Indian Finance Minister Arun Jaitley, center, holding a briefcase containing federal budget documents leaves his office to present the same in Parliament in New Delhi, India, Wednesday, Feb. 1, 2017. (AP Photo)
New Delhi - Modi hailed Arun Jaitley for presenting an excellent Budget and said it will give new strength to the economy.
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Published: Wed 1 Feb 2017, 7:42 AM
Last updated: Thu 2 Feb 2017, 4:04 PM
The Lok Sabha was on Wednesday adjourned for the day after presentation of the Union Budget by Finance Minister Arun Jaitley. Speaker Sumitra Mahajan said the House will meet at 11 am on Friday. She earlier announced that the House will remain adjourned on Thursday as a mark of respect to sitting parliamentarian and former Union Minister E. Ahamed who died early on Wednesday. After Jaitley finished his Budget speech and moved the Finance Bill for passage of the House, the treasury benches lauded it with thumping of their desks.
Catch the latest updates on the budget here.
12: 23 pm
Modi hails Jaitley for presenting 'uttam' Budget Prime Minister Narendra Modi on Wednesday hailed Finance Minister Arun Jaitley for presenting an "uttam" (excellent) Budget and said it will give new strength to the economy.
"The Finance Minister has presented an 'uttam' Budget, devoted to strengthening the hands of the poor". "This is a Budget which will give new strength to the economy," he said. The Prime Minister also said the merger of the Railway Budget with the General Budget will give an impetus to the transport sector's growth. "The aim of the government is to double the income of farmers," Modi said. "This Budget is yet again devoted to the well-being of the villages, farmers and the poor." .
12: 20 pm
Budget lacks vision, a damp squib: Rahul Gandhi
Congress Vice-President Rahul Gandhi on Wednesday said the Union Budget lacked "vision" and was a "damp squib".
"We were expecting fireworks, instead got a damp squib. The budget lacked vision. Any step to clean political funding will be supported by us. It was a budget of sher-o-shayari. There was nothing for the farmers and the youth," he added.
12: 18 pm
" In many ways this budget will facilitate the changes that our country is going through. The commitment to eliminate corruption and black money is reflected in the Budget. The Housing sector also stands to gain immensely from this Budget. Railway budget has focused on railway safety fund. This Budget is yet again devoted to the well-being of the villages, farmers and the poor."
The aim of the Government is to double the income of farmers: PM Modi
12: 12 pm
The merger of the Railway Budget with the general budget will give an impetus to the transport sector's growth: PM Modi pic.twitter.com/fAmPOORp8i - ANI (@ANI_news) February 1, 2017
Consider it mix budget.Industry hoped lot more fr promotion of investment bt I think FM did whatever ws possible: DS Rawat,Gen Secy ASSOCHAM pic.twitter.com/nwTOQv6Kvu - ANI (@ANI_news) February 1, 2017
Its a very good budget with focus on skill development, it is women friendly: Sonali Jaitley(daughter of FM) pic.twitter.com/DGHBwKRPrz - ANI (@ANI_news) February 1, 2017
12: 00 pm
Budget highlights
FISCAL DEFICIT
* Projects 2017/18 fiscal deficit at 3.2 percent of GDP * Government remains committed to 2018/19 fiscal deficit at 3 percent of GDP * The 2017/18 budget seeks to pursue prudent fiscal management to preserve financial stability
GROWTH
* Jaitley says India seen as an engine of global growth
EXPENDITURE
* Estimates 2017/18 total expenditure at 21.47 trillion rupees * Capital spending raised by 25.4 percent on year in 2017/18
BORROWING
* 2017/18 net market borrowing estimated at 3.48 trillion rupees * 2017/18 gross market borrowing seen at 6.05 trillion rupees * Government to switch 250 billion rupees of bonds in 2017/18 INFLATION * Consumer price index inflation is expected to remain within the central bank's mandated range of 2 to 6 percent
DEMONETISATION
* Demonetisation "a bold and decisive measure", will make GDP bigger and lead to higher tax revenues - finance minister * Hit to economy from government decision to outlaw high-denomination notes will be "transient", effects of demonetisation not expected to spill over to next year * Pace of remonetisation has picked up and will soon reach comfortable levels * No transaction above 300,000 rupees to be permitted in cash * Surplus money in the banking system will lower borrowing costs, increase credit flow
TAXATION
