This is the end of our coverage on the Interim Budget. Thank you for staying tuned, your continued readership motivates us to provide you with news of the highest factual consistency.
Kalyan Krishnamurthy, CEO Flipkart Group on the Interim Budget:
“It’s good to see the focus of the interim budget on rural sector, middle class. More money in the hands of rural and middle class is good for driving consumption in the country And hence good for economic growth.More and more local MSME manufacturers and sellers can cater to this increased demand from rural, tier 2/3 towns and we at Flipkart marketplace will be happy to support thousands of such sellers to access the consumers cost effectively and efficiently.“
Feb 01, 08:47 PM (IST)
Union Minister Arun Jaitley said that the middle class has been strengthened, and will make up close to 44 percent of the populations by 2024.
Feb 01, 08:41 PM (IST)
Union Minister Arun Jaitley said that fiscal deficit is higher due to a higher allocation of funds to agriculture schemes. He also said that the agricultural sector going through a crisis is overstating it.
Finance Minister Piyush Goyal has said $2 billion investment In LED will save $7 billion per year, in an interview to CNBC TV-18. Goyal also mentioned that the final fiscal deficit figure is around 3.36%, that lower tax rates will help the formalization of the economy, and that it may finally end up with 3.2% fiscal deficit. He also said that Rs 75,000 crore is transferred to the farmers.
Boman R. Irani, Chairman & Managing Director, Rustomjee Group on the Budget:
Tilting towards populism, while avoiding a big bend”, the government announced the interim budget for FY20. The FM has made an effort to contain FY19 fiscal deficit @ 3.4% of GDP, while maintaining the FY20 Fiscal deficit target straight line @ 3.4% of GDP (at probably cost of capex expenditure). With potential of stoking inflationary pressures, the budget also pushes the Fiscal consolidation away for some time, especially when there is an increased doubt on revenue generation. The FM has tried to address agrarian issues through a farm package (PM kisaan Samman Yojna), though the allocation pegged t INR 750bn does not disturb the fiscal maths in big way. The revenue targets, especially on GST collections and Disinvestment for FY20 looks quiet stretched and optimistic.As far as RBI is concerned, we believe the budget pushes back possibility of rate cut in near future and expect RBI to highlight potential upside risk to inflation on account of slip in fiscal. We believe that there would be pressure on bond yields and expect new 10 yr g-sec to trade in range of 7.20% - 7.60% in medium term and take further directional cues from incoming macro data”.
Feb 01, 07:14 PM (IST)
Close to 5.3 crore jobs created under Mudra scheme Around 4.5 lakh people have got jobs under mobile phone manufacturing industry says Union Minister Ravi Shankar Prasad.
Feb 01, 06:51 PM (IST)
Close to 5.3 crore jobs created under Mudra scheme. Around 4.5 lakh people have got jobs under mobile phone manufacturing industry says Union Minister Ravi Shankar Prasad in an interview with CNN News 18.
Rajnish Kumar, Chairman, SBI on the Budget for FY20:
The Union Budget for FY 19-20 is growth oriented and forward looking in nature. The announcement of an Assured Income Support Scheme for Small and Marginal farmers is the most welcome step. Additionally, Interest Subvention announced for farmers pursuing Animal Husbandry and Fishery will provide a fillip to this sector. Raising the full tax rebate up to Rs 5 lacs will surely be welcomed by country’s emerging middle class. We believe, this will further strengthen the purchasing power of the growing middle class thereby providing a welcome fillip to the economy at large. Further, exemption of tax on second self-occupied house is likely to give further boost to the housing sector. Hiking the ceiling limit for TDS on bank deposits and small savings will act as a catalyst for this deposit segment by attracting the new depositors. To sum up, on the whole, it is a growth-oriented budget having something for everyone.
Yadvinder Singh Guleria, Senior Vice President - Sales and Marketing, Honda Motorcycle and Scooter India Pvt. Ltd: The interim Budget 2019 presented today is a pragmatic balance between economic growth and holistic development of India. The government's announcements towards strengthening rural economy (PM Kisan Samman Nidhi, interest subvention, mega pension scheme) and continued impetus on infrastructure development (trebling rural road construction, new waterways and railways services) will strengthen economy in the long run. In the short term, more disposable income in the hands of 3 crore households for whom two-wheeler is a basic transport need is good news for the industry. We are cautiously optimistic that the resultant positive customer sentiments can offset the industry slowdown caused by the insurance premium hike earlier this year and bring back the industry momentum to earlier estimate of higher single digits.
Feb 01, 05:55 PM (IST)
Congress President Rahul Gandhi: You can waive off Rs 3.5 Lakh Crore loan of 15 people but give only Rs 17 per day to farmers! What else is this, if not an insult? Election will be fought keeping in mind issue of farmers, unemployment & attacks on institutions, it'll also be on the issue of Rafale.
