to read

Union Budget 2019: Here's a look at Finance Minister Nirmala Sitharaman's team:

Finance Minister Nirmala Sitharaman will be presenting the maiden budget of Modi 2.0 government on July 5, Friday, in which she is likely to put the pedal to the metal in terms of accomplishing the Prime Minister's stated goal of making India a $5 trillion economy by 2025. Tap to read about the team of experts at the Finance Ministry, which also includes MoS Anurag Thakur, who will have doubtlessly had a hand in preparing the budget. 

Union Budget 2019: Sensex at 40,027.21, up by 119.15 points ahead of FM Nirmala Sitharaman's maiden Budget speech in Parliament. 

Union Budget 2019: Key macro takeaways from CEA Krishnamurthy Subramanian's Economic Survey tabled in the Parliament on Friday. Tap to read

Chief Economic Advisor Krishnamurthy Subramanian speaks on Finance Minister Nirmala Sitharaman keeping budget documents in four fold red cloth instead of a briefcase. Tap to read

"It is in Indian tradition. It symbolizes our departure from slavery of Western thought. It is not a budget but a 'bahi khata'," he said. 

As per tradition, Finance Minister Nirmala Sitharaman calls on President Kovind at Rashtrapati Bhavan ahead of presenting the Union Budget.

Union Budget 2019: Here's why the 1973 Budget was called the 'Black Budget'

The Union Budget for 1973-1974 is referred to as 'Black Budget' as India at the time had a deficit of Rs 550 crore. The former Finance Minister Yashwantrao B. Chavan presented the budget on Feb 1973, which provided Rs 56 crores for the nationalization of the general insurance companies, Indian Copper Corp and the coal mines. Tap to read

Jim Rogers, Roger Holdings from Singapore speaks to Republic ahead of Union Budget 2019, says "let's free the investment in India, let's cut the deficit."

Union Budget 2019 | Modi government aims for 8% growth; Fiscal stimulus, labour reforms, massive infra push and more in store in Nirmala Sitharaman's maiden budget, says sources. Tap to read

Union Budget 2019: What is India's expenditure and how does the government spend its money

Government expenditure includes all consumption, investment and transfer payments by the Centre. In national income accounting, the acquisition by the government of goods and services for current use, to directly satisfy the individual or collective needs falls under the government final consumption expenditure. Tap to read

Mahindra Group CEO Anand Mahindra extends best wishes to Finance Minister Nirmala Sitharaman ahead of the budget 2019:

Rajasthan CM and senior Congress leader Ashok Gehlot takes to Twitter and stated that as the NDA government presents its first Budget in its second term, he is hoping for concrete measures to deal with looming job crisis, farm distress and ways to boost investment. Read here:

Niranjan Hiranandani, MD of Hiranandani Group speaks to Republic ahead of budget 2019 in the Parliament, says, "Employment is going to be the real focus area. I think it will be stupid on the part of the government to bring in inherent tax"

Finance Minister Nirmala Sitharam reaches the Parliament ahead of her maiden budget.

Union Budget 2019: What To Expect From Finance Minister Nirmala Sitharaman's Maiden Budget Speech:

A big push for infrastructure spending including on roads and railways to drive growth is also expected in Nirmala Sitharaman's maiden budget speech. Tap to read

Union Budget 2019: Here's what is expected for the Agriculture sector in the Budget 2019:

Agricultural reforms with the motive to achieve the objective of doubling farmer income by 2022 as proposed by the Government. Tap to read

Union Budget 2019: MoS Finance Anurag Thakur offers prayers ahead of the Budget presentation by Finance Minister Nirmala Sitharaman:

Union Budget 2019: Here's what is expected for Health care in the Budget to be presented by the Finance Minister at 11:00 AM:

A modest rise in the health budget is expected with the increase in the cases of medical-related crisis in various states in the country. Tap to read

The Prime Minister Narendra Modi-led NDA government will on Friday present its second Budget for the 2019 calendar year and crucially, its first since being handed an enhanced mandate by the people of India in the 2019 Lok Sabha elections. This time around, Nirmala Sitharaman will be the one who will present it in the Lok Sabha, scripting history as the first woman to do so since former Prime Minister Indira Gandhi who had also then held the finance portfolio. Sitharaman's maiden budget speech in Parliament at 11 a.m. on Friday would entail the 89th Union budget, including interim ones that Independent India has seen. After Nirmala Sitharaman will present the Budget in the Lok Sabha, both lower and upper houses will be adjourned for the day. 

