Live updates and discussion on Budget

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 FM Arun Jaitley has presented the Union Budget for 2018-19 in Parliament. The Budget was perceived to favour the rural populace but wasn't very well received by financial markets.
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• Feb 01, 01:24 PM (IST) 

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  A quick glance at key takeaways of Budget 2018
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  -  The government estimates 7.2-7.5% GDP growth in second half of the current FY18.
  -  Fiscal deficit for 2017-18 at 3.5% and projected for 2018-19 at 3.3%
  -  Divestment target for 2018-19 has been set at Rs 80,000 crore
  -  Proposed spending on rural infra is Rs 14.34 lakh crore.
  -  Rs 5 lakh per family annually to be given for medical reimbursement under the National Health Protection Scheme.
   - Personal income tax slabs remain unchanged. However, standard deduction has been reintroduced at Rs 40,000 in lieu of the medical and transport allowance currently available.
  - Deduction on medical insurance premium for senior citizens has been raised to Rs 50,000. For senior citizens with critical illnesses will get deduction of Rs 1 lakh.
  - Capital gains tax has been reintroduced, with certain caveats, at 10% on gains of over Rs 1 lakh on investments.
  - Capital gains made on shares until Jan 31 will be grandfathered. Short term capital gains remains unchanged at 15%.
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  Feb 01, 02:00 PM (IST)

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  The price of petrol and diesel has effectively come down by Rs 2 per litre due to the cut in excise duty.
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  Feb 01, 01:56 PM (IST)

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  Customs duty on imported watches and completely knocked down vehicle units have been increased to 20% and 15%, respectively.
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  Feb 01, 01:50 PM (IST)

    

  Economic affairs secretary Subhash Garg has said that the government is amending the FRBM Act to specify 3% fiscal deficit target by 2021.
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  Feb 01, 01:47 PM (IST)

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  Economic affairs secretary Subhash Garg has said that the tax revenue projections made by the government for the next fiscal year are realistic. He said that the higher MSP will have a marginal fiscal impact in the next financial year.
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  Feb 01, 01:43 PM (IST)

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  "For calculation of LTCG now 1) date of purchase / acquisition will be the original date of which investment was made 2) cost of acquisition will be the rate as on 31 Jan 2018 . Investors should keep a record of the closing price of their holdings as on 31 Jan 2018." - Harshvardhan Roongta, Principal Financial Planner, Roongta Securities.
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  Feb 01, 01:39 PM (IST)

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  The bond market could be slightly worried about the announcement on MSP resulting in higher inflation, which could push the RBI to hike rates.
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  Feb 01, 01:37 PM (IST)

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  Prime Minister Narendra Modi now takes stage to express his views on the Budget. This Budget has focussed on creation of a new India, he says.
  "It must be noted that this Budget has given importance to ease of living alongside ease of doing business," he says. He notes the government needs to consolidate farmer's incomes as the country has seen large production thanks to our farmers.
  The PM terms the Budget as 'Farmer friendly, business friendly, development friendly'
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  Feb 01, 01:37 PM (IST)

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  For cigarette makers, the lack of any announcement in the Budget seems to be coming across as a major positive. Stocks of all cigarette manufacturers have risen prolifically since the conclusion of the Budget speech.
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  Feb 01, 01:13 PM (IST)

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  FM cuts corporate income tax rate to 25% for companies with turnover of upto Rs 250 cr
  

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  Finance Minister Arun Jaitley on Thursday proposed to cut the corporate income tax rate to 25 percent for companies with a turnover of upto Rs 250 crore, meeting a key demand of the corporate world that has been seeking lower tax payouts to enable greater investment and jobs creation.

