Here's what Richard M Rossow, Wadhwani Chair in US-India Policy Studies at CSIS, has to say about the impact of Budget on foreign trade and investment

Union Budget 2020: What it means for foreign investors?

Will the problem of unemployment continue to haunt the Indian economy? Watch analysis by Senior Fellow, CSIS - Jayant Krishna

Does Union Budget 2020 address unemployment?

Will Budget 2020 put the economy back on track? Watch WION's Business Editor Sumit Chaturvedi's analysis

Union Budget 2020: Hits and Misses

Finance Minister of India, Nirmala Sitharaman today slashed the personal income tax rate for individuals for the fiscal year 2020-21. Under the new regime, taxpayers will pay 10%, 15%, 20% and 25% for incomes between Rs 5-7.5 lakh, Rs 7.5-10 lakh, Rs 10-12.5 lakh and Rs 12.5-15 lakh.

Watch In-depth Analysis of Budget 2020

The Modi government has announced the date and timings for the upcoming India Budget 2020. Union Finance Minister Nirmala Sitharaman will present Budget 2020 speech in the Parliament on February 1.

India Budget 2020: WION Speaks to Dr WPS Sidhu, Professor, NYU

Prime Minister Narendra Modi on Saturday said that those who are casting doubt over the target of making India a five trillion dollars economy were professional pessimists and asserted that the goal was achievable.

"We are very confident about achieving the goal of 5 trillion dollar economy in the next five years but there are some who are casting doubts over the competence of Indians. They ask what the need for it is and why it is being done. We can call such people professional pessimists," he said.

Prime Minister Modi, who was addressing BJP workers after launching the party's membership campaign at an event here, talked at length about the first Budget of his second tenure that was presented in the Lok Sabha on Friday by Finance Minister Nirmala Sitharaman.

He also released a toll-free mobile number 8980808080 for the membership drive and launched a tree plantation drive.

The launch of the BJP's membership drive coincides with the birth anniversary of Jana Sangh founder Syama Prasad Mookerjee.

Modi said that these "professional pessimists" keep grumbling about things but do not do anything to change them.

"They have mastery in turning solutions into a problem. The country needs to be vigilant of these pessimists," he said.

The Prime Minister, however, said that he welcomed positive criticism of his ideas, schemes, and plans to execute them.

"The opinion of critics and analysts are important for us. But saying that something cannot be done or achieved is not good," he said.

He said that the new opportunities for development and dreams of New India are deeply linked to the 5-trillion dollar economy.

"It is about doubling the Indian economy in the next five years. The target looks difficult but can be achieved with a firm determination," he said."What does 5 trillion dollars economy mean? You all must know and tell people about it because there are some people who doubt on our will. They say we cannot achieve this target," added Modi.

Talking about the role of farmers and traders in realising the dream grand target, Prime Minister Modi said, "The Union Budget includes measures which will facilitate agriculture exports as well greater social security for small traders and firms through pensions and other benefits."

The Prime Minister also read out a poem to enthuse BJP workers to work hard and spread awareness about the government's ambitious plan.

He cited the example of "bigger the cake, bigger the share" to highlight the benefits of a bigger economy to uplift the lives of the citizens.

"If a family's income is high, its members'&nbsp;income will also be high. If we look at the history of developed nations, they did not have a high per capita income earlier. But these countries witnessed a period when their per capita income jumped, leapfrogging them into the club of developed nations. India can also do it, especially when it is the youngest nation of the world," he said.

The Prime Minister said that his government has made provisions in the budget to make farming profitable and turn farmers into exporters.

"We have taken many decisions to ensure additional income for farmers. We look at farmers as potential exporters. The Budget has focused on making an environment to export farm products. We are trying to develop a cluster so that all government departments can make export easier," he said.

Modi also emphasised the role of a blue economy, a reference to resources available in the sea, and said the government has taken several initiatives in food processing and water security for the sustainable economic progress of the country.

Highlighting his government's scheme to provide housing for every citizen, Prime Minister Modi said that Rs 100 lakh crore would be invested in infrastructure development.

"Our government is focusing on the export of defence and electronic equipment," he added.

Backing the move to encourage adoption of electric vehicles as a clear mobility medium, he claimed that India can save over Rs 5 lakh crore by reducing petroleum imports bill per year.

"The establishment of an electronic fundraising platform has been announced in the Budget on the lines of the Stock Exchange. NGOs can list themselves on it and raise fund as per their needs," he said.

Prime Minister Modi urged BJP workers to reach out to every section of the society and enrol them as the party members.BJP Working President J P Nadda, who also spoke on the occasion, gave credit to grassroots party workers, PM Modi's leadership and party president Amit Shah's strategy to defy anti-incumbency factor and retained power with a bigger mandate in the General Elections.

Nadda also urged BJP workers to work religiously to strengthen the party at the booth level. 
&nbsp;

Prime Minister Narendra Modi on Saturday said that those who are casting doubt over the target of making India a five trillion dollars economy were professional pessimists and asserted that the goal was achievable.

Prime Minister Narendra Modi on Saturday said that those who are casting doubt over the target of making India a five trillion dollars economy were professional pessimists and asserted that the goal was achievable. "We are very confident about achieving the goal of 5 trillion dollar economy in the next five years but there are some who are casting doubts over the competence of Indians. They ask what the need for it is and why it is being done. We can call such people professional pessimists," he said. Prime Minister Modi, who was addressing BJP workers after launching the party's membership campaign at an event here, talked at length about the first Budget of his second tenure that was presented in the Lok Sabha on Friday by Finance Minister Nirmala Sitharaman. He also released a toll-free mobile number 8980808080 for the membership drive and launched a tree plantation drive. The launch of the BJP's membership drive coincides with the birth anniversary of Jana Sangh founder Syama Prasad Mookerjee. Modi said that these "professional pessimists" keep grumbling about things but do not do anything to change them. "They have mastery in turning solutions into a problem. The country needs to be vigilant of these pessimists," he said. The Prime Minister, however, said that he welcomed positive criticism of his ideas, schemes, and plans to execute them. "The opinion of critics and analysts are important for us. But saying that something cannot be done or achieved is not good," he said. He said that the new opportunities for development and dreams of New India are deeply linked to the 5-trillion dollar economy. "It is about doubling the Indian economy in the next five years. The target looks difficult but can be achieved with a firm determination," he said."What does 5 trillion dollars economy mean? You all must know and tell people about it because there are some people who doubt on our will. They say we cannot achieve this target," added Modi. Talking about the role of farmers and traders in realising the dream grand target, Prime Minister Modi said, "The Union Budget includes measures which will facilitate agriculture exports as well greater social security for small traders and firms through pensions and other benefits." The Prime Minister also read out a poem to enthuse BJP workers to work hard and spread awareness about the government's ambitious plan. He cited the example of "bigger the cake, bigger the share" to highlight the benefits of a bigger economy to uplift the lives of the citizens. "If a family's income is high, its members' income will also be high. If we look at the history of developed nations, they did not have a high per capita income earlier. But these countries witnessed a period when their per capita income jumped, leapfrogging them into the club of developed nations. India can also do it, especially when it is the youngest nation of the world," he said. The Prime Minister said that his government has made provisions in the budget to make farming profitable and turn farmers into exporters. "We have taken many decisions to ensure additional income for farmers. We look at farmers as potential exporters. The Budget has focused on making an environment to export farm products. We are trying to develop a cluster so that all government departments can make export easier," he said. Modi also emphasised the role of a blue economy, a reference to resources available in the sea, and said the government has taken several initiatives in food processing and water security for the sustainable economic progress of the country. Highlighting his government's scheme to provide housing for every citizen, Prime Minister Modi said that Rs 100 lakh crore would be invested in infrastructure development. "Our government is focusing on the export of defence and electronic equipment," he added. Backing the move to encourage adoption of electric vehicles as a clear mobility medium, he claimed that India can save over Rs 5 lakh crore by reducing petroleum imports bill per year. "The establishment of an electronic fundraising platform has been announced in the Budget on the lines of the Stock Exchange. NGOs can list themselves on it and raise fund as per their needs," he said. Prime Minister Modi urged BJP workers to reach out to every section of the society and enrol them as the party members.BJP Working President J P Nadda, who also spoke on the occasion, gave credit to grassroots party workers, PM Modi's leadership and party president Amit Shah's strategy to defy anti-incumbency factor and retained power with a bigger mandate in the General Elections. Nadda also urged BJP workers to work religiously to strengthen the party at the booth level.

