12:57 Markets unmoved by Budget proposals: Budget announcements fail to excite markets so far. Sensex down 19 points, Nifty50 falls 15 points.
12:54 I-T on Rs 5 lakh income cut to 5%. 10% surcharge above Rs 50 lakh: Income tax upto Rs 5 lakh income reduced to 5 pc. Zero tax liability on those with income of upto Rs 3 lakh.
10% surcharge on those with income between Rs 50 lakh and Rs 1 crore. The existing 15% surcharge on those with income above Rs 1 crore will continue.
12:48 Cash donation limit to parties slashed to Rs 2000: Jaitley announces that maximum cash donation to political parties can be Rs 2000, down from the current Rs 20,000.
Political parties can receive donations only by cheque/digital mode.
Electoral bonds to be issued, which can be bought from banks by donors only through cheques/digital modes, and redeemable only in the account of registered political parties.
Every political party will have to file returns in accordance with the I-T Act, and exemption from income tax will be available only on compliance with these requirements.
12:41 Cash transaction above Rs 3 lakh barred: No cash transaction above Rs 3 lakh to be permitted, says Jaitley.
12:39 Income tax on MSMEs reduced to 25pc: Income tax on medium, small and micro enterprises with annual turnover of Rs 50 cr reduced from 30pc to 25 pc, announces Jaitley.
Of the 6.94 lakh companies in India, 6.67 lakh cos fall in this category.
12:34 Capital gains tax relief for real estate deals: Unoccupied houses to be subject to tax at notional rates, says Jaitley. Number of years when capital gains can be taxed from real estate liquidation reduced to 2 years from 3 years. Basket of instruments to be increased for investment without tax.
12:31 Thrust of direct tax proposals is to stimulate growth, relief for middle class, affordale housing, curb black money, transparency in political funding, simplification of tax laws, says Jaitley.
12:28 Between November 8 and Decembe 30, 2016, deposits between Rs 2 lakh and Rs 80 lakhs was made in 1.09 lakh bank accounts (Rs 5.3 lakh avg deposit), says Jaitley.
Deposits of more than Rs 80 lakh were made in 1.48 lakh bank accounts (Rs 3.31 cr average).
12:26 1.72 lakh show income more than Rs 50 lakh a year, but 1.25 cr cars sold last year. Two crores Indian travelled in in 2015. All this showswe are largely a tax-noncompliant economy, says Jaitley.
12:21 Other announcements made by Jaitley are:
Computer Emegency Response Team to be set up.
Unmanned railway level crossings to be done away with by 2020.
Proposal to step up allocation for PMAY Gramin from 15,000 crore to 23,000 crore in next year.
Select airports in tier-II cities to be taken up for operations, development on PPP mode.
12:20 Defence Budget hiked by Rs 274K crores: Defence budget (not including pensions) increased by Rs 274,114 crores.
Other announces for the defence forces are:
Centralised defence travel system for booking travel tickets by the military.
Web-based pension system has been set up for defence personnel.
Number of tribunals to be rationalised by merging them where possile.
12:17 Assets of fugitives will be seized, says Jaitley: Big-time offenders, including economic offenders fleeing the country will now face legislative changes, even a new law, under which their assets in the country will be confiscated till they subject themselves to the law of the land, says Jaitley. Needless to say, all constitutional safeguards will be provided.
12:12 20,000 MW solar power plants to be set up: Other announcements made by Jaitley are:
A new metro rail policy will be announced with focus on innovative models of implementation and finance.
20,000 MW solar power plants to be set up.
3,500 km railway lines to be commissioned in 2017-18 as against 2,800 km in 2016-17.
12:09 2 schemes to promote BHIM app: 2 schemes to promote BHIM app, says Jaitley. One is a referral scheme and the other is a cashback.
12:07 Rs 10K cr for banks' recapitalisation: Rs 10,000 cr has been set aside for recapitalisation of banks.
12:06 A revised mechanism was announced by Jaitley for time-bound listing of Central Public Sector Enterprises. Shares of IRCON, IFRB etc to be listed.
12:04 Rs 10K cr to expand broadband coverage: Other announcements Jaitley made are:
National highway allocation at Rs 64,000 crore.
Rs 10,000 crore for BharatNet project to expand broadband coverage.
National Housing Bank will refinance individual loans worth Rs 20,000 cr in 2017-18.