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  Feb 01, 01:00 PM (IST)

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  "The reduction in corporate tax for companies with turnover upto Rs 250 cr to 25% will help companies will help small cap companies.  No change in tax structure for individuals this year.  Additional benefits for senior citizens- pension scheme increased, medical insurance limits and deductions for interest.  Some respite to senior citizens.  LTCG introduction @10% on equity is a negative without removal of STT.  Would have preferred increasing STT or increasing the tenure  (to say 2 years), rather than change the tax rate; so as to reward long term investing." - Anil Rego, CEO & Founder, Right Horizons.
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  Feb 01, 12:54 PM (IST)

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  Most of the listed universe would be unhappy on the tax front with this Budget because the only cut in corporate tax came for companies with turnover of up to Rs 250 crore. Even the salaried class would not be overjoyed with the token Rs 40,000 standard deduction.
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  Feb 01, 12:53 PM (IST)

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  FM closes his Budget speech and now its time for reactions.
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  The key takeaways for the market remains the fiscal deficit numbers and the capital gains tax both of which have been the dampeners.
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  Feb 01, 12:50 PM (IST)

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  "LTCG over 1 lakh in a year will only attract tax @ 10%. So it still make sense for investors in equity funds to opt for growth option in stead of dividend option." - Balwant Jain, CA & CS.
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  Feb 01, 12:47 PM (IST)

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  Knee-jerk reaction in stock markets on the proposed capital gains tax. Sensex now down nearly 450 points.
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  Feb 01, 12:47 PM (IST)

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  "Equity Oriented Mutual Funds will now face a dividend distribution tax of 10% to bring it at parity with the new LTCG of 10%. This will be a negative for mutual funds." - Manoj Nagpal, Moneycontrol Consulting Editor.
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  Feb 01, 12:43 PM (IST)

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  The total amount of exempted capital gains has surged to nearly Rs 360,000 crore as of last years returns. Considering return on equity is already high, the FM proposes to tax capital gains exceeding Rs 1 lakh at 10% without indexation benefit with certain caveats
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  Capital gains made on shares until Jan 31 will be grandfathered. Short term capital gains remains at 15%.
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  Feb 01, 12:41 PM (IST)

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  "ETFs - have been a huge success for raising funds for Govt through Bharat ETF and CPSE ETF. Interesting to see that Govt will now also launch a debt ETF for raising debt financing for the govt." - Manoj Nagpal, Moneycontrol Consulting Editor.
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  Feb 01, 12:40 PM (IST)

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  The standard deduction is in lieu of travel and medical expense reimbursement, which currently amounts to Rs 30,000. So the actual tax benefit would Rs 10,000 for each taxpayer.
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  Feb 01, 12:39 PM (IST)

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  FM proposes to raise the deduction under health insurance premium to Rs 50,000. In case of senior citizens with critical illnesses the deduction will be Rs 1 lakh. Further, FD and post office interest will be exempt till Rs 50,000. 80D benefit has been enhanced to Rs 50,000
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  Feb 01, 12:36 PM (IST)

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  So finally, something for the middle class, that section of society that is usually the most-ignored. Jaitley has said that the government has decided to allow a standard deduction of Rs 40,000 for salaried taxpayers, keeping in mind that they have been paying way more tax than individual business owners.
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  Feb 01, 12:36 PM (IST)

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  No perks for the salaried class as FM proposes to maintain status quo on tax slabs. However, he does reintroduce standard deduction of Rs 40,000 in lieu of medical and transport allowance. Other medical reimbursements in case of hospitalisation will continue. The standard deduction will cost the government Rs 8,000 crore.
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  The total number of salaried employees and pensioners who will benefiit from these changes is pegged at 2.5 crore.
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  Feb 01, 12:33 PM (IST)

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  Corporate tax for 2018-19 has been cut to 25% for companies with revenue up to Rs 250 cr
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  Feb 01, 12:33 PM (IST)

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  Jaitley has said that 41% more returns were filed this year under the simplified tax scheme. This has to be considered a success for the government, especially considering our past problems with tax compliance. If more number of people start paying their taxes, it will be easier for the government to ease tax burden on people.
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  Feb 01, 12:29 PM (IST)

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  FM Jaitley now explains the benefits accrued from various tax measures. 41% more returns were filed this year under simplified tax scheme, he says. He reiterates the governments pledge to continue to take measures which will continue to cut down black money
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  Feb 01, 12:26 PM (IST)

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  Stay tuned as the FM now moves to direct taxes. The growth rate of direct taxes in 2017-18 has been significant of nearly 12.6% in current year in direct taxes, he says. 81.51 lakh new taxpayers filed their returns in the last year, he says.
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  Feb 01, 12:25 PM (IST)