Those casting doubt on 5 trillion dollars economy target are professional pessimists: PM Narendra Modi

Union Home Minister Amit Shah on Friday described the Budget-2019 as "truly a budget of hope and empowerment" and said it reflects Prime Minister Narendra Modi`s vision for new India.

In a series of Tweets, Shah said the budget highlights the exemplary work in key sectors relating to the economy, housing, infrastructure and the social sectors over the last five years and on this basis, ignites a spirit of hope that India can become a 5 trillion Dollar economy in the coming years.

"The budget is a futuristic one which provides a coherent roadmap for sectors that will drive growth and innovation among our citizens. The emphasis on clean energy and cashless transactions are also the steps in the right direction," he said.

Shah, also the ruling BJP chief, said the budget was for new India that set the stage for fulfilling collective dreams of water for every citizen, ensuring electricity connectivity across India and boosting manufacturing, especially in sunrise sectors.

"The Budget will enable India to become a more vibrant start-up hub," he said.

Shah said the budget clearly reflects the Prime Minister's vision for India's development, where the farmers prosper, poor lead a life of dignity, the middle class get the due for their hard work and Indian enterprise gets a boost.&nbsp;

Union Home Minister Amit Shah on Friday described the Budget-2019 as "truly a budget of hope and empowerment" and said it reflects Prime Minister Narendra Modi`s vision for new India.

Union Home Minister Amit Shah on Friday described the Budget-2019 as "truly a budget of hope and empowerment" and said it reflects Prime Minister Narendra Modi`s vision for new India. In a series of Tweets, Shah said the budget highlights the exemplary work in key sectors relating to the economy, housing, infrastructure and the social sectors over the last five years and on this basis, ignites a spirit of hope that India can become a 5 trillion Dollar economy in the coming years. "The budget is a futuristic one which provides a coherent roadmap for sectors that will drive growth and innovation among our citizens. The emphasis on clean energy and cashless transactions are also the steps in the right direction," he said. Shah, also the ruling BJP chief, said the budget was for new India that set the stage for fulfilling collective dreams of water for every citizen, ensuring electricity connectivity across India and boosting manufacturing, especially in sunrise sectors. "The Budget will enable India to become a more vibrant start-up hub," he said. Shah said the budget clearly reflects the Prime Minister's vision for India's development, where the farmers prosper, poor lead a life of dignity, the middle class get the due for their hard work and Indian enterprise gets a boost.

Budget 2019: It gives wings to farmers, youngsters, women: Home Minister Amit Shah

Finance Minister Nirmala Sitharaman enhanced the defence budget marginally but exempted defence imports from custom duties which will help the services save around Rs 25,000 crore annually.

"In a significant development, import of Defence Equipment not manufactured in India has been exempted from Basic Customs Duty. This will have an impact of augmenting the Defence Budget by approximately Rs 25,000 crore on account of savings in expenditure on Customs Duty over the next five years," the Defence Ministry said.

Rs 3,18,931.22 crore has been earmarked for Defence excluding Defence Pensions. For Defence Pension, an amount of Rs 1,12,079.57 crore has been provided in Budget Estimate 2019-20.

Taking into account both the budget and pensions, the allocation for defence comes to Rs 4,31,010.79 crore.

The allocation for Defence accounts for 15.47 per cent of the total Central Government expenditure for the Financial Year 2019-20.

"The allocation of Rs 3,18,931.22 crore represents a growth of 7.93 per cent over Budget Estimates (2,95,511.41 crore) and 6.87 per cent over Revised Estimates (Rs 2,98,418.72 crore), respectively for the Financial Year 2018-19," the ministry said.

Out of Rs 3,18,931.22 crore allocated for the Financial Year 2019-20, Rs 2,10,682.42 crore is for Revenue (expenditure meaning for paying salaries and maintaining g existing inventory while Rs 1,08,248.80 crore have been given for Capital expenditure for the Defence Services and the Organisations/Departments under Ministry of Defence.

The amount of Rs 1,08,248.80 crore allocated for Capital expenditure, includes modernisation related expenditure.

The Capital Allocation of Ministry of Defence under BE 2019-20 is 31.97 per cent of the total Central Government Capital Expenditure, which is Rs 3,38,569 crore.&nbsp;

Finance Minister Nirmala Sitharaman enhanced the defence budget marginally but exempted defence imports from custom duties which will help the services save around Rs 25,000 crore annually.

Finance Minister Nirmala Sitharaman enhanced the defence budget marginally but exempted defence imports from custom duties which will help the services save around Rs 25,000 crore annually. "In a significant development, import of Defence Equipment not manufactured in India has been exempted from Basic Customs Duty. This will have an impact of augmenting the Defence Budget by approximately Rs 25,000 crore on account of savings in expenditure on Customs Duty over the next five years," the Defence Ministry said. Rs 3,18,931.22 crore has been earmarked for Defence excluding Defence Pensions. For Defence Pension, an amount of Rs 1,12,079.57 crore has been provided in Budget Estimate 2019-20. Taking into account both the budget and pensions, the allocation for defence comes to Rs 4,31,010.79 crore. The allocation for Defence accounts for 15.47 per cent of the total Central Government expenditure for the Financial Year 2019-20. "The allocation of Rs 3,18,931.22 crore represents a growth of 7.93 per cent over Budget Estimates (2,95,511.41 crore) and 6.87 per cent over Revised Estimates (Rs 2,98,418.72 crore), respectively for the Financial Year 2018-19," the ministry said. Out of Rs 3,18,931.22 crore allocated for the Financial Year 2019-20, Rs 2,10,682.42 crore is for Revenue (expenditure meaning for paying salaries and maintaining g existing inventory while Rs 1,08,248.80 crore have been given for Capital expenditure for the Defence Services and the Organisations/Departments under Ministry of Defence. The amount of Rs 1,08,248.80 crore allocated for Capital expenditure, includes modernisation related expenditure. The Capital Allocation of Ministry of Defence under BE 2019-20 is 31.97 per cent of the total Central Government Capital Expenditure, which is Rs 3,38,569 crore.

