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Union Budget 2017: Brickbats and Bouquets for Modi Govt's 'Uttam' Budget

News18.com | February 2, 2017, 2:51 PM IST
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Event Highlights

In the Union Budget 2017, presented on Wednesday, the government barred cash transactions above Rs 3 lakh and slashed Income Tax rates. It is also moving to abolish the Foreign Investment Promotion Board (FIPB), while FDI is getting a big makeover.

Here's a recap of Budget Day:

Feb 1, 2017 6:24 pm (IST)

Demonetisation killed farmers... this budget offers them nothing," Amit Mitra said, adding, " the middle class will realise that their gains are minimal once the fine print of the budget is revealed."

 


Feb 1, 2017 6:23 pm (IST)

Speaking of the budget, West Bengal finance minister Amit Mitra said: "After a massive tsunami of demonetization, this was an opportunity for the central government to redeem its sins... this budget wasted that opportunity. There was no mention of unorganized sector in the budget. Small and medium enterprises, micro industries don’t stand to gain in any manner."


Feb 1, 2017 5:41 pm (IST)

West Bengal Finance Minister Amit Mitra says the Budget was a wasted opportunity.  “After the massive tsunami of demonetisation, this was an opportunity for the central government to redeem its sins. This budget wasted that opportunity. There was no mention of the unorganised sector in the Budget.”

 

“This Budget has pleased no one… The corporate sector is afraid because it has got a new tax on itself. The middle class will realise that their gains are minimal once the fine print of the Budget is revealed,” says Mitra.


Feb 1, 2017 5:39 pm (IST)

Feb 1, 2017 5:39 pm (IST)

Tax incentive for building Andhra capital

 

To provide relief to people who have given land for setting up of Amaravati, new capital of Andhra Pradesh, Arun Jaitley exempted them from capital gains tax on transfer of such land for development of the greenfield city.

 

The capital tax gains will be exempted on those who were the owners of such land as on June 2, 2014, the date on which the state of Andhra Pradesh was reorganised, and whose land is being pooled for creation of the capital city under the government scheme, he said.

 

A new clause (37A) in section 10 of the Andhra Pradesh Capital Region Act will be inserted to ensure capital gains arising from transfer of land are not charged.

 

The exemption will be applicable to transfer of capital assets, be it land or building or both, under the land pooling scheme.


Feb 1, 2017 5:37 pm (IST)

Feb 1, 2017 5:35 pm (IST)

Feb 1, 2017 5:34 pm (IST)

Defence allocation up over 6.2% at Rs 2.74 lakh crore

 

The overall defence budget saw an increase of a marginal 6.2 per cent for the next fiscal at Rs 2.74 lakh crore from the current Rs 2.58 lakh crore, with the capital outlay to cover the modernisation programmes getting a hike of 10.05 per cent. The capital outlay for the three defence services for the purchase of new equipment, weapons, aircraft, warships and other military vehicles stood at Rs 86,488 crore for 2016-17 as compared to Rs 78,586 crore for this fiscal.

 

The money allocated for defence pensions was Rs 85,737 crore as compared to revised estimate of Rs 85,624 crore this fiscal.


Feb 1, 2017 5:33 pm (IST)

Law on anvil to avoid Vijay Mallya redux

 

In order to prevent loan defaulters like liquor baron Vijay Mallya from fleeing the country, the government plans to bring a law to confiscate the assets of such persons till they submit to judiciary. Presenting the Budget, Finance Minister Arun Jaitley said legislative changes or even a new law would be brought to deal with such absconders.

 

"Government is therefore considering introduction of legislative changes, or even a new law, to confiscate the assets of such persons located within the country, till they submit to the jurisdiction of the appropriate legal forum," he said. Needless to say that all necessary constitutional safeguards will be followed in such cases, he added.


Feb 1, 2017 5:12 pm (IST)

Feb 1, 2017 5:12 pm (IST)
 


Feb 1, 2017 5:06 pm (IST)


Feb 1, 2017 5:05 pm (IST)


Feb 1, 2017 5:02 pm (IST)

Feb 1, 2017 5:01 pm (IST)

Budget allocation of AYUSH Ministry hiked by 8%

 

AYUSH Ministry would receive around 8 per cent more funds in the next fiscal amid the government's increased focus on promoting alternative medicines. The Ministry has been allocated Rs 1,428.65 crore for the financial year, starting April 1 this year. Of this, the maximum budget allocation is for medical and public health, which stands at Rs 914 crore as compared to Rs 860 crore in the previous Budget. Also, funds to the tune of Rs 440 crore have been earmarked for the national AYUSH mission, while Rs 175 crore have been allocated to Central Council for Research in Ayurvedic Science.


Feb 1, 2017 4:25 pm (IST)

Sports budget hiked by Rs 350 crore

 

The Sports Ministry’s budget has got a substantial hike of Rs 350 crore in the Union Budget. Jaitley allocated a total of Rs 1,943 crore, compared to Rs 1,592 crore earmarked last year. The steep increase in the budgetary allocation comes at a time when Indian athletes are preparing for the Commonwealth Games and Asian Games in 2018. The hike also comes in the wake of India's dismal showing at the Rio Olympics where it won just two medals — a silver and bronze.


Feb 1, 2017 4:18 pm (IST)

Budget disappoints RSS labour wing

 

The Bharatiya Mazdoor Sangh has described the Union Budget as disappointing, saying the workers, salaried class and poor were overlooked. The BMS, the Rashtriya Swayamsevak Sangh's labour wing, has also demanded a relook into the Budget.

 

"The unorganised sectors, scheme workers and other labour-related concern — enhancement of their honorarium, social security cover — have been totally overlooked," says BMS General Secretary Virjesh Upadhyay.

 

The BMS has directed its affiliates to hold demonstrations against the Budget.


Feb 1, 2017 4:06 pm (IST)

BJP ally Shiv Sena not too happy with Budget

 

Shiv Sena MP Arvind Sawant has said that though the government has provided relief to the salaried class, it has completely forgotten the farmers, youth and senior citizens. The Sena also took a dim view of the decision to give infrastructure status to affordable housing sector.

 

"There are announcements on the housing sector for the poor. But how many houses have actually been created in the last 2.5 years? In many places houses have been created but people are yet to get possession. At many places, it is also seen that the area of house grossly differs from the area promised," he says.


Feb 1, 2017 4:03 pm (IST)

Air India to get Rs 1,800 crore next fiscal

 

National carrier Air India will receive Rs 1,800 crore as equity infusion in 2017-18 under the government's ongoing financial assistance and the amount is slightly higher than the allocation for this fiscal.

 

For 2016-17, the government had allocated Rs 1,713 crore to the airline against a demand of Rs 3,911 crore. The government-owned airline has been allocated Rs 1,800 crore as part of the Rs 30,0231 crore financial bailout package. Air India had asked for Rs 2,844 crore as equity from the government for the fiscal year starting April 2017.