* 2017/18 total tax revenue seen at 12.27 trillion rupees * 2017/18 total revenue receipts seen at 15.16 trillion rupees * Proposes cuts in personal income tax for those at bottom end of income scale * Proposes to reduce income tax rate for medium and small enterprises with annual turnover up to 500 million rupees to 25 percent * Extends relaxation on withholding tax on foreign investor's interest income from debt until June 30, 2020 * Proposes change in capital gains tax in real estate, land
AGRICULTURE
* With a better monsoon agriculture is expected to grow at 4.1 percent in 2016/17 * Agricultural credit target fixed at 10 trillion rupees ($147.88 billion) for 2017/18 * Long-term irrigation fund allocated 400 billion rupees * Allocates 80 billion rupees for milk processing over 3 years * Farm insurance to cover 40 percent of net sown area, up from 30 percent last year * Modern law on contract farming will be drafted and circulated to states
INFRASTRUCTURE
* Allocates 3.96 trillion rupees for infrastructure in 2017/18 * Allocates 2.41 trillion rupees for transport sector in 2017/18 * Proposes 640 billion rupees investments in national and state highways in 2017/18
FOREIGN INVESTMENT * Decides to abolish foreign investment promotion board * To exempt some foreign investors from indirect transfer provisions BANKING
* The government to provide already planned 100 billion rupees capital infusion to state-run banks in 2017/18 * Proposes to raise allowable provision for bad loans in banks to 8.5 percent from 7.5 percent * To introduce legislation changes for confiscating assets of economic offenders
DEFENCE
* 2017/18 defence expenditure excluding pensions estimated at 2.74 trillion rupees * Defence capital outlay at 864.88 billion rupees
DIVESTMENT
* Total disinvestment target 725 billion rupees in 2017/18 * Proposes revised mechanism for time bound listing of public sector companies
RURAL SPENDING
* Allocation for rural, agriculture and allied areas to increase by 24 percent to 1.87 trillion rupees * Allocates 480 billion rupees to rural jobs scheme in 2017/18, versus a revised estimate of 470 billion rupees in the current fiscal year * Allocates 190 billion rupees for rural road scheme in 2017/18 * On course to complete 100 percent electrification by May 1, 2018, allocating 48 billion rupees for rural electrification scheme
RAILWAYS
* Proposes to invest 1.31 trillion rupees in railways in 2017/18; budget 2017/18 allocates 550 bln rupees for railways * Dedicated railway safety fund of 1 trillion rupees over next five years * 3,500 kms of railway lines to be commissioned in 2017-18 as against 2,800 km in 2016-17 * Transformative measures have to be taken to make Indian railways competitive * Railways to withdraw service charges on online booking of tickets LABOUR * Legislative reforms to be undertaken to simplify, rationalise existing labour laws
MANUFACTURING AND TRADE
* Taking steps to make India a global hub for electronics manufacturing; received over 250,000 proposals last year with an investment value of 1.26 trillion rupees * Announces new trade infrastructure export scheme
WELFARE SPENDING
* India to spend more in rural areas, infrastructure and poverty alleviation * The government will continue process of economic reforms for the benefit of the poor * To allocate 40 billion rupees for market-relevant training for youth * Total allocation for women and children welfare set at 1.84 trillion rupees * To double lending target under Mudra Yojana (Micro Units Development and Refinance Agency) to 2.44 trillion rupees * Airports Authority of India to monetize land around certain Tier 2 airports, use funds to upgrade airports
COMMODITIES
* To set up two more strategic oil storage in 2 states; proposes to create integrated oil company * Halves import tax on LNG to 2.5 percent * To integrate stock and derivative markets for commodities trading
POLITICAL PARTY FUNDING
* Political transparency in political party funding; parties will need to file income tax returns * Proposes to amend central bank act for issue of electoral bonds for political funding * Proposes to limit maximum individual donation at 2000 rupees in cash for political funding
HOUSING
* National housing bank to provide 200 billion rupees for housing loans * Affordable housing to be given infrastructure status * Long-term capital gains tax on immovable property to be levied after 2 years instead of 3 years
FINANCE MINISTER'S COMMENTS
* "India stands out as a bright spot in the world economic landscape." * "My approach in preparing the budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence." * "Signs of retreat from globalization have potential to affect exports from many emerging economies, including India." * "One of the thrust areas of my tax proposals is to stimulate growth, give relief to the middle class, (promote) affordable housing, curb black money, bring transparency in political funding and simplify tax administration."
