Budget 2020 LIVE Updates: Budget Will Bring New Vigor In Financial System, Credit Flow, Says PM Modi

Budget 2020 will fulfill the current needs, furute expectationa of the country: PM Modi
A new system will be created through Kisan Rail and Krishi Udyan for farmers to market and transport their products properly. I believe that this budget will increase Income and Investment, increase Demand and Consumption, bring new vigor in Financial System and Credit Flow. This budget will fulfill the current needs of the country as well as future expectations in this decade.

Budget 2020: PM Modi on steps to increase people's ease of living
Provisions of faceless appeals, new direct tax, simple structure, emphasis on disinvestment, provision of universal pension through auto enrollment, move towards unified procurement system, these are some of the steps that will will increase the ease of living. Today, youths have to take many different exams for government jobs. Changing this arrangement, now appointments will be made through online common exam taken by National Recruitment Agency.

Budget 2020: "Tax benefits been provided for start ups, real estates," says PM Modi
Tax benefits have also been provided for start ups and real estates. All these decisions will accelerate the economy and through this will provide new employment opportunities to the youth. Now in the system of income tax, we have gone from dispute to trust. The budget has strengthened the commitment of minimum government, maximum governance.

Budget 2020: "Trade, business, employment will benefit from National Logistics Policy," says PM Modi
Modern infrastructure is of great importance for modern India. The infrastructure sector is also a large employment generator. The construction of 65 hundred projects from 100 lakh crores rupees will increase employment opportunities on a large scale. Trade, business and employment will also benefit from National Logistics Policy. Due to the removal of dividend distribution tax, Rs 25 thousand crore will come in the hands of companies, which will help them in further investment. Various tax concessions have been given to attract outside investment in India.

Budget 2020: "Ayushman Bharat has given new dimension to health sector," says PM Modi
The Ayushman Bharat scheme has given a new dimension to the health sector of the country. In this sector, there has been a lot of scope for human resource - doctors, nurses, attendants as well as medical device manufacturing. To increase this, new decisions have been taken by the government. In this budget, we have made several special efforts to promote employment generation in the field of technology. Several policy initiatives have been taken for areas such as new smart cities, electronic manufacturing, data center parks, biotechnology and quantum technology. With this India will move strongly towards becoming an integral part of the global value chain.

Budget 2020: "Under Blue Economy, youth will get new opportunities," says PM Modi
The main areas of employment are agriculture, infrastructure, textiles and technology. In order to generate more employment, these four have been given a lot of emphasis in this budget. 16 action points have been created to double the income of farmers which will work to increase employment in rural areas. Integrated approach to agriculture was adopted in the budget, which along with traditional methods will increase value addition in Horticulture, Fisheries, Animal Husbandry and also increase employment. Under the Blue Economy, youth will also get new opportunities in the field of fish processing and marketing.

Budget 2020: "New reforms in Budget will accelerate economy," says PM Modi
I congratulate Finance Minister Nirmala Sitharaman ji and his team for the first budget of this decade, which also has a vision and an action. The new reforms announced in the budget will work to accelerate the economy, financially empower every citizen of the country and strengthen the foundation of the economy in this decade.

Budget 2020: P Chidambaram says, "Budget has done nothing to create budget"
P Chidambaram says, "Some crumbs were thrown at the lower tax bracket. Any relief to the lower tax bracket, we welcome it. As far as LIC is concerned, it is highly debatable. To assume that every public sector must go through divestment, is wrong. LIC has increased share of first premium income. We will internally debate it and give our view of the floor, but I think it is highly debatable. External market conditions not favorable for a sovereign wealth fund. Food subsidy has been reduced, fertilizer subsidy has been reduced. Surprisingly, President's speech didn't utter a word on employment. Economic Survey has a chapter on employment. I don't see any firms, all I hear about are stories of firms closing down. I think the budget has done nothing to create budget. Tell me anything that gives a boost to mining, construction or manufacturing, the 3 job creating sector.  "

On rating the Budget, he says, "10 has got a 1 and a zero, you can pick either number, am okay with it."