Customs duty exemption to help defence forces save Rs 25,000 crore annually: Defence Ministry

Finance Minister <a href="https://www.wionews.com/india-news/from-invoking-divinity-to-pure-poetry-sitharaman-sprinkles-budget-speech-with-couplets-and-quotes-233272">Nirmala Sitharaman unveiled India's Budget</a> for the fiscal year ending March 31, 2020, to Parliament on Friday, with that she also gave the longest speech in the budget history by speaking for two hours and seventeen&nbsp;minutes.

The record was previously held by former finance minister Jaswant Singh who took two hours and thirteen minutes to present his budget in 2003.

The longest speech in terms of words, the record is held by former finance minister Manmohan Singh whose speech comprised 18,650 words during his tenure in 1991.

Sitharaman's predecessor, &nbsp;Arun Jaitley holds the record for the second-longest speech, comprising 18,604 words, delivered last year. He is also credited with delivering the second, third and fourth longest budget speeches in 2014, 2017 and 2016, respectively.

The shortest speech comprising 800 words was given by HM Patel in 1977 while delivering the interim Budget.

Country's first full-time woman finance minister, Nirmala Sitharaman today announced a slew of measures in the Budget to boost the economy. The budget proposals were welcomed with frequent thumping of desks by the treasury benches with Prime Minister Narendra Modi too joining the members.

She also won hearts while delivering her maiden speech as she quoted multiple proverbs and couplets in Hindi, Urdu and Tamil languages.

Finance Minister Nirmala Sitharaman unveiled India's Budget for the fiscal year ending March 31, 2020, to Parliament on Friday, with that she also gave the longest speech in the budget history by speaking for two hours and seventeen minutes.

Finance Minister Nirmala Sitharaman unveiled India's Budget for the fiscal year ending March 31, 2020, to Parliament on Friday, with that she also gave the longest speech in the budget history by speaking for two hours and seventeen minutes. The record was previously held by former finance minister Jaswant Singh who took two hours and thirteen minutes to present his budget in 2003. The longest speech in terms of words, the record is held by former finance minister Manmohan Singh whose speech comprised 18,650 words during his tenure in 1991. Sitharaman's predecessor, Arun Jaitley holds the record for the second-longest speech, comprising 18,604 words, delivered last year. He is also credited with delivering the second, third and fourth longest budget speeches in 2014, 2017 and 2016, respectively. The shortest speech comprising 800 words was given by HM Patel in 1977 while delivering the interim Budget. Country's first full-time woman finance minister, Nirmala Sitharaman today announced a slew of measures in the Budget to boost the economy. The budget proposals were welcomed with frequent thumping of desks by the treasury benches with Prime Minister Narendra Modi too joining the members. She also won hearts while delivering her maiden speech as she quoted multiple proverbs and couplets in Hindi, Urdu and Tamil languages.

Nirmala Sitharaman delivers longest ever Budget speech of 2 hours 17 minutes

Finance minister Nirmala Sitharaman today <a href="https://www.wionews.com/business-economy/budget-2019-highlights-of-taxation-revenue-policy-announced-by-finance-minister-nirmala-sitharaman-233200">proposed giving foreign investors</a> a bigger role in India's insurance and aviation sectors to help spur growth.

Sitharaman unveiled the proposals <a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">while presenting the Budget </a>for the fiscal year ending March 31, 2020 to Parliament.

PM Modi has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 trillion in the Economic Survey presented before Parliament on Thursday said will be done on the back of higher investment, savings and exports.

"The government will examine suggestions of further opening up FDI (foreign direct investment) in aviation, media, and insurance sectors in consultations with stakeholders," Sitharaman said.

The finance minister said 100 per cent foreign ownership will be permitted for insurance intermediaries and local sourcing norms will be eased for FDI in retailers selling a single brand.

India currently allows foreign direct investment in single-brand retail but mandates investors to source locally 30 per cent of the value of good purchased.

At present, India allows 49 per cent foreign ownership through the <a href="https://www.wionews.com/business-economy/need-structural-reforms-to-continue-growth-says-sitharaman-in-budget-speech-233176">automatic route in the insurance sector</a>, which is worth billions of dollars and has been tightly controlled for decades for fear of a backlash from the unions.

"It is high time India gets fully integrated into the global value chain of production of goods and services but also becomes part of the global financial system to mobilize global savings mostly institutional in insurance, pension, and sovereign wealth funds," Sitharaman said.

During the budget speech, Indian markets were down. India's benchmark BSE Sensex fell 363 points as finance minister Nirmala Sitharaman announced the tax policy and levied additional excise on petrol and diesel.

Asia's third-largest economy grew at a much slower-than-expected 5.8 per cent in the last quarter, the weakest growth in five years and far below the pace needed to generate jobs for the millions of young Indian's entering the labour market each month.

And the unemployment rate rose to a multi-year-high of 6.1 per cent in the 2017/18 fiscal year.

Finance minister Nirmala Sitharaman today proposed giving foreign investors a bigger role in India's insurance and aviation sectors to help spur growth. Sitharaman unveiled the proposals while presenting the Budget for the fiscal year ending March 31, 2020 to Parliament.

Finance minister Nirmala Sitharaman today proposed giving foreign investors a bigger role in India's insurance and aviation sectors to help spur growth. Sitharaman unveiled the proposals while presenting the Budget for the fiscal year ending March 31, 2020 to Parliament. PM Modi has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 trillion in the Economic Survey presented before Parliament on Thursday said will be done on the back of higher investment, savings and exports. "The government will examine suggestions of further opening up FDI (foreign direct investment) in aviation, media, and insurance sectors in consultations with stakeholders," Sitharaman said. The finance minister said 100 per cent foreign ownership will be permitted for insurance intermediaries and local sourcing norms will be eased for FDI in retailers selling a single brand. India currently allows foreign direct investment in single-brand retail but mandates investors to source locally 30 per cent of the value of good purchased. At present, India allows 49 per cent foreign ownership through the automatic route in the insurance sector, which is worth billions of dollars and has been tightly controlled for decades for fear of a backlash from the unions. "It is high time India gets fully integrated into the global value chain of production of goods and services but also becomes part of the global financial system to mobilize global savings mostly institutional in insurance, pension, and sovereign wealth funds," Sitharaman said. During the budget speech, Indian markets were down. India's benchmark BSE Sensex fell 363 points as finance minister Nirmala Sitharaman announced the tax policy and levied additional excise on petrol and diesel. Asia's third-largest economy grew at a much slower-than-expected 5.8 per cent in the last quarter, the weakest growth in five years and far below the pace needed to generate jobs for the millions of young Indian's entering the labour market each month. And the unemployment rate rose to a multi-year-high of 6.1 per cent in the 2017/18 fiscal year.

Budget 2019: Finance minister Sitharaman proposes opening up insurance, aviation sectors to boost growth

Union Finance Minister Arun Jaitley concluded his budget speech a short while ago. The budget 2018-19 focussed primarily on the rural and agricultural economy and promised a brighter future for the <a href="http://www.wionews.com/business-economy/budget-2018-government-to-set-up-worlds-largest-healthcare-programme-says-jaitley-31435">healthcare sector</a>.&nbsp;

No change has been proposed in personal Income tax slab rates.