 


Feb 1, 2017 3:59 pm (IST)

We wanted the honest taxpayers to benefit. Announced the scheme to cleanse political funding and make the economy cleaner and more transparent, says Jaitley in post-Budget media briefing


Feb 1, 2017 3:58 pm (IST)

Feb 1, 2017 3:57 pm (IST)

Feb 1, 2017 3:55 pm (IST)

Our fight against black money will continue. We want more and more people to be tax complaint. Spending more on the successful sectors is the objective behind this Budget. Will increase the Defence Sector allocation if needed, says Jaitley


Feb 1, 2017 3:54 pm (IST)

Finance Minister Arun Jaitley briefs the media after presentation of Union Budget 2017


Feb 1, 2017 3:53 pm (IST)

Feb 1, 2017 3:53 pm (IST)

Feb 1, 2017 3:51 pm (IST)

Feb 1, 2017 3:49 pm (IST)

Feb 1, 2017 3:48 pm (IST)

Sensex zooms 485.68 points to close at 28,141.64 on Budget Day. Nifty gains 155.10 points to end at 8,716.40.


Feb 1, 2017 3:47 pm (IST)

BJP leader and former Karnataka CM BS Yeddyurappa has questioned the Modi government on black money. “The government did not tell how much money will come. Small and micro industries have gone down… So much black money came during demonetisation. Why is that not mentioned by them?” he asks.


Feb 1, 2017 3:46 pm (IST)

The Villager's Budget (Part-B)


Feb 1, 2017 3:43 pm (IST)


Feb 1, 2017 3:43 pm (IST)

Feb 1, 2017 3:40 pm (IST)

Feb 1, 2017 3:40 pm (IST)

Feb 1, 2017 3:37 pm (IST)

Congress leader Milind Deora sees “silvers of hope” in the Union Budget, calls step to clean up political funding a “game changer”.


Feb 1, 2017 3:34 pm (IST)

Items that will potentially become dearer:

* Silver coins,
* Cigarettes and tobacco
* Bidis
* Pan masala 
* Goods imported through parcels
* Water filter membranes 
* Cashew nuts 


Feb 1, 2017 3:31 pm (IST)

Items that will potentially become cheaper

* LED lamps
* Solar panels
* Printed circuit boards for mobiles, 
* Micro ATMs
* Finger-print machines 
* Iris scanners.


Feb 1, 2017 3:22 pm (IST)

SIT on black money welcomes cap on cash transaction

The SIT on black money has hailed Finance Minister Arun Jaitley's Budget announcement to limit cash transactions at Rs 3 lakh but said its other recommendation to cap cash holding of an individual at Rs 15 lakh would have been a "far better" measure to check corruption.

 

"It was necessary... it is a good decision. Such a thing is prevalent in a number of countries. But, our further suggestion to not permitting the person to hold more than Rs 15 lakh in hand or in their house is something that has not been accepted. Had it been accepted, it would have been far better,” Chairman of the SIT on black money Justice (retd) MB Shah said.


Feb 1, 2017 3:18 pm (IST)

Feb 1, 2017 3:18 pm (IST)

Boost to affordable housing

The decision to grant infrastructure status to affordable housing segment has been welcomed by several experts, who say it will provide ample push for the sector as developers will now be able to get access to preferential and lower borrowing rates from banks.

 

"Affordable housing getting infrastructure status will enable efficient supply of housing stock in the country and provide benefits associated with it," says CREDAI national president Getamber Anand.


Feb 1, 2017 3:15 pm (IST)

Union Minister Jayant Sinha to CNN-News 18: “Many ways are open to people to boost their consumption — taxes, investments or growth in economy. Demonetisation has proved to be a boon for the economy.”


Feb 1, 2017 3:09 pm (IST)

A funny take on the 10% surcharge



Feb 1, 2017 3:04 pm (IST)

Feb 1, 2017 2:58 pm (IST)

Feb 1, 2017 2:57 pm (IST)

There was nothing in the Budget for the youth, says Congress leader Rahul Gandhi. Adds that his supports any step taken to clean political funding.


Feb 1, 2017 2:56 pm (IST)

Feb 1, 2017 2:52 pm (IST)

Congress leader and former Union Minister Mallikarjun Kharge says the decision to merge the two budgets has robbed the Railways of its identity. Kharge had before the start of the session demanded the postponement of the Budget in view of sitting member Ahamed’s death. 


Feb 1, 2017 2:50 pm (IST)
 

Congress leader and former Union Minister Mallikarjun Kharge says the decision to merge the two budgets has robbed the Railways of its identity. Kharge had before the start of the session demanded the postponement of the Budget in view of sitting member Ahamed’s death. 


Feb 1, 2017 2:39 pm (IST)

Former Rajasthan CM Ashok Gehlot's take on Budget 2017-18



Feb 1, 2017 2:37 pm (IST)

Delhi Deputy CM Manish Sisodia says the national capital has been deprived of its due in the Budget.



Feb 1, 2017 2:36 pm (IST)
Railway Minister Suresh Prabhu hails Budget 2017

Feb 1, 2017 2:30 pm (IST)

“Curbs on political funding were placed under the leadership of the PM,” says Jaitley


Feb 1, 2017 2:27 pm (IST)

Feb 1, 2017 2:27 pm (IST)

“My focus was to improve the tax base… There were multiple purposes in cutting taxes... I wanted to increase the tax net and also ensure that the common man has more money in his hand,” says Jaitley in post-Budget interview.


Feb 1, 2017 2:25 pm (IST)

Finance Minister Arun Jaitley speaks at a post-Budget interview. “We chose to spend on sectors that were our strength, including farm sector and rural sector,” he says.


Feb 1, 2017 2:24 pm (IST)

“This Budget is women, poor-friendly. We had promised in 2014 that we will fight against black money... The PM continues to fulfil that promise,” says Amit Shah.


Feb 1, 2017 2:22 pm (IST)

BJP chief Amit Shah congratulates the PM and FM on Budget 2017. “This Budget is pro-farmer and rural oriented.... It will help start-ups,” says Shah


Feb 1, 2017 2:18 pm (IST)

Swaraj Abhiyan’s Yogendra Yadav to CNN-News18: “Farmers have been disappointed. They were expecting some relief after suffering because of demonetisation. But nothing has been announced for them... ‘Per drop, more crop’ is another slogan by this government. Farmers wanted to hear about the scheme… I'll call it a failure.”
Feb 1, 2017 2:14 pm (IST)
 

Congress spokesperson Randeep S Surjewala slams Budget 2017



Feb 1, 2017 2:08 pm (IST)

Union Minister Ananth Kumar called the Budget 2017-18 a revolutionary one and said it will benefit the farmers. "It will bring transformation. It will take us on the path of good governance and clean political system," he said.
Feb 1, 2017 2:06 pm (IST)
Former RBI Governor C Rangarajan calls it a “fairly routine” Budget. “There have not been much changes on the revenue side. Nevertheless, I am happy that the fiscal deficit is maintained at 3.2 per cent. The original road map has set it at 3 per cent," Rangarajan told CNBC TV18.
Feb 1, 2017 2:05 pm (IST)

Feb 1, 2017 2:02 pm (IST)

Commerce Minister Nirmala Sitharaman gives thumbs-up to Union Budget. "This budget will help the startups...The Finance Ministry has only responded to what the people had been asking the government...This is a very positive budget," she tells Network18
Feb 1, 2017 2:02 pm (IST)

Feb 1, 2017 2:02 pm (IST)