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  So that answers all the concerns about fiscal deficit, doesn't it. A deficit of Rs 5.95 lakh crore for the current year might come as a pleasant surprise for many, particularly because Jaitley has said that the target is to bring it down to 3.3% of GDP in the next fiscal. This year's estimated figure is 3.5% of GDP.
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  Feb 01, 12:23 PM (IST)

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  In 2017-18 the central govt will be received GST revenue of only 11 months and this will have a fiscal effect. There will also be shortfall of non-tax revenue. The total revised estimated expenditure is Rs 21.57 lakh crore against 21.47 lakh crore.
  We embarked upon path of consistent reduction of fiscal deficit. Revised fiscal deficit for 2017-18 is at Rs 5.95 lakh crore or 3.5% of GDP. Projecting fiscal deficit at 3.3% of GDP for 2018-19.
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• Feb 01, 12:21 PM (IST)

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  FM proposes to revise the emoluments of President to Rs 5 lakh per month, Rs 4 lakh for Vice President and Rs 3.5 lakh for Governor.
  He also proposes inflation-linked revision of salary of Members of Parliament 

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• Feb 01, 12:20 PM (IST)

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  "Need to be seen how they will popularise InVITs for Road Projects - especially after tepid market response to IRB, etc." - Ambareesh Baliga, Fundamental Analyst.

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• Feb 01, 12:19 PM (IST)

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  "As expected, disinvestment of Rs 1 lakh cr seems to be one of the main ways of financing various initiatives announced." - Anil Rego, CEO & Founder, Right Horizons.

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• Feb 01, 12:17 PM (IST)

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  It doesn't look like the government wants to slow down divestment at all, especially since it is likely to be one of the most important modes of financing budget deficit in the coming fiscal year. Divestment target for FY19 has been set at Rs 80,000 crore.

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• Feb 01, 12:16 PM (IST)

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  Disinvestment was pegged at highest level of Rs 72,500 crore in last years Budget and the government has been successful in exceeding the target. For 2018-19 the disinvestment target is set at Rs 80,000 crore.
  Recapitalisation of PSU Banks will allow banks Rs 5 lakh cr of additional lending in FY19, he says.

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• Feb 01, 12:15 PM (IST)

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  "MSP to have inflationary effect on food." - Ambareesh Baliga, Fundamental Analyst.

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• Feb 01, 12:14 PM (IST)

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  Moving on to the government's aim of increasing coverage of of Aadhaar in the country, FM Jaitley says it is now mulling a scheme for providing unique identity for every business

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• Feb 01, 12:14 PM (IST)

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  Below are CRISIL's takeaways from the Budget speech
  - Increase in MSP will further boost tractor sales, currently growing at 16%
  - Of 2,000 APMCs, those connected to E-NAM is 470, which is less than the target of  585 for last fiscal #budget2018
  - Liberalisation of agri exports to benefit the pulses sector
  - Out of a production of 22 MT in 2016, exports were just 1.3 MT
  - LPG demand growth to rise to over 10% next 2 years given 8 crore new BPL connections targeted
  - Power, LPG via Ujala and Saubhagya remains area of concern for discoms, OMCs because of lack of recovery
  - Dedicated fund for affordable housing to improve formal finance penetration
  - Focus on rural housing, rural roads and rural infra spend will push up employment
  - Rs 10,000 cr for fisheries to boost seafood exports
  - India already world’s largest shrimp exporter
  - Rising rural income to improve demand for cement
  - Rural demand is 33% of total cement demand
  - Massive health insurance plan a boost for hospitals, health insurers
  - 18 architecture schools show construction sector importance to economy, govt
  - Ragi, jowar, moong, maize, paddy to benefit the most
  - Increase in MSP by 1.5 times cost of production
  - Huge health insurance plan could cost govt around Rs 50,000 crore annually
  - 3.7 lakh km rural roads plan huge boost for construction cos
  - Rail University in Vadodara to boost R&D initiatives, help improve rly ops
  - Micropension, insurance via Jan Dhan to boost fin inclusion
  - 23% growth in Mudra target will help micro-entrepreneurs
  - Agri-commodity exports limited now
  - Liberalisation is a big boost to sector
  - 1 cr houses under PMAY augurs well for lenders
  - Growth in affordable housing loans to remain strong
  - Govt’s 12% contribution to EPF for new employees
  - Will encourage formal sector coverage
  - Textiles subsidy under TUFs up 18% at Rs 7,140 cr
  - Textiles subsidy under TUFs up 18% at Rs 7,140 cr
  - Fisheries fund a big boost to Rs 140,000 cr seafood industry