11:59am
What is the need to present the Budget every year? Were all announcements of last year's budget fulfilled?: Uddhav Thackeray,Shiv Sena pic.twitter.com/zsOhA8ARqG - ANI (@ANI_news) February 1, 2017
11: 43am
The budget numbers dont seem to add up, as there is huge expansion on Govt spending on schemes: Manish Tewari,Congress pic.twitter.com/6owHmf2Oxu - ANI (@ANI_news) February 1, 2017
11: 42am
The budget is rhetorical, but in actually creating jobs there is precious little. Railways got a cursory mention: Manish Tewari, Congress
11: 41am
Rs 2,000 is maximum cash donation to political party by individual. This reform will bring greater reform in political funding while preventing future generation of black money," Arun Jaitley
11: 39am
Sensex rises 265.79 points, at 27,921.75
11: 35am
Jaitley announces Rs 2,74,114 crore for defence
"For defence expenditure excluding pensions, I have provided a sum of Rs 2,74,114 crore including Rs 86,488 crore for defence capital," Jaitley said delivering his Budget speech for financial year 2017-18. To reduce the grievances of defence pensioners, Jaitley announced creation of web based interactive pension distribution system for defence pensioners, and said,
"This system will receive pension proposals and make payment centrally. This will reduce the grievance of the defence pensioners."
To end the hassle of booking railway tickets for service personnel, Jaitley announced an online tickets booking system, and said,
"They do not have to face the hassle of standing in the queues with the railway warrant."
11: 34 am
Lok Sabha adjourned after FM Jaitley concludes his Budget speech
11: 30am
15% surcharge on incomes above Rs 1 crore to continue, says Jaitley
11: 29 am
Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore: Jaitley
11: 28 am
Propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%: Jaitley
11: 25 am
Budget highlights - 4
* Net tax revenue grew by 17 per cent in 2015-16 (12:52) * Committed to making taxation rate reasonable, our tax administration more fair and expand the tax base of the country * Pradhan Mantri Mudra Yojana lending target has been doubled at Rs 2.44 lakh crore for 2017-18 * 3,500 km railway lines to be commissioned in 2017-18 against 2,800 km in 2016-17 * Railways plan size for 2017-18 pegged at Rs. 1,31,000 crore, including Rs 55,000 crore to be provided by the government * Using space technology in a big way to plan MGNREGA works * During 2017-18, another 5 lakh ponds to be constructed for drought-proofing * AadharPay, a merchant version of Aadhaar-enabled payment system to be launched shortly for those without debit cards, mobile phones * Sanitation coverage in rural areas has gone up to 60 per cent * Swachh Bharat Mission has made tremendous progress in promoting safe sanitation and ending open defectation * By 2019 all passenger coaches of railways to be fitted with bio-toilets * 1 crore houses to be completed by 2019 for houseless and those living in 'kacha' houses * Rs 19,000 crore in 2017-18 for PMGSY; together with contribution from states, Rs 27,000 crore to be spent * Total allocation for rural, agricultural & allied sectors for 2017-18 is a record Rs 1,87,223 crore, up 24 per cent from last year * Target for agricultural credit in 2017-18 has been fixed at a record Rs 10 lakh crore * Coverage of Fasal Bima Yojana to go up from 30 per cent of cropped area, to 40 per cent in 2017-18, 50 per cent in 2018-19 * NABARD to set up dedicated micro-irrigation fund to be set to achieve Per Drop More Crop mission * Corpus of NABARD's long-term irrigation fund raised to Rs 40,000 crore * Mini soil-testing labs in Krishi Vigyan Kendras to ensure 100 per cent coverage * Highest ever allocation to MGNREGA at Rs 48,000 crore *Merger of Railway Budget with Budget 2017 a historic step * Transform, Energize and Clean India - #TECIndia - our agenda for the next year * Advancement of budget will enable all ministries, departments to operationalize all schemes right from beginning of next fiscal * Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real * Effects of demonetisation not expected to spill over to next year * Firmly believe that GST, Demonetisation, built on JAM, will have an epoch-making impact on the lives of our people * Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real * Recalls #MahatmaGandhi's words: A right cause never fails * 3 challenges in current global scenario:Monetary stance of US FED Reserve, Commodity prices specially crude oil & retreat from globalisation * We have moved from a discretionary administration to a policy-based administration * Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism * Our government was elected amidst huge expectations of people, the underlying theme of expectations being good governance * Hope to resolve all issues regarding GST via consultations * We are moving from informal to formal economy & the Government is now seen as a trusted custodian of public money
11: 23 am
Budget to thrust growth, transparency
"The thrust in budget is stimulating growth, affordable housing, curbing black money, promoting digital economy, bringing transparency in political funding," Jaitley said, presenting his Budget in the Lok Sabha.
