The BSE benchmark Sensex Friday jumped over 100 points ahead of the Budget presentation by Finance Minister Piyush Goyal amid heavy buying by foreign portfolio investors.

The 30-share index was trading 119.01 points, or 0.33 per cent, higher at 36,375.70.

Similarly, the 50-share NSE Nifty rose 34.15, or 0.32 per cent, to 10,865.10.

On Thursday, the 30-share Sensex rallied 665.44 points, or 1.87 per cent, to close at 36,256.69; and the broader Nifty soared 179.15 points, or 1.68 per cent, to 10,830.95.

Top gainers in the Sensex pack include Hero MotoCorp, HCL Tech, Bharti Airtel, Bajaj Finance, Infosys, HDFC, HUL, M&amp;M, L&amp;T, ITC and Maruti, rising up to 2.91 per cent.

Vedanta was the biggest loser on Sensex, cracking over 18 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter, on the back of higher expenses and drop in commodity prices.

Other losers include PowerGrid, ONGC, Axis Bank, Kotak Bank and Sun Pharma, shedding up to 1.14 per cent.

According to Hemang Jani, Head - Advisory at Sharekhan by BNP Paribas, the government might look to boost the rural and agri sector ahead of the general election.&nbsp;

"Expect the government to go in for a populist Budget; however, market participants will closely weigh in the risk of a higher fiscal deficit and its impact on the market," he said. &nbsp; &nbsp;&nbsp;

It is classic macroeconomic theory to expect the government to come forward with fiscal stimulus during times of economic weakness, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

A looming election and aggressive opposition only adds to the pressure to deliver a meaningful relief package, he said; adding that, should the Budget disappoint, investors' attention is likely to revert to concerns centered around slowing growth and elections. &nbsp; &nbsp;&nbsp;

Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,006.41 crore Thursday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,634.32 crore, provisional data available with BSE showed.

Domestic market, however, will continue to be volatile ahead of the interim budget which will be announced on Friday, traders said.

Elsewhere in Asia, Shanghai Composite Index jumped 0.77 per cent, Kospi gained 0.22 per cent, and Japan's Nikkei was up 0.24 per cent; while, Hong Kong's Hang Seng slipped 0.21 per cent in early trade.

On Wall Street, Dow Jones Industrial Average marginally lower at 24,999.67 on Thursday.

The rupee, meanwhile, was depreciated by 8 paise against US dollar to 71.16.

The benchmark Brent crude futures were flat at USD 60.86 per barrel.&nbsp;

The BSE benchmark Sensex Friday jumped over 100 points ahead of the Budget presentation by Finance Minister Piyush Goyal amid heavy buying by foreign portfolio investors.

The BSE benchmark Sensex Friday jumped over 100 points ahead of the Budget presentation by Finance Minister Piyush Goyal amid heavy buying by foreign portfolio investors. The 30-share index was trading 119.01 points, or 0.33 per cent, higher at 36,375.70. Similarly, the 50-share NSE Nifty rose 34.15, or 0.32 per cent, to 10,865.10. On Thursday, the 30-share Sensex rallied 665.44 points, or 1.87 per cent, to close at 36,256.69; and the broader Nifty soared 179.15 points, or 1.68 per cent, to 10,830.95. Top gainers in the Sensex pack include Hero MotoCorp, HCL Tech, Bharti Airtel, Bajaj Finance, Infosys, HDFC, HUL, M&M, L&T, ITC and Maruti, rising up to 2.91 per cent. Vedanta was the biggest loser on Sensex, cracking over 18 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter, on the back of higher expenses and drop in commodity prices. Other losers include PowerGrid, ONGC, Axis Bank, Kotak Bank and Sun Pharma, shedding up to 1.14 per cent. According to Hemang Jani, Head - Advisory at Sharekhan by BNP Paribas, the government might look to boost the rural and agri sector ahead of the general election. "Expect the government to go in for a populist Budget; however, market participants will closely weigh in the risk of a higher fiscal deficit and its impact on the market," he said. It is classic macroeconomic theory to expect the government to come forward with fiscal stimulus during times of economic weakness, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. A looming election and aggressive opposition only adds to the pressure to deliver a meaningful relief package, he said; adding that, should the Budget disappoint, investors' attention is likely to revert to concerns centered around slowing growth and elections. Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,006.41 crore Thursday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,634.32 crore, provisional data available with BSE showed. Domestic market, however, will continue to be volatile ahead of the interim budget which will be announced on Friday, traders said. Elsewhere in Asia, Shanghai Composite Index jumped 0.77 per cent, Kospi gained 0.22 per cent, and Japan's Nikkei was up 0.24 per cent; while, Hong Kong's Hang Seng slipped 0.21 per cent in early trade. On Wall Street, Dow Jones Industrial Average marginally lower at 24,999.67 on Thursday. The rupee, meanwhile, was depreciated by 8 paise against US dollar to 71.16. The benchmark Brent crude futures were flat at USD 60.86 per barrel.

Sensex jumps over 100 points ahead of Budget 2019

The rupee Friday depreciated by 9 paise to 71.17 in early trade on the forex market amid strengthening of the American currency and caution ahead of interim budget.

Forex traders said strengthening of the US dollar against some currencies overseas, focus on interim budget and rising crude oil prices weighed on the local unit.

The current government is set to present its last Budget Friday, which is expected to have major announcements to support the farm sector and spur consumption.

At the Interbank Foreign Exchange, the rupee opened at 71.08 then fell further to 71.17 against the US dollar, showing a decline of 9 paise over its previous closing.

On Thursday, the rupee had settled 4 paise higher at 71.08 against the US dollar.

However, positive opening in domestic equities and fresh foreign fund inflows capped the losses for the domestic unit.

Foreign funds bought shares worth Rs 3,006.41 crore from the capital markets on a net basis Thursday, while domestic institutional investors sold shares worth Rs 1,634.32 crore, provisional data showed.

The global benchmark, brent crude oil was trading at $61.49 per barrel, higher by 0.28 per cent.

Meanwhile, domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 36,364.70, up 106.13 points in early trade. The wide-based Nifty was also trading up by 30.20 points at 10,861.15.&nbsp;

The rupee Friday depreciated by 9 paise to 71.17 in early trade on the forex market amid strengthening of the American currency and caution ahead of interim budget.

The rupee Friday depreciated by 9 paise to 71.17 in early trade on the forex market amid strengthening of the American currency and caution ahead of interim budget. Forex traders said strengthening of the US dollar against some currencies overseas, focus on interim budget and rising crude oil prices weighed on the local unit. The current government is set to present its last Budget Friday, which is expected to have major announcements to support the farm sector and spur consumption. At the Interbank Foreign Exchange, the rupee opened at 71.08 then fell further to 71.17 against the US dollar, showing a decline of 9 paise over its previous closing. On Thursday, the rupee had settled 4 paise higher at 71.08 against the US dollar. However, positive opening in domestic equities and fresh foreign fund inflows capped the losses for the domestic unit. Foreign funds bought shares worth Rs 3,006.41 crore from the capital markets on a net basis Thursday, while domestic institutional investors sold shares worth Rs 1,634.32 crore, provisional data showed. The global benchmark, brent crude oil was trading at $61.49 per barrel, higher by 0.28 per cent. Meanwhile, domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 36,364.70, up 106.13 points in early trade. The wide-based Nifty was also trading up by 30.20 points at 10,861.15.

Rupee slips 9 paise to 71.17 against US dollar in early trade; focus on interim budget

India Budget 2019: Rahul Gandhi tweets to mock high unemployment rate in India

India Budget 2019: Modi govt's interim budget today

Budget 2019: Amitabh Kant, CEO of the NITI Aayog on Budget 2019

Budget 2019: NITI Aayog Vice Chairman Speaks to WION

The Modi government will present the last budget of the current tenure on Friday. With the election around the corner, the budget is expected to be an interim one and present the outline for the next financial year beginning April 1.

In an election year, the incumbent government usually presents vote-on-account in Parliament which enables the government machinery to meet important expenses of administration, like salaries etc. The vote-on-account is usually for a period of three-four months and is meant to provide a smooth transition for the next government; it gives time to Parliament when it reconstitutes after the elections to discuss and pass the full Budget and allocate money accordingly.

The Modi government has indicated that this year's budget will not be a vote-on-account but an interim one. While the vote-on-account deals only with the expenditure side of the budget, an interim budget has both expenditure and receipts and gives the complete financial statement, much like a full budget.

India had been following a practice of presenting the budget on last working day of February. The Modi government changed that practice in 2017 and started presenting the budget on February 1. The move was challenged in the Supreme Court, but the court refused to intervene.

The budget session of Parliament began on January 31 and will go on till February 13. President Ram Nath Kovind delivered the joint sitting of the two Houses on January 31.&nbsp;

This year's interim Budget is going to be significant, according to a Zee Business channel report. Modi-led government could change the financial year cycle from April-March to January-December, thereby changing the 152-year long tradition that commenced in 1867. The report, citing sources, said that from 2020, the fiscal year will begin on January 1 and end on December 31, adding that the date for budget session of Parliament will also be changed.

The Modi government will present the last budget of the current tenure on Friday. With the election around the corner, the budget is expected to be an interim one and present the outline for the next financial year beginning April 1.

The Modi government will present the last budget of the current tenure on Friday. With the election around the corner, the budget is expected to be an interim one and present the outline for the next financial year beginning April 1. In an election year, the incumbent government usually presents vote-on-account in Parliament which enables the government machinery to meet important expenses of administration, like salaries etc. The vote-on-account is usually for a period of three-four months and is meant to provide a smooth transition for the next government; it gives time to Parliament when it reconstitutes after the elections to discuss and pass the full Budget and allocate money accordingly. The Modi government has indicated that this year's budget will not be a vote-on-account but an interim one. While the vote-on-account deals only with the expenditure side of the budget, an interim budget has both expenditure and receipts and gives the complete financial statement, much like a full budget. India had been following a practice of presenting the budget on last working day of February. The Modi government changed that practice in 2017 and started presenting the budget on February 1. The move was challenged in the Supreme Court, but the court refused to intervene. The budget session of Parliament began on January 31 and will go on till February 13. President Ram Nath Kovind delivered the joint sitting of the two Houses on January 31. This year's interim Budget is going to be significant, according to a Zee Business channel report. Modi-led government could change the financial year cycle from April-March to January-December, thereby changing the 152-year long tradition that commenced in 1867. The report, citing sources, said that from 2020, the fiscal year will begin on January 1 and end on December 31, adding that the date for budget session of Parliament will also be changed.