Eco-system to make India a global hub for electronics manufacture. Allocation of Rs 745 cr.
12:02 FIPB to be abolished: FIPB to be abolished in 2017-18, says Jaitley.
12:00 Allocation to Scheduled Castes upped to Rs 52,393 crores: Other announcements made by Jaitley are:
Pilot project for Aadhar cards containing health details for senior citizens.
New rules regarding medical devices will be formulated; will attract investment in sector, to reduce cost of the devices.
Outcome-based monetary measures to SC/ST by NITI Aayog.
Allocation to Scheduled Castes upped to Rs 52,393 crores.
11:58 No service charge on ticket bookings through IRCTC: No service charge on ticket booking through IRCTC website, announces Jaitley.
All coaches of railways to be fitted with bio-tyres by 2019, and at least 25 stations will be redeveloped over next year.
Railways to implement end-to-end solutions for some commodities, and propose to feed 7000 solar railway station in medium term, says Jaitley.
11:57 500 railway stations to be made disabled-friendly: Allocation for railways in 2017-18: is Rs 131000 cr wherein Rs 55k cr is provided by the government, says Jaitley. 500 stations will be made differently-abled friendly.
A rail safety fund with corpus of Rs 100,000 crore will be created over a period of 5 years, and steps will be taken to launch dedicated trains for pilgrimage and tourism.
Four priorities for railways are: 1. Passenger safety 2. Development work 3. Cleanliness 4. Reform in Accounts.
11:54 Labour laws to be simplified: Special scheme for employment in textile sector launched. A similar scheme in leather sector, too, says Jaitley. The government is committed to ensuring conducive labour environment, and will undertake legislative reforms to simplify labour laws in India.
11:53 Rules to be amended to make drugs affordable: Government committed to take structural reform in medical education and practice, says FM, and propose to amend drug rules to ensure drugs available at reasonable price., Some 1.5 lakh health sub-centres to be transformed to health wellness centres. Will encourage reputed hospitals to start courses ,he adds.
11:50 2 AIIMS to come up in Gujarat and Jharkhand: Additional 5k post-graduate seats per annum, and two new AIIMS to be set up in Jharkhand and Gujarat, says Jaitley.
11:49 Affordable housing to be given infra status: Jaitley: Affordable housing to be given infra status, says Jaitley, and that he has hiked allocation for women skill development to Rs 1.84 lakh crore in FY18.
Mahila Shakti Kendras will aim for women's empowerment, and government will set up 100 India-international skill centres.
Mahila Shakti Kendras will be set up at village level, and an allocation of Rs 500 crore has been made.
Five special tourism zones to be set up in partnership with states.
11:47 National testing agency to hold exams for higher studies: Jaitley: A national testing agency to conduct all examinations in higher education, freeing CBSE and other agencies, says Jaitley.
11:46 Jaitley promises reforms in UGC: Jaitley quotes Swami Vivekananda: 'Education which does not help the common mass of people to equip themselves is it worth of the name?', and announces an innovation fund for secondary education. Will undertake reforms in UGC to improve higher education, he adds.
Sanitation coverage in rural areas has risen to 60% vs 42% earlier.
Rs 19,000 cr allotted for PM rural road plan in FY18.
11:44 50K gram panchayats to be made poverty-free by 2019: 50,000 gram panchayats to be made poverty free by 2019, says Jaitley. and total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 cr, which is 24% higher than last year.
11:42 100pc rural electrification by May 1, 2018: Jaitley: Government to achieve 100% rural electrification by May 1, 2018, and Rs 4,800 crore has been allocated under the Deen Dayal Upadhyaya Gram Jyoti Yojana, says Jaitley.
11:41 1 crore houses for those living in 'kachcha' houses by 2019: Propose to finish 1 crore houses by 2019 for those living in kachcha houses, says Jaitley, and pace of construction of roads has increased to Rs 133 km/day in 2017.
Long-term irrigation fund set up in NABARD, additional corpus Rs 20,000 cr
The Union Cabinet approves extension of tenure of loans under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana from 15 to 20 years.
11:38 Open defecation free villages to be given priority for piped water, says Jaitley.
11:38 Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country, says Jaitley.
11:37 A long-term irrigation fund to be set up in NABARD with an additional corpus Rs 20,000 crores. Will support NABARD to digitise 63,000 primary agri co-ops, says FM, and a Rs 5000 cr worth dedicated micro irrigation fund will be set up by NABARD. To up crop insurance coverage to 50% in FY19, says Jaitley, and to ensure flow of adequate credit to underprivileged areas.