Feb 1, 2017 1:56 pm (IST)

“This budget is good for infrastructure. Villages are getting facilities. Banking and housing sector will strengthen economy and tax revenue,” Union Minister Nitin Gadkari to CNN-News18
Feb 1, 2017 1:55 pm (IST)

Union Minister Smriti Irani hits back at Rahul Gandhi. “Rahul Gandhi called the Budget a damp squib because he was not listening. Had to constantly ask people what was being said... Those who explained details to him perhaps also didn't listen,” she tells CNN-News18.
Feb 1, 2017 1:51 pm (IST)

Feb 1, 2017 1:51 pm (IST)


This Budget will help small businesses to become competitive in the global market.... In many ways this budget will facilitate the changes that our country is going through: PM Modi


Feb 1, 2017 1:50 pm (IST)
  

West Bengal CM Mamata Banerjee slams Bugdet 2017. “No roadmap for the country or the future from a government that has lost all its credibility… Tax payers still have restrictions on withdrawals. Remove all restrictions immediately… And where are the figures for #DeMonetisation? Misleading. Full of jugglery of numbers and hollow words which mean nothing,” she tweets.
Feb 1, 2017 1:50 pm (IST)


PM Modi congratulates Finance Minister Arun Jaitley and his team for presenting such a powerful budget


Feb 1, 2017 1:48 pm (IST)

The commitment to eliminate corruption and black money is reflected in the Budget: PM Modi


Feb 1, 2017 1:47 pm (IST)


PM stressed on the fact that this budget has allocated the most for MNREGA than ever before... This Budget will open up avenues for jobs and job creation as well


Feb 1, 2017 1:45 pm (IST)

The Housing sector also stands to gain immensely from this Budget: PM Modi

 


Feb 1, 2017 1:45 pm (IST)

The railway budget has focused on railway safety fund, says PM Modi 

 


Feb 1, 2017 1:39 pm (IST)

Feb 1, 2017 1:38 pm (IST)

Prime Minister Narendra Modi addresses nation post-Budget presentation:

* I congratulate FM for the budget that he has presented

* This is a pro-poor budget. We have focussed on farmers and SC/ST

This Budget will accelerate development

*  Budget focused on all sectors and classes

* Budget will improve the quality of life

* The govt's aim is to double the farmer's income by 2022

* We have focused farmers, poor, SC/ST in this budget

* We focused on railway safety fund

* The merger of the Railway Budget with the general budget will give an impetus to the transport sector's growth


Feb 1, 2017 1:37 pm (IST)

Big Numbers from the Budget
Total expenditure of Budget 2017-18 at Rs 21.47 lakh crore
MNREGA: Rs 48,000 crore
PM Awas Yojna (rural): Rs 23,000 crore
Agricultural credit: Rs 10 lakh crore
Irrigiation fund corpus: Rs 5,000 crore
NABARD Dairy fund corpus Rs 8,000 crore, initial amount at Rs 2,000 crore
National rural livlihood mission: Rs 4,500 crore
Panchayati Raj Allocation: Rs 1,87,223 crore
Industrial Skill Training: Rs 2,200 crore
Skill Acquisition and Knowledge Awareness: Rs 4,000 crore (Sankalp)
Women and children welfare across ministries: Rs 1,84,632 crore
Schedule caste welfare allocation Rs 52,393 crore
Schedule Tribe: Rs 31,920 crore
Safety fund (Railway): Rs 1 lakh crore
Capital and development expenditure on railways: Rs 1,31,000 crore
National Highway allocation: Rs 64,000 crore
Rail, road, shipping allocation: Rs 2,41,387 crore
Total infra allocation: Rs 39,6135 crore
Pradhan Mantri Mudra Yojana: Rs 2.44 lakh crore
Bank capitalisation: Rs 10,000 crore
Defence expenditure (excluding pensions): Rs 2,74 lakh crore


Feb 1, 2017 1:34 pm (IST)

 

Former Union Minister Kamal Nath to CNN-News18: There is nothing for farmers and jobless youth. This budget is an attempt to confuse people. Step on political funding is good move

 


Feb 1, 2017 1:27 pm (IST)
 

Rahul Gandhi's post-budget reaction:

No vision nothing for farmer..There was a  basic misunderstanding of MNREGA.. There is no vision...There is nothing for farmer..There was an expectation that post-demonetisation there will be something for farmers...We support moves for curbing corruption in political funding...This budget will have no impact on the elections...There was no big announcement. We expected fireworks, this turned out to be a damp squib 


Feb 1, 2017 1:20 pm (IST)

The Big Takeaways

* Limit of cash donations to political parties reduced from Rs 20,000 to Rs 2,000 
* Bans on general cash transactions above Rs 3 lakh 
* Tax liability for individuals earning between Rs 2.5-5 lakh reduced to 5% from 10%
* Zero tax liability for people earning up to Rs 3 lakh per annum
* Surcharge of 10% for individuals earning between Rs 50 lakh to Rs 1 crore
* Companies with annual turnover of Rs 50 lakh get a 5% reduction in corporate tax
* Foreign investors exempted from paying tax on offshore funds with Indian assets
* India abolishes the Foreign Investment Promotion Board (FIPB), the body which approves all inbound FDI investment proposals. 
* Payment regulatory board to be created at the RBI, will be watchdog for e-wallets like Paytm
* Government sticks to fiscal consolidation path, fiscal deficit marginally up to 3.2% of GDP in FY 2017-18, 3% in FY 2018-19
*Total expenditure of government in FY 2017-18 pegged at 21.47 lakh crore


Feb 1, 2017 1:13 pm (IST)
Kajori Sen, News18

Take from the rich and give to the poor was clearly the USP of the post- demonetisation budget. In one of the biggest budget announcements, the FM announced that the minimum tax slab who are wholly exempt would be raised from the current 2.5 lakh to 3 lakhs, and tax rates were slashed by 5% for those in the income bracket between 2.5-5 lakhs per annum. Simultaneously he announced a surcharge of 10% for those who earned between 50 lakhs to 1 cr, bringing them into the ambit of the super rich that had been reserved for those who earned 1 cr+ till now. The FM made these announcements minutes after castigating the Indian Elite saying that direct tax collection was in no way commensurate with income or expenditure.
Feb 1, 2017 1:08 pm (IST)

Feb 1, 2017 1:01 pm (IST)

Finance Minister on GST 

* GST Council has finalised all recommendations with consensus

* 1st April reach out to industries will start to make them aware of new taxation system

* Substantial progress in ushering in GST regime

* It will bring more taxes to centre and the state

* CBEC will continue to strive to implement GST


Feb 1, 2017 1:00 pm (IST)
Kajori Sen, News18

The government reiterates its commitment to cleaning up the system by decreasing cash transactions in the system. In a big declaration ahead of election season the Finance Minister puts a cap of Rs 2000 on single cash donations to political parties, suggests that the RBI act will be amended to issue electoral bond which can be redeemed by political parties. What this means is that a person who wants to make a donation to a political party can bvuy bonds against bank transactions in the form of cheques and digital payment which would then be redeemable as they mature. This could be a potential game changer about how politics are funded in the country and in the investment people make in their leadership
Feb 1, 2017 12:57 pm (IST)

No changes have been made to excise and service tax regime. The tax proposals would result in loss of Rs 22,700 crore.