Budget 2019: What is interim Budget and how is it different from the regular one?

The government will unveil its<a href="http://www.wionews.com/business-economy/ndas-interim-budget-on-friday-likely-to-offer-some-hope-and-relief-194176">&nbsp;budget&nbsp;for the 2019-20 fiscal year </a>on Friday, with investors expecting increased investment in areas such as agriculture, as Prime Minister Narendra Modi tries to woo voters ahead of general elections to be held by May.

After a string of recent setbacks in key state elections for Modi's Bharatiya Janata Party (BJP), the government is expected to woo rural and urban middle-class voters via farm relief measures and tax cuts.

Also read: <a href="http://www.wionews.com/business-economy/budget-2019-what-is-interim-budget-and-how-is-it-different-from-the-regular-one-193702">What is interim Budget and how is it different from the regular one?</a>

The government is expected to project economic growth of around 7.5 per cent for the next financial year while expanding capital spending on railways, roads and ports by 7-8 per cent.

Also read: <a href="http://www.wionews.com/business-economy/union-budget-2019-how-it-is-formulated-and-presented-194051">How Union Budget 2019 is formulated and presented</a>

Below is a list of some of the items expected in the&nbsp;budget, based on published media reports.

AGRICULTURE

Farm relief package itself could run to at least 1 trillion rupees ($14.04 billion)

Set to earmark about 1.8 trillion rupees for food subsidies in the fiscal year

Expected to waive premium for taking insurance policy for food crops

Proposal for waiving interest on crop loans for farmers who pay on time

DIVESTMENT

Target of about $11 billion from state asset sales in FY 2019-20

Potential stake sales via IPOs include Telecommunications Consultants India, Indian Railways' subsidiaries IRCTC, RailTel Corp India and National Seeds Corp

METALS

Gold - Speculation around a duty cut

HEALTH

Budget&nbsp;allocation for health is likely to increase by 5 per cent from a year ago

Taxes

An anticipated corporate tax rate cut to 25 per cent from 30 per cent may be put on hold until after the elections

Higher tax exemptions for the middle class and for small businesses anticipated

BANKS

Discount of 2 percentage points on loans for businesses with annual sales of less than 50 million rupees; government to compensate banks for the costs

40 billion-rupee capital infusion for public-sector general insurers

AUTOS

Reduction of goods and services tax (GST) on electric vehicles and batteries

IT/TELECOM

Better digital infrastructure in rural areas

Abolition of the angel tax to boost start-ups

Exemption from GST for spectrum and licence fee payouts, reduction in spectrum fees and cuts in import duty on telecom equipment (currently at 20 pct)

The government will unveil its budget for the 2019-20 fiscal year on Friday, with investors expecting increased investment in areas such as agriculture, as Prime Minister Narendra Modi tries to woo voters ahead of general elections to be held by May.

The government will unveil its budget for the 2019-20 fiscal year on Friday, with investors expecting increased investment in areas such as agriculture, as Prime Minister Narendra Modi tries to woo voters ahead of general elections to be held by May. After a string of recent setbacks in key state elections for Modi's Bharatiya Janata Party (BJP), the government is expected to woo rural and urban middle-class voters via farm relief measures and tax cuts. Also read: What is interim Budget and how is it different from the regular one? The government is expected to project economic growth of around 7.5 per cent for the next financial year while expanding capital spending on railways, roads and ports by 7-8 per cent. Also read: How Union Budget 2019 is formulated and presented Below is a list of some of the items expected in the budget, based on published media reports. AGRICULTURE Farm relief package itself could run to at least 1 trillion rupees ($14.04 billion) Set to earmark about 1.8 trillion rupees for food subsidies in the fiscal year Expected to waive premium for taking insurance policy for food crops Proposal for waiving interest on crop loans for farmers who pay on time DIVESTMENT Target of about $11 billion from state asset sales in FY 2019-20 Potential stake sales via IPOs include Telecommunications Consultants India, Indian Railways' subsidiaries IRCTC, RailTel Corp India and National Seeds Corp METALS Gold - Speculation around a duty cut HEALTH Budget allocation for health is likely to increase by 5 per cent from a year ago Taxes An anticipated corporate tax rate cut to 25 per cent from 30 per cent may be put on hold until after the elections Higher tax exemptions for the middle class and for small businesses anticipated BANKS Discount of 2 percentage points on loans for businesses with annual sales of less than 50 million rupees; government to compensate banks for the costs 40 billion-rupee capital infusion for public-sector general insurers AUTOS Reduction of goods and services tax (GST) on electric vehicles and batteries IT/TELECOM Better digital infrastructure in rural areas Abolition of the angel tax to boost start-ups Exemption from GST for spectrum and licence fee payouts, reduction in spectrum fees and cuts in import duty on telecom equipment (currently at 20 pct)

Key expectations from India's 2019-20 interim budget

Budget 2019: Piyush Goyal addressed press conference

Budget 2019: Experts reaction on Budget 2019

Budget 2019: P. Chidambaram speaks on Interim Budget

Calling the <a href="http://www.wionews.com/business-economy/union-budget-2019-no-income-tax-for-annual-income-upto-rs-5-lakh-says-piyush-goyal-194324">interim Budget </a>presented by Centre on Friday as "yet another jumla", the Congress hit out at the BJP led government claiming that the Budget was an insult to the farmers.

The Congress post on its Twitter handle said, "After having failed to deliver on any of the promises to farmers, Modi govt insults them once again with yet another jumla !".

<div class="ui-state-default" contenteditable="false">
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After having failed to deliver on any of the promises to farmers, Modi govt insults them once again with yet another jumla!<a href="https://twitter.com/hashtag/Budget2019?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2019</a> <a href="https://twitter.com/hashtag/AakhriJumlaBudget?src=hash&amp;ref_src=twsrc%5Etfw">#AakhriJumlaBudget</a> <a href="https://t.co/f6ocdzKByS">pic.twitter.com/f6ocdzKByS</a>
— Congress (@INCIndia) <a href="https://twitter.com/INCIndia/status/1091267874138644480?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
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Party President Rahul Gandhi also targetted the <a href="http://www.wionews.com/india-news/budget-will-take-india-on-path-to-development-pm-modi-194378">Modi government</a> over the <a href="http://www.wionews.com/india-news/big-takeaways-from-union-budget-2019-194331">Budget</a>.

" Dear NoMo, 5 years of your incompetence and arrogance has destroyed the lives of our farmers. Giving them Rs. 17 a day is an insult to everything they stand and work for, " Gandhi's tweet read.

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Dear NoMo, 
 
5 years of your incompetence and arrogance has destroyed the lives of our farmers. 
 
Giving them Rs. 17 a day is an insult to everything they stand and work for. <a href="https://twitter.com/hashtag/AakhriJumlaBudget?src=hash&amp;ref_src=twsrc%5Etfw">#AakhriJumlaBudget</a>
— Rahul Gandhi (@RahulGandhi) <a href="https://twitter.com/RahulGandhi/status/1091267096938467328?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
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Former Union minister and Congress leader P Chidambaram termed the Budget as "an account for votes" adding that the 2019&nbsp;Budget was accompanied by an election campaign speech.

"The Interim Finance Minister tested our patience by the longest interim Budget speech in the recent memory. It was not an interim Budget, it was a full-fledged Budget accompanied by an election campaign speech.... My one line comment on the Budget is that it is not a vote on account but an account for votes."

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P Chidambaram, Congress on <a href="https://twitter.com/hashtag/Budget2019?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2019</a>: The Interim Finance Minister tested our patience by the longest interim budget speech in the recent memory. It was not an interim budget, it was a full fledged budget accompanied by an election campaign speech. <a href="https://t.co/AlY8uxmQpD">https://t.co/AlY8uxmQpD</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1091263193190522881?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
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Congress leader Shashi Tharoor questioned the credibility of the&nbsp;income support assured to the farmers under the Budget. He however praised the government's move of providing tax exemption to the middle class.

Tharoor said, " The whole exercise has turned out to be a damp squib. We have seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour and dignity?"

<div class="ui-state-default" contenteditable="false">
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S Tharoor, Congress: The whole exercise has turned out to be a damp squib. We've seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour&amp;dignity? <a href="https://t.co/kZDRhkKSWi">pic.twitter.com/kZDRhkKSWi</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1091250025655463938?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
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TMC chief Mamata Banerjee said, "This government has no moral authority or responsibility to place the budget for five years when they'll not be in power; the government will go for expiry. After expiry, if you give medicine, is there any value? What will be the value? This is absolutely valueless".

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WB CM Mamata Banerjee: This govt has no moral authority or responsibility to place the budget for 5 years when they'll not be in power; the govt will go for expiry. After expiry, if you give medicine, is there any value? What will be the value? This is absolutely valueless. <a href="https://t.co/rK4CBge5Sw">pic.twitter.com/rK4CBge5Sw</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1091283305909997570?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
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Speaking to reporters outside Parliament, leader of Congress in Lok Sabha Mallikarjun Kharge said the promises made by the BJP in this Budget are mere poll sops and "jumlas", which will not be fulfilled as the BJP has a mandate to rule only till May this year.

Further calling it as BJP's election manifesto, he charged the party of bribing to voters.

"This is all being done for elections. I directly charge them of paying bribe to voters.There is politics in everything they do and there is nothing for the poor in this budget...This budget is only an election manifesto that the BJP read in Parliament and it is only for getting votes," Kharge said.

"They are distributing money in elections to please farmers, but the reality is that in the first three months they would give only Rs 2,000 in first instalment," he said.

On the announcement of Income Tax exemption up to Rs 5 lakh to tax-payers, he alleged the BJP parliamentarians are creating a 'tamasha' in Parliament.

"You have a mandate up to May and instead they have presented a full year's Budget and are trying to befool the people of the country, keeping elections in mind.

"Who will fulfil these promises made. If they do not come to power, who will fulfil these promises. The next government will come and only it can deliver".