Feb 01, 05:49 PM (IST)
Congress President Rahul Gandhi: On Monday at 5.30 pm, we(Opposition leaders) will go to the election commission over EVMs.
FM to ANI: In 5 years, there was exponential growth. Didn't previous govts know women need toilets? Didn't previous govts know that poor children need electricity to study? Why did they take 50 years to provide 12 crore gas connections? We provided 13 crore connections in 5 years.
Feb 01, 05:48 PM (IST)
FM Piyush Goyal to ANI: It is a chain of work that has been done in the last 4 years. It is PM Modi's way of doing the work continuously to take development to every single person across fields. Work is not done in small parts, it is done on large scale successfully with honesty.
Feb 01, 05:37 PM (IST)
Arun Thukral, MD & CEO, Axis Securities: Middle-class tax payers, including salaried and pensioners, are here to see some ‘Acche Din’ owing to tax sops announced in the Interim Budget 2019 and which came in over and above the expectations.
The government has proposed a tax rebate on the income up to Rs 5 lakh, meaning that taxpayers earning up to Rs 5 lakh will be exempted from paying taxes but will have to file returns without fail to claim the same. Other taxpayers get an increase in standard deduction to Rs 50,000. There will be no TDS on house rent up to Rs 2.4 lakh and also no TDS on the bank, post-office interest up to Rs 40,000 (earlier Rs 10,000), a relief particularly for senior citizens.
To sum it up, the government has rightly addressed the broadest segment of society — the middle-class taxpayer — in this Interim Budget. In the entire endeavor, the FM managed to please the debt market by containing the target current account deficit to 2.5% for FY19 and fiscal deficit to 3.4% for both FY19 and FY20. Overall, the finance minister gave a road map and vision for next 10 years where he would like to take the economy, reducing hassles of the taxpayers and going digital thereby reducing the personal interface between taxpayer and tax officers. Overall, the budget struck a chord with almost all the segments of the society.
Feb 01, 05:30 PM (IST)
FM on Bengal CM Mamata Banerjee's remark 'economic condition of country worse than Emergency': I believe the government has succeeded on all levels. Inflation is down to 4.5% from 10%. If inflation had continued like times of Congress, then your household budget would have been 35-40% higher.
Feb 01, 05:25 PM (IST)
FM Piyush Goyal to ANI: This was the first large scale change in the history of independent India. It's natural that if this is done, there will be a few difficulties. But I thank tax payers & those in business sector that they accepted this and are getting direct benefits today.
Feb 01, 05:24 PM (IST)
FM Piyush Goyal to ANI: If the tax collection is so good, it shows that GST is a successful measure. It has prepared the nation for rapid development. It is not a poor implementation, there is no country which dared to make such a large-scale change.
Feb 01, 05:20 PM (IST)
Ajay Singh, Chairman and Managing Director, SpiceJet: This has been a fabulous budget and I compliment my good friend and Finance Minister Piyush Goyal for a fantastic job. The FM has managed to do something for a large cross-section of the society — the middle class, the farmers, workers in the unorganised sector. At the same time, he has ensured that fiscal deficit remains at 3.4%. This is a people's budget that will help the economy and also lays down a vision for the next 10 years. This could well be a game changer budget in this election year.
I feel that the government with this budget has certainly injected a lot of josh without losing its hosh!
highlights
An evening walk down Dalal Street | Equities end volatile Budget session on a positive note; Nifty just below 10,900
No major shift in the infra policies in Budget 2019
Interim Budget could contain farm income support package; funds for stuck realty projects
Here are 6 talking points that investors are keeping an eye on
66% citizens want full budget, 73% want ‘angel tax’ gone, says survey
Modi govt may announce Rs 12,000 annual cash transfer to small, marginal farmers
Fitch warns of fiscal slippage if govt goes for populist interim budget
Interim Budget 2019: 25 stocks that brokerages are betting on to play the event
PM Modi urges lawmakers to utilise Parliament's Budget Session for having constructive debates
Watch | Interim Budget expectations
FM Piyush Goyal has tough task to choose between populism, fiscal prudence
Income tax concessions, farm relief package may figure in FM Piyush Goyal's Budget
This is the end of our coverage on the Interim Budget. Thank you for staying tuned, your continued readership motivates us to provide you with news of the highest factual consistency.
Decoded: Why Modi govt chose tax rebate over exemption in Budget 2019
Khyati Dharamsi Finance Minister Piyush Goyal pulled off a blockbuster Interim Budget from which not much was expected to begin with.
Has the Interim Budget improved your Quality of Life Quotient (QLQ)?