Feb 1, 2017 12:53 pm (IST)
Pallavi Ghosh, News18

The biggest hit for political parties and their funding even as poll process is on new rules on political funding . Earlier till donation of upto ₹20000 no records need to be maintained . Now maximum donation in cash which parties can receive is ₹2000. Political parties can receive donations through cheque or digital mode. Amendment in RBI Act which would enable election bonds as per which donor could buy bonds for use of registered pop party . Every party will have to file their income tax . Govt hopes this would control black money . The response among MPs was very guarded though.
Feb 1, 2017 12:50 pm (IST)

Income Tax rate for annual income between Rs 2.5 lakh to 5 lakh reduced to 5% from 10%. Zero tax liability for people with annual income of Rs 3 lakh. Surcharge of 10% on individuals earning between Rs 50 lakh to Rs 1 crore. Tax liability of Rs 2,500 for annual income between Rs 3 lakh and 3.5 lakh. No tax for Rs 4.5 lakh annual income if using exemption under 80C of I-T Act. These proposals mean 50% savings in income for someone earning up to Rs 5 lakh

 


Feb 1, 2017 12:48 pm (IST)

Another big move: Foreign portfolio investors exempted from indirect transfer provisions. Foreign investors will not have to pay tax after cashing out of offshore derivatives with India assets.


Feb 1, 2017 12:47 pm (IST)
Kajori Sen, News18

If a country must go cashless, the payment portals must be regulated. A commitment the government had made pre-demonetisation when it set up an 11 member committee on Digital Payments in September, now sees a mention in the budget. The debate at that point was whether there would be a separate regulator or whether the RBI would govern the new fintech firmS. The finance minister cleared up those doubts, the RBI will regulate fintech and new rules will soon be evolved that all fintech firms must comply with, above and beyond the existing RBI rules that affect them.
Feb 1, 2017 12:45 pm (IST)
Bhupendra Chaubey, Executive Editor, News18

Govt is trying its best to ensure that demonetisation pangs can be converted into a positive sentiment. Repeatedly FM pointing out how demonetisation drive has strengthened the hands of the govt. Look at the figures. Only 1.72 lac people in this country have declared income of more than 50 L. In the interim period, 1.2 crore cars were bought and 2 crore people travelled abroad for work or pleasure. If the FM manages to increase the net of tax compliance, I think a big move must have been made. The crackdown against black money continues. I suspect on the campaign trail, this will be one of the things which will certainly be talked about by the ruling party. Likes of Vijay Mallaya, Lalit Modi, who all cock a snook by bashing themselves out of India, could well end up becoming subjects of political punching bags.
Feb 1, 2017 12:43 pm (IST)

Cash donations to political parties from one source cannot exceed Rs 2,000. The cap earlier was Rs 20,000  


Feb 1, 2017 12:41 pm (IST)

No cash transactions above Rs 3 lakh, says Arun Jaitley


Feb 1, 2017 12:39 pm (IST)

Corporate Income Tax on medium and small enterprises reduced. MSMEs with 50 crore turnover will get a 5% reduction in corporate income tax. 


Feb 1, 2017 12:38 pm (IST)

Union Budget 2017 pointers:

Andhra Pradesh's new capital Amaravati land pool holders get capital gains exemption

* No Captial gain if you sell your house after 2 years

* No Cash transactions above 3 lakhs

* Max amount of cash donation a pol party can receiv in cash is Rs 2000 from one source

* Proposal to RBI to launch electoral bonds

* Customs duty on LNG reduced from 5% to 2.5% in 2017-18

* Income tax limit from 2.5 lakh to 5 lakh reduced to 5 percent

* A zero tax liabiliy for those earning upto 3 lakh

* 10 percent surcharge on the people earning betweet 50 lakh to 1 crore


Feb 1, 2017 12:34 pm (IST)
 

Andhra Pradesh's new capital Amaravati land pool holders get capital gains exemption


Feb 1, 2017 12:34 pm (IST)
 

FM proposes changes in housing schemes. Carpet area instead of built up area to be considered for low-cost housing.


Feb 1, 2017 12:31 pm (IST)

Direct tax collection not commensurate with income and expenditure pattern of India, says Jaitley


Feb 1, 2017 12:23 pm (IST)

FY18 net market borrowing pegged at 3.48 lakh crore


Feb 1, 2017 12:23 pm (IST)

 

Finance Minister on taxation

Net tax revenue growth 17% in FY 2016-17

* Direct tax collection not commensurate with income and expenditure pattern of India

* Return filed very low

* Only 24 lakh people showed income of above 10 lakh per annum

* Burden of tax falling on just a few

* Demonetisation has increased tax revenue

* Too many people not paying tax

* Commited to make responsible taxation

* Direct tax collection not commensurate with income and expenditure pattern of India

* We are largely a non tax compliance society

* Tax exemption for land pooling allowed in budget
* Tax for smaller companies with turnover 50 crore will be reduced by 5 percent

 


Feb 1, 2017 12:22 pm (IST)

Tax proposals coming up next


Feb 1, 2017 12:22 pm (IST)

The fiscal deficit 3.2% in 2017-18 and 3% in 2018-19. Revenue deficit for 2017-18 at 1.9%. 


Feb 1, 2017 12:21 pm (IST)

Total expenditure of Budget 2017-18 is Rs 21.47 lakh crore. Capital expenditure has increased by almost 25%. Total resources devolved to states at Rs 4.11 lakh crore. Defence expenditure (exclusing pensions) Rs 2.74 lakh crore.

 


Feb 1, 2017 12:20 pm (IST)
Zafar Islam, BJP

Record allocation for infra @396135 cr..This will have multiplier effect on GDP growth taking both backward and forward integration benefits. With doubling the target of Mudra @2.44 Lakh cr will benefit the marginalised section of the society including minority community.
Feb 1, 2017 12:19 pm (IST)
Kajori Sen, News18

A new FDI policy is under consideration, said the finance minister, in the big shocker of Budget 2017. Jaitley said the FIPB (Foreign Investment Promotion Board) will be abolished. The FIPB had the remit to consider and recommend FDI which does not come under the automatic route. It used to act as a single window clearance for proposals on FDI in India. Is this going to be a move towards a regime for bringing more foreign direct investment under the automatic route? The writing on the wall: a further liberalisation of foreign investment is on the cards, but in which sectors, in what way and with what kind of single window clearances? A political battle may well be in the offing.
Feb 1, 2017 12:18 pm (IST)

Pallavi Ghosh, News18

In yet another boost for digitisation, the government has removed service tax on e tickets . The Govt and PM has been pushing for going cashless and digital and with this new announcement government hopes people will. Be encouraged to use digital space . This means travel by e ticket is cheaper and rates can go down by ₹50 depending on which class you travel.