This year&#39;s budget is likely to make electronic items like laptops, mobile phones and television sets expensive.

The finance minister decided to keep the tax rates of most of the products unchanged. However, the government has decided to rationalise customs duty for several products, a move that will impact the final price of many products.&nbsp;

<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/RdBpQMXPUwg" width="560"></iframe>

In a bid to promote PM Modi&#39;s flagship programme, &#39;Make in India&#39;, the government has decided to tweak customs duty of some products. Prices of imported goods will get impacted.&nbsp;

Also read: <a href="http://www.wionews.com/business-economy/as-expected-budget-2018-friendly-to-farmers-big-on-health-stocks-fall-31454">Budget 2018 friendly to farmers, big on health; stocks fall</a>

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<h5>A hike in customs duty is likely to make luxury cars dearer.&nbsp;</h5>
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The government today proposed to double the customs duty on imported panels to 15 per cent from existing 7.5 per cent with an aim to encourage local manufacturing.

A hike in customs duty is likely to make luxury cars dearer.&nbsp;

&quot;I propose to increase customs duty on mobile phones from 15 per cent to 20 per cent, on some of their parts and accessories to 15 per cent, and on certain parts of TVs to 15 per cent,&quot; Finance Minister Arun Jaitley said in his budget speech.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/top-takeaways-from-union-budget-2018-31457">Top takeaways from Union Budget 2018</a>

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<h5>Cashews, fuel, machine tools, solar panels, footwear are items that are likely to cost less.&nbsp;</h5>
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There is substantial potential for domestic value addition in certain sectors, like food processing, electronics, auto components, footwear and furniture, he added.

&quot;This measure will promote the creation of more jobs in the country,&quot; Jaitley said.

Cashews, fuel, machine tools, solar panels, footwear are items that are likely to cost less.&nbsp;

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<h5>Imported products will cost more; green technology will be cheaper.</h5>
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Customs duty for cashews has been slashed by 2.5%. Imported machine tools and accessories used in the manufacturing sector have seen a drop in the customs duty from 7.5% to 2.5%. Solar panels and green technology enjoy zero customs duty now.

Customs duty on perfumes, dental hygiene, after-shave, deodorants, room deodorizers, haircare products doubled to 20 per cent.

Processed foods, beauty products, cars and motorbikes, silk clothing, footwear, jewellery, furniture that have been imported will be more expensive.

Other items to cost more would include silver, gold, fruit juices, miscellaneous food preparations other than soy protein; sunscreen, oral dental hygiene products, denture fixative pastes and powders, dental floss, shaving items, toiletries, diamonds, watches and clocks, scooters, video game consoles, cigarettes, vegetable oils, among others.&nbsp;

Last year&#39;s budget saw items like LED lamps, solar panels, printed circuit boards for mobiles, micro ATMs, finger-print machines and Iris scanners becoming cheaper.

Items like silver coins and commodities like cigarettes and tobacco, bidis, pan masala, goods imported through parcels, water filter membranes and cashew nuts became more expensive.

A hike in customs duty is likely to make luxury cars dearer.

Union Finance Minister Arun Jaitley concluded his budget speech a short while ago. The budget 2018-19 focussed primarily on the rural and agricultural economy and promised a brighter future for the healthcare sector. No change has been proposed in personal Income tax slab rates. This year's budget is likely to make electronic items like laptops, mobile phones and television sets expensive. The finance minister decided to keep the tax rates of most of the products unchanged. However, the government has decided to rationalise customs duty for several products, a move that will impact the final price of many products. In a bid to promote PM Modi's flagship programme, 'Make in India', the government has decided to tweak customs duty of some products. Prices of imported goods will get impacted. Also read: Budget 2018 friendly to farmers, big on health; stocks fall A hike in customs duty is likely to make luxury cars dearer. × The government today proposed to double the customs duty on imported panels to 15 per cent from existing 7.5 per cent with an aim to encourage local manufacturing. A hike in customs duty is likely to make luxury cars dearer. "I propose to increase customs duty on mobile phones from 15 per cent to 20 per cent, on some of their parts and accessories to 15 per cent, and on certain parts of TVs to 15 per cent," Finance Minister Arun Jaitley said in his budget speech. Also read: Top takeaways from Union Budget 2018 Cashews, fuel, machine tools, solar panels, footwear are items that are likely to cost less. × There is substantial potential for domestic value addition in certain sectors, like food processing, electronics, auto components, footwear and furniture, he added. "This measure will promote the creation of more jobs in the country," Jaitley said. Cashews, fuel, machine tools, solar panels, footwear are items that are likely to cost less. Imported products will cost more; green technology will be cheaper. × Customs duty for cashews has been slashed by 2.5%. Imported machine tools and accessories used in the manufacturing sector have seen a drop in the customs duty from 7.5% to 2.5%. Solar panels and green technology enjoy zero customs duty now. Customs duty on perfumes, dental hygiene, after-shave, deodorants, room deodorizers, haircare products doubled to 20 per cent. Processed foods, beauty products, cars and motorbikes, silk clothing, footwear, jewellery, furniture that have been imported will be more expensive. Other items to cost more would include silver, gold, fruit juices, miscellaneous food preparations other than soy protein; sunscreen, oral dental hygiene products, denture fixative pastes and powders, dental floss, shaving items, toiletries, diamonds, watches and clocks, scooters, video game consoles, cigarettes, vegetable oils, among others. Last year's budget saw items like LED lamps, solar panels, printed circuit boards for mobiles, micro ATMs, finger-print machines and Iris scanners becoming cheaper. Items like silver coins and commodities like cigarettes and tobacco, bidis, pan masala, goods imported through parcels, water filter membranes and cashew nuts became more expensive.

Union budget 2018: Electronic items like mobile phones, television sets to get expensive 

As the government unveils its 2018-19 budget today, all eyes will be on whether the authorities stay the course on containing the fiscal deficit, or whether they throw caution to the wind with a populist set of spending priorities.

Facing discontent at home over falling farm incomes and a backlash following policy initiatives that have dented growth, Prime Minister Narendra Modi will be aiming to woo rural voters and small business owners in the last full budget before a general election that must be held by May 2019.&nbsp;

While economic growth has been slowed by the botched rollout of a nationwide goods and service tax (GST) in 2017, and a shock move to ban high-value currency notes in late 2016, investors have so far looked beyond the setbacks, perceiving the initiatives as being positive in the long term.&nbsp;

Benchmark 10-year bond yields have fallen 135 basis points and the NSE share index has surged 55 percent since Modi took power in May 2014.

To keep investors on the side, however, Modi will have to convince them that he plans to keep to his word on working towards reining in the fiscal deficit.

A Reuters poll this week showed most economists expect a 3.2 percent deficit in 2018-19, as the government looks to increase investments in areas such as agriculture. Anything much beyond that, however, may draw a swift sell-off in the markets.

Investors were already spooked this week after India&#39;s Chief Economic Advisor Arvind Subramanian, in an economic survey ahead of the budget, suggested &quot;a pause&quot; in the fiscal consolidation path, while the government attempts to reinvigorate growth.