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• Feb 01, 12:13 PM (IST)

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  "Cryptocurrency not recognised. Will that money now come to the stock markets?" - Dr CK Narayan, Chart Advise.

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• Feb 01, 12:13 PM (IST)

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  "Focus of government seems to be rural India even in the case of infrastructure like roads. On the other hand government is trying to encourage private investments into infrastructure through innovative structures like InvITs and AIFs." - Anil Rego, CEO & Founder, Right Horizons.

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• Feb 01, 12:11 PM (IST)

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  Cryptocurrency investors in India have to bear in mind that the government doesn't consider them legal tender. But they needn't worry too much because Jaitley has only said that the government will look to eradicate their usage for illegitimate activities, nothing about investing in them. 

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• Feb 01, 12:11 PM (IST)

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  FM stresses that the government does not consider cryptocurrencies as legal tender and will take measures to curb illegitimate transactions funded by crytocurrencies

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• Feb 01, 12:10 PM (IST)

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  Even as there is increased talk of higher credit offtake from the banking sector, SEBI is considering asking corporates to meet 25 percent of their debt requirements by borrowing from the market by issuing securities. This may be a positive for the market as a whole, but what it means for the banking system only time will tell.

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• Feb 01, 12:09 PM (IST)

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  Sebi will consider mandatng large corps to meet 25% of debt needs from the market, he says, adding the Reserve Bank of India will nudge companies to access bond markets for fundraising. 

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• Feb 01, 12:06 PM (IST)

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  Will flying soon become the primary mode of travel for the Indian citizen? It certainly seems that way because Jaitley just said that the government intends to multiply India's 124 airports to 5 times that number. 

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• Feb 01, 12:06 PM (IST)

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  After announcing allocation of Rs 11,000 cr for mumbai rail network and Rs 17,000 cr for Bengaluru Metro Network, the FM now moves on to details on Ahmedabad- Mumbai Bullet train project and regional air connectivity initiatives. 

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• Feb 01, 12:04 PM (IST)

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  Mumbai locals are going to get even better at getting you to your destination on time. The government will spend as much as Rs 11,000 crore to add tracks to the Mumbai local train network, Jaitley said.  

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• Feb 01, 12:03 PM (IST)

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  "The reduction of EPF contribution to 8% in the first three year for women does not seem to add any significant benefit in terms of cash flow. It will only increase administrative & compliance burden." - Harshvardhan Roongta, Principal Financial Planner, Roongta Securities.

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• Feb 01, 12:02 PM (IST)

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  At this rate, the country is not going to be looking the same this time next year. Jaitley has said that the government will complete constructing 9000 km of national highways by the end of FY19. A huge number of train coaches and new tracks are also in the works. 

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• Feb 01, 12:01 PM (IST)

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  He notes that 35,000 km will be completed under Bharatmala project with outlay of Rs 5.35 lakh cr before moving on to the initiatives in Railways.
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  Railways capex for FY19 will be at Rs 1.48 lakh cr, he says. 

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• Feb 01, 11:59 AM (IST)

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  The FM has now moved on to make announcements related to the backbone of the economy i.e. infrastructure. Need Rs 50 lakh crore to improve infra, he says. We are confident of completing 9000 kms national highways to be by 2018- 19, he says.

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• Feb 01, 11:59 AM (IST)

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  For those of you who are about to start your first job, the government has decided to try and make it worth your while. Jaitley has announced that the government 12% EPF in wages of new employees in all sectors. This news is as good as one can expect for the job sector. 