Feb 1, 2017 12:17 pm (IST)

* Government is considering to bring in a law to confiscate assets of economic offenders who flee the country

* Law soon to attach assets of abconders


Feb 1, 2017 12:16 pm (IST)

Highlights from Union Budget 2017-18:

* FIPB to be abolished
* A new trade export infrastructure scheme announced a new FDI policy is under consideration
* Exper panel to help integrate spot and derivable markets
* Listing for CPSE will increase accountability
* 10,000 cr provided for recapitilisation of banks
* PM Mudra Yojsana - double lending target from 2016'17- now it is 2.44 lakh crores. priority for Dalit, minority and women

* Government is considering to bring in a law to confiscate assets of economic offenders who flee the country

* Law soon to attach assets of abconders

* The total expenditure of the budget is 21,47,000 crores

* Head Post Office to act as front offices for Passport services

* Defence expenditure excluding pension at Rs 2.74 lakh crore

* National Testing Agency to be established to conduct all entrance exams for higher education

* Aadhar enabled payment system to be launched soon

*  We want to bring transparency in pol funding

* On housing scheme: proposes changes in schemes.

*  Provides relief to Andhra Pradesh on capital tax gains

* Proposal to RBI to launch electoral bonds


Feb 1, 2017 12:15 pm (IST)

The government proposes to create a payment regulatory board at RBI. The proposal assumes significance as there is currently no regulator for FinTech companies like Paytm in India.


Feb 1, 2017 12:13 pm (IST)

Banking stocks rejoice as Arun Jaitley announces Rs 10,000 crore for bank capitalisation

 


Feb 1, 2017 12:11 pm (IST)

India is at the cusp of a massive digital revolution. The shift to digital platform has huge benefits. We will launch two more schemes for use of BHIM app. There will be a cashback scheme, says Arun Jaitley


Feb 1, 2017 12:10 pm (IST)
Kajori Sen, News18

In the first clubbed Railway Budget, the finance minister announced a fund of Rs 1 lakh crore over 5 years and committed to a capital expenditure of Rs 13,100 crores, but this number is less than the number that PM Modi and his team had announced in 2014 when they came to power. With questions being raised about the slashes in the DRF which went down to Rs 3200 cr from Rs 7900 cr just last year, it'll be interesting to see how this money is finally allocated. The latest safety budget has been allocated on the basis of the Kakodkar report based on 2012-2013 estimates. Will that be enough?
Feb 1, 2017 12:08 pm (IST)

A new FDI policy is under consideration. The revised procedure will list PSU firms. New exchange traded fund consisting of PSU stock to be launched in 2017-18: Arun Jaitley


Feb 1, 2017 12:07 pm (IST)
Bhupendra Chaubey, Executive Editor, News18:

It's clear that this is a budget with an eye not just on impending assembly elections but an eye on 2019 as well. The first half hour of FM Arun Jaitley's speech totally focussed on rural areas. Biggest statement so far, massive 35% increase in fund allocation to Rs 52, 393 crore for schedule castes across the country. This is one statement which is bound to become a talking point in the key battleground state of UP. Even in Punjab and Uttarakhand, this will be converted into a talking point by the BJP. Houses for all by 2019, village electrification drive to get over by 2018, push in Pradhan Mantri grameen sadak yojana. All pointers that Modi sarkar today wants to be the sarkaar of kisan and poor people, not just of dhanna seths.
Feb 1, 2017 12:03 pm (IST)

The Foreign Investment Promotion Board will be abolished, says Arun Jaitley


Feb 1, 2017 12:01 pm (IST)

FM on airport

Airports authority act to be amended to allow monetisation of land,funds to be used for airport upgradation


Feb 1, 2017 12:01 pm (IST)
 

The infrastructure allocation in Union Budget 2017 is at a record Rs 3,96,135 crore


Feb 1, 2017 12:00 pm (IST)

Jaitley on Energy and Crude oil:

* To set up new crude oil reserves
* Total allocation for infrastructure 3.96 lakh crores for 2017-18
* To take up second phase of solar power develeopment for additional 20,000 mw
* Over 250 proposals  for electronic manufacturing received in last 2 years

 


Feb 1, 2017 12:00 pm (IST)
Sumit Pande, Political Editor News18

Jaitley is the first FM to present combined Rail and General Budget. Govt in effect accepts Kakodkar committee report on rail security. Rs 1 lakh cr allocation for rail security. The Kakodkar committee was set up during UPA 2 when TMC's Dinesh Trivedi was railway minister. Govt was considering the issue on an urgent basis after recent accidents leading to loss of human life.
Feb 1, 2017 11:58 am (IST)

Highway allocation up to Rs 64,000 crore. 2,000 coastal roads identified for development, says Jaitley


Feb 1, 2017 11:56 am (IST)
Pawan Khera, Congress

Pawan Khera, Congress: No body ever trusts no government as a custodian of his or her money - especially this government. Demonetisation has further corroded people's faith in govt as a custodian. RBI in any case has been divested of credibility. Self appointed vigilantes are ruining our leather industry across the length and breadth of the country leading to massive unemployment apart from social tensions.
Feb 1, 2017 11:52 am (IST)
Zafar Islam, BJP

Affordable housing will get infra status. This will positively impact cement and steel industry.
Feb 1, 2017 11:52 am (IST)

Capital and development expenditure on railways in 2017-18 to be Rs 1,31,000 crore. The Railways safety fund will be at Rs 1 lakh crore in over 5 years. Unmanned crossings will be eliminated by 2020. Dedicated tourism and pilgrimage trains will be launched. 25 stations have been identified for redevelopment. Waste-to-energy plants will be set up at New Delhi and Jaipur stations, says Jaitley. 

* Railway to focus on safety
* Dedicated tourism trains
* Mordernisation of raiways corridors
* Clear cut guideloine for safety work
* 500 stations to get lifts, escalators
* Solar power to be used in 2000 stations
* By 2019, bio Toilets will be avaliable in all trains
* New metor railway policy to be announced
* Service charge on e-ticket to be withdrawn
*  500 stations to be made differently abled friendly

* 22% increase in rail budget

* 1.31 lakh crore in railways to be invested in 2017-18

* Rail sanraksha kosh - 1 lakh crore for 5 years for passenger safety

* Unmanned level crossings railways will be eliminated by 2019

* Coach mitra launched - by 2018 all toilets in coaches will have bio toilets
* 2000 km of coastal roads have been identified for development 
* To commission 3500 km of railway tracks in 2017-18


Feb 1, 2017 11:51 am (IST)

Jailtey on Health sector:

* Healthcare High on Agenda
* 25000 PG seats in medicines
* New Rules Regarding Medical Devices Will Be Formulated; 
* Will Attract Investment in Sector, 
*Will Reduce Cost of the Device
* Govt is giving importance to policies aimed at SC/ST and minorities
* Will reduce  cost of life-saving drugs
* 2 news AIIMS in Gujarat and Jharkhand

* Aadhaar based smart cards for seniors


Feb 1, 2017 11:50 am (IST)

We will initiate legislative reforms for labour reforms. We will amend the drugs and cosmetics rules to ensure availability of affordable drugs, says Jaitley


Feb 1, 2017 11:49 am (IST)

Allocation for women and children rises to Rs 1,84,632 crore from the previous Rs 1,56,528 crore.