Karnataka chief minister Kumaraswamy said, "I want to ask if this Budget was prepared by officials of Finance department or RSS? In this Budget, Narendra Modi has given cotton candy for farmers. When I announced loan waiver scheme, PM mocked it as lollipop. Friends of BJP have prepared this budget".

(With inputs from agencies)

Calling the interim Budget presented by Centre on Friday as "yet another jumla", the Congress hit out at the BJP led government claiming that the Budget was an insult to the farmers.

Calling the interim Budget presented by Centre on Friday as "yet another jumla", the Congress hit out at the BJP led government claiming that the Budget was an insult to the farmers. The Congress post on its Twitter handle said, "After having failed to deliver on any of the promises to farmers, Modi govt insults them once again with yet another jumla !". After having failed to deliver on any of the promises to farmers, Modi govt insults them once again with yet another jumla!#Budget2019 #AakhriJumlaBudget pic.twitter.com/f6ocdzKByS — Congress (@INCIndia) February 1, 2019 × Party President Rahul Gandhi also targetted the Modi government over the Budget. " Dear NoMo, 5 years of your incompetence and arrogance has destroyed the lives of our farmers. Giving them Rs. 17 a day is an insult to everything they stand and work for, " Gandhi's tweet read. Dear NoMo, 5 years of your incompetence and arrogance has destroyed the lives of our farmers. Giving them Rs. 17 a day is an insult to everything they stand and work for. #AakhriJumlaBudget — Rahul Gandhi (@RahulGandhi) February 1, 2019 × Former Union minister and Congress leader P Chidambaram termed the Budget as "an account for votes" adding that the 2019 Budget was accompanied by an election campaign speech. "The Interim Finance Minister tested our patience by the longest interim Budget speech in the recent memory. It was not an interim Budget, it was a full-fledged Budget accompanied by an election campaign speech.... My one line comment on the Budget is that it is not a vote on account but an account for votes." P Chidambaram, Congress on #Budget2019: The Interim Finance Minister tested our patience by the longest interim budget speech in the recent memory. It was not an interim budget, it was a full fledged budget accompanied by an election campaign speech. https://t.co/AlY8uxmQpD — ANI (@ANI) February 1, 2019 × Congress leader Shashi Tharoor questioned the credibility of the income support assured to the farmers under the Budget. He however praised the government's move of providing tax exemption to the middle class. Tharoor said, " The whole exercise has turned out to be a damp squib. We have seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour and dignity?" S Tharoor, Congress: The whole exercise has turned out to be a damp squib. We've seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour&dignity? pic.twitter.com/kZDRhkKSWi — ANI (@ANI) February 1, 2019 × TMC chief Mamata Banerjee said, "This government has no moral authority or responsibility to place the budget for five years when they'll not be in power; the government will go for expiry. After expiry, if you give medicine, is there any value? What will be the value? This is absolutely valueless". WB CM Mamata Banerjee: This govt has no moral authority or responsibility to place the budget for 5 years when they'll not be in power; the govt will go for expiry. After expiry, if you give medicine, is there any value? What will be the value? This is absolutely valueless. pic.twitter.com/rK4CBge5Sw — ANI (@ANI) February 1, 2019 × Speaking to reporters outside Parliament, leader of Congress in Lok Sabha Mallikarjun Kharge said the promises made by the BJP in this Budget are mere poll sops and "jumlas", which will not be fulfilled as the BJP has a mandate to rule only till May this year. Further calling it as BJP's election manifesto, he charged the party of bribing to voters. "This is all being done for elections. I directly charge them of paying bribe to voters.There is politics in everything they do and there is nothing for the poor in this budget...This budget is only an election manifesto that the BJP read in Parliament and it is only for getting votes," Kharge said. "They are distributing money in elections to please farmers, but the reality is that in the first three months they would give only Rs 2,000 in first instalment," he said. On the announcement of Income Tax exemption up to Rs 5 lakh to tax-payers, he alleged the BJP parliamentarians are creating a 'tamasha' in Parliament. "You have a mandate up to May and instead they have presented a full year's Budget and are trying to befool the people of the country, keeping elections in mind. "Who will fulfil these promises made. If they do not come to power, who will fulfil these promises. The next government will come and only it can deliver". Karnataka chief minister Kumaraswamy said, "I want to ask if this Budget was prepared by officials of Finance department or RSS? In this Budget, Narendra Modi has given cotton candy for farmers. When I announced loan waiver scheme, PM mocked it as lollipop. Friends of BJP have prepared this budget". (With inputs from agencies)

It was not an interim Budget but a full fledged Budget: Chidambaram

Budget 2019: Amit Shah hails Budget; met expectations of farmers

The NDA government poured extra money into the support for farmers, delivering on Friday its last Budget ahead of the Lok Sabha elections 2019.

Here is how experts reacted to the Budget:

Upasna Bharadwaj, Senior Economist, Kotak Mahindra Bank, Mumbai

"The fiscal deficit flat at 3.4 per cent of GDP, which is a sharp deviation from fiscal consolidation roadmap, is a disappointment. The consequent numbers of both net and gross market borrowings seem higher than the market expectation."

"Fiscal slippage on the back of more spending to support the consumer class will probably delay the rate cut by the monetary policy committee and these concerns will weigh on the bond markets."

"The fillip to the consumer/farm demand is expected to provide the much-needed support to the fading private consumption demand.

Tanvee Gupta Jain, Chief India Economist, UBS Securities India, Mumbai

"The fiscal deficit target for this year was largely in line with market expectations but the fiscal deficit target at 3.4 per cent for full-year 2020 was a little disappointing."

"Populism remained the focus ahead of elections. The budget provided a consumption boost to farmers and middle-class households. However, it will further delay the much-needed investment cycle recovery."

Anubhuti Sahay, Senior Economist, Standard Chartered Bank, Mumbai

"The fiscal deficit targets for FY19 as well as FY20 are far better than market expectations, though there is a slight slippage... It is likely to bring a lot of relief to the market, which was excessively worried about the massive fiscal slippage."

"Having said that, what we would like to see are its revenue projections and it is possible that the projections might be ambitious at this particular juncture. Maybe once we get the numbers going forward there can be some worries again around the fiscal deficit, whether it can be adhered to or not."

"The Budget was focused on farmers and the middle class that should help consumption and probably support the domestic growth." 
 
Shilan Shah, Senior India Economist, Capital Economics, Singapore

"Pretty much in line with what was expected. The one thing that has surprised is the extent of election-related sweeteners that have been rolled out."

"So, we thought there would be less space to announce big giveaways, but the government has actually managed to pull it off, at least on paper."

"I think ultimately, their spending plans look very unfeasible to me, so I wouldn't be surprised to see spending get cut later in the year."

"It looks pretty difficult to achieve but it seems to be based on quite ambitious revenue projections."&nbsp;

"The biggest stops that we have seen are the giveaways for farmers especially."

Garima Kapoor, Economist and Vice President, Elara Capital, Mumbai

"The Budget is clearly farm-focused, with elections on the mind. Farmers, age-old, unorganised sector, MSME and middle class - they're all finding favour, with the agricultural sector getting the biggest support."

"The 750 billion rupees in the Centre's Budget for the farmers' scheme is a huge number, so we need to watch out for where the funding is coming from. If the scheme is implemented well, you can expect consumption to be supported next year."

"The catch here is, even if the BJP does not come back to power in May, the new government will also implement this scheme because no government will want to look anti-poor or anti-farmer. The government will have to find fresh resources to the tune of 750 billion rupees."

"Although the equity markets will be happy because of the consumption boost, the bond market may not be, as we need to see the intricacies of how much is getting funded through what route and what deficit numbers."

"If the government has provided enough consumption boost, then RBI would want to take a cautious stance and would not undertake a rate cut."

Rupa Rege Nitsure, Group Chief Economist, L&amp;T Finance Holdings, Mumbai

"It's more of performance reporting and aspirations than any big-ticket changes. This was expected as it is an interim Budget valid for a few months. It needs to be stated in an unambiguous fashion that the credit for inflation control and AQR primarily goes to the RBI." 
 
Abheek Barua, Chief Economist, HDFC Bank, Delhi

"This is on expected lines. There is a slight slip in the fiscal deficit."

"The new income support scheme is tepid, in terms of the actual numbers. It should not lead to a blowout in the fiscal deficit if it indeed is part of the Budget when it is finally announced in full form."

"The only issue here is that there is no substitution away from indirect benefits in the form of subsidies to a direct transfer. This is on top of some benefits they are receiving."

"If this is the model going forward, let's see what fiscal implications it might have." "This is a top-up on an existing regime and that is something that worries me, but not at this stage." 
 
(Disclaimer: The opinions expressed above are the personal views of the experts and do not reflect the views of ZMCL)

The NDA government poured extra money into the support for farmers, delivering on Friday its last Budget ahead of the Lok Sabha elections 2019. Here is how experts reacted to the Budget: Upasna Bharadwaj, Senior Economist, Kotak Mahindra Bank, Mumbai "The fiscal deficit flat at 3.