The interim budget should enable you to improve your QLQ a little bit for now, and possibly even more when the final budget is presented later this year.
Budget Reaction: What are mutual fund houses saying?
he announced tax sops for the middle class. One of the biggest announcement was the doubling of income tax exemption limit to Rs 5 lakh
Opinion | The Budget signals a bumpy ride for the market
Shishir Asthana Indian markets had a rollercoaster ride on Friday, after the budget. A number of populist measures were announced but how they will be funded is a question that the market was left wondering.
Kalyan Krishnamurthy, CEO Flipkart Group on the Interim Budget:
“It’s good to see the focus of the interim budget on rural sector, middle class. More money in the hands of rural and middle class is good for driving consumption in the country And hence good for economic growth.More and more local MSME manufacturers and sellers can cater to this increased demand from rural, tier 2/3 towns and we at Flipkart marketplace will be happy to support thousands of such sellers to access the consumers cost effectively and efficiently.“
Union Minister Arun Jaitley said that the middle class has been strengthened, and will make up close to 44 percent of the populations by 2024.
Union Minister Arun Jaitley said that fiscal deficit is higher due to a higher allocation of funds to agriculture schemes. He also said that the agricultural sector going through a crisis is overstating it.
D-Street gives a thumbs-up to Modi-govt's Interim Budget; analysts score it at 4 out of 5
Interim Finance Minister Piyush Goyal managed to strike the right balance between growth and fiscal prudence which D-Street acknowledged by closing the day in the green.
Union Budget 2019-20: The agri push can make a difference if implemented with sincerity
Expansionary budget with a focus on consumer spending and farm reforms- Direct incomes support for marginal farmers- Interest rate subvention to support allied farm activities- Allocation to crop husbandry and
Finance Minister Piyush Goyal has said $2 billion investment In LED will save $7 billion per year, in an interview to CNBC TV-18. Goyal also mentioned that the final fiscal deficit figure is around 3.36%, that lower tax rates will help the formalization of the economy, and that it may finally end up with 3.2% fiscal deficit. He also said that Rs 75,000 crore is transferred to the farmers.
Union Budget good, but subject to assumptions: JSW Steel's Seshagiri Rao
Union Budget 2019 is a good budget, said JSW Steel's Jt Managing Director and Group CFO Seshagiri Rao. But, he added, it is subject to the assumptions coming true.
Boman R. Irani, Chairman & Managing Director, Rustomjee Group on the Budget:
Tilting towards populism, while avoiding a big bend”, the government announced the interim budget for FY20. The FM has made an effort to contain FY19 fiscal deficit @ 3.4% of GDP, while maintaining the FY20 Fiscal deficit target straight line @ 3.4% of GDP (at probably cost of capex expenditure). With potential of stoking inflationary pressures, the budget also pushes the Fiscal consolidation away for some time, especially when there is an increased doubt on revenue generation. The FM has tried to address agrarian issues through a farm package (PM kisaan Samman Yojna), though the allocation pegged t INR 750bn does not disturb the fiscal maths in big way. The revenue targets, especially on GST collections and Disinvestment for FY20 looks quiet stretched and optimistic.As far as RBI is concerned, we believe the budget pushes back possibility of rate cut in near future and expect RBI to highlight potential upside risk to inflation on account of slip in fiscal. We believe that there would be pressure on bond yields and expect new 10 yr g-sec to trade in range of 7.20% - 7.60% in medium term and take further directional cues from incoming macro data”.
Close to 5.3 crore jobs created under Mudra scheme Around 4.5 lakh people have got jobs under mobile phone manufacturing industry says Union Minister Ravi Shankar Prasad.
Close to 5.3 crore jobs created under Mudra scheme. Around 4.5 lakh people have got jobs under mobile phone manufacturing industry says Union Minister Ravi Shankar Prasad in an interview with CNN News 18.
Podcast | Budget 2019 | Zerodha's Nikhil Kamath gives Budget 2019 a thumbs up
The Narendra Modi-led government presented its last budget before the 2019 Lok Sabha elections. Nikhil Kamath, co-founder Zerodha said that government presented a populous Budget with reasonable reforms for the middle class.
Rajnish Kumar, Chairman, SBI on the Budget for FY20:
The Union Budget for FY 19-20 is growth oriented and forward looking in nature. The announcement of an Assured Income Support Scheme for Small and Marginal farmers is the most welcome step. Additionally, Interest Subvention announced for farmers pursuing Animal Husbandry and Fishery will provide a fillip to this sector. Raising the full tax rebate up to Rs 5 lacs will surely be welcomed by country’s emerging middle class. We believe, this will further strengthen the purchasing power of the growing middle class thereby providing a welcome fillip to the economy at large. Further, exemption of tax on second self-occupied house is likely to give further boost to the housing sector. Hiking the ceiling limit for TDS on bank deposits and small savings will act as a catalyst for this deposit segment by attracting the new depositors. To sum up, on the whole, it is a growth-oriented budget having something for everyone.