11: 21 am
Budget to thrust growth, transparency: Jaitley RBI to launch electronic bonds Maximum donation from unknown sources to political parties limited to Rs 2,000
11: 21 am
Jaitley lists 3 global challenges to India's growth in 2017 Basic customs duty on LNG cut from 5% to 2.5%
11: 21 am
Cash transaction above Rs 300,000 banned
11: 18am
Sanitation cover under Swachh Bharat at 60% now: Jaitley
"Swachh Bharat Yojana-sanitation coverage up from 42 per cent in October 2013 to 60 per cent... Open defecation-free villages are now being given priority for piped water supply," Jaitley. "We propose to provide safe drinking water to cover 28,000 arsenic fluoride affected habitations in the next four years (2020)," he said.
For imparting new training to the people in rural areas, mason training will be provided to five lakh people by by 2022, Jaitley added-"with an immediate target of training at least 20,000 by 2017-2018." He also said that Panchayat Raj institutions still lack the human resources for implementing developmental programmes.
"A programme of human resource reforms for results will be launched in 2017-18 for this purpose. The government will continue to work closely with the farmers and other people in rural India to improve life and environment. This is a non-negotiable agenda for our government."
11:15 am
SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this- Arun Jaitley
11: 14 am
SIT has suggested no cash transaction above Rs 3 lakhs. Govt has accepted this- Arun Jaitley
11: 13am
I propose to reduce basic customs duty on LNG from 5% to 2.5% in 2017-18 - Arun Jaitley
11: 12 am
Income tax for small companies with an annual turn over of 50 crore, now to pay 25%, a 5% reduction: FM Jaitley
11: 11 am
There is an urgent need to protect the poor from chit fund schemes, draft bill placed in public domain: FM Jaitley
11: 10am
Tax sops extended by three years on overseas borrowings like masala bonds RBI Payments Regulatory Board for digital payments announced Norms for incentives under affordable housing scheme eased
11: 05am
Budget highlights - 4
* Sanitation coverage in rural areas has gone up to 60 per cent (12:28) * Swachh Bharat Mission has made tremendous progress in promoting safe sanitation and ending open defectation * By 2019 all passenger coaches of railways to be fitted with bio-toilets * 1 crore houses to be completed by 2019 for houseless and those living in 'kacha' houses * Rs 19,000 crore in 2017-18 for PMGSY; together with contribution from states, Rs 27,000 crore to be spent * Total allocation for rural, agricultural & allied sectors for 2017-18 is a record Rs 1,87,223 crore, up 24 per cent from last year * Target for agricultural credit in 2017-18 has been fixed at a record Rs 10 lakh crore * Coverage of Fasal Bima Yojana to go up from 30 per cent of cropped area, to 40 per cent in 2017-18, 50 per cent in 2018-19 * NABARD to set up dedicated micro-irrigation fund to be set to achieve Per Drop More Crop mission * Corpus of NABARD's long-term irrigation fund raised to Rs 40,000 crore * Mini soil-testing labs in Krishi Vigyan Kendras to ensure 100 per cent coverage * Highest ever allocation to MGNREGA at Rs 48,000 crore *Merger of Railway Budget with Budget 2017 a historic step * Transform, Energize and Clean India - #TECIndia - our agenda for the next year * Advancement of budget will enable all ministries, departments to operationalize all schemes right from beginning of next fiscal * Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real * Effects of demonetisation not expected to spill over to next year * Firmly believe that GST, Demonetisation, built on JAM, will have an epoch-making impact on the lives of our people * Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real * Recalls #MahatmaGandhi's words: A right cause never fails * 3 challenges in current global scenario:Monetary stance of US FED Reserve, Commodity prices specially crude oil & retreat from globalisation * We have moved from a discretionary administration to a policy-based administration * Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism * Our government was elected amidst huge expectations of people, the underlying theme of expectations being good governance * Hope to resolve all issues regarding GST via consultations * We are moving from informal to formal economy & the Government is now seen as a trusted custodian of public money
11:00 am
Rs 1.84 lakh crore for women and child development Net tax revenues up 17% for two successive years Two new incentives to boost BHIM app adoption India largely a tax non-compliant society Revenue deficit pegged at 1.9% Rs 10,000 crore for recapitalisation of banks
10: 58am
Fiscal deficit pegged at 3.2% of GDP Complete rural electrification by 2019, hike in MNREGA fund: Jaitley Defence gets Rs 274,114 crore allocation Total expenditure provision of Rs 21,41,000 crore