The NDA government poured extra money into the support for farmers, delivering on Friday its last Budget ahead of the Lok Sabha elections 2019. Here is how experts reacted to the Budget: Upasna Bharadwaj, Senior Economist, Kotak Mahindra Bank, Mumbai "The fiscal deficit flat at 3.4 per cent of GDP, which is a sharp deviation from fiscal consolidation roadmap, is a disappointment. The consequent numbers of both net and gross market borrowings seem higher than the market expectation." "Fiscal slippage on the back of more spending to support the consumer class will probably delay the rate cut by the monetary policy committee and these concerns will weigh on the bond markets." "The fillip to the consumer/farm demand is expected to provide the much-needed support to the fading private consumption demand. Tanvee Gupta Jain, Chief India Economist, UBS Securities India, Mumbai "The fiscal deficit target for this year was largely in line with market expectations but the fiscal deficit target at 3.4 per cent for full-year 2020 was a little disappointing." "Populism remained the focus ahead of elections. The budget provided a consumption boost to farmers and middle-class households. However, it will further delay the much-needed investment cycle recovery." Anubhuti Sahay, Senior Economist, Standard Chartered Bank, Mumbai "The fiscal deficit targets for FY19 as well as FY20 are far better than market expectations, though there is a slight slippage... It is likely to bring a lot of relief to the market, which was excessively worried about the massive fiscal slippage." "Having said that, what we would like to see are its revenue projections and it is possible that the projections might be ambitious at this particular juncture. Maybe once we get the numbers going forward there can be some worries again around the fiscal deficit, whether it can be adhered to or not." "The Budget was focused on farmers and the middle class that should help consumption and probably support the domestic growth." Shilan Shah, Senior India Economist, Capital Economics, Singapore "Pretty much in line with what was expected. The one thing that has surprised is the extent of election-related sweeteners that have been rolled out." "So, we thought there would be less space to announce big giveaways, but the government has actually managed to pull it off, at least on paper." "I think ultimately, their spending plans look very unfeasible to me, so I wouldn't be surprised to see spending get cut later in the year." "It looks pretty difficult to achieve but it seems to be based on quite ambitious revenue projections." "The biggest stops that we have seen are the giveaways for farmers especially." Garima Kapoor, Economist and Vice President, Elara Capital, Mumbai "The Budget is clearly farm-focused, with elections on the mind. Farmers, age-old, unorganised sector, MSME and middle class - they're all finding favour, with the agricultural sector getting the biggest support." "The 750 billion rupees in the Centre's Budget for the farmers' scheme is a huge number, so we need to watch out for where the funding is coming from. If the scheme is implemented well, you can expect consumption to be supported next year." "The catch here is, even if the BJP does not come back to power in May, the new government will also implement this scheme because no government will want to look anti-poor or anti-farmer. The government will have to find fresh resources to the tune of 750 billion rupees." "Although the equity markets will be happy because of the consumption boost, the bond market may not be, as we need to see the intricacies of how much is getting funded through what route and what deficit numbers." "If the government has provided enough consumption boost, then RBI would want to take a cautious stance and would not undertake a rate cut." Rupa Rege Nitsure, Group Chief Economist, L&T Finance Holdings, Mumbai "It's more of performance reporting and aspirations than any big-ticket changes. This was expected as it is an interim Budget valid for a few months. It needs to be stated in an unambiguous fashion that the credit for inflation control and AQR primarily goes to the RBI." Abheek Barua, Chief Economist, HDFC Bank, Delhi "This is on expected lines. There is a slight slip in the fiscal deficit." "The new income support scheme is tepid, in terms of the actual numbers. It should not lead to a blowout in the fiscal deficit if it indeed is part of the Budget when it is finally announced in full form." "The only issue here is that there is no substitution away from indirect benefits in the form of subsidies to a direct transfer. This is on top of some benefits they are receiving." "If this is the model going forward, let's see what fiscal implications it might have." "This is a top-up on an existing regime and that is something that worries me, but not at this stage." (Disclaimer: The opinions expressed above are the personal views of the experts and do not reflect the views of ZMCL)

Expert's view: How Budget 2019 impacts farmers and middle class

After the government presented its final Budget,<a href="http://www.wionews.com/business-economy/union-budget-2019-no-income-tax-for-annual-income-upto-rs-5-lakh-says-piyush-goyal-194324"> PM </a><a href="http://www.wionews.com/business-economy/union-budget-2019-no-income-tax-for-annual-income-upto-rs-5-lakh-says-piyush-goyal-194324">Modi</a><a href="http://www.wionews.com/business-economy/union-budget-2019-no-income-tax-for-annual-income-upto-rs-5-lakh-says-piyush-goyal-194324"> while addressing the n</a>ation said the Budget will bring positive changes in the country.

"Various government schemes will help the marginalised section of society," the prime minister asserted, adding,"it will bring down the poverty level in the country."

<a href="http://www.wionews.com/india-news/big-takeaways-from-union-budget-2019-194331">Also Read: Big takeaways from Union Budget 2019</a>

PM Modi said the economy <a href="http://www.wionews.com/business-economy/live-updates-union-budget-2019-194198">will run at a renewed pace after </a>the Budget. He said the middle class will stand to gain due to the present Budget.

"Middle class dreams have been fueled by the Budget," he said. "It's generosity and honesty of middle class and upper middle class which provides tax to the nation through which schemes are formulated and there is welfare of poor," he added.&nbsp;

Piyush Goel had announced major tax incentive for the middle class with individuals with an annual income of up to Rs 2.5 lakh (age below 60 years) being exempted from paying tax. The Modi government also announced tax relief for the middle-income group by raising the tax exemption limit from Rs 2 lakh to Rs 2.5 lakh.

The finance minister also raised standard deduction from Rs 40,000 to Rs 50,000. &nbsp;"There was always demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our government has fulfilled it," PM Modi said.&nbsp;

The prime minister said historic steps have been taken for farmers. The government had announced Pradhan Mantri Kisan Samman Nidhi scheme under which Rs 6,000 per year would be transferred to each farmer in three instalments directly to his bank account. It is applicable for those farmers who have less than two hectares land.

"Poverty has almost been wiped out," the PM said. "From middle class to labourers, from farmers’ growth to the development of businessmen, from manufacturing to MSME sector, from the growth of the <a href="http://www.wionews.com/business-economy/union-budget-2019-rs-64587-crore-budgetary-support-for-railways-in-2019-20-says-goyal-194329">economy to development of New India</a>, everyone has been taken care of in this interim Budget," the prime minister asserted.

"This is an interim Budget. This is just a trailer of the Budget which, after elections, will take India on the path to development," he said.&nbsp; 
&nbsp;

After the government presented its final Budget, PM Modi while addressing the nation said the Budget will bring positive changes in the country. "Various government schemes will help the marginalised section of society," the prime minister asserted, adding,"it will bring down the poverty level in the country.

After the government presented its final Budget, PM Modi while addressing the nation said the Budget will bring positive changes in the country. "Various government schemes will help the marginalised section of society," the prime minister asserted, adding,"it will bring down the poverty level in the country." Also Read: Big takeaways from Union Budget 2019 PM Modi said the economy will run at a renewed pace after the Budget. He said the middle class will stand to gain due to the present Budget. "Middle class dreams have been fueled by the Budget," he said. "It's generosity and honesty of middle class and upper middle class which provides tax to the nation through which schemes are formulated and there is welfare of poor," he added. Piyush Goel had announced major tax incentive for the middle class with individuals with an annual income of up to Rs 2.5 lakh (age below 60 years) being exempted from paying tax. The Modi government also announced tax relief for the middle-income group by raising the tax exemption limit from Rs 2 lakh to Rs 2.5 lakh. The finance minister also raised standard deduction from Rs 40,000 to Rs 50,000. "There was always demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our government has fulfilled it," PM Modi said. The prime minister said historic steps have been taken for farmers. The government had announced Pradhan Mantri Kisan Samman Nidhi scheme under which Rs 6,000 per year would be transferred to each farmer in three instalments directly to his bank account. It is applicable for those farmers who have less than two hectares land. "Poverty has almost been wiped out," the PM said. "From middle class to labourers, from farmers’ growth to the development of businessmen, from manufacturing to MSME sector, from the growth of the economy to development of New India, everyone has been taken care of in this interim Budget," the prime minister asserted. "This is an interim Budget. This is just a trailer of the Budget which, after elections, will take India on the path to development," he said.

Budget will take India on path to development: PM Modi

Madam Speaker, I rise to present the Interim Budget for the year 2019-20. PART A 2. I am deeply conscious of the absence of Shri Arun Jaitley today. Also read: Big takeaways from Union Budget 2019 I am sure the House joins me in wishing Shri Jaitley speedy recovery, good health and long life in the service of the nation.

Budget 2019: Full text of finance minister Piyush Goyal's speech in Parliament

Finance Minister Piyush Goyal today presented the final Budget of Narendra Modi government's current tenure. This was an interim Budget, keeping in view the elections which are just months away.

The Budget was focussed on farmers and unorganised sectors for which Goyal announced a number of schemes. Here are the big takeaways from this year's Budget:

No tax for income upto Rs 5 lakh: Piyush Goyal proposed that individuals earning up to Rs 5 lakh would get a full tax rebate for this fiscal. &nbsp;Since this is a rebate and not a slab change, it will not impact the tax incidence of those with larger incomes.

The Finance Minister also said, "Individuals with gross income up to Rs&nbsp;6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities." Standard deduction too has been increased to Rs 50,000 from the current level of Rs 40,000.

Assured farmer income: Piyush Goyal announced in his Budget speech that the government has decided to provide Rs 6000 per income support to farmers who hold less than two hectares of land. The amounts, Goyal said, will be provided under Pradhan Mantri Kisan Samman Nidhi in three instalments. "The scheme will benefit 12 crore families and cost government Rs 75,000 crore per year," Goyal said.

Pension for 10 crore labourers: Goyal also announced a pension scheme for the unorganised sector. "A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3000 per month, with the contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age," he said in his Budget speech today.

Highest ever defence budget: The government also showcased its resolve towards the defence forces by enhancing the defence budget beyond Rs 3 lakh crore, the highest in any year so far. "Our soldiers protect the country on the borders and they are our pride. We have allocated more than Rs 3 lakh crore in this budget for securing our borders, which is the highest so far. If necessary, additional funds would be provided," he said presenting the Interim Budget for 2019-20.

One lakh digital villages: Goyal said that mobile data usage in India has increased by a phenomenal 50 per cent within no time and the cost of data and voice calls in the country are now possibly the lowest in the world. "We aim to have one lakh digital villages in the next five years," he added.

Power for all by March 2019: Highlighting the government's focus on providing power to all, the finance minister said 2.5 crore families were without electricity in 2014 and that the government has provided power to almost all families. "Through Saubhagya scheme, every village in India has been connected to electricity and by March 2019, all families will get electricity," Goyal said.

Finance Minister Piyush Goyal today presented the final Budget of Narendra Modi government's current tenure. This was an interim Budget, keeping in view the elections which are just months away.