Opinion | Say bye bye to lower interest rates for now
Ravi Krishnan The interim budget, which can hardly be termed as one, was clearly aimed at boosting the ruling Bharatiya Janata Party's election prospects.
Comment | This Interim Budget was no dead rubber
The interim budget has taken the wind out of the Opposition's sails - at least for the time being. However, does the government's offensive move betray the BJP's fears about the upcoming Lok Sabha polls?
Yadvinder Singh Guleria, Senior Vice President - Sales and Marketing, Honda Motorcycle and Scooter India Pvt. Ltd: The interim Budget 2019 presented today is a pragmatic balance between economic growth and holistic development of India. The government's announcements towards strengthening rural economy (PM Kisan Samman Nidhi, interest subvention, mega pension scheme) and continued impetus on infrastructure development (trebling rural road construction, new waterways and railways services) will strengthen economy in the long run. In the short term, more disposable income in the hands of 3 crore households for whom two-wheeler is a basic transport need is good news for the industry. We are cautiously optimistic that the resultant positive customer sentiments can offset the industry slowdown caused by the insurance premium hike earlier this year and bring back the industry momentum to earlier estimate of higher single digits.
Congress President Rahul Gandhi: You can waive off Rs 3.5 Lakh Crore loan of 15 people but give only Rs 17 per day to farmers! What else is this, if not an insult? Election will be fought keeping in mind issue of farmers, unemployment & attacks on institutions, it'll also be on the issue of Rafale.
Congress President Rahul Gandhi: On Monday at 5.30 pm, we(Opposition leaders) will go to the election commission over EVMs.
FM to ANI: In 5 years, there was exponential growth. Didn't previous govts know women need toilets? Didn't previous govts know that poor children need electricity to study? Why did they take 50 years to provide 12 crore gas connections? We provided 13 crore connections in 5 years.
FM Piyush Goyal to ANI: It is a chain of work that has been done in the last 4 years. It is PM Modi's way of doing the work continuously to take development to every single person across fields. Work is not done in small parts, it is done on large scale successfully with honesty.
Arun Thukral, MD & CEO, Axis Securities: Middle-class tax payers, including salaried and pensioners, are here to see some ‘Acche Din’ owing to tax sops announced in the Interim Budget 2019 and which came in over and above the expectations.
The government has proposed a tax rebate on the income up to Rs 5 lakh, meaning that taxpayers earning up to Rs 5 lakh will be exempted from paying taxes but will have to file returns without fail to claim the same. Other taxpayers get an increase in standard deduction to Rs 50,000. There will be no TDS on house rent up to Rs 2.4 lakh and also no TDS on the bank, post-office interest up to Rs 40,000 (earlier Rs 10,000), a relief particularly for senior citizens.
To sum it up, the government has rightly addressed the broadest segment of society — the middle-class taxpayer — in this Interim Budget. In the entire endeavor, the FM managed to please the debt market by containing the target current account deficit to 2.5% for FY19 and fiscal deficit to 3.4% for both FY19 and FY20. Overall, the finance minister gave a road map and vision for next 10 years where he would like to take the economy, reducing hassles of the taxpayers and going digital thereby reducing the personal interface between taxpayer and tax officers. Overall, the budget struck a chord with almost all the segments of the society.
FM on Bengal CM Mamata Banerjee's remark 'economic condition of country worse than Emergency': I believe the government has succeeded on all levels. Inflation is down to 4.5% from 10%. If inflation had continued like times of Congress, then your household budget would have been 35-40% higher.
FM Piyush Goyal to ANI: This was the first large scale change in the history of independent India. It's natural that if this is done, there will be a few difficulties. But I thank tax payers & those in business sector that they accepted this and are getting direct benefits today.
FM Piyush Goyal to ANI: If the tax collection is so good, it shows that GST is a successful measure. It has prepared the nation for rapid development. It is not a poor implementation, there is no country which dared to make such a large-scale change.
Ajay Singh, Chairman and Managing Director, SpiceJet: This has been a fabulous budget and I compliment my good friend and Finance Minister Piyush Goyal for a fantastic job. The FM has managed to do something for a large cross-section of the society — the middle class, the farmers, workers in the unorganised sector. At the same time, he has ensured that fiscal deficit remains at 3.4%. This is a people's budget that will help the economy and also lays down a vision for the next 10 years. This could well be a game changer budget in this election year.
I feel that the government with this budget has certainly injected a lot of josh without losing its hosh!