Budget 2020: "Will consider recapitalisation when needed," says Finance Minister
I have not said I wont give any money for recapitalisation. This means as and when there is a need, we will certainly consider it, says Finance Minister.

Budget 2020: "GST collection has crossed Rs 1 lakh crore," says Nirmala Sitharaman
Nirmala Sitharam says, "We had announced fiscal deficit of 3.3% in July. But because of challenges we faced to improve on consumption demand, to improve on investments which have to be from public, private investment was happening but not at a pace that it would have helped the whole process. Due to some natural disaster-related causes, compliance difficulties, GST collection was coming down. If you look at the way revenue generation is improving, GST collection has crossed one lakh crore. I hope corporate tax cut and befits derived by new companies will come into play."

Budget 2020: Revenue Secretary on what qualifies one as NRI
Revenue Secreatary says, "Made changes to IT. If an Indian citizen stays out of the nation for over 182 days, he becomes an NRI. Now, he has to stay out of the country for 241 days. In many cases, we found that some people were residents of no country."

Budget 2020: "Will see successful divestment in next few months," says Finance Minister
Nirmala Sitharaman says, "You will see successful divestment in the next few months. Between now and July, a lot of work will be completed and the benefits will go the next financial year."

Tuhin Pandey, Secretary, Disinvestment says, "Air India EOI is already out, very soon BPCL EOI will be out as well. Hopeful that we will be able to achieve the divestment target next year."

Budget 2020: "Tax charter very major step," says Nirmala Sitharaman
Tax charter is a very major step. Other than us going around the nation to tell tax administrators to tell that face-to-face engagement with taxpayers need not be there, to make sure they deal with them more like wealth creators, in spite of that, you'd hear about harassment. Commitment to ensure that taxpayers are respected, it had to be given an expression of sorts. If I am right, only 3 nations have enshrined the rights of a taxpayer, Canada, US & Australia, if am correct. The government's intent is not to harass anybody. There are 1-2 black sheep everywhere, not just among tax administrators.

Budget 2020: Nirmala Sitharaman on real estate and affordable housing
For the real estate sector, we had announced some things earlier. We had announced that stalled projects would be given last-mile funding. We have extended the date by one year so that exemption for home-buyer is available in cases of affordable housings.

Budget 2020: "About 70 exemptions removed," says Revenue Secretary
Revenue Secretary Ajay Bhushan Pandey says, "There are close to 120 exemptions, all varied. We reviewed each item. In this new regime, the whole idea was to offer a simplified regime and lower the tax rates. About 70 exemptions have been removed. Retirement befits, leave encashment on retirement, EPFO about certain limit, payment received from National Pension System and others will all be retained.

Budget 2020: "You'll definitely benefit," says Finance Minister
Those who still want to avail the benefits can follow the old method... You'll definitely benefit in terms of money that will remain in your hand under new regime.

Budget 2020: Nirmala Sitharaman addresses media after Budget speech
The intention is to reduce the rates as much as to simplify structure. We wanted to make sure money is in the hands of the people. We've reduced income tax particularly for lower and lower middle class. We want to bring the rates down and remove complications in compliance. Too many exemptions make it very difficult for administrators and you need an expert to plan taxation. We want to simplify income tax process and reduce rates. New schemes with very limited exemptions to it, which are indefensible-like.

Tax deferred on employee stock ownership plan for start-ups
The government has deferred taxing ESOP or employee stock ownership plan for start-ups. This will bring relief to start-ups since they can now use the money, which otherwise would have gone as tax, to invest in the young company for expansion and other uses.

Budget 2020: Limit for Foreign Portfolio Investors to be raised
The government plans to increase investment limit of Foreign Portfolio Investors (FPI) in corporate bonds from 9 per cent to 15 per cent, Finance Minister Nirmala Sitharaman said.

Budget 2020: New individual tax rate optional
The new tax regime is optional for those willing to forego all exemptions.