Feb 1, 2017 11:46 am (IST)

Pawan Khera, Congress

Allocating Rs 10 lakh cr for agricultural loans is meaningless if the process of loan disbursal is less user friendly than what the money lenders offer. The success or failure of any scheme cannot be measured by allocation or disbursal. Parameters must be more outcome-based. Allocation of Rs 45000 crores to MNREGA is an acknowledgement of UPA's flagship welfare scheme which Narendra Modi denounces in all his rhetoric but desperately resorts to himself.


Feb 1, 2017 11:46 am (IST)

Five special tourism zones will be set up which will be structured as special purpose vehicles. There will be schemes for employment in textile, leather and footwear sectors: Jaitley in Budget speech


Feb 1, 2017 11:44 am (IST)

Kajori Sen, News18

The first 20 minutes of the Finance Minister's Budget speech was a rehash of the PM's promises from 31st December. The pro-farmer budget focused on an increased line of credit but also reiterated the 60-day loan waiver that was announced at the time, and subsequently ratified by the cabinet. The effort to mitigate the impact of demonetisation, particularly the steep increase in re-migration has seen a nearly Rs 10 crore hike in MNREGA. Ironically, the Modi government which had been the most critical about the scheme, has been the one to pump most money into it. The affordable housing promise made by PM Modi also saw a budgetary allocation, with a several thousand crore hike allocated across the board. Also promised by the PM, 100% village electrification by the optimistic date of May 2018.


Feb 1, 2017 11:43 am (IST)

Jaitley says UGC reforms are in the works. There will be emphasis on science and flexibility in school curriculum. Universal access and gender parity will get bigger push


Feb 1, 2017 11:42 am (IST)

Allocation for rural and agricultural sector will be Rs 1,87,223 crore in 2017-18


Feb 1, 2017 11:41 am (IST)

Swachh Bharat sanitation drive coverage up from 42% Oct 2014 to 60% now: Jaitley


Feb 1, 2017 11:41 am (IST)

Jaitley on Education

* Empasis on science education and curriculum design
* Innovation fund will be created for secondary education , it will include ICT enabled transsformation.

* Reforms proposed in UGC. 
* Colleges will be identified on accredtion. 
* outcome based accredition
* Swayam platform launched, students can access courses by best faculty, take test and access academic grades.

* National testing agency will be established which will conduct national level examination to free CBSE etc from holding these exams and relieve them 

* Market relevent training for youth


Feb 1, 2017 11:38 am (IST)

We are making the highest-ever allocation for NREGA, says Arun Jaitley. “Rs 48,000 crore allocated to NREGA in 2017-18. NREGA will improve farm productivity.  We’ll geo-tag MNREGA assets to contribute to transparency.”


Feb 1, 2017 11:36 am (IST)

Bhupendra Chaubey, Executive Editor CNN-News18

Each govt has been promising that it wants to double the farmers income in a finite time period. Arun Jaitley doing the same. Question now is how. The figure of Rs 10 lakh crore to be given as farmers credit is a nice idea but again something which has been spoken about in the past as well. But it’s these kind of schemes, which will give a handle to the BJP to hit the campaign trail in UP and other election bound states. A sum of Rs 5,000 crores allocated to the much touted per drop more crop. This figure too stands nicely with the govt move of giving the message that its heart beats for the poor. Watch out for possible farm loan waivers as well.


Feb 1, 2017 11:35 am (IST)

Zafar Islam, BJP

The Budget will positively impact the farm sector. Agriculture sector will grow with better monsoon this year. Rs 10 lakh crore fixed for agri credit.
Feb 1, 2017 11:33 am (IST)

Finance Minister Arun Jaitley says the total Kharif and Rabi area has increased. “The agriculture sector will grow at 4.1% in current year and agricultural credit at Rs 10 lakh crore,” he says.


Feb 1, 2017 11:30 am (IST)

Bhupendra Chaubey, Executive Editor, News18:

First big statement by the FM. Demonetisation a huge success in the crackdown against black money. Says impact on economy only transient. But isn't it true that economic survey was portraying a much grimmer scenario post demonetization.


Feb 1, 2017 11:25 am (IST)

Arun Jaitley on farmer's income:
 

* We will double farmer income in 5 years

* Boost social security and housing security for the poor

* Data advancement to improve farmers

* Adequate credit will be avaliable for the farmers   

*Credit for farmer to boost tractor sale

* Model law for contract farming to be adopted

* MNREGA to assests to improve farmers productivity


Feb 1, 2017 11:23 am (IST)

The overall Budget approach is to spend more in rural areas and poverty alleviation, says Arun Jaitley  


Feb 1, 2017 11:22 am (IST)

Demonetisation will lead to higher tax revenue. There is early evidence of bank lending rates coming down, says Jaitley 


Feb 1, 2017 11:19 am (IST)

*Demonetisation seeks to eliminate corruption.

* Tax evasion has become a way of life in our country.

* Demonetisation helps transfer resources from the tax evaders to the government, which will use these for development schemes

* Demonetisation and GST will have epic impact on economy and lives of our people


* Impact of demonetisation not expected to spill over next year 


* Surplus liquidity in banking system will decrease the borrowing cost – DUE TO DEMO


* There is drop in economic activity during remonetisation transition


Feb 1, 2017 11:17 am (IST)

GST Bill will spur economic growth, says Arun Jaitley


Feb 1, 2017 11:17 am (IST)

The CPI inflation declined from 6% to 3% and expected to remain within RBI band. The current account deficit declined from 1% to 0.3%. India has become 6th largest manufacturing country: Arun Jaitley


Feb 1, 2017 11:16 am (IST)

Feb 1, 2017 11:16 am (IST)

The US Fed Reserve stance may lead to outflows from emerging markets. Global crude prices have fiscal implications… India is a bright spot in global economy, says Finance Minister Arun Jaitley


Feb 1, 2017 11:15 am (IST)

Budget Key points
 

* We have made transition from an informal to a formal economy

* The government is now seen as a trusted custodian of public money

* Sluggish growth has been replaced by robust growth

* Our focus will be on energizing the youth to reap the benefits of growth

* India stands out as a bright spot in world economic stage

* India's deficit has decreased

* Current account deficit decreased to 0.3% of the GDP

* According to IMF India is set to be one of the fastest growing economies in the world

* India has become the 6th largest manufacturer in the world

* We have moved from a discretionary administration to a policy-based administration

* Government focused on creating more job for youths

* Massive campaign on black money.

* Effect on demonetisation wont spell over 2018

* Demonetisation is a bold and decisive measure,

* For many decades tax evasion was a way of life for many

* Positive sign for the coming years

* Merging rail budget with general budget is historic

* Data advancement to improve farmers

* Wil double farmers income in 5 years

* Focus on macro stability as India growing due to macro stability

* Adequate credit will be avaliable for the farmers   

*Credit for farmer to boost tractor sale

* Model law for contract farming to be adopted

* MNREGA to assests to improve farmers productivity

* Dairy processing firm to set up

* 100 mini labs will be set up by qualified entrepreneurs
* Issuance of soil health cards to gain momentum
* Integrate farmers who grow fruits and vegetables with agro processing units

* Highest ever allocation for MNREGA. MNREGA allocation Rs 48,000 crore

* Irrigation fund corpus to be 5000 crore
* States to be urged to denotify perishables from APMC
* Nabard Dairy fund corpus to be 8000 crore, initial amount at 2000 cr                       
* 50,000 GPs to be poverty free by 2019?
* Drought proofing of GPs to be done through pond work in NREGA

* 1 crore houses to be build by 2019

* Will bring 1 Crore house out of poverty

* 100 % rural electrifiaction by 2019

* Empasis on science education and curriculum design
* Innovation fund will be created for secondary education , it will include ICT enabled transsformation.