Finance Minister Piyush Goyal today presented the final Budget of Narendra Modi government's current tenure. This was an interim Budget, keeping in view the elections which are just months away. The Budget was focussed on farmers and unorganised sectors for which Goyal announced a number of schemes. Here are the big takeaways from this year's Budget: No tax for income upto Rs 5 lakh: Piyush Goyal proposed that individuals earning up to Rs 5 lakh would get a full tax rebate for this fiscal. Since this is a rebate and not a slab change, it will not impact the tax incidence of those with larger incomes. The Finance Minister also said, "Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities." Standard deduction too has been increased to Rs 50,000 from the current level of Rs 40,000. Assured farmer income: Piyush Goyal announced in his Budget speech that the government has decided to provide Rs 6000 per income support to farmers who hold less than two hectares of land. The amounts, Goyal said, will be provided under Pradhan Mantri Kisan Samman Nidhi in three instalments. "The scheme will benefit 12 crore families and cost government Rs 75,000 crore per year," Goyal said. Pension for 10 crore labourers: Goyal also announced a pension scheme for the unorganised sector. "A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3000 per month, with the contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age," he said in his Budget speech today. Highest ever defence budget: The government also showcased its resolve towards the defence forces by enhancing the defence budget beyond Rs 3 lakh crore, the highest in any year so far. "Our soldiers protect the country on the borders and they are our pride. We have allocated more than Rs 3 lakh crore in this budget for securing our borders, which is the highest so far. If necessary, additional funds would be provided," he said presenting the Interim Budget for 2019-20. One lakh digital villages: Goyal said that mobile data usage in India has increased by a phenomenal 50 per cent within no time and the cost of data and voice calls in the country are now possibly the lowest in the world. "We aim to have one lakh digital villages in the next five years," he added. Power for all by March 2019: Highlighting the government's focus on providing power to all, the finance minister said 2.5 crore families were without electricity in 2014 and that the government has provided power to almost all families. "Through Saubhagya scheme, every village in India has been connected to electricity and by March 2019, all families will get electricity," Goyal said.

Big takeaways from Union Budget 2019

Finance Minister Piyush Goyal on Friday said the government has allocated Rs 64,587 crore for railways in the Interim Budget for 2019-20.

Presenting the Interim Budget in Parliament, Goyal said: "Indian Railways has experienced its safest year in history. We are introducing container cargo movement to the North East.&nbsp;

"All unmanned level crossings on broad gauge network have been completely eliminated," he said.&nbsp;

He said: "Capital support from Budget for railways is proposed at Rs 64,587 crore for railways in 2019-20.

"In fact, railways` overall capital expenditure programme is historic at Rs 1,58,658 crore."

Goyal also said that the operating ratio of railways will come down to 95 per cent in 2019-20 from 96.2 per cent in 2018-19.

Finance Minister Piyush Goyal on Friday said the government has allocated Rs 64,587 crore for railways in the Interim Budget for 2019-20. Presenting the Interim Budget in Parliament, Goyal said: "Indian Railways has experienced its safest year in history.

Finance Minister Piyush Goyal on Friday said the government has allocated Rs 64,587 crore for railways in the Interim Budget for 2019-20. Presenting the Interim Budget in Parliament, Goyal said: "Indian Railways has experienced its safest year in history. We are introducing container cargo movement to the North East. "All unmanned level crossings on broad gauge network have been completely eliminated," he said. He said: "Capital support from Budget for railways is proposed at Rs 64,587 crore for railways in 2019-20. "In fact, railways` overall capital expenditure programme is historic at Rs 1,58,658 crore." Goyal also said that the operating ratio of railways will come down to 95 per cent in 2019-20 from 96.2 per cent in 2018-19.

Union Budget 2019: Rs 64,587 crore support for railways in 2019-20, says Goyal

The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget.

Overall, market sentiment was bullish even as the government overshot the fiscal deficit target for the current financial year and announced some populist measures, which experts believe will increase the financial burden on the exchequer.

The 30-share Sensex was trading 506.21 points or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 marks rallying 143.30 points, or 1.32 per cent, to 10,974.25.&nbsp;

Also read: <a href="http://www.wionews.com/india-news/big-takeaways-from-union-budget-2019-194331">Big takeaways from Union Budget 2019</a>

In a major relief to the middle-class, Finance Minister Piyush Goyal Friday proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000. 
The proposal will benefit 3 crore, middle-class taxpayers, Goyal said while unveiling the Budget proposals for 2019-20.

As widely expected, the finance minister announced the Pradhan Mantri Kisan Samman Nidhi for small and marginal farmers, providing Rs 6,000 per year to be transferred directly to farmers' bank accounts. 
Goyal said the fiscal deficit for the current financial year is expected to be 3.4 per cent of GDP. As per the Budget estimate, the fiscal deficit for 2018-19 was pegged at 3.3 per cent.

Consumption-driven stocks rallied the most after the Budget announcement, with BSE auto, consumer durables, FMCG and realty indices soaring up to 4 per cent. &nbsp; &nbsp;&nbsp;

Top gainers in the Sensex pack included Hero MotoCorp, Maruti, M&amp;M, Bajaj Auto, HUL, HCL Tech, Bajaj Finance, ITC, HDFC and L&amp;T, rising up to 7.51 per cent.

Vedanta was the biggest loser on Sensex, cracking over 16 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter on the back of higher expenses and drop in commodity prices.

Other losers included Axis Bank, Yes Bank, ICICI Bank and PowerGrid, falling up to 0.72 per cent.

The rupee, meanwhile, was trading 5 paise lower against US dollar to 71.13.

The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget.

The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget. Overall, market sentiment was bullish even as the government overshot the fiscal deficit target for the current financial year and announced some populist measures, which experts believe will increase the financial burden on the exchequer. The 30-share Sensex was trading 506.21 points or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 marks rallying 143.30 points, or 1.32 per cent, to 10,974.25. Also read: Big takeaways from Union Budget 2019 In a major relief to the middle-class, Finance Minister Piyush Goyal Friday proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000. The proposal will benefit 3 crore, middle-class taxpayers, Goyal said while unveiling the Budget proposals for 2019-20. As widely expected, the finance minister announced the Pradhan Mantri Kisan Samman Nidhi for small and marginal farmers, providing Rs 6,000 per year to be transferred directly to farmers' bank accounts. Goyal said the fiscal deficit for the current financial year is expected to be 3.4 per cent of GDP. As per the Budget estimate, the fiscal deficit for 2018-19 was pegged at 3.3 per cent. Consumption-driven stocks rallied the most after the Budget announcement, with BSE auto, consumer durables, FMCG and realty indices soaring up to 4 per cent. Top gainers in the Sensex pack included Hero MotoCorp, Maruti, M&M, Bajaj Auto, HUL, HCL Tech, Bajaj Finance, ITC, HDFC and L&T, rising up to 7.51 per cent. Vedanta was the biggest loser on Sensex, cracking over 16 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter on the back of higher expenses and drop in commodity prices. Other losers included Axis Bank, Yes Bank, ICICI Bank and PowerGrid, falling up to 0.72 per cent. The rupee, meanwhile, was trading 5 paise lower against US dollar to 71.13.

Budget 2019: Sensex rallies over 500 points; Nifty nears 11,000 mark

Budget 2019: Allocation for Defence enhanced beyond Rs 3 lakh crore, says Goyal

Anti-black money measures including demonetisation have led to the discovery of undisclosed income of Rs 1.30 lakh crore and seizure of Rs 50,000 crore, Finance Minister Piyush Goyal said Friday.

He said the government is committed to eliminating the ills of black money.

"Anti-black money measures including demonetisation led to the discovery of undisclosed income of Rs 1.30 lakh crore, seizure of Rs 50,000 crore," Goyal said while presenting Interim Budget for 2019-20 in the Lok Sabha.&nbsp;

The government had demonetised currency notes of 500 and 1,000 denomination on November 8, 2016, to check black money. It later issued new Rs 500 and Rs 2,000 notes.

Anti-black money measures including demonetisation have led to the discovery of undisclosed income of Rs 1.30 lakh crore and seizure of Rs 50,000 crore, Finance Minister Piyush Goyal said Friday.

Anti-black money measures including demonetisation have led to the discovery of undisclosed income of Rs 1.30 lakh crore and seizure of Rs 50,000 crore, Finance Minister Piyush Goyal said Friday. He said the government is committed to eliminating the ills of black money. "Anti-black money measures including demonetisation led to the discovery of undisclosed income of Rs 1.30 lakh crore, seizure of Rs 50,000 crore," Goyal said while presenting Interim Budget for 2019-20 in the Lok Sabha. The government had demonetised currency notes of 500 and 1,000 denomination on November 8, 2016, to check black money. It later issued new Rs 500 and Rs 2,000 notes.

Budget 2019: Rs 1.30 lakh cr undisclosed income detected post anti-black money measures

Budget 2019: FM Piyush Goyal propose mega pension scheme

Budget 2019: Full tax rebate for Rs 5 lakh income, says Piyush Goyal

Keeping up with the tradition, the Narendra Modi-led government ahead of the general election will present an interim Budget on February 1, 2019, at 11 am.

The last Budget of the present NDA government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha.

<a href="http://www.wionews.com/photos/nine-landmark-budgets-and-their-impact-on-republic-of-india-194050">In pics: Nine landmark budgets and their impact on the Republic of India</a>

Before the presentation of the Budget in Lok Sabha here we bring the entire process in brief:

Printing of Budget documents begins with 'Halwa' ceremony

The process of creating budget starts some 10-15 days before the exact budget presentation. The process flags off with a dessert 'Halwa'.

Ministers and senior officials of the Finance Ministry observe a symbolic 'Halwa Ceremony' to mark the launch of formal printing of documents relating to the Union Budget.

As part of the ritual, 'halwa' is prepared in a big 'kadhai' (large frying pot) and served to the entire staff in the ministry.

This year, the 'Halwa Ceremony' was held on January 21, in presence of Minister of State for Finance Shiv Pratap Shukla and senior officials. Finance Minister Arun Jaitley, however, missed the customary pre-Budget event as he is currently in the US for a medical check-up.

Secrecy of top level

The printing of the budget documents is carried out in top secrecy at the finance ministry in North Block. Confidentiality and secrecy are the primary ingredients of the whole process.

A large number of officials and support staff, who are directly associated with the Budget making and printing process, are required to stay in the ministry and remain cut off from their families till the presentation of the Budget in the Lok Sabha.

They are not even allowed to contact their near and dear ones through phone or any other form of communication, like e-mail.

Only very senior officials in the finance ministry are permitted to go home.

The budget process

Budget is an account of the finances. It lays down the consolidated report of revenue from all sources. The budget also carries Budgeted Estimates which are the estimates of the Central government’s accounts for the upcoming fiscal.