Earlier, in February, ahead of the April-May Lok Sabha elections, Piyush Goyal who had been the interim Finance Minister had presented the interim budget 2019 in Parliament and will have had a role in this one as well in his new capacity as Commerce Minister.

What is the Union Budget?

Article 112 of the Indian Constitution defines the Union Budget as the annual financial statement of the estimated receipts and expenditure of the government for that particular year. The Budget accounts the finances of the government for the fiscal year which starts from April 1 and ends on March 31 next year. It is the most detailed report on the financial plan of the country, focusing on the expenditure and revenue to be made by the government during the fiscal year. 

The budget determines how the money will be handled by the government. In a nutshell, it is a statement of income and expenditure of the government. 

READ | Economic Survey 2018-19 Presents A Window For Narendra Modi To Live His China Dream

Why is this Budget 2019 special?

One of the reasons this Budget, presented by Nirmala Sitharaman, is special because it is going to be the first ever Budget to be presented by a woman Finance Minister in 48 years since the then Prime Minister Indira Gandhi held the charge of the Finance Ministry. Alongside that, it is also the first budget of the Modi government 2.0 and unlike the 2014 Modi budget, the expectation is one of providing large-scale growth based on the work of the last five years as opposed to setting the economy upright from what had been handed over by the UPA.

What is expected from Budget 2019?

Friday’s Budget is expected to boost spending at the cost of short-term slippage in fiscal deficit targets as Finance Minister Nirmala Sitharaman lays down the Modi 2.0 government's road map for the economy and the nation in the next five years, with boosting investments, particularly private investment, and giving an impetus to manufacturing being the prime focus. There are high expectations over relief to the common man with the rise in personal income tax threshold for certain categories while at the same time, upping spending on agriculture, healthcare and social sectors. Also, there is expected to be a big push for infrastructure spending including on roads and railways to drive growth which had slowed to a five-year low of 5.8 per cent in the first three months of 2019. (With PTI inputs)

What’s in the Budget briefcase? 

One of the most important traditions of the Union Budget is the BRIEFCASE, carried by the Finance Minister, which contains all the documents concerning the Budget. The tradition of carrying a briefcase or a budget box can be traced way back to 1860, when William Ewart Gladstone, the Chancellor of the Exchequer of Great Britain started this practice. Initially, it used to be red in colour but over the years has changed hue to black or brown. In India, the tradition of carrying a briefcase on the Budget day goes back to the day when the then Finance Minister RK Shanmukham Chetty presented the first ever budget of independent India on November 26, 1947. Ahead of presenting the Budget, the Finance Minister poses for media with the briefcase right outside the Parliament.

Halwa ceremony

Halwa ceremony is yet another interesting tradition of the process of the Indian Union Budget, which takes place about ten days or so before the documents related to the Budget are printed. Halwa (sweet dish) is prepared on a large utensil and is distributed to the officials who are directly connected with the Budget before they essentially get to work non-stop for the extensive tasks that must be performed to prepare the budget. This year, the Halwa ceremony took place on June 22, at the Ministry of Finance in the presence of Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur. 

Halwa ceremony flags off the occasion of the printing of budget documents, which starts nearly a week ahead of the budget day at a printing press in the basement of the Ministry of Finance.

Types of Budgets

The annual budget is defined as a plan presented by the government estimating the income and calculating the expenditures in a given fiscal year. Budget is categorised into three types  - Balanced Budget and Unbalanced Budget, under which there is Surplus Budget and the Deficit budget. 

Preparation of the Budget

The budget document is prepared by the Finance ministry after consultation with other ministries and experts over all the fresh and existing estimated allocations over a period of one fiscal year. Information about the receipts and expenditure is collected from various department for the preparation of revised estimates for the budget. 