11:35 MGNREGA allocation hiked to Rs 48k crore: The allocation for MGNREGA for 2017-18 has been increased to Rs 48000 crore, and we will bring one crore rural families out of poverty, says Jaitley.
11:31 Committed to double farmers' income in 5 years: Jaitley: Long-term irrigation fund has been set up in Nabard, and its corpus will be raised to Rs 40 crore, announces Jaitley. We are committed to double farmer's income in five years. The target for agricultural credit fixed at Rs 10 lakh crore this year, and agriculture expected to grow at 4.1% in the current year, he says.
11:29 Have done away with planned and non-planned allocation, says Jaitley, and Budget has been advanced to enable Parliament avoid a vote on account.
11:26 10 themes running through Budget 2017: The 10 themes running through Jaitley's Budget are: Farmers, rural population, youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management and tax administration
11:24 Our agenda for next year is to transform, energise and clean India, that is tech India, says Jaitley.
11:22 Budget to spend more on rural areas and infra: Jaitley: My focus in this Budget is to spend more in rural areas, infrastructure, poverty alleviation and yet maintain fiscal prudence, says Jaitley.
11:19 Jaitley quotes Gandhiji to defend note ban: Demonetisation is a bold initiative, seeks to create a new normal, is part of my government's resolve to eliminate counterfeit currency, black money, and terror funding, says Jaitley. The disruption is expected to have only a transient impact on economy, and quotes Mahatma Gandh: A right cause never fails.
11:16 Two tectonic policy initiatives, says Jaitley, referring to GST and demonetisation.
11:15 3 challenges to EMs, says Jaitley: Three challenges for emerging markets, says Jaitley. One, the current monetary policy stance of US Fed may lead to higher capital outflows. Two, uncertainty over commodity prices. And three, signs of increasing retreat from globalisation of services and goods, as pressures for protectionism build up across the world.
11:11 Focus on energising youth: Jaitley: We have moved from informal to formal economy, says Jaitley. Sluggish growth replaced by high growth. Government seen as trusted custodian of public money, express our gratitude to the people of India. Focus will be on energising our youth.
12:54 I-T on Rs 5 lakh income cut to 5%. 10% surcharge above Rs 50 lakh: Income tax upto Rs 5 lakh income reduced to 5 pc. Zero tax liability on those with income of upto Rs 3 lakh.
10% surcharge on those with income between Rs 50 lakh and Rs 1 crore. The existing 15% surcharge on those with income above Rs 1 crore will continue.
12:48 Cash donation limit to parties slashed to Rs 2000: Jaitley announces that maximum cash donation to political parties can be Rs 2000, down from the current Rs 20,000.
Political parties can receive donations only by cheque/digital mode.
Electoral bonds to be issued, which can be bought from banks by donors only through cheques/digital modes, and redeemable only in the account of registered political parties.
Every political party will have to file returns in accordance with the I-T Act, and exemption from income tax will be available only on compliance with these requirements.
12:41 Cash transaction above Rs 3 lakh barred: No cash transaction above Rs 3 lakh to be permitted, says Jaitley.
12:39 Income tax on MSMEs reduced to 25pc: Income tax on medium, small and micro enterprises with annual turnover of Rs 50 cr reduced from 30pc to 25 pc, announces Jaitley.
Of the 6.94 lakh companies in India, 6.67 lakh cos fall in this category.
12:34 Capital gains tax relief for real estate deals: Unoccupied houses to be subject to tax at notional rates, says Jaitley. Number of years when capital gains can be taxed from real estate liquidation reduced to 2 years from 3 years. Basket of instruments to be increased for investment without tax.
12:31 Thrust of direct tax proposals is to stimulate growth, relief for middle class, affordale housing, curb black money, transparency in political funding, simplification of tax laws, says Jaitley.
12:28 Between November 8 and Decembe 30, 2016, deposits between Rs 2 lakh and Rs 80 lakhs was made in 1.09 lakh bank accounts (Rs 5.3 lakh avg deposit), says Jaitley.
Deposits of more than Rs 80 lakh were made in 1.48 lakh bank accounts (Rs 3.31 cr average).
12:26 1.72 lakh show income more than Rs 50 lakh a year, but 1.25 cr cars sold last year. Two crores Indian travelled in in 2015. All this showswe are largely a tax-noncompliant economy, says Jaitley.