During the final stage of budget preparation, ministries provide the estimates for their revenue receipts in the current fiscal year (revised estimates) and next fiscal year (budget estimates) to the finance ministry.

The budget speech

Before the presentation of the Budget, President's recommendation is obtained under Article 117(1) and 117(3) for introduction and consideration in the lower house of Parliament.

After President's recommendation, the Budget is then laid before the Lok Sabha by the finance minister with the "Budget speech".

The two-part Budget speech contains an overview of the economy and tax proposals.

The first part comprises major policy initiatives taken by the govt and an overview of the economy. and after the introduction of GST most indirect tax changes are carried outside the Budget.

In Rajya Sabha

Before the actual presentation of the budget in the house, the members of the parliament are given a gist a day before.

The annual financial statement is laid on the table of Rajya Sabha only after the finance minister concludes his budget speech in Lok Sabha.

Keeping up with the tradition, the Narendra Modi-led government ahead of the general election will present an interim Budget on February 1, 2019, at 11 am. The last Budget of the present NDA government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha.

Keeping up with the tradition, the Narendra Modi-led government ahead of the general election will present an interim Budget on February 1, 2019, at 11 am. The last Budget of the present NDA government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha. In pics: Nine landmark budgets and their impact on the Republic of India Before the presentation of the Budget in Lok Sabha here we bring the entire process in brief: Printing of Budget documents begins with 'Halwa' ceremony The process of creating budget starts some 10-15 days before the exact budget presentation. The process flags off with a dessert 'Halwa'. Ministers and senior officials of the Finance Ministry observe a symbolic 'Halwa Ceremony' to mark the launch of formal printing of documents relating to the Union Budget. As part of the ritual, 'halwa' is prepared in a big 'kadhai' (large frying pot) and served to the entire staff in the ministry. This year, the 'Halwa Ceremony' was held on January 21, in presence of Minister of State for Finance Shiv Pratap Shukla and senior officials. Finance Minister Arun Jaitley, however, missed the customary pre-Budget event as he is currently in the US for a medical check-up. Secrecy of top level The printing of the budget documents is carried out in top secrecy at the finance ministry in North Block. Confidentiality and secrecy are the primary ingredients of the whole process. A large number of officials and support staff, who are directly associated with the Budget making and printing process, are required to stay in the ministry and remain cut off from their families till the presentation of the Budget in the Lok Sabha. They are not even allowed to contact their near and dear ones through phone or any other form of communication, like e-mail. Only very senior officials in the finance ministry are permitted to go home. The budget process Budget is an account of the finances. It lays down the consolidated report of revenue from all sources. The budget also carries Budgeted Estimates which are the estimates of the Central government’s accounts for the upcoming fiscal. During the final stage of budget preparation, ministries provide the estimates for their revenue receipts in the current fiscal year (revised estimates) and next fiscal year (budget estimates) to the finance ministry. The budget speech Before the presentation of the Budget, President's recommendation is obtained under Article 117(1) and 117(3) for introduction and consideration in the lower house of Parliament. After President's recommendation, the Budget is then laid before the Lok Sabha by the finance minister with the "Budget speech". The two-part Budget speech contains an overview of the economy and tax proposals. The first part comprises major policy initiatives taken by the govt and an overview of the economy. and after the introduction of GST most indirect tax changes are carried outside the Budget. In Rajya Sabha Before the actual presentation of the budget in the house, the members of the parliament are given a gist a day before. The annual financial statement is laid on the table of Rajya Sabha only after the finance minister concludes his budget speech in Lok Sabha.

Union Budget 2019: How it is formulated and presented

BJP leader and former Minister of Youth Affairs and Sports Vijay Goel urged the Opposition not to politicise issues and stall the Bills related to development during the Budget Session of Parliament that opened on Thursday.

Speaking to ANI, Goel said," I request all the Opposition parties not to politicize issues and block the Bills. It will send out a wrong message to the public about them. All the Bills will be passed in accordance with the laid-down procedure."

The Vote on Account to be presented on Friday will only be for three months before the new government presents a full-fledged Budget in July.

Union Railways Minister Piyush Goyal who has taken interim charge of the Finance Ministry will be presenting the budget on February 1.

BJP leader and former Minister of Youth Affairs and Sports Vijay Goel urged the Opposition not to politicise issues and stall the Bills related to development during the Budget Session of Parliament that opened on Thursday.

BJP leader and former Minister of Youth Affairs and Sports Vijay Goel urged the Opposition not to politicise issues and stall the Bills related to development during the Budget Session of Parliament that opened on Thursday. Speaking to ANI, Goel said," I request all the Opposition parties not to politicize issues and block the Bills. It will send out a wrong message to the public about them. All the Bills will be passed in accordance with the laid-down procedure." The Vote on Account to be presented on Friday will only be for three months before the new government presents a full-fledged Budget in July. Union Railways Minister Piyush Goyal who has taken interim charge of the Finance Ministry will be presenting the budget on February 1.

Union Budget 2019: BJP's Vijay Goel urges Opposition not to stall Bills during Budget Session

With the Lok Sabha elections only a few months away, the NDA government will present its <a href="http://www.wionews.com/business-economy/union-budget-2019-how-it-is-formulated-and-presented-194051">Interim Budget </a>on Friday amidst a lot of hopes and expectations from across the spectrum of society—right from the common people to industries.

The Interim Budget for 2019, the last financial exercise by Prime Minister Narendra Modi led Central government before the General Elections will be presented in the Lok Sabha by Finance Minister Piyush Goyal on Friday at 11 am.

If some relief in income tax exemption to the salaried and middle-class people is expected, there is a hope that the Central government may come out with some ‘concrete’ measures to combat the problem of unemployment.

At present, there is an exemption from paying personal tax on an income up to Rs 2.5 lakh, while income between Rs 2.5 lakh and Rs 5 lakh attracts five per cent tax. A 20 per cent tax is levied on the income in the range of Rs 5 lakh to Rs 10 lakh. An individual’s income above Rs 10 lakh is taxed at 30 per cent.

However, in 2014’s Interim Budget presented by then Finance Minister P Chidambaram in the Lok Sabha on February 14 for 2014-15 fiscal, no change was made in income tax rates.

Since the Goods and Services Tax (GST) is in force now, there is not much scope for the government to offer in terms of relief on the front of indirect taxes.

Union Minister of Parliamentary Affairs, Rural Development, Panchayati Raj and Mines Narendra Singh Tomar on Thursday told media persons that the Interim Budget Session of Parliament, subject to exigencies of Government Business, may conclude on February 13, 2019.

“The Session will mainly be devoted to the Financial Business relating to Interim Budget for 2019 and discussion on the Motion of Thanks on President’s address. However, essential Legislative and other Business will also be taken up during the Session,” he said.

Some of the key highlights of 2014 Interim Budget, which the BJP had then described as more of an election Budget rather than an Interim Budget, relief in indirect taxes, reduction in excise duty on capital goods from 12 per cent to 10 per cent, focus on building up manufacturing capacity, three more industrial corridors, one million jobs, and Rs 11,200 crore for capital infusion in PSBs.

Distressed farmers are another area of serious concern, which the Central government would like to take care of in the ‘Interim Budget.’ It, however, remains to be seen how the government moves on this front as most of the states have chosen to waive off farm loans.

&nbsp;

With the Lok Sabha elections only a few months away, the NDA government will present its Interim Budget on Friday amidst a lot of hopes and expectations from across the spectrum of society—right from the common people to industries.

With the Lok Sabha elections only a few months away, the NDA government will present its Interim Budget on Friday amidst a lot of hopes and expectations from across the spectrum of society—right from the common people to industries. The Interim Budget for 2019, the last financial exercise by Prime Minister Narendra Modi led Central government before the General Elections will be presented in the Lok Sabha by Finance Minister Piyush Goyal on Friday at 11 am. If some relief in income tax exemption to the salaried and middle-class people is expected, there is a hope that the Central government may come out with some ‘concrete’ measures to combat the problem of unemployment. At present, there is an exemption from paying personal tax on an income up to Rs 2.5 lakh, while income between Rs 2.5 lakh and Rs 5 lakh attracts five per cent tax. A 20 per cent tax is levied on the income in the range of Rs 5 lakh to Rs 10 lakh. An individual’s income above Rs 10 lakh is taxed at 30 per cent. However, in 2014’s Interim Budget presented by then Finance Minister P Chidambaram in the Lok Sabha on February 14 for 2014-15 fiscal, no change was made in income tax rates. Since the Goods and Services Tax (GST) is in force now, there is not much scope for the government to offer in terms of relief on the front of indirect taxes. Union Minister of Parliamentary Affairs, Rural Development, Panchayati Raj and Mines Narendra Singh Tomar on Thursday told media persons that the Interim Budget Session of Parliament, subject to exigencies of Government Business, may conclude on February 13, 2019. “The Session will mainly be devoted to the Financial Business relating to Interim Budget for 2019 and discussion on the Motion of Thanks on President’s address. However, essential Legislative and other Business will also be taken up during the Session,” he said. Some of the key highlights of 2014 Interim Budget, which the BJP had then described as more of an election Budget rather than an Interim Budget, relief in indirect taxes, reduction in excise duty on capital goods from 12 per cent to 10 per cent, focus on building up manufacturing capacity, three more industrial corridors, one million jobs, and Rs 11,200 crore for capital infusion in PSBs. Distressed farmers are another area of serious concern, which the Central government would like to take care of in the ‘Interim Budget.’ It, however, remains to be seen how the government moves on this front as most of the states have chosen to waive off farm loans.

NDA’s interim Budget on Friday likely to offer some hope and relief

Ahead of the Budget the International Monetary Fund's(IMF)&nbsp;top representative Andreas Bauer in India spoke exclusively to our correspondent Siddhant Sibal.&nbsp; 
Bauer lauded the various reforms in India especially the GST and said that the country has done well and the world needs it to grow. He hoped for fiscal consolidation in the upcoming Budget. Here is the full interview.&nbsp;

WION: The IMF report was upbeat on India. What makes you so confident?&nbsp;

Andreas Bauer: We think India has a strong base to grow on. It has a young population, it has human resources that are growing, it has a fairly high savings rate, although we would see some more of that will provide the basis for investment.