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• Feb 01, 11:56 AM (IST)

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  If this is not a people's Budget, nothing is or ever can be. Roads and railways, both of which have been cause for complaint for the Indian citizen in the past, have been given a record allocation in this Budget, no doubt with an eye toward next year's general election. Hope the government finds a way to fund this without widening fiscal deficit. 

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• Feb 01, 11:54 AM (IST)

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  Nearly 70 lakh formal jobs have been created this year...govt will contribute 12 % EPF in wages of new employment in all sectors. He says  facility of fixed term employment will be extended     
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• Feb 01, 11:53 AM (IST)

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  "As expected the first half of the budget was for Bharat, kisan, women, senior citizens, rural areas - a pro people's budget.  As we move into the second half of the speech, we will move to India." - Manoj Nagpal, Moneycontrol Consulting Editor.

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• Feb 01, 11:52 AM (IST)

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  One of the banking sector's major concerns is likely to be addressed soon, going by Jaitley's speech. The finance minister has said that he will soon be announcing measures to help deal with NPAs of SMEs, reiterating that MSMEs are extremely important for our economy.  

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• Feb 01, 11:52 AM (IST)

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  The FM says the government targets Rs 3 lakh crore for lending under Mudra in 2018 -19. He also proposes to bring banks on TREDS, and link it with GSTN

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• Feb 01, 11:49 AM (IST)

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  MSMEs are a major engine of growth and employment, the FM notes, adding he will soon announce measures for SME NPAs

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• Feb 01, 11:49 AM (IST)

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  Students planning to study medicine in the future can rest easier now. The government has said that it will add 24 new government-run medical colleges to the country and upgrade all existing ones. The idea is to make sure that there is a medical college in every state in the country.

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• Feb 01, 11:47 AM (IST)

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  The govt aims to improve quality of life in 115 district which have been identified. 47 projects under cleaning Ganga have been completed, Jaitley said, adding the project has gathered speed.

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• Feb 01, 11:44 AM (IST)

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  "The government’s focus on futures and warehousing for agriculture is welcome. In a way it revives the WDRA provisions (Warehousing Development Regulations Act) which have been languishing since 2012.  But all this requires two major conditions. First, the government needs to create more incentives for warehousing.  It needs to reduce the role of the FCI (which has provide to be both corrupt and collusive with rich farmers at the cost of small farmers).  It needs to appoint assayers ad auditors who will audit the warehouse receipts and stocks to prevent another NSEL type scam. The budget does not talk about this. Secondly, the biggest hurdle to any futures market is the proper functioning of commodity exchanges.  Till now, the government has banned trade, disrupted trade, and even closed down commodity exchanges. These do not augur well for commodity exchanges. Moreover, the government will have to create adequate funds to purchase crops at MSP rates from any farmer who can then deposit this at the warehouses and then sell the crop through commodity exchanges. The budget does not give any indication that it has worked this out as yet. This also means that the government's procurement programme has to move away from rice and wheat only." - RN Bhaskar, Moneycontrol Consulting Editor.

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• Feb 01, 11:44 AM (IST)

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  FM says the government will introduce 24 new medical colleges including upgrading certain existing colleges. This will ensure there is 1 government medical college in every state of the country. 

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• Feb 01, 11:43 AM (IST)

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  Thought you had to move to Canada to avail government-sponsored health cover? Think again. The government has announced an unprecedented Rs 5 lakh medical insurance cover per year for 10 crore families across the country. 

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• Feb 01, 11:41 AM (IST)

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  Several state governments have implemented health protection schemes but "we intend to take healthcare to a new aspirational level". He proposes to launch a flagship National Health Protection Scheme initiative with nearly 50 crore beneficiaries which will provide up to Rs 5 lakh per family per year,for hospitalisation, one of the largest such benefits program anywhere in the world. 

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• Feb 01, 11:38 AM (IST)

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  FM now spells out initiatives to address health issues holistically. 1.5 lakh centres health care centres will bring health closer to every household. The centres will provide free essential drugs and diagnosis. Corpus will be roughly Rs 1,200 crore 

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• Feb 01, 11:38 AM (IST)

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  If you thought the country doesn't have enough reputed architecture institutes, the government is about to change all that. New architecture colleges are being proposed, something that country has direly needed for quite some time. 