10: 50 am
Complete rural electrification by 2019, hike in MNREGA fund: Jaitley Defence gets Rs 274,114 crore allocation Total expenditure provision of Rs 21,41,000 crore Allocation for Mudra scheme doubled, says Jaitley Jaitley announces Rs 8,000 crore infrastructure fund for dairy farmers Assets of absconding economic offenders to be confiscated Rs one lakh crore for railway safety fund
10: 49am
Two new schemes to be launched for adoption of BHIM digital payment app New ETF with diverse central PSUs to be launched in 2017-18 Budget 2017-18: LIC scheme for senior citizens with guaranteed 8% return
10: 45 am
Budget highlights - 3
* Total allocation for rural, agricultural & allied sectors for 2017-18 is a record Rs 1,87,223 crore, up 24 per cent from last year * Target for agricultural credit in 2017-18 has been fixed at a record Rs 10 lakh crore * Coverage of Fasal Bima Yojana to go up from 30 per cent of cropped area, to 40 per cent in 2017-18, 50 per cent in 2018-19 * NABARD to set up dedicated micro-irrigation fund to be set to achieve Per Drop More Crop mission * Corpus of NABARD's long-term irrigation fund raised to Rs 40,000 crore * Mini soil-testing labs in Krishi Vigyan Kendras to ensure 100 per cent coverage * Highest ever allocation to MGNREGA at Rs 48,000 crore *Merger of Railway Budget with Budget 2017 a historic step * Transform, Energize and Clean India - #TECIndia - our agenda for the next year * Advancement of budget will enable all ministries, departments to operationalize all schemes right from beginning of next fiscal * Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real * Effects of demonetisation not expected to spill over to next year * Firmly believe that GST, Demonetisation, built on JAM, will have an epoch-making impact on the lives of our people * Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real * Recalls #MahatmaGandhi's words: A right cause never fails * 3 challenges in current global scenario:Monetary stance of US FED Reserve, Commodity prices specially crude oil & retreat from globalisation * We have moved from a discretionary administration to a policy-based administration * Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism * Our government was elected amidst huge expectations of people, the underlying theme of expectations being good governance * Hope to resolve all issues regarding GST via consultations * We are moving from informal to formal economy & the Government is now seen as a trusted custodian of public money
10: 44 am
By 2019 all coaches of Indian Railways will be fitted with Bio-Toilets: FM Jaitley
10: 43 am
Chandigarh and eight districts of Haryana have been declared Kerosene free: FM Jaitley
10: 42 am
Propose to double the lending target of Pradhan Mantri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18:Arun Jaitley
10: 40am
3.5 Crore youth will be trained under Sankalp program launched by the government: Arun Jaitley
10: 39 am
Railway related state-run companies like IRCON and IRCTC to be listed on stock exchanges: Arun Jaitley
10: 34 am
The Foreign Investment Promotion Board has been abolished:FM Jaitley
10: 33am
Service charges on e-tickets booked through IRCTC will be withdrawn: Arun Jaitley
10: 32 am
Railways will integrate end to end transport solutions for selected commodities through partnership: FM Jaitley
10: 30am
Atleast 25 stations expected to be awarded during 2017-18; 500stations to be made differently abled-friendly by providing lifts and escalators
10: 28 am
A new metro rail policy will be announced, this will open up new jobs for our youth: FM Jaitley
10: 27 am
Two new AIIMS for Jharkhand and Gujarat
10: 25 am
National testing agency to conduct entrance exams for higher education
10: 20 am
Five special purpose vehicles for tourism sector
10: 18 am
Affordable housing to get infrastructure status to avail benefits
10: 15 am
Budget highlights - 2
* Effects of demonetisation not expected to spill over to next year (11:46) * Firmly believe that GST, demonetisation, built on JAM, will have an epoch-making impact on the lives of our people * Demonetisation aims to create a new normal, where the GDP would be bigger, cleaner and real * Recalls #MahatmaGandhi's words: A right cause never fails * 3 challenges in current global scenario:Monetary stance of US FED Reserve, Commodity prices specially crude oil & retreat from globalisation * We have moved from a discretionary administration to a policy-based administration * Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism * Our government was elected amidst huge expectations of people, the underlying theme of expectations being good governance * Hope to resolve all issues regarding GST via consultations * We are moving from informal to formal economy & the Government is now seen as a trusted custodian of public money