12:21 Other announcements made by Jaitley are:
Computer Emegency Response Team to be set up.
Unmanned railway level crossings to be done away with by 2020.
Proposal to step up allocation for PMAY Gramin from 15,000 crore to 23,000 crore in next year.
Select airports in tier-II cities to be taken up for operations, development on PPP mode.
12:20 Defence Budget hiked by Rs 274K crores: Defence budget (not including pensions) increased by Rs 274,114 crores.
Other announces for the defence forces are:
Centralised defence travel system for booking travel tickets by the military.
Web-based pension system has been set up for defence personnel.
Number of tribunals to be rationalised by merging them where possile.
12:17 Assets of fugitives will be seized, says Jaitley: Big-time offenders, including economic offenders fleeing the country will now face legislative changes, even a new law, under which their assets in the country will be confiscated till they subject themselves to the law of the land, says Jaitley. Needless to say, all constitutional safeguards will be provided.
12:12 20,000 MW solar power plants to be set up: Other announcements made by Jaitley are:
A new metro rail policy will be announced with focus on innovative models of implementation and finance.
20,000 MW solar power plants to be set up.
3,500 km railway lines to be commissioned in 2017-18 as against 2,800 km in 2016-17.
12:09 2 schemes to promote BHIM app: 2 schemes to promote BHIM app, says Jaitley. One is a referral scheme and the other is a cashback.
12:07 Rs 10K cr for banks' recapitalisation: Rs 10,000 cr has been set aside for recapitalisation of banks.
12:06 A revised mechanism was announced by Jaitley for time-bound listing of Central Public Sector Enterprises. Shares of IRCON, IFRB etc to be listed.
12:04 Rs 10K cr to expand broadband coverage: Other announcements Jaitley made are:
National highway allocation at Rs 64,000 crore.
Rs 10,000 crore for BharatNet project to expand broadband coverage.
National Housing Bank will refinance individual loans worth Rs 20,000 cr in 2017-18.
Eco-system to make India a global hub for electronics manufacture. Allocation of Rs 745 cr.
12:02 FIPB to be abolished: FIPB to be abolished in 2017-18, says Jaitley.
12:00 Allocation to Scheduled Castes upped to Rs 52,393 crores: Other announcements made by Jaitley are:
Pilot project for Aadhar cards containing health details for senior citizens.
New rules regarding medical devices will be formulated; will attract investment in sector, to reduce cost of the devices.
Outcome-based monetary measures to SC/ST by NITI Aayog.
Allocation to Scheduled Castes upped to Rs 52,393 crores.
11:58 No service charge on ticket bookings through IRCTC: No service charge on ticket booking through IRCTC website, announces Jaitley.
All coaches of railways to be fitted with bio-tyres by 2019, and at least 25 stations will be redeveloped over next year.
Railways to implement end-to-end solutions for some commodities, and propose to feed 7000 solar railway station in medium term, says Jaitley.
11:57 500 railway stations to be made disabled-friendly: Allocation for railways in 2017-18: is Rs 131000 cr wherein Rs 55k cr is provided by the government, says Jaitley. 500 stations will be made differently-abled friendly.
A rail safety fund with corpus of Rs 100,000 crore will be created over a period of 5 years, and steps will be taken to launch dedicated trains for pilgrimage and tourism.
Four priorities for railways are: 1. Passenger safety 2. Development work 3. Cleanliness 4. Reform in Accounts.
11:54 Labour laws to be simplified: Special scheme for employment in textile sector launched. A similar scheme in leather sector, too, says Jaitley. The government is committed to ensuring conducive labour environment, and will undertake legislative reforms to simplify labour laws in India.
11:53 Rules to be amended to make drugs affordable: Government committed to take structural reform in medical education and practice, says FM, and propose to amend drug rules to ensure drugs available at reasonable price., Some 1.5 lakh health sub-centres to be transformed to health wellness centres. Will encourage reputed hospitals to start courses ,he adds.
11:50 2 AIIMS to come up in Gujarat and Jharkhand: Additional 5k post-graduate seats per annum, and two new AIIMS to be set up in Jharkhand and Gujarat, says Jaitley.
11:49 Affordable housing to be given infra status: Jaitley: Affordable housing to be given infra status, says Jaitley, and that he has hiked allocation for women skill development to Rs 1.84 lakh crore in FY18.