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• Feb 01, 11:37 AM (IST)

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  The FM is now listing out all the new educational and training institutes that the government aims to introduce in the coming year to ensure improved quality of education in the country. 

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• Feb 01, 11:36 AM (IST)

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  Health, Education and Social Protection is next on FM Jaitley's list. "Improvement in quality of teachers can improve quality of education.The government proposes to treat education holistically without segmentation," he says.  

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• Feb 01, 11:35 AM (IST)

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  Increasing the holding period of equities to 2 years to be eligible for LTCG is desirable as it alligns with the philosophy of investing in equities for long term besides helping weed out bogus transactions in penny stocks to convert black money. Taxing the LTCG will be detrimental to the sentiments and the disinvestment program of the government." - Harshvardhan Roongta, Principal Financial Planner, Roongta Securities.

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• Feb 01, 11:32 AM (IST)

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  "The budget has a clear agriculture push as expected. A number of initiatives for agriculture and food processing have been announced.  Policies like MSP being at 1.5 times the cost of produce need to be understood, to assess impact of inflation on agri commodities." - Anil Rego, CEO & Founder, Right Horizons.

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• Feb 01, 11:32 AM (IST)

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  Ground water irrigation scheme under Krishi Sinchayi Yojana will be taken up in regions where less than 30% land gets assured irrigation currently. Our focus will be get more and more land under irrigation facilities, he says. 

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• Feb 01, 11:31 AM (IST)

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  The Swachh Bharat Mission seems to flying strong, having already resulted in 6 crore toilets being constructed across the country. An additional 2 crore toilets will be made in the next 2 years and this should go a long way in addressing the crucial issue of open defecation, especially in rural areas. 

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• Feb 01, 11:30 AM (IST)

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  Its our endeavour that by 2020 every poor citizen of the country should have his own house. For this government will establish a dedicated affordable housing fund in the national housing bank through various funding measures.  

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• Feb 01, 11:29 AM (IST)

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  Swachh Bharat Mission has led to over 6 crore toilet facilities being provided so far. In the next 2 years another 2 crore toilets will be added for defecation free country, Jaitley says

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• Feb 01, 11:28 AM (IST)

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  "Given that this government understands the role of insurance in providing financial security ( introduction of PM Jeevan Jyoti Bima Yojana & PM Jeevan Suraksha Bima Yojana ) it's keenly expected that specific tax deductions be introduced for pure protection policies in line with NPS which is a retirement security instrument. There have been exponential rise in premiums for health insurance. The deduction limit u/s 80D needs upward revision. Quite likely we will see the revision in this budget." - Harshvardhan Roongta, Principal Financial Planner, Roongta Securities

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• Feb 01, 11:27 AM (IST)

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  FM goes on to outline the measures that the governrment will undertake to fight the ever growing hazards of pollution from both crop burning, promotion of gas connection in houses using wood fire for cooking, among others. 

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• Feb 01, 11:26 AM (IST)

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  So it is not just agricultural farmers who have something to cheer. The government has announced a Rs 10,000 crore allocation for fisheries, aquaculture and animal husbandry funds. This is going to go along way in improving the standard of animal rearing in the country and may even significantly improve the quality of meat available in the market. 

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• Feb 01, 11:25 AM (IST)

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  FM proposes to extend kisan credit card to fisheries & animal husbandry farmers and allocate Rs 10,000 cr for fisheries & aquaculture, animal husbandry funds. 

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• Feb 01, 11:24 AM (IST)

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  Agri exports have the potential of USD 100 bn and therefore, state of art facility will be set up in 42 food parks for agri exports, Jaitley says. 

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• Feb 01, 11:23 AM (IST)

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  More for farmers to happy about, looks like. The government has proposed setting up an agricultural market fund of Rs 2,000 crore. These reforms are clearly aimed at putting a smile on the farmer's face and encourage him to continue doing what he does for the country. 

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• Feb 01, 11:21 AM (IST)

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  Government proposes to launch Operation Green for which a sum of Rs 500 crore will be allocated. 

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• Feb 01, 11:20 AM (IST)

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  Food processing sector is growing at average 8% per annum. Allocation in this sector is being doubled from 750 cr last year to 1400 crore in 2018-19. 