India has a good basis to start growing. We need reforms. This is why we looking in Budgets, programmes of the new government. We want to see continues pace of reforms, some important reforms have been implemented in recent years.&nbsp;

WION: Your assessment of reforms introduced by the government in the last few years?&nbsp;

Andreas Bauer: India has made a lot of progress in a few years and GST for us is a big reform. It has the potential to unify the domestic market, certainty, the initial structure of GST was quite complex and compliance cost very high.

We have seen good moves to simplify that. More scope to go further. But reforms give a tailwind to move the economy forward. Looking at the next phase, after the elections that India can pick up the reform pace and continue to build the economic pace that allows country to grow at these high rates.

India has done well, India is growing above 7 per cent, the country is 15 per cent of global growth and world needs India to grow as there are other economies like China which are slowing, so we do need India to grow.&nbsp;

WION: What kind of reforms you expect?&nbsp;

Andreas Bauer: We have laid reforms out in our annual assessment of the economy. In short term, we are looking at a number of things. We are looking at ways to address twin balance sheet problem.

So improving capital base of banks, which is ongoing for public banks and governance reforms of the banks and making sure these banks in future work on much better basis and we don't see repeat of accumulation of large non-performing loans. One of the issues, we have discussed is the global environment might become challenging. Important to put fiscal on a strong footing.&nbsp;

WION: Your suggestions on the Budget?&nbsp;

Andreas Bauer: I rather wait for the Budget to see what is in there but we have been for sometimes saying that India should gradually consolidate. So certainly we want India to persist on that path.

See the deficits to decline and debt levels to decline. These are relatively high levels for an emerging economy and we want to have a space that when a negative shock comes, fisc can help. We would like to see the continuation of the consolidation path. It is important to take a global view and create fiscal space to be ready in case if negative shock.&nbsp;

WION: Your assessment of oil prices especially with the crisis in Venezuela?

Andreas Bauer: Geopolitical events always pose risk to oil price. The general expectation is after the recent decline oil prices, they will remain at the current level so that is not bad news for oil importers like India.

Risk of supply disruption as we saw last year. So risk as well on that front. In general, given that global economy is slowing and given that previous supply disruptions have been addressed, so our forecast and markets forecast is stable oil prices.&nbsp;

WION: You have painted a gloomy picture of the world economy. What makes you pessimistic?&nbsp;

Andreas Bauer: The good news is the global economy is still expanding but expansion is slowing and at a faster pace than originally then we anticipated. So we put out a word of caution. The global economy last year expanded by 3.7 per cent, that is quite a good pace.

For the current year, growth will slow down to 3.5 per cent and that refects in both advanced and emerging markets. The key message to countries is, the situation is still okay, but risk remains and better prepare for a more difficult external environment.&nbsp;

Ahead of the Budget the International Monetary Fund's(IMF) top representative Andreas Bauer in India spoke exclusively to our correspondent Siddhant Sibal. Bauer lauded the various reforms in India especially the GST and said that the country has done well and the world needs it to grow.

Ahead of the Budget the International Monetary Fund's(IMF) top representative Andreas Bauer in India spoke exclusively to our correspondent Siddhant Sibal. Bauer lauded the various reforms in India especially the GST and said that the country has done well and the world needs it to grow. He hoped for fiscal consolidation in the upcoming Budget. Here is the full interview. WION: The IMF report was upbeat on India. What makes you so confident? Andreas Bauer: We think India has a strong base to grow on. It has a young population, it has human resources that are growing, it has a fairly high savings rate, although we would see some more of that will provide the basis for investment. India has a good basis to start growing. We need reforms. This is why we looking in Budgets, programmes of the new government. We want to see continues pace of reforms, some important reforms have been implemented in recent years. WION: Your assessment of reforms introduced by the government in the last few years? Andreas Bauer: India has made a lot of progress in a few years and GST for us is a big reform. It has the potential to unify the domestic market, certainty, the initial structure of GST was quite complex and compliance cost very high. We have seen good moves to simplify that. More scope to go further. But reforms give a tailwind to move the economy forward. Looking at the next phase, after the elections that India can pick up the reform pace and continue to build the economic pace that allows country to grow at these high rates. India has done well, India is growing above 7 per cent, the country is 15 per cent of global growth and world needs India to grow as there are other economies like China which are slowing, so we do need India to grow. WION: What kind of reforms you expect? Andreas Bauer: We have laid reforms out in our annual assessment of the economy. In short term, we are looking at a number of things. We are looking at ways to address twin balance sheet problem. So improving capital base of banks, which is ongoing for public banks and governance reforms of the banks and making sure these banks in future work on much better basis and we don't see repeat of accumulation of large non-performing loans. One of the issues, we have discussed is the global environment might become challenging. Important to put fiscal on a strong footing. WION: Your suggestions on the Budget? Andreas Bauer: I rather wait for the Budget to see what is in there but we have been for sometimes saying that India should gradually consolidate. So certainly we want India to persist on that path. See the deficits to decline and debt levels to decline. These are relatively high levels for an emerging economy and we want to have a space that when a negative shock comes, fisc can help. We would like to see the continuation of the consolidation path. It is important to take a global view and create fiscal space to be ready in case if negative shock. WION: Your assessment of oil prices especially with the crisis in Venezuela? Andreas Bauer: Geopolitical events always pose risk to oil price. The general expectation is after the recent decline oil prices, they will remain at the current level so that is not bad news for oil importers like India. Risk of supply disruption as we saw last year. So risk as well on that front. In general, given that global economy is slowing and given that previous supply disruptions have been addressed, so our forecast and markets forecast is stable oil prices. WION: You have painted a gloomy picture of the world economy. What makes you pessimistic? Andreas Bauer: The good news is the global economy is still expanding but expansion is slowing and at a faster pace than originally then we anticipated. So we put out a word of caution. The global economy last year expanded by 3.7 per cent, that is quite a good pace. For the current year, growth will slow down to 3.5 per cent and that refects in both advanced and emerging markets. The key message to countries is, the situation is still okay, but risk remains and better prepare for a more difficult external environment.

Ahead of Budget, IMF calls for more reforms

Ahead of the Interim Budget to be presented on February 1, defence experts are of the view that the government must increase its expenditure on the defence sector.

Defence analyst Swaran Singh said the defence budget is usually seen in comparison to India's neighbours.

“Last year, when Pakistan's defence budget went up by about 18 per cent, India`s defence budget went up only by about 5.5 per cent. This was seen as a matter of concern. Likewise, the Chinese defence budget is three times compared to our budget,” Singh told ANI.

“I want to underline that these are the only two countries of concern but defence budget has to keep other issues in mind and in that sense, it is important to see that what part of our total revenues are being allocated to National Defence,” he added.

Singh also said that currently, about 27 per cent of India's revenue is allocated for defence. "This is fairly impressive,” he said.

Meanwhile, defence expert SK Chatterjee opined that the defence budget must be made keeping in mind the “severe threat scenario.”

“The budget has to be made according to the threat scenario which is quite severe. However, as it is an election year, we cannot expect a huge jump in the allotment for defence in the next one year or so,” said Chatterjee.

“As I see we will not be getting enough funds for modernization of our defence while the Chinese are undergoing a huge modernisation exercise. They are cutting down on their manpower and investing in technology for the armed forces,” he added.&nbsp;

This will be the last Budget of the current BJP-led NDA government before the General Elections.

Ahead of the Interim Budget to be presented on February 1, defence experts are of the view that the government must increase its expenditure on the defence sector.

Ahead of the Interim Budget to be presented on February 1, defence experts are of the view that the government must increase its expenditure on the defence sector. Defence analyst Swaran Singh said the defence budget is usually seen in comparison to India's neighbours. “Last year, when Pakistan's defence budget went up by about 18 per cent, India`s defence budget went up only by about 5.5 per cent. This was seen as a matter of concern. Likewise, the Chinese defence budget is three times compared to our budget,” Singh told ANI. “I want to underline that these are the only two countries of concern but defence budget has to keep other issues in mind and in that sense, it is important to see that what part of our total revenues are being allocated to National Defence,” he added. Singh also said that currently, about 27 per cent of India's revenue is allocated for defence. "This is fairly impressive,” he said. Meanwhile, defence expert SK Chatterjee opined that the defence budget must be made keeping in mind the “severe threat scenario.” “The budget has to be made according to the threat scenario which is quite severe. However, as it is an election year, we cannot expect a huge jump in the allotment for defence in the next one year or so,” said Chatterjee. “As I see we will not be getting enough funds for modernization of our defence while the Chinese are undergoing a huge modernisation exercise. They are cutting down on their manpower and investing in technology for the armed forces,” he added. This will be the last Budget of the current BJP-led NDA government before the General Elections.

Union budget 2019: Defence experts pitch for an increase in funds

The presentation of Union Budget 2019 is just days away. The Budget, which will be presented on February 1, is going to be Modi government's last Budget of the current tenure and is expected to be an interim one.

As the government gets ready to present its financial plan for the coming months, we highlight some critical details related to a few significant terms like 'GST', 'Fiscal Deficit', 'Revenue Deficit', ‘Primary Deficit', 'Capital Expenditure', Direct &amp; Indirect Taxes etc, used in the annual financial statement.

These definitions are provided by the Finance Ministry.

Budget estimates: Amount of money allocated in the Budget to any ministry or scheme for the coming financial year.

Fiscal deficit: When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called a fiscal deficit.

Revenue Deficit: The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure.

Primary deficit: The primary deficit is the fiscal deficit minus interest payments. It tells how much of the government's borrowings are going towards meeting expenses other than interest payments.

Goods and Services Tax: The Constitution defines Goods and Services Tax as any tax on the supply of goods or services or both except taxes on the supply of alcoholic liquor for human consumption. 'Goods' means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply. 'Services' means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination for which a separate consideration is charged.

Direct and indirect taxes: Direct taxes are the one that falls directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc.

Customs duty: These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer.

Monetary policy: This comprises actions taken by the central bank (RBI) to regulate the level of money or liquidity in the economy, or change the interest rates.

Fiscal policy: It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the Budget and is the primary means by which the government can influence the economy.

Inflation: A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level.

Finance bill: The bill produced immediately after presentation of the Union Budget detailing the imposition, abolition, alteration or regulation of taxes proposed in the Budget.

Excess grants: If the total expenditure under a grant exceeds the provision allowed through its original grant and supplementary grant, then the access requires regularisation by obtaining the excess grant from Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the annual Budget i.e. through a presentation of demands for grants and passing of appropriation bills.