Indian shares fell for a second consecutive session on Wednesday, as investors opted to book profits ahead of the budget, with markets trading near all-time highs.

The benchmark 10-year bond yield closed flat at 7.60 percent on Wednesday, but it is up 13 basis points from its close on Friday after Subramanian`s comments.&nbsp;

Facing discontent over falling farm incomes and a backlash following policy initiatives that have dented growth, Prime Minister Modi will be aiming to woo rural voters and small business owners

As the government unveils its 2018-19 budget today, all eyes will be on whether the authorities stay the course on containing the fiscal deficit, or whether they throw caution to the wind with a populist set of spending priorities. Facing discontent at home over falling farm incomes and a backlash following policy initiatives that have dented growth, Prime Minister Narendra Modi will be aiming to woo rural voters and small business owners in the last full budget before a general election that must be held by May 2019. While economic growth has been slowed by the botched rollout of a nationwide goods and service tax (GST) in 2017, and a shock move to ban high-value currency notes in late 2016, investors have so far looked beyond the setbacks, perceiving the initiatives as being positive in the long term. Benchmark 10-year bond yields have fallen 135 basis points and the NSE share index has surged 55 percent since Modi took power in May 2014. To keep investors on the side, however, Modi will have to convince them that he plans to keep to his word on working towards reining in the fiscal deficit. A Reuters poll this week showed most economists expect a 3.2 percent deficit in 2018-19, as the government looks to increase investments in areas such as agriculture. Anything much beyond that, however, may draw a swift sell-off in the markets. Investors were already spooked this week after India's Chief Economic Advisor Arvind Subramanian, in an economic survey ahead of the budget, suggested "a pause" in the fiscal consolidation path, while the government attempts to reinvigorate growth. Indian shares fell for a second consecutive session on Wednesday, as investors opted to book profits ahead of the budget, with markets trading near all-time highs. The benchmark 10-year bond yield closed flat at 7.60 percent on Wednesday, but it is up 13 basis points from its close on Friday after Subramanian`s comments.

Close watch on fiscal deficit as India unveils Budget today

In a short speech before the commencement of Parliament&rsquo;s Budget Session, PM Narendra Modi appealed to the opposition to pass the Triple Talaq Bill, which criminalises instant divorce.&nbsp;

PM Modi also said the budget will add new vigour to India&#39;s development and will fulfil aspirations of people.&nbsp;

&quot;We should rise above politics and make most use of our healthy system of parliamentary committees and have proactive discussions,&quot; he said.&nbsp;

The session started a short while ago with President Ram Nath Kovind&nbsp;addressing a joint sitting of the two houses.

The much-awaited economic survey will also be presented on the day 1 of the budget session.&nbsp;

The&nbsp;economic survey document is critical in the process of the Union Budget. It is not only an appraisal of the economy and government spending over the financial year that is coming to a close but also a roadmap that provides the rationale for Union Budget 2018, which will be tabled by Finance Minister Arun Jaitley on February 1.

The phase 1 of the session starts today and will go on till&nbsp;February 9. The second phase will take place from March 5 to April 6.

The budget will be tabled by finance minister Arun Jaitley on February 1, making it a first budget to be presented after Goods and Services Tax implementation.

The most important bills of this session would be the commission for backward classes and Triple Talaq bill, which was passed in Lok Sabha but was stalled in the Rajya Sabha.

The phase 1 of the session begins today and will wrap up on February 9. The second phase will take place from March 5 to April 6.

In a short speech before the commencement of Parliament’s Budget Session, PM Narendra Modi appealed to the opposition to pass the Triple Talaq Bill, which criminalises instant divorce. PM Modi also said the budget will add new vigour to India's development and will fulfil aspirations of people. "We should rise above politics and make most use of our healthy system of parliamentary committees and have proactive discussions," he said. The session started a short while ago with President Ram Nath Kovind addressing a joint sitting of the two houses. The much-awaited economic survey will also be presented on the day 1 of the budget session. The economic survey document is critical in the process of the Union Budget. It is not only an appraisal of the economy and government spending over the financial year that is coming to a close but also a roadmap that provides the rationale for Union Budget 2018, which will be tabled by Finance Minister Arun Jaitley on February 1. The phase 1 of the session starts today and will go on till February 9. The second phase will take place from March 5 to April 6. The budget will be tabled by finance minister Arun Jaitley on February 1, making it a first budget to be presented after Goods and Services Tax implementation. The most important bills of this session would be the commission for backward classes and Triple Talaq bill, which was passed in Lok Sabha but was stalled in the Rajya Sabha.

Budget session 2018: PM Modi bats for Triple Talaq Bill to 'protect Muslim women'

&nbsp;

The major policy decisions are almost always announced separately from the budget. Take for instance the New Industrial Policy of 1991 which abolished the &quot;License Raj&quot;, MGNREGA or demonetisation &nbsp; &nbsp; &nbsp;

It is spring-time in Kolkata and the atmosphere is laden with a festive mood. The Kolkata Book Fair is in full swing. The festival of Saraswati Puja, which the vernacular media here has christened as Bengal&rsquo;s Valentine&#39;s Day, falls on February 1 &ndash; incidentally the Union Budget day from this year onwards. And our chief minister has advised us, quite sensibly this time as opposed to what she is known for, to ignore the Union Budget. Against my natural instinct about her advise, I wholeheartedly followed her suggestion on the Budget day. And why not?

I often wonder why there is so much euphoria about the Union Budget in the media. A budget after all is &ndash; just a budget and nothing more or less. It is a statement of planned receipts and expenditures over a stipulated period of time &ndash; like what we do at the beginning of each month in our family. In case of the government, the time-period is one year and the uncertainty over the receipts and expenditures is higher since it depends on multitudes of other factors. And the objectives are different. The family budget allocations are made to maximise the welfare of the family, while the government of the day chooses the budget allocations to increase its vote share, particularly if there is an election in near future. And if the next election happens to be in Punjab or Uttar Pradesh, then one can safely predict that the focus of the budget would be farmers and rural development.

I would have understood the excitement around the annual Budget if the government becomes constitutionally obliged to announce any major economic policy decision in the finance minister&rsquo;s budget speech. But it is not so in India. In fact, the major policy decisions are almost always announced separately from the budget. Take for instance the New Industrial Policy of 1991 which abolished the &quot;License &ndash; Permit Raj&quot;, MGNREGA or the recent demonetisation &ndash; arguably the three most significant economic policy decisions in India in last quarter century. None of these were announced by the finance minister in the budget speech. The announcements made by the prime minister on December 31 in his speech include housing for the poor, relief to farmers, credit support to Ministry of Micro, Small and Medium Enterprises (MSMEs), encouragement to digital transactions, assistance to pregnant women and senior citizens and priority to Dalits, tribals, backward classes and women. He did not need a budget to announce these schemes.