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• Feb 01, 11:20 AM (IST)

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  The government plans to set up an agricultural market fund with corpus of  Rs 2,000 cr, he says as he continues to list out the measures under way to uplift the agricultural sector in the country.
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• Feb 01, 11:18 AM (IST)

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  FM Jaitley says the government will work with NITI Aayog to develop system of optimal farm price realisation and develop existing 22,000 gramin agri centres GRAMS to help farmers for direct sales

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• Feb 01, 11:18 AM (IST)

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  Farmers can cheer for everyone to hear! Jaitley says that minimum support price for kharif crops will now be 1.5 times the production cost. If market prices are lower than MSP, it is the government's duty to make sure farmers get their due. 

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• Feb 01, 11:17 AM (IST)

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  Govt will create institutional mechanism to take decisions on various measures to ensure the farmers income is doubled as per target. Most farmers are small and marginal and not in position to transaact at .APMCs. We will set up GRAMS and 470 APMCs connected to eNAM

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• Feb 01, 11:15 AM (IST)

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  MSP for Kharif crops will be 1.5x cost of production. If prices are lower than MSP then the government has to ensure there are ways to make sure the farmers receive necessary MSP or an apt price for their products. 

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• Feb 01, 11:15 AM (IST)

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  It looks like Jaitley will be delivering the entire speech in both Hindi and English. Don't think anyone will have any reason to complain at the end of it, at least about the language used. 

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• Feb 01, 11:13 AM (IST)

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  As expected, the finance minister has started talking about reforms for farmers inside the first 10 minutes of his speech. Farmers across the country better listen carefully to what he is going to say next.   

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• Feb 01, 11:13 AM (IST)

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  He says the government is committed to welfare of farmers. We had sought to effect a paradigm shift. The PM had given a call to double farmer income by 2020. We consider agriculture as an enterprise and want them to produce more from same land parcels and earn well too. 

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• Feb 01, 11:11 AM (IST)

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  FM Jaitley is now addressing the Parliament in Hindi, outlining the various measures announced by the government. "Many services and benefits are being delivered to the people at their doorsteps," he says. 

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• Feb 01, 11:10 AM (IST)

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  Our government is now focussing on ease of living and that there is limited interference of the government in their lives. Free gas connections are being provided, 4 crore houses are being electrified, low cost medicines are being provided, stents are being provided, free dialysis facilities are being provided, easier and cheaper convenient mode of transactions are being provided. 

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• Feb 01, 11:09 AM (IST)

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  Worried about the country's growth next year? No need, says Jaitley. The country's exports are slated to report a 15% growth this fiscal year and the economy is expected to grow at more than 7% next fiscal. 

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• Feb 01, 11:08 AM (IST)

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  Indian economy is now 2.5 trillion dollar economy in the world and expected to become the fifth largest economy very soon, he notes. IMF has projected that India will grow at 7.4% next year. Exports are expected to grow at 15% in 2017-18. We are set to achieve high growth. 

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• Feb 01, 11:07 AM (IST)

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  Did you know that on a purchasing power parity basis, India is the third largest economy in the world? 

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• Feb 01, 11:06 AM (IST)

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  Demonetisation has increased taxation base and spurred greater digital transaction in the country. Recapitalised banks have now greater ability to support growth. This will help the country achieve growth in medium to long term, he says.

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• Feb 01, 11:06 AM (IST)

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  So anyone worried about not understanding a Budget speech in Hindi has nothing to worry about now. FM Arun Jaitley starts his speech in English. 

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• Feb 01, 11:05 AM (IST)

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  The journey of economic reforms has been challenging but rewarding. FDI has gone up and various measures have made it easier to do business in India. " There is a premium on honesty," he says.

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• Feb 01, 11:04 AM (IST)

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  FM Jaitley rises to address the Parliament. He starts off with outlook on the economy. "4 years we pledged to give an honest, clean and transparent government," he says. We promised to build a strong and confident India. India was part of the fragile 5 and we have decisively reversed this, he says. 

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• Feb 01, 11:01 AM (IST)

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  Parliament session begins, FM to present Budget shortly

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