10: 14 am
Open defecation free villages are now being given priority for pipe to water supply- Jaitley
10: 13 am
Rural, agriculture and allied sectors' allocations up 24% to Rs 187,223 crore
10: 12 am
To complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses- Arun Jaitley
10: 11 am
MGNREGA allocation raised to RS 48,000 crore
10: 10 am
Indian Railways' autonomy would be maintained even after its budget was merged with the Union Budget 2017-18. Jaitley's reassurance came as he presented the Budget in the Lok Sabha. - Arun Jaitley
10: 09am
Model law on contract farming to be sent to states for adoption- - Arun Jaitley
10: 08am
10 themes of the Budget
Farmers< Rural population Youth Poor and the underprivileged Infrastructure Financial sector Digital economy Public services-effective governance Prudent fiscal managemeny Tax administration "honoring the hones
10: 07am
Agriculture expected to grow at 4.1% in current year - Arun Jaitley
10: 06am
The government will set up mini labs to cater to the needs of farmers. Additional 100 mini-labs will be set up by entrepreneurs. - Arun Jaitley
Government announces 10 new schemes under Budget 2017-18
10: 01am
Jaitley says demonetisation a bold measure against decades of tax evasion
10: 00 am
Budget highlights -1 Highlights of the Union budget for 2017-18 presented by Finance Minister Arun Jaitley in parliament on Wednesday:
* We have moved from a discretionary administration to a policy-based administration * Expectations included burning issues like inflation and price rise, issue of corruption & crony capitalism * Our government was elected amidst huge expectations of people, the underlying theme of expectations being good governance * Hope to resolve all issues regarding GST via consultations * We are moving from informal to formal economy & the Government is now seen as a trusted custodian of public money
9: 56 am
Aim to spend more in rural areas, infra, poverty alleviation, says Jaitley
9: 55 am
"The government has launched a massive war on black money. India seen as an engine of global growth," says Jaitley.
9: 52 am
Pace of remonetisation has picked up: Arun Jaitley
9:51 am
3 big challenges: Oil prices, Fed policy, global protectionism: Arun Jaitley
9:50 am
We are moving from informal to formal economy & the Government is now seen as a trusted custodian of public money: Arun Jaitley
9: 47 am
Government has ensured fiscal consolidation without cutting back on public investments: Finance Minister Arun Jaitley
9: 45 am
High inflation has been controlled, says Arun Jaitley
9: 35 am
Instead the house will be adjourned tomorrow as a mark of respect for E. Ahamed: Sumitra Mahajan in Lok Sabha
9: 34 am
I would have adjourned the house, but today's sitting has been fixed by President for presentation of Budget : Sumitra Mahajan
9: 32 am
Lok Sabha Speaker Sumitra Mahajan pays obituary to E Ahamed
Budget has a sanctity, we are already in the 11th hour. There should be no controversy over it.Its constitutional obligation. - Venkaiah Naidu
9: 18 am
Saddened by E. Ahamed ji's demise but budget will be presented: Sumitra Mahajan
9: 17 am
I offer my condolences; budget 2017 shouldn't be presented today: Lalu Prasad
9:15 am
"As per normal tradition, the house is adjourned after the demise of a sitting member, but it is not a rule," a Lok Sabha official said, requesting anonymity.
9:10 am
"If they go ahead, it will be an inhuman act, but the government has ignored this and they are going ahead in their own way." - Congress Leader Mallikarjun
9:00 am
"Due to the unfortunate passing away of a sitting MP, the Lok Sabha Speaker will decide if the house will be adjourned or not."Normally, as per the tradition, the house is adjourned on the death of a sitting MP. So there are chances that budget can be postponed for a day " - Santosh Gangwar
8.45 am
In our opinion, including JDU leaders and former PM Deve Gowda, the budget should be postponed: Congress leader Mallikarjun Khadge.
10.03am
Finance minister Arun Jaitley in Parliament. Union Finance Minister Arun Jaitley began presenting India's national budget in the Lok Sabha on Wednesday amid hopes that the proposals will help revive a slowing economy, hit further by demonetisation of high value currency. This is his fourth budget as Finance Minister. Just ahead of the presentation, a meeting of the Cabinet presided over by Prime Minister Narendra Modi, gave its consent to the proposals. Prior to that, the top brass of the Finance Ministry, led by Jaitley met with President Pranab Mukherjee for his approval. This is the first time the date of presentation has been advanced by nearly a month, even as it co-opts the Railway Budget into it, abandoning the practice that was started in 1924.
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