It seems that the year-to-year differences between the budget speeches are merely cosmetic. If somebody analyses the budget speeches of the last 20 years, she will surely find that every budget has been supposed to aim at benefitting the common man and the poor and the roadmap for achieving the above involves the implementation of next generation economic reforms, withdrawal of subsidies and control of fiscal deficit. There is surprising consistency in these despite political differences between different governments. I should confess here that I have never understood the meaning of next generation reforms apart from the fact that they generally refer to various kinds of sops given to industrialists. One thing however astounds me in the narratives about the budget. The assistance given to the poor and underprivileged from the Budget is called subsidy and is treated as expenditure and we are always made to understand that these doles to undeserving should be done away with. At the same time, the help provided to the industrial and corporate sector in different forms are called incentives and treated as revenue 
foregone. From a government&rsquo;s budgetary perspective, I fail to see the difference between the two. I also do not understand why it is such a grand achievement to propose 3.2 per cent instead of 3.4 per cent fiscal deficit which at the end of the year often overshoots the budget proposal.&nbsp;

The government generally takes the opportunity of the budget to score political points by announcing some minor schemes (which are most of the times old schemes repackaged with a different name) or by playing with numbers. Take for example, the finance minister&rsquo;s claim of an unprecedented increase in MGNREGA allocation from Rs 38,500 crores in the current to Rs 48,000 crores in the next fiscal year. What the Finance Minister did not tell us in his budget speech is that the current fiscal&rsquo;s revised estimate for MGNREGA is Rs 47,499 crores as the demand for jobs under the scheme has peaked up after demonetisation. After accounting for the rate of inflation, there appears to be a decrease in real terms in MGNREGA allocation. &nbsp; 
&nbsp; &nbsp; 
Overall, the budgetary exercise is nothing but some fiddling with numbers to balance the book. And that is how it should be. It is just a budget after all.&nbsp;

I doubt whether there is any real significance in the budgetary exercise to generate the high-pitch media excitement around it. Our chief minister has nailed it. I feel proud. 
&nbsp;&nbsp;

The assistance given to underprivileged is called subsidy and is treated as doles to undeserving which should be done away with

The major policy decisions are almost always announced separately from the budget. Take for instance the New Industrial Policy of 1991 which abolished the "License Raj", MGNREGA or demonetisation It is spring-time in Kolkata and the atmosphere is laden with a festive mood. The Kolkata Book Fair is in full swing. The festival of Saraswati Puja, which the vernacular media here has christened as Bengal’s Valentine's Day, falls on February 1 – incidentally the Union Budget day from this year onwards. And our chief minister has advised us, quite sensibly this time as opposed to what she is known for, to ignore the Union Budget. Against my natural instinct about her advise, I wholeheartedly followed her suggestion on the Budget day. And why not? I often wonder why there is so much euphoria about the Union Budget in the media. A budget after all is – just a budget and nothing more or less. It is a statement of planned receipts and expenditures over a stipulated period of time – like what we do at the beginning of each month in our family. In case of the government, the time-period is one year and the uncertainty over the receipts and expenditures is higher since it depends on multitudes of other factors. And the objectives are different. The family budget allocations are made to maximise the welfare of the family, while the government of the day chooses the budget allocations to increase its vote share, particularly if there is an election in near future. And if the next election happens to be in Punjab or Uttar Pradesh, then one can safely predict that the focus of the budget would be farmers and rural development. I would have understood the excitement around the annual Budget if the government becomes constitutionally obliged to announce any major economic policy decision in the finance minister’s budget speech. But it is not so in India. In fact, the major policy decisions are almost always announced separately from the budget. Take for instance the New Industrial Policy of 1991 which abolished the "License – Permit Raj", MGNREGA or the recent demonetisation – arguably the three most significant economic policy decisions in India in last quarter century. None of these were announced by the finance minister in the budget speech. The announcements made by the prime minister on December 31 in his speech include housing for the poor, relief to farmers, credit support to Ministry of Micro, Small and Medium Enterprises (MSMEs), encouragement to digital transactions, assistance to pregnant women and senior citizens and priority to Dalits, tribals, backward classes and women. He did not need a budget to announce these schemes. It seems that the year-to-year differences between the budget speeches are merely cosmetic. If somebody analyses the budget speeches of the last 20 years, she will surely find that every budget has been supposed to aim at benefitting the common man and the poor and the roadmap for achieving the above involves the implementation of next generation economic reforms, withdrawal of subsidies and control of fiscal deficit. There is surprising consistency in these despite political differences between different governments. I should confess here that I have never understood the meaning of next generation reforms apart from the fact that they generally refer to various kinds of sops given to industrialists. One thing however astounds me in the narratives about the budget. The assistance given to the poor and underprivileged from the Budget is called subsidy and is treated as expenditure and we are always made to understand that these doles to undeserving should be done away with. At the same time, the help provided to the industrial and corporate sector in different forms are called incentives and treated as revenue foregone. From a government’s budgetary perspective, I fail to see the difference between the two. I also do not understand why it is such a grand achievement to propose 3.2 per cent instead of 3.4 per cent fiscal deficit which at the end of the year often overshoots the budget proposal. The government generally takes the opportunity of the budget to score political points by announcing some minor schemes (which are most of the times old schemes repackaged with a different name) or by playing with numbers. Take for example, the finance minister’s claim of an unprecedented increase in MGNREGA allocation from Rs 38,500 crores in the current to Rs 48,000 crores in the next fiscal year. What the Finance Minister did not tell us in his budget speech is that the current fiscal’s revised estimate for MGNREGA is Rs 47,499 crores as the demand for jobs under the scheme has peaked up after demonetisation. After accounting for the rate of inflation, there appears to be a decrease in real terms in MGNREGA allocation. Overall, the budgetary exercise is nothing but some fiddling with numbers to balance the book. And that is how it should be. It is just a budget after all. I doubt whether there is any real significance in the budgetary exercise to generate the high-pitch media excitement around it. Our chief minister has nailed it. I feel proud.

Why the Budget is not relevant

Indian President Pranab Mukherjee started off budget 2017 by addressing both the Houses of Parliament on Tuesday.&nbsp;

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Budget session of Parliament begins with President Pranab Mukherjee&#39;s address to members of both the houses. <a href="https://t.co/glkplFHeEb">pic.twitter.com/glkplFHeEb</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/826302621698842624">January 31, 2017</a></blockquote>
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The Economic Survey will be tabled later in the day while the Rail and General Budget will be presented together on Wednesday, a departure from tradition.&nbsp;

Some 34 bills will also be introduced for passing and consideration. These include three ordinances which will be replaced through bills: The ordinance&nbsp;of Enemy Property, Payment of Wages and Specified Bank Notes.

