Budget 2019 LIVE Updates: To allow FIIs, FPIs investment in debt securities issued by NBFCs, says FM Nirmala Sitharaman : 05-07-2019

  • Jul 05, 11:39 AM (IST)Nearly 1.95 crore houses are proposed to be provided to eligible beneficiaries under the Pradhan Mantri Awas Yojana, she points out.  The completion of houses that required 314 days in 2015-16, it has now come down to 114 days since 2017, she highlights.  
  • Jul 05, 11:38 AM (IST)  The finance minister has said that she would like to assure the nation that, except those unwilling to take the connection, all will have electricity connection, by 2022.
  • Jul 05, 11:37 AM (IST)  Various steps to be taken to strengthen Gramin Bharat – Rural IndiaThis year as we mark the 150 birth anniversary of Mahatma Gandhi. Gaav, Garib aur Kisan will remain at the centre of all our initiatives, she says. Two mega initiatives Ujjwala and Saubhagya have dramatically improved ease of living, easy access of clean cooking gas, and electricity supply to the needy, she says
  • Jul 05, 11:32 AM (IST)  The government is contemplating organising an annual global meet to get all three sets of global players: Industrialists, corporate leaders, corporate sovereign and venture funds, she says.
  • Jul 05, 11:30 AM (IST)  India’s FDI flows in 2018-19 remained strong compared to global at $54.2 billion, 6 percent higher than last year. The government will examine options of opening up FDI in media, animation and some other sectors to improve these flows further, she says. 
  • Jul 05, 11:28 AM (IST)  We will work to make a platform for listing social enterprises and voluntary organisations to raise capital as equity, debt or units like mutual fund, Sitharaman says  
  • Jul 05, 11:27 AM (IST)  There will be multiple measures undertaken to deepen the corporate bond market, she says adding there is also a proposal to increase minimum public shareholding in companies to 35 percent from 25 percent. 
  • Jul 05, 11:24 AM (IST)  Pension benefits will be offered to 3 crore shopowners with annual turnover of less than Rs 1.5 crore under new scheme called Pradhan Mantri Karamyogi Mandhan Scheme, she says.
  • Jul 05, 11:22 AM (IST)  FM Nirmala Sitharaman: Chanakya neeti sutra says ‘Kaarya purusha kare na lakshyam sampa dayate (with determined human efforts, the task will surely be completed).’
  • Jul 05, 11:22 AM (IST)  Rental Housing
    Current rental laws are archaic as they do not assess the relation between the lessor and lessee in a fair manner. The government will look at improving the laws, she says.
  • Jul 05, 11:21 AM (IST)  The recommendations of high level empowered committee of retiring power old plants and other structural reforms will also be taken up now. UDAY has also helped so far and it will get better further in the coming years, she says. 
  • Jul 05, 11:19 AM (IST)  It is estimated that railway infra will need investment of Rs 50 lakh crore between 2018 and 2030. Given expenditure is Rs 1.4-1.6 lakh crore per annum, it could take decades to complete the projects. It is therefore, necessary to privatise, she says,
  • Jul 05, 11:18 AM (IST)  The FAME II scheme has taken wings. The main objective of the scheme is to provide necessary charging infra and incentivising easy and affordable mode of transportation for the common man, she says.  
  • Jul 05, 11:14 AM (IST)  The ambitious project of Bharatmala will enhance road connectivity and Sagarmala will help port and waterways connectivity, she says. These along with other such initiatives such as Udaan scheme will improve India’s infrastructure and enable connectivity and bridge the rural and urban divide, she says. 
  • Jul 05, 11:12 AM (IST)  Trivia: FM Nirmala Sitharaman cited an Urdu couplet, “Yakeen ho to koi raasta niklata hai, hawa ki ot (protection) bhi le kar charagh jalta hai”. In the past too, many finance ministers have added poetry and couplets to their Budget presentation.
  • Jul 05, 11:12 AM (IST)  If before India Inc understood Swadeshi they now look at Make in India. Gone are the days of policy paralysis and Licence Raj regimes. India is now a wealth creator, says Sitharaman, adding she wishes to announce a number of reforms to further the country’s growth prospects. 
  • Jul 05, 11:10 AM (IST)  It took us over 55 years to Indian economy to reach $1 trillion but the people’s hearts filled with Vishwas and Akansha (hopes of the people of the country) has helped us achieve the next couple of trillions within a short span.
  • Jul 05, 11:10 AM (IST)  The Finance Minister is talking about India’s key schemes and projects and how they have positively impacted people’s lives. She is also speaking about various reforms that the Narendra Modi-led government undertook between 2014 and 2019.
  • Jul 05, 11:09 AM (IST)  In PPP terms we are the third largest economy already after China and US, she says pointing out that India has already become a $2.7 trillion economy, she says.
  • Jul 05, 11:08 AM (IST)  It is well within our capacity to reach the $5 trillion economy vision within the next few years, she says, highlighting the 10 points that the government has laid out to achieve this vision. With these visions and the mandate given by people we are determined to take India to the heights it deserves and with the clear-headed vision of our PM we are on track to achieve it, she says.
  • Jul 05, 11:06 AM (IST)  Trivia: FM Nirmala Sitharaman has now become India’s first full-time woman Finance Minister to present the Union Budget.
  • Jul 05, 11:05 AM (IST)  Our objective was and continues to be ‘Mazboot desh ke liye Mazboot nagrik’. With determined human efforts the task will surely be completed, says Sitharaman.
  • Jul 05, 11:04 AM (IST)  We have shown by our deeds that the principles ‘perform, reform, transform’ can indeed succeed. Have set the ball rolling for a ‘New India’, says Sitharaman.
  • Jul 05, 11:03 AM (IST)  Finance Minister Nirmala Sitharaman rises to present Budget 2019.
  • Jul 05, 11:01 AM (IST)  The Lok Sabha Speaker has invited Finance Minister Nirmala Sitharaman to present her maiden Union Budget.
  • Jul 05, 11:00 AM (IST)  The Lok Sabha has convened.
  • Jul 05, 10:54 AM (IST)  CLSA expects Nifty to be at 12,500 by the end of 2019, CNBC-TV18 has reported.
  • Jul 05, 10:52 AM (IST)  Breaking the age-old tradition of carrying a briefcase to Parliament for presenting the Budget, Finance Minister Nirmala Sitharaman posed outside Parliament today with a ‘bahi khata (traditional Indian ledger)’ instead.
  • Jul 05, 10:46 AM (IST)  The Union Cabinet has approved Budget 2019. FM Nirmala Sitharaman is now set to present her maiden Budget shortly.
  • Source : Economic Times