* Reforms proposed in UGC. 
* Colleges will be identified on accredtion. 
* outcome based accredition
* Swayam platform launched, students can access courses by best faculty, take test and access academic grades.

* National testing agency will be established which will conduct national level examination to free CBSE etc from holding these exams and relieve them 

* Affordable Housing Will be Given Infrastructure Status

* Mahila shakti kendras will be set up at aangnwadi centre nationwide

* 1.5 lakh health centres will be made into health sub-centres

* Sabka saath sabka vikas begins with the girl child and women

* Healthcare High on Agenda
* 25000 PG seats in medicines
* New Rules Regarding Medical Devices Will Be Formulated; 
* Will Attract Investment in Sector, 
*Will Reduce Cost of the Device
* Govt is giving importance to policies aimed at SC/ST and minorities
* Will reduce  cost of life-saving drugs
* 2 news AIIMS in Gujarat and Jharkhand

* Aadhaar based smart cards for seniors

* Airports authority act to be amended to allow monetisation of land,funds to be used for airport upgradation

* Record Infra allocation

* FIPB to be abolioshed
* New FDI policy under consideration

*Computer emergency response to work with financial sector regulators

* Scheme for Dalits to form enterprise

* Allocation for Pradhan Mantri Mudra Yojana up to Rs 2.44 lakh crore

*Railway to focus on safety
* Dedicated tourism trains
* Mordernisation of raiways corridors
* Clear cut guideloine for safety work
* 500 stations to get lifts, escalators
* Solar power to be used in 2000 stations
* By 2019, bio Toilets will be avaliable in all trains
* New metor railway policy to be announced
* Service charge on e-ticket to be withdrawn
*  500 stations to be made differently abled friendly

 

* 22% increase in rail budget

* 1.31 lakh crore in railways to be invested in 2017-18

* Rail sanraksha kosh - 1 lakh crore for 5 years for passenger safety

* Unmanned level crossings railways will be eliminated by 2019

* Coach mitra launched - by 2018 all toilets in coaches will have bio toilets
* 2000 km of coastal roads have been identified for development 
* To commission 3500 km of railway tracks in 2017-18

 


Feb 1, 2017 11:15 am (IST)

Feb 1, 2017 11:14 am (IST)

Inflation has been controlled. We will ensure that the fruits of growth reach farmers, SC/ST and women, Arun Jaitley tells Parliament during Bugdet speech.


Feb 1, 2017 11:14 am (IST)

Feb 1, 2017 11:12 am (IST)

Feb 1, 2017 11:12 am (IST)

Feb 1, 2017 11:12 am (IST)

Feb 1, 2017 11:10 am (IST)

Finance Minister Arun Jaitley presents Union Budget 2017 amid Opposition ruckus


Feb 1, 2017 11:08 am (IST)
 



Feb 1, 2017 11:08 am (IST)

Congress leader Mallikarjun Kharge is speaking in House now, reiterates demand to postpone Budget. But Speaker says his statement will not go on record. Arun Jaitley rises to present Union Budget 2017


Feb 1, 2017 11:07 am (IST)

Feb 1, 2017 11:06 am (IST)

Speaker tells members that the Session will go ahead planned today, but will not convene tomorrow to condole Ahamed’s demise. Statement triggers sharp reactions from Opposition benches.


Feb 1, 2017 11:05 am (IST)
 



Feb 1, 2017 11:04 am (IST)

Parliament’s Budget Session begins. Speaker Sumitra Mahajan condoles the death of sitting member E Ahamed. The House is observing a two-minute silence.


Feb 1, 2017 11:01 am (IST)
 



Feb 1, 2017 10:58 am (IST)

The Union Cabinet has approved Budget 2017


Feb 1, 2017 10:53 am (IST)

Sources tell CNN-News18 that some Kerala MPs led by NK Premchandran had requested Lok Sabha Speaker Sumitra Mahajan to defer Budget presentation till 1PM. The Speaker has said that the procedure is open for discussion, but The Union Budget will be presented today.


Feb 1, 2017 10:53 am (IST)

Improving the quality of life for poor



Feb 1, 2017 10:53 am (IST)



Feb 1, 2017 10:52 am (IST)

Feb 1, 2017 10:52 am (IST)

Feb 1, 2017 10:52 am (IST)

Shrameva Jayate



Feb 1, 2017 10:51 am (IST)

Feb 1, 2017 10:51 am (IST)

Empowering the marginalised



Feb 1, 2017 10:50 am (IST)



Feb 1, 2017 10:47 am (IST)



Feb 1, 2017 10:46 am (IST)



Feb 1, 2017 10:40 am (IST)

“It’s a constitutional obligation. The Budget will be presented... We will discuss the procedure, but Budget will be presented today,” confirms Speaker Sumitra Mahajan.


Feb 1, 2017 10:38 am (IST)

Feb 1, 2017 10:35 am (IST)

Feb 1, 2017 10:35 am (IST)

Feb 1, 2017 10:35 am (IST)
 

Sources in the Congress tell CNN-News18’s Pallavi Ghosh that the party was “forced to change its stand” and seek delay in the presentation of the Union Budget after few Kerala MPs and some leaders representing the Muslim community in poll-bound Uttar Pradesh urged it to seek postponement.


Feb 1, 2017 10:34 am (IST)

Feb 1, 2017 10:32 am (IST)

Feb 1, 2017 10:32 am (IST)

Prime Minister Narendra Modi reaches Parliament after meeting the family of MP E Ahamed, who passed away early on Wednesday


Feb 1, 2017 10:28 am (IST)

Feb 1, 2017 10:25 am (IST)

Amid Congress demands that the Budget be delayed by a day over E Ahamed’s death, Finance Minister Arun Jaitley tweets he will present the Union Budget at 11am.


Feb 1, 2017 10:19 am (IST)

Prime Minister Narendra Modi leaves E Ahamed’s residence after paying his respects.


Feb 1, 2017 10:16 am (IST)

Feb 1, 2017 10:12 am (IST)

Feb 1, 2017 10:11 am (IST)

Congress leader Mallikarjun Kharge says the Union Budget should be postponed by a day to condole the death of E Ahamed. “Not giving respect to E Ahamed, who was such a senior leader, will be mistake. Budget can be easily postponed for a day... Ahamed’s body is still in Delhi. It’s not proper to go ahead with the Budget... It’s not March 31.There is a lot of time to present the Budget.” Sources in his party had earlier told CNN News that it won’t ask for Budget postponement.


Feb 1, 2017 10:08 am (IST)

Former Lok Sabha speaker Somnath Chatterjee to CNN-News18’s Sougata Mukhopadhyay: “The convention is to postpone business of the Houses after obituary. But Budget is a very solemn occasion. It is entirely up to the Speaker and the members to decide whether they want to go ahead with the Budget proceedings. My suggestion would be to table the Budget today and declare a holiday on a suitable day later in memory of the departed member. But the final call has to be taken by the Speaker.”