Re-appropriations: Re-appropriations allow the government to re-appropriate provisions from one sub-head to another within the same grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller and Auditor General and the Public Accounts Committee review these re-appropriations and comments on them for taking corrective actions.

Cut motions: Motions for reduction to various demands for grants are made in the form of cut motions seeking to reduce the sums sought by the government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance.

Guillotine: Parliament, unfortunately, has very limited time for scrutinising expenditure demands of all the ministries. So, once the prescribed period for discussion on demands for grants is over, the Speaker of Lok Sabha puts all the outstanding demands for grants, whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'. 
&nbsp;

The presentation of Union Budget 2019 is just days away. The Budget, which will be presented on February 1, is going to be Modi government's last Budget of the current tenure and is expected to be an interim one.

The presentation of Union Budget 2019 is just days away. The Budget, which will be presented on February 1, is going to be Modi government's last Budget of the current tenure and is expected to be an interim one. As the government gets ready to present its financial plan for the coming months, we highlight some critical details related to a few significant terms like 'GST', 'Fiscal Deficit', 'Revenue Deficit', ‘Primary Deficit', 'Capital Expenditure', Direct & Indirect Taxes etc, used in the annual financial statement. These definitions are provided by the Finance Ministry. Budget estimates: Amount of money allocated in the Budget to any ministry or scheme for the coming financial year. Fiscal deficit: When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called a fiscal deficit. Revenue Deficit: The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure. Primary deficit: The primary deficit is the fiscal deficit minus interest payments. It tells how much of the government's borrowings are going towards meeting expenses other than interest payments. Goods and Services Tax: The Constitution defines Goods and Services Tax as any tax on the supply of goods or services or both except taxes on the supply of alcoholic liquor for human consumption. 'Goods' means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply. 'Services' means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination for which a separate consideration is charged. Direct and indirect taxes: Direct taxes are the one that falls directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc. Customs duty: These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer. Monetary policy: This comprises actions taken by the central bank (RBI) to regulate the level of money or liquidity in the economy, or change the interest rates. Fiscal policy: It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the Budget and is the primary means by which the government can influence the economy. Inflation: A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level. Finance bill: The bill produced immediately after presentation of the Union Budget detailing the imposition, abolition, alteration or regulation of taxes proposed in the Budget. Excess grants: If the total expenditure under a grant exceeds the provision allowed through its original grant and supplementary grant, then the access requires regularisation by obtaining the excess grant from Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the annual Budget i.e. through a presentation of demands for grants and passing of appropriation bills. Re-appropriations: Re-appropriations allow the government to re-appropriate provisions from one sub-head to another within the same grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller and Auditor General and the Public Accounts Committee review these re-appropriations and comments on them for taking corrective actions. Cut motions: Motions for reduction to various demands for grants are made in the form of cut motions seeking to reduce the sums sought by the government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance. Guillotine: Parliament, unfortunately, has very limited time for scrutinising expenditure demands of all the ministries. So, once the prescribed period for discussion on demands for grants is over, the Speaker of Lok Sabha puts all the outstanding demands for grants, whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'.

Fiscal deficit, cut motion, guillotine: Terms to know for Budget

Piyush Goyal is likely to present the interim Budget on February 1 as he was Wednesday given the <a href="http://www.wionews.com/india-news/railway-minister-piyush-goyal-given-additional-charge-of-finance-ministry-as-jaitley-gets-medical-treatment-192328">additional charge of finance ministr</a>y as Arun Jaitley is in the US for medical treatment, sources said.

Jaitley has undergone surgery at a hospital in New York on Tuesday and has been advised at least two weeks rest by the doctors, sources said. Jaitley, who had travelled to the US on January 13, has undergone tests for soft tissue cancer this week.

Ahead of the interim budget scheduled to be presented on February 1, Railways Minister Piyush Goyal has been given additional charge of Finance and Corporate Affairs ministries.&nbsp;

An official release from the Rashtrapati Bhavan Wednesday said the President, as advised by Prime Minister Narendra Modi, directed that during the period of Jaitley's indisposition, the portfolios of the Minister of Finance and the Minister of Corporate Affairs, held by him, be temporarily assigned to Goyal, in addition to his existing portfolios.

Goyal is likely to present the interim Budget, according to sources.

The budget comes ahead of the general elections and the government is expected to make some key announcements, including relief package for farmers, poor and sops for middle-class.

Jaitley has been designated as a minister without portfolio during the period of his indisposition or till such time when he is able to resume his work as the Minister of Finance and the Minister of Corporate Affairs.&nbsp;

Rajya Sabha Member Goyal also holds the coal portfolio.

This for the second time that Goyal has been given the additional charge of the Finance Ministry.

In May last year, Goyal was given the additional charge of the ministry after Jaitley underwent a kidney transplant surgery.

Later after a gap of four months, Jaitley resumed the office of the Finance Minister.

Jaitley had also undergone a bariatric surgery soon after the BJP government came to power at the Centre in 2014. The surgery, to treat weight gain that he suffered because of a long-standing diabetic condition, was first performed at Max Hospital, but he then had to be shifted to AIIMS because of complications.

The ruling BJP has recently appointed Jaitley as in-charge of publicity for the upcoming Lok Sabha elections. Jaitley, a senior member of the ruling party, has presented five budgets of the current regime.&nbsp;

Piyush Goyal is likely to present the interim Budget on February 1 as he was Wednesday given the additional charge of finance ministry as Arun Jaitley is in the US for medical treatment, sources said.

Piyush Goyal is likely to present the interim Budget on February 1 as he was Wednesday given the additional charge of finance ministry as Arun Jaitley is in the US for medical treatment, sources said. Jaitley has undergone surgery at a hospital in New York on Tuesday and has been advised at least two weeks rest by the doctors, sources said. Jaitley, who had travelled to the US on January 13, has undergone tests for soft tissue cancer this week. Ahead of the interim budget scheduled to be presented on February 1, Railways Minister Piyush Goyal has been given additional charge of Finance and Corporate Affairs ministries. An official release from the Rashtrapati Bhavan Wednesday said the President, as advised by Prime Minister Narendra Modi, directed that during the period of Jaitley's indisposition, the portfolios of the Minister of Finance and the Minister of Corporate Affairs, held by him, be temporarily assigned to Goyal, in addition to his existing portfolios. Goyal is likely to present the interim Budget, according to sources. The budget comes ahead of the general elections and the government is expected to make some key announcements, including relief package for farmers, poor and sops for middle-class. Jaitley has been designated as a minister without portfolio during the period of his indisposition or till such time when he is able to resume his work as the Minister of Finance and the Minister of Corporate Affairs. Rajya Sabha Member Goyal also holds the coal portfolio. This for the second time that Goyal has been given the additional charge of the Finance Ministry. In May last year, Goyal was given the additional charge of the ministry after Jaitley underwent a kidney transplant surgery. Later after a gap of four months, Jaitley resumed the office of the Finance Minister. Jaitley had also undergone a bariatric surgery soon after the BJP government came to power at the Centre in 2014. The surgery, to treat weight gain that he suffered because of a long-standing diabetic condition, was first performed at Max Hospital, but he then had to be shifted to AIIMS because of complications. The ruling BJP has recently appointed Jaitley as in-charge of publicity for the upcoming Lok Sabha elections. Jaitley, a senior member of the ruling party, has presented five budgets of the current regime.

Piyush Goyal likely to present Interim Budget after he gets additional charge of Finance Ministry

Union Finance Minister Arun Jaitley on Thursday hinted at the possibility of coming out with a full-fledged budget in February as compared to an interim or a vote-on-account budget.&nbsp;

Jaitley refrained from giving out any details about this year's budget but stated how it certainly will be more significant than just a vote-on-account version.&nbsp;

<a href="http://www.wionews.com/business-economy/food-surpluses-have-led-to-dip-in-farmers-income-jaitley-191111">Speaking a fortnight ahead of the Budget</a>, he underlined that there have been precedents of interim budgets containing major policy announcements to tackle an urgent situation.

He stated that the NDA government is under no pressure to present a populous budget ahead of the general elections. Economists have raised the fear that the government may announce populist measures ahead of elections, which may lead to a higher fiscal deficit.

The government has been moving on "a glide path" on the fiscal consolidation front unless some "unusual situation" demanded something, he said.

It can be noted that as per the data available till November, the government has already breached its budgeted fiscal deficit target of 3.3 per cent, the minister noted.&nbsp;

On the RBI, Jaitley said the government and the central bank have always had consultations despite some differences that played out recently, news agency PTI reported.

The government raising its concerns should not be construed as a breach of RBI's autonomy, as in a consultative process one has to express oneself freely and frankly, the finance minister said.&nbsp;

The finance minister, currently undergoing treatment in New York, was speaking through video conferencing at an award ceremony.

(With inputs from PTI)

Union Finance Minister Arun Jaitley on Thursday hinted at the possibility of coming out with a full-fledged budget in February as compared to an interim or a vote-on-account budget.

Union Finance Minister Arun Jaitley on Thursday hinted at the possibility of coming out with a full-fledged budget in February as compared to an interim or a vote-on-account budget. Jaitley refrained from giving out any details about this year's budget but stated how it certainly will be more significant than just a vote-on-account version. Speaking a fortnight ahead of the Budget, he underlined that there have been precedents of interim budgets containing major policy announcements to tackle an urgent situation. He stated that the NDA government is under no pressure to present a populous budget ahead of the general elections. Economists have raised the fear that the government may announce populist measures ahead of elections, which may lead to a higher fiscal deficit. The government has been moving on "a glide path" on the fiscal consolidation front unless some "unusual situation" demanded something, he said. It can be noted that as per the data available till November, the government has already breached its budgeted fiscal deficit target of 3.3 per cent, the minister noted. On the RBI, Jaitley said the government and the central bank have always had consultations despite some differences that played out recently, news agency PTI reported. The government raising its concerns should not be construed as a breach of RBI's autonomy, as in a consultative process one has to express oneself freely and frankly, the finance minister said. The finance minister, currently undergoing treatment in New York, was speaking through video conferencing at an award ceremony. (With inputs from PTI)

Jaitley hints interim budget could be bigger than vote on account

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