How is Budget preparation kept a secret?

As per the Budget process, the team at the Finance Ministry is in quarantine, which began on June 3. Under the quarantine, the officials who are involved in the preparation of the budget remain stay put in the Finance ministry office until the presentation of the Union Budget by the Finance Minister, which this year is going to take place on July 5 by Nirmala Sitharaman. 

As Budget process is a secret exercise, no visitors are allowed inside the ministry until the process is over. The North Block is guarded by the security on all the exit and entry points of the finance ministry. Use of personal mobile phone is not allowed. For this budget, the Finance Minister held numerous consultations with groups of stakeholders.

Tune in to Republic TV for LIVE coverage of the Budget

Union Budget 2019: What time will Finance Minister Nirmala Sitharaman give the Budget speech

Finance Minister Nirmala Sitharaman will make her maiden Union Budget speech at the Parliament at 11:00 AM on Friday. Tap to read

Union Budget 2019: Different types of Budget:

Budget is categorised into three types  - Balanced Budget and Unbalanced Budget, under which there is Surplus Budget and the Deficit budget. Tap to read

Principal Economic Adviser in the Ministry of Finance Sanjeev Sanyal speaks on Economic Survey 2019:

Prime minister Narendra Modi has given as a target of our domestic production will be 5 trillion $ till 2025. In order to reach the target, we have to raise our growth rate to 8 percent every year. We have to decrease our interest rate. If investment increases, then employment also increases. We have to raise our investment rate above 35%. 

Ahead of the first Budget of the Modi government 2.0, join Arnab & team LIVE on Republic TV for the widest coverage here - http://republicworld.com/livetv 

Union Budget 2019: Here's why the Finance Minister carries a budget briefcase:

The word Budget originates from the French word bougette which means a leather bag. This leather bag (red, brown or black), is not for mere show but carries all the documents related to the Union Budget for that financial year. Tap to read

Minister of Civil Aviation Suresh Prabhu takes to Twitter to laud that Economic Survey 2019, presented by Finance Minister Nirmala Sitharaman on Friday, a day ahead of the Union Budget. Read here:

Union Budget 2019: How is the Budget kept secret by the Finance Ministry? 

Finance Minister Nirmala Sitharaman has been busy with her team to deliver today's budget making sure it assuages the current ills in the fiscal situation as well as meet expectations delivering PM Narendra Modi's vision. To prepare the budget, the ministry works from the basement in the North Block of the government Secretariat on the Raisina Hill. Tap to read

Union Budget 2019: How are tax slabs decided?

Taxes differ with income of a person. And how much one is responsible to pay corresponds to distinct tax slabs. Tax slabs on revenue/income refer to distinct revenue/income rates and their tax liabilities. Tap to read

Union Budget 2019 | What is fiscal deficit?

Fiscal deficit is one of the widely used terms when the Budget or the Economy is discussed. It can be defined as the difference between the total revenue and total expenditure of the government. Tap to read

Finance Minister Nirmala Sitharaman leaves her residence, heads to North Block ahead of presenting the Union Budget 2019

Finance Minister Nirmala Sitharaman reaches the Finance Ministry ahead of delivering her first blueprint to turn India into a $5 Trillion economy for Modi government 2.0.

Union Budget 2019 | This is the Economic Survey 2019's blueprint and tactical plan to turn India into a $5 trillion economy by 2025 as envisioned by PM Modi

The Economic Survey 2019 was tabled by Finance Minister Nirmala Sitharaman in the Rajya Sabha on July 4, Thursday. The economic survey underlined the goals required for achieving the objective of becoming a US$5 trillion economy by 2024-25. Tap to read

Union Budget 2019: Here are all the sectors that are likely to be covered in the Budget 2019 to be presented by Finance Minister Nirmala Sitharaman at 11:00 AM:

1. Agriculture/Rural Sector
2. Health Sector
3. Education Sector
4. Social Sector
5. MSME Sector
6. Employment Sector
7. Infrastructure Sector
8. Financial Sector
9. Railways Sector
10. Digital Sector
11. Investment Sector
12. Fiscal Sector
13. Automobile Sector
14. Electronics Sector