Feb 1, 2017 10:05 am (IST)

Cabinet meeting to be held shortly. It is at this meeting that the Union Cabinet will formally approve Budget 2017.


Feb 1, 2017 10:02 am (IST)

The benchmark BSE Sensex has opened on a positive note on Budget Day. It is currently trading at 27,721.45 points up by 65.69 points or 0.24 per cent.


Feb 1, 2017 10:01 am (IST)

Feb 1, 2017 9:52 am (IST)
 

Finance Minister Arun Jaitley reaches Parliament with Budget papers after briefing President Pranab Mukherjee on Union Budget 2017.


Feb 1, 2017 9:49 am (IST)

Sources tell CNN-News18 that the House can be adjourned after Budget presentation. “On April 19, 1954, sitting member Jujhar Pal passed away on the day of presentation of the Railway Budget, but the House proceedings were held as scheduled. Similarly on August 31, 1974, sitting MP MB Rana passed away and then speaker GS Dhillon decided not to adjourn the House and Budget was presented. Indira Gandhi was the Prime Minister at the time,” a source tells News18.


Feb 1, 2017 9:44 am (IST)

The Budget is likely to be presented at 11am. After the presentation, Finance Minister Arun Jaitley will take questions on Twitter. "I shall be presenting the Union Budget for 2017-18 tomorrow. I shall be happy to respond to your questions which you can send directly to me," Jaitley said in a video message. The questions can be asked on Twitter by using hastag #MyQuestionToFM.


Feb 1, 2017 9:41 am (IST)

Copies of Union Budget 2017 arrive in Parliament. (Photo: Niraj Tiwari/Network18)


Feb 1, 2017 9:40 am (IST)

Lok Sabha Speaker Sumitra Mahajan will visit the house of the late E Ahamed to extend condolence to his family. She is expected to reach by 10am.


Feb 1, 2017 9:24 am (IST)

Constitutional expert Subhash Kashyap tells CNN-News18 that convention is to adjourn the House for a day, but adds that since Ahamed’s last rites will be conducted outside Delhi tomorrow, MPs can attend Parliament today for presentation of the Union Budget.


Feb 1, 2017 9:20 am (IST)

Sources tell CNN-News18’s Pallavi Ghosh that Union Minister Venkaiah Naidu has spoken to other political parties and has sought their cooperation to go ahead with the day’s schedule.


Feb 1, 2017 9:19 am (IST)



Feb 1, 2017 9:11 am (IST)



Feb 1, 2017 9:10 am (IST)

Arun Jaitley reaches Rashtrapati Bhavan



Feb 1, 2017 9:08 am (IST)

Former parliamentary affairs minister and Congress leader Kamal Nath to CNN-News18’s Marya Shakil: “The precedent and convention in Lok Sabha are very clear that if a sitting member passes away, the House is adjourned as a tribute. Convention and precedents must be closely protected.” Party sources had earlier told News18 that it won’t seek a postponement of Union Budget 2017.


Feb 1, 2017 9:04 am (IST)

Congress vice president Rahul Gandhi condolence demise of E Ahamed 



Feb 1, 2017 9:02 am (IST)

Cabinet to meet as scheduled at 10:15am. It is at this meeting that Union Budget 2017 will be approved by Cabinet.


Feb 1, 2017 8:56 am (IST)

Jailtey arrived with Budget papers



Feb 1, 2017 8:52 am (IST)

Finance Ministry Arun Jaitley has left his residence. Government sources tell CNN-News18’s Marya Shakil that Union Budget 2017 will go ahead is scheduled. 


Feb 1, 2017 8:49 am (IST)

Feb 1, 2017 8:48 am (IST)

MoS Finance Arjun Ram Meghwal has reached the Finance Ministry


Feb 1, 2017 8:46 am (IST)



Feb 1, 2017 8:32 am (IST)
   

Meanwhile, Ahamed’s family has alleged that the authorities at Ram Manohar Lohia Hospital, where the MP was rushed, refused to allow them to see him. “Doctors told us that he was declared dead at 2.15 am, but we doubt this,” one of them told CNN-News18. News channels in Kerala reported the family had filed a police complaint in this regard. “This is absolutely unethical,” said Ahmed’s daughter Fouzia, herself a doctor. The other IUML MP from Kerala, ET Mohammed Basheer, said not allowing the son and daughter of Ahmed to visit him in his last moments was cruel to say the least.  


Feb 1, 2017 8:29 am (IST)


Naveen Jindal, the former member of Parliament condoles demise of E Ahamed.



Feb 1, 2017 8:27 am (IST)

Sources in the Congress tell CNN-News18’s Pallavi Ghosh that the opposition party won’t be asking for postponement of Union Budget 2017 in view of E Ahamed’s death.


Feb 1, 2017 8:26 am (IST)

Amid the speculation, the Press Information Bureau (PIB) has tweeted that it will be posting live updates of the Budget from 11am.


Feb 1, 2017 8:24 am (IST)



Feb 1, 2017 8:24 am (IST)

Feb 1, 2017 8:21 am (IST)

Feb 1, 2017 8:21 am (IST)

Amid the speculation, the Press Information Bureau (PIB) has tweeted that it will be posting live updates of the Budget from 11am.


Feb 1, 2017 8:20 am (IST)

Budget 2017 glossary (Part-III)



Feb 1, 2017 8:18 am (IST)

A decision on postponing the Budget by a day will be taken after Lok Sabha Speaker discusses the issue with Parliamentary Affairs Minister Ananth Kumar, Opposition leader Mallikarjun Kharge and Attorney General Mukul Rohatgi. The decision taken is likely to be announced on the floor of the House.


Feb 1, 2017 8:17 am (IST)

Budget 2017 glossary (Part-II)



Feb 1, 2017 8:17 am (IST)

Budget 2017 glossary (Part-I)



Feb 1, 2017 8:15 am (IST)

Ahamed, an Union Muslim League leader, had served as Minister of State for External Affairs in the erstwhile UPA government. He had suffered cardiac arrest during President Pranab Mukherjee's address to the joint session of Parliament on Tuesday. 


Feb 1, 2017 8:10 am (IST)

Prime Minister Narendra Modi condoles former union minister Ahamed death



Feb 1, 2017 8:06 am (IST)

According to constitutional expert and senior Supreme Court advocate, “Even if a Lok Sabha MP passes away, there is no legal bar to stop the Budget presentation. The House has its own convention and it will be followed accordingly. May be a two-minute silence will be observed, but there will be no change in the Budget presentation schedule."


Feb 1, 2017 8:05 am (IST)

Government sources however, say a postponement of Budget is unlikely. The Lok Sabha and Rajya Sabha Secretariat have not been informed of any postponement. The decision is likely to be announced on the floor of the House.


Feb 1, 2017 8:05 am (IST)

Former Union Minister and MP E Ahamed’s death has raised doubts about presentation of the Budget today. As per convention, the House adjourns for a day whenever a sitting MP passes away. 


Feb 1, 2017 8:02 am (IST)

Good morning and welcome to the live blog of the Union Budget 2017


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