Here are some key quotes from the Indian President&#39;s speech:&nbsp;

<ul>
	<li>Resilience demonstrated by our countrymen particularly the poor, in the fight against black money and corruption, is remarkable.</li>
	<li>Postal network has wider network with over 1.5 lakh crore reach.</li>
	<li>Under Deendayal Upadhyay Yojana, deprived sections have been provided 16,000 crore.</li>
	<li>Over 1.2 crore consumers have voluntarily given up their subsidy and it has helped the poor.</li>
	<li>1.4 lakh villages, over 450 cities, 70 districts and 23 states have declared them open defecation free.</li>
	<li>&nbsp;At the core of all my government policies, is the welfare of &#39;gareeb&#39;,&nbsp;&#39;peedit&#39;, &#39;Dalit&#39;, &#39;vanchhit&#39;.&nbsp;</li>
	<li>26 crore plus Jan Dhan accounts have been opened. Over 20 crore RuPay card have been given to enable cashless scheme.</li>
	<li>My government has taken various initiatives to improve the quality of life of poor.</li>
	<li>My government is committed to provide shelter to the homeless under Pradhan Mantri&nbsp;Aawas Yojna.&nbsp;</li>
	<li>In farmer&rsquo;s welfare lies the country&rsquo;s economic prosperity. &nbsp;My government has taken many steps to improve the lives of farmers.</li>
	<li>Affordable credit, improved irrigation facilities, improved productivity through soil health care cards. Three crore Kisan or farmer cards will be converted to rupee debit cards.</li>
	<li>My government is making &quot; naari shakti&quot; an integral part of our development journey, they deserve equal opportunities.</li>
	<li>
	PV Sindhu, Sakshi Malik, Deepa illustrate strength of our women.
	</li>
	<li>
	Social and economic equality for deprived sections is the first promise of our constitution, our Govt is committed to fulfilling it.
	</li>
	<li>
	Through the Stand-Up India initiative, the govt plans to empower over 2-and-a-half lakh SCs, STs and women entrepreneurs.
	</li>
	<li>
	North East is our gateway for trade and communication with South East Asia.
	</li>
	<li>
	India has been facing grave challenge of terrorism, threat to global community.
	</li>
	<li>
	India gave a befitting reply to repeated incursions by conducting successful surgical strikes.
	</li>
	<li>
	J&amp;K affected by terrorism sponsored and supported from across the border.
	</li>
</ul>

(Agencies)

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

The President called this session 'historic'

Indian President Pranab Mukherjee started off budget 2017 by addressing both the Houses of Parliament on Tuesday. Budget session of Parliament begins with President Pranab Mukherjee's address to members of both the houses. pic.twitter.com/glkplFHeEb — ANI (@ANI_news) January 31, 2017 × The Economic Survey will be tabled later in the day while the Rail and General Budget will be presented together on Wednesday, a departure from tradition. Some 34 bills will also be introduced for passing and consideration. These include three ordinances which will be replaced through bills: The ordinance of Enemy Property, Payment of Wages and Specified Bank Notes. Here are some key quotes from the Indian President's speech: Resilience demonstrated by our countrymen particularly the poor, in the fight against black money and corruption, is remarkable. Postal network has wider network with over 1.5 lakh crore reach. Under Deendayal Upadhyay Yojana, deprived sections have been provided 16,000 crore. Over 1.2 crore consumers have voluntarily given up their subsidy and it has helped the poor. 1.4 lakh villages, over 450 cities, 70 districts and 23 states have declared them open defecation free. At the core of all my government policies, is the welfare of 'gareeb', 'peedit', 'Dalit', 'vanchhit'. 26 crore plus Jan Dhan accounts have been opened. Over 20 crore RuPay card have been given to enable cashless scheme. My government has taken various initiatives to improve the quality of life of poor. My government is committed to provide shelter to the homeless under Pradhan Mantri Aawas Yojna. In farmer’s welfare lies the country’s economic prosperity. My government has taken many steps to improve the lives of farmers. Affordable credit, improved irrigation facilities, improved productivity through soil health care cards. Three crore Kisan or farmer cards will be converted to rupee debit cards. My government is making " naari shakti" an integral part of our development journey, they deserve equal opportunities. PV Sindhu, Sakshi Malik, Deepa illustrate strength of our women. Social and economic equality for deprived sections is the first promise of our constitution, our Govt is committed to fulfilling it. Through the Stand-Up India initiative, the govt plans to empower over 2-and-a-half lakh SCs, STs and women entrepreneurs. North East is our gateway for trade and communication with South East Asia. India has been facing grave challenge of terrorism, threat to global community. India gave a befitting reply to repeated incursions by conducting successful surgical strikes. J&K affected by terrorism sponsored and supported from across the border. (Agencies)

Budget 2017: President Pranab Mukherjee addresses joint session of Parliament

The Budget session of the Indian Parliament will start from January 31, a day before the federal budget is likely to be presented.

President Pranab Mukherjee has summoned the Rajya Sabha to convene on January 31, an official notification said.

A similar notification is also expected from the Lok Sabha secretariat.

While the session will begin with the President&#39;s address to the joint sitting of the two Houses, the pre-budget &nbsp;economic survey will be tabled the same day.

The practice of separate railway budget presentation is being scrapped from this year. The railway estimates will be part of the federal budget.

The announcement comes in the middle of opposition parties objecting to the presentation of the budget on February 1 before assembly polls in five states. The parties are objecting that this will skew the balance in government&#39;s favour, enabling it to woo voters with sops.

Parties have petitioned the Election Commission which has asked Cabinet Secretary P K Sinha to respond on behalf of the government.

The Cabinet Committee on Parliamentary Affairs had recently recommended that the Budget Session commence on January 31 and the federal budget be presented the next day so that the new financial provisions come into force from April 1, the beginning of the new fiscal.

(WION with inputs from PTI) 
&nbsp;

The federal budget is likely to be presented on February 1

The Budget session of the Indian Parliament will start from January 31, a day before the federal budget is likely to be presented. President Pranab Mukherjee has summoned the Rajya Sabha to convene on January 31, an official notification said. A similar notification is also expected from the Lok Sabha secretariat. While the session will begin with the President's address to the joint sitting of the two Houses, the pre-budget economic survey will be tabled the same day. The practice of separate railway budget presentation is being scrapped from this year. The railway estimates will be part of the federal budget. The announcement comes in the middle of opposition parties objecting to the presentation of the budget on February 1 before assembly polls in five states. The parties are objecting that this will skew the balance in government's favour, enabling it to woo voters with sops. Parties have petitioned the Election Commission which has asked Cabinet Secretary P K Sinha to respond on behalf of the government. The Cabinet Committee on Parliamentary Affairs had recently recommended that the Budget Session commence on January 31 and the federal budget be presented the next day so that the new financial provisions come into force from April 1, the beginning of the new fiscal. (WION with inputs from PTI)

Indian Parliament's Budget Session to commence from January 31

India&#39;s top court on Monday dismissed a petition to delay the annual federal budget, in view of the upcoming state assembly elections in five states.

Finance Minister Arun Jaitley is scheduled to present the budget on February 1.

&quot;There is no illustration to support that the presentation of Union Budget would influence voters&#39; mind in state elections,&quot; the top court said.

&nbsp;A Public Interest Litigation (PIL) had called for the delay over concerns that Prime Minister Narendra Modi&#39;s government could seek to influence the outcome of the polls with populist spending promises.

&quot;The budget should be presented in April. The government should not release it in February, as the state elections are starting soon,&quot; lawyer ML Sharma, who filed the deferment plea earlier this month, had said.

Modi&#39;s government announced last autumn that it would deliver its budget a month earlier than usual.

(WION with inputs from agencies)

Finance Minister Arun Jaitley is scheduled to present the budget on February 1

India's top court on Monday dismissed a petition to delay the annual federal budget, in view of the upcoming state assembly elections in five states. Finance Minister Arun Jaitley is scheduled to present the budget on February 1. "There is no illustration to support that the presentation of Union Budget would influence voters' mind in state elections," the top court said. A Public Interest Litigation (PIL) had called for the delay over concerns that Prime Minister Narendra Modi's government could seek to influence the outcome of the polls with populist spending promises. "The budget should be presented in April. The government should not release it in February, as the state elections are starting soon," lawyer ML Sharma, who filed the deferment plea earlier this month, had said. Modi's government announced last autumn that it would deliver its budget a month earlier than usual. (WION with inputs from agencies)

India: Top court dismisses petition to delay annual budget

India&#39;s top court, the&nbsp;Supreme Court, said on Friday it would hear a plea at the start of next week that seeks to postpone the government&#39;s annual budget, due to be delivered on February 1, until after five forthcoming state elections are held.

