Here are live updates from the Union Budget 2018, to be presented by Finance Minister Arun Jaitley. This would be the last full-fledged Budget of the present government and would be eagerly watched.
Union Budget Live
12:43 pm: Government levies Long Term Capital Gains Tax on Equity shares at 10% for investments of Rs 1 lakh. Equity Mutual Funds to pay 10% tax as well.
12:36 pm: Tax benefits for senior citizens under Sec 80D enhanced to Rs 50,000 from Rs 30,000.
12:34 pm: In a relief to salaried class a standard deduction of Rs 40,000 is allowed.
12:25 pm: Corporate tax reduced to 25 per cent for companies having turnover of Rs 250 crores only in 2016-17.
12:21 pm: Revised fiscal deficit at 3.5 per cent for 2017-18. Fiscal deficit for 2018-19 pegged at 3.3 per cent of GDP.
12:17 pm: Emoluments for the President, Vice President and Governors enhanced. Salary of President to be raised to Rs 5 lakhs, Vice President Rs 4 lakhs and Governor to Rs 3.5 lakhs.
12:12 pm: 3 government owned nationalized insurance companies to be merged and listed.
12:06 pm: Redevelopment of 600 major railway stations to be taken up; Mumbai transport system is being expanded; suburban network of 160 km planned for Bengaluru: Jaitley
12:05 pm: Railways Capex pegged at Rs 1.49 lakh Crores. Redevelopment of 600 railway stations.
12 pm: 9000 km NH to be completed in Fy 2017-18, says FM.
11:54 am: Govt. to contribute 12% of EPF contribution for new employees in all sectors: FM
11:46 am: Rs 3,794 crores for MSME sector, including for interest subsidy.
11:43 am: Life insurance: Coverage of the current schemes extended.
11:40 am: Flagship health protection scheme to cover 10 crore families by providing Rs 5 lakh per family per year. World's largest government healthcare programme, Jaitley.
11:38 am: Government to focus on health, education & social protection. To use technology to improve education from "blackboard to digital board".
11:36 am: Govt plans to build 2 crore more toilets under Swachh Bharat Mission: Finance Minister
11:34 am: A special scheme will be implemented to support the governments of Haryana, UP and Punjab to address the air pollution problem, says Jaitley.
11:33 am: Jaitley says to bring electricity to rural households that don't have power connections.
11:29 am: 80 million free LPG connections will be given under the Ujwala scheme: FM
11:27 am: Rs 10,000 crores allocated for fishery and aqua development fund.
11:24 am: Allocation to food processing would be doubled. Govt will develop existing 22,000 Gramin Agri Centres to help farmers for direct sales.
11:22 am: Operation "Green" to be launched. Kissan credit cards to be launched to meet working capital requirements.
11:20 am: 470 Agricultural Produce Marketing Committee have been connected to ENAM network, the rest to be connected by March 2018, says FM
11:14 am: As was expected something for the farmers. 1.5 times of cost will be the minimum support price for the kharif crop, says Finance Minister.
11:06 am: Jaitley says there is a premium on honesty in India now. India's economy is now 7th largest in the world. "We hope to grow at 7.2 per cent to 7.5 per cent in second half," Jaitley says.
11:04 am: Arun Jaitley rises to speak.
11 am: Parliament session begins
10:50 am: Cabinet approves Union Budget
10:42 am: Cabinet briefing begins
10:38 am: Individuals are looking for tax breaks and one would have to wait and watch. A hike in Sec 80 C limits is a possibility.
10:35 am: Watch for currency volatility during the course of the day. A likely range in between 63.64 and 63.75 is a possibility.
Reports suggest that the FM will present his Budget in Hindi this time..
10: 25 am: Markets trade steady. Sensex up 200 points, while Nifty is up 3 points.
10:21 am: Reports suggest that the FM will present his Budget in Hindi this time. Let's wait and watch.
Finance Minister reaches parliament.
10:17 am: It is unlikely that we will see any cut in corporate tax. If that happens stock markets will cheer.
10:07 am: Stocks catering to the agriculture sector are up on hopes of an increased outlay for the agricultural sector. That is almost certain in this Budget.
10:00 am: Finance Minister reaches parliament.
Union Budget papers arrive in parliament.
9:55 am: Rupee trades steady at 63.65 to the dollar ahead of the Union Budget. Check currency rates here
9:49 am: Union Budget papers arrive in parliament.
All eyes would be on the fiscal deficit. Bond prices would be closely watched if numbers are higher.
9:47 am: Markets are still trading higher with the Sensex up 167 points. However, that could fast change if capital gains on shares is levied.
9:45 am: All eyes would be on the fiscal deficit. Bond prices would be closely watched if numbers are higher.
Finance Minister meets President Ramnath Kovind
9:35 am: Finance Minister meets President Ramnath Kovind
9:20 am: Markets open higher with the Nifty up 3 points and Sensex up 148 points.