Mahila Shakti Kendras will aim for women's empowerment, and government will set up 100 India-international skill centres.
Mahila Shakti Kendras will be set up at village level, and an allocation of Rs 500 crore has been made.
Five special tourism zones to be set up in partnership with states.
11:47 National testing agency to hold exams for higher studies: Jaitley: A national testing agency to conduct all examinations in higher education, freeing CBSE and other agencies, says Jaitley.
11:46 Jaitley promises reforms in UGC: Jaitley quotes Swami Vivekananda: 'Education which does not help the common mass of people to equip themselves is it worth of the name?', and announces an innovation fund for secondary education. Will undertake reforms in UGC to improve higher education, he adds.
Sanitation coverage in rural areas has risen to 60% vs 42% earlier.
Rs 19,000 cr allotted for PM rural road plan in FY18.
11:44 50K gram panchayats to be made poverty-free by 2019: 50,000 gram panchayats to be made poverty free by 2019, says Jaitley. and total allocation for rural, agricultural and allied sectors for 2017-18 is Rs 187223 cr, which is 24% higher than last year.
11:42 100pc rural electrification by May 1, 2018: Jaitley: Government to achieve 100% rural electrification by May 1, 2018, and Rs 4,800 crore has been allocated under the Deen Dayal Upadhyaya Gram Jyoti Yojana, says Jaitley.
11:41 1 crore houses for those living in 'kachcha' houses by 2019: Propose to finish 1 crore houses by 2019 for those living in kachcha houses, says Jaitley, and pace of construction of roads has increased to Rs 133 km/day in 2017.
Long-term irrigation fund set up in NABARD, additional corpus Rs 20,000 cr
The Union Cabinet approves extension of tenure of loans under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana from 15 to 20 years.
11:38 Open defecation free villages to be given priority for piped water, says Jaitley.
11:38 Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country, says Jaitley.
11:37 A long-term irrigation fund to be set up in NABARD with an additional corpus Rs 20,000 crores. Will support NABARD to digitise 63,000 primary agri co-ops, says FM, and a Rs 5000 cr worth dedicated micro irrigation fund will be set up by NABARD. To up crop insurance coverage to 50% in FY19, says Jaitley, and to ensure flow of adequate credit to underprivileged areas.
11:35 MGNREGA allocation hiked to Rs 48k crore: The allocation for MGNREGA for 2017-18 has been increased to Rs 48000 crore, and we will bring one crore rural families out of poverty, says Jaitley.
11:31 Committed to double farmers' income in 5 years: Jaitley: Long-term irrigation fund has been set up in Nabard, and its corpus will be raised to Rs 40 crore, announces Jaitley. We are committed to double farmer's income in five years. The target for agricultural credit fixed at Rs 10 lakh crore this year, and agriculture expected to grow at 4.1% in the current year, he says.
11:29 Have done away with planned and non-planned allocation, says Jaitley, and Budget has been advanced to enable Parliament avoid a vote on account.
11:26 10 themes running through Budget 2017: The 10 themes running through Jaitley's Budget are: Farmers, rural population, youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management and tax administration
11:24 Our agenda for next year is to transform, energise and clean India, that is tech India, says Jaitley.
11:22 Budget to spend more on rural areas and infra: Jaitley: My focus in this Budget is to spend more in rural areas, infrastructure, poverty alleviation and yet maintain fiscal prudence, says Jaitley.
11:19 Jaitley quotes Gandhiji to defend note ban: Demonetisation is a bold initiative, seeks to create a new normal, is part of my government's resolve to eliminate counterfeit currency, black money, and terror funding, says Jaitley. The disruption is expected to have only a transient impact on economy, and quotes Mahatma Gandh: A right cause never fails.
11:16 Two tectonic policy initiatives, says Jaitley, referring to GST and demonetisation.
11:15 3 challenges to EMs, says Jaitley: Three challenges for emerging markets, says Jaitley. One, the current monetary policy stance of US Fed may lead to higher capital outflows. Two, uncertainty over commodity prices. And three, signs of increasing retreat from globalisation of services and goods, as pressures for protectionism build up across the world.
11:11 Focus on energising youth: Jaitley: We have moved from informal to formal economy, says Jaitley. Sluggish growth replaced by high growth. Government seen as trusted custodian of public money, express our gratitude to the people of India. Focus will be on energising our youth.