The Public Interest Litigation (PIL) calls for the delay over concerns that Prime Minister Narendra Modi&#39;s government could seek to influence the outcome of the polls with populist spending promises.

Election rules in the world&#39;s largest democracy do not allow governments to offer such giveaways. Modi&#39;s government announced last autumn that it would deliver its budget a month earlier than usual, in a move to pre-empt the polls.

Modi&#39;s Bharatiya Janata Party wants to do well in Uttar Pradesh, a battleground state with a population of more than 200 million that, were it a country, would be holding the biggest election in the world this year.

&quot;The budget should be presented in April. The government should not release it in February, as the state elections are starting soon,&quot; said lawyer ML Sharma, who filed the deferment plea earlier this month.

Sharma said the central government should be restrained from declaring any relief for the poll-bound states in the budget until voting is over, as they would violate the Model Code of Conduct (MCC) that governs India&#39;s elections.

Uttar Pradesh will vote in seven phases starting on February 11 with Modi&#39;s party, which swept the state in the 2014 general election, seeking to oust the ruling Samajwadi Party in a contest vital to his chances of winning a second term in 2019.

The election round will kick off in Punjab and Goa on February 4, followed by Uttarakhand and Manipur. Results in all five elections will be announced in mid-March.

A Supreme Court bench, headed by Chief Justice JS Khehar, will begin hearing the case on Monday, but it is not clear how quickly it will deliver a ruling. The finance ministry started printing the budget documents on Thursday.

(Reuters)

The petition said the ruling government could sway votes by introducing sops in the budget to influence upcoming regional polls

India's top court, the Supreme Court, said on Friday it would hear a plea at the start of next week that seeks to postpone the government's annual budget, due to be delivered on February 1, until after five forthcoming state elections are held. The Public Interest Litigation (PIL) calls for the delay over concerns that Prime Minister Narendra Modi's government could seek to influence the outcome of the polls with populist spending promises. Election rules in the world's largest democracy do not allow governments to offer such giveaways. Modi's government announced last autumn that it would deliver its budget a month earlier than usual, in a move to pre-empt the polls. Modi's Bharatiya Janata Party wants to do well in Uttar Pradesh, a battleground state with a population of more than 200 million that, were it a country, would be holding the biggest election in the world this year. "The budget should be presented in April. The government should not release it in February, as the state elections are starting soon," said lawyer ML Sharma, who filed the deferment plea earlier this month. Sharma said the central government should be restrained from declaring any relief for the poll-bound states in the budget until voting is over, as they would violate the Model Code of Conduct (MCC) that governs India's elections. Uttar Pradesh will vote in seven phases starting on February 11 with Modi's party, which swept the state in the 2014 general election, seeking to oust the ruling Samajwadi Party in a contest vital to his chances of winning a second term in 2019. The election round will kick off in Punjab and Goa on February 4, followed by Uttarakhand and Manipur. Results in all five elections will be announced in mid-March. A Supreme Court bench, headed by Chief Justice JS Khehar, will begin hearing the case on Monday, but it is not clear how quickly it will deliver a ruling. The finance ministry started printing the budget documents on Thursday. (Reuters)

India's top court to hear plea to defer annual budget till state polls are over

Rebutting the charge of Opposition parties that the annual federal budget was being deliberately presented ahead of the assembly elections in five states, the government said the federal budget was an annual constitutional exercise covering the entire country and not just a few states.

The federal government was replying to the Election Commission which had asked it to respond to a representation by opposition parties urging the poll panel to make the government postpone the budget till assembly polls are over, PTI reported.

The opposition had alleged that the budget would be used to woo voters in the poll-bound states.

The cabinet secretariat replied to the Election Commission today.

The government said that advancing the budget presentation was necessary as it would ensure that all budgetary provisions were allocated to different sectors from April 1, the beginning of the new fiscal.

The budget is usually presented around the last week of February and, as a result, the approval of the budget spills over to the next financial year, delaying the start of new programmes, the government said.

The Budget Session has been convened from January 31 when the President will address the joint sitting of the two Houses. The federal budget and the Economic Survey are to be presented the next day.

The parliamentary committees have already been informed to study budgetary proposals in the recess period between February 10 and March 8, the government had said earlier.

It said that the government had made its intentions clear to advance the session in September last year and the federal cabinet had also cleared the proposal.

The opposition parties had written to the President and the Election Commission objecting to the presentation of the federal budget on February 1 ahead of the assembly elections and demanded that the government be asked to defer the annual exercise till March 8, the last day of voting.

A delegation of opposition parties comprising Congress, JD U(), BSP, SP, DMK and RJD had met chief election commissioner, Nasim Zaidi, on January 5, urging it to defer the budget presentation till March 8 at the least. 
 
Punjab and Goa go to polls on February 4 and the last phase of Assembly polls in Uttar Pradesh and Manipur will be held on March 8.

(WION with inputs from PTI) 
&nbsp;

The opposition parties had alleged that the presentation of the budget was being pushed ahead to woo voters in the poll-bound states.

Rebutting the charge of Opposition parties that the annual federal budget was being deliberately presented ahead of the assembly elections in five states, the government said the federal budget was an annual constitutional exercise covering the entire country and not just a few states. The federal government was replying to the Election Commission which had asked it to respond to a representation by opposition parties urging the poll panel to make the government postpone the budget till assembly polls are over, PTI reported. The opposition had alleged that the budget would be used to woo voters in the poll-bound states. The cabinet secretariat replied to the Election Commission today. The government said that advancing the budget presentation was necessary as it would ensure that all budgetary provisions were allocated to different sectors from April 1, the beginning of the new fiscal. The budget is usually presented around the last week of February and, as a result, the approval of the budget spills over to the next financial year, delaying the start of new programmes, the government said. The Budget Session has been convened from January 31 when the President will address the joint sitting of the two Houses. The federal budget and the Economic Survey are to be presented the next day. The parliamentary committees have already been informed to study budgetary proposals in the recess period between February 10 and March 8, the government had said earlier. It said that the government had made its intentions clear to advance the session in September last year and the federal cabinet had also cleared the proposal. The opposition parties had written to the President and the Election Commission objecting to the presentation of the federal budget on February 1 ahead of the assembly elections and demanded that the government be asked to defer the annual exercise till March 8, the last day of voting. A delegation of opposition parties comprising Congress, JD U(), BSP, SP, DMK and RJD had met chief election commissioner, Nasim Zaidi, on January 5, urging it to defer the budget presentation till March 8 at the least. Punjab and Goa go to polls on February 4 and the last phase of Assembly polls in Uttar Pradesh and Manipur will be held on March 8. (WION with inputs from PTI)

Budget covers entire country, not few states: Indian Govt to election body on advancing budget date

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