Budget 2020 LIVE : Finance Minister Nirmala Sitharaman will present her second Union Budget in Parliament at 11 am today.

Budget 2020 comes at a time when India is staring at an estimated 5 per cent annual rate of expansion, the slowest pace since 2009.

The Budget speech will be keenly watched on both sides of the aisle in Parliament, and also by investors, both domestic and foreign, besides various interest groups like farmers and the anxious middle class.

Will budget lay down path to $5 trillion economy goal?

PM Modi had yesterday said that the Economic Survey, tabled a day before the Budget, outlines a multi-faceted strategy to achieve a $5 trillion economy through enterprise, exports, ease of doing business and more.

The common man, the industry and the market has a wide range of expectation from this Budget.

What to expect from Budget 2020

Some analysts are predicting tax changes to help support businesses and consumers. Here are some possible changes: * Tax rebates on home purchases: an increase in this measure would have a large multiplier effect for both employment as well as consumption, according to Edelweiss Securities Ltd. * Cuts to personal income taxes, long-term capital gains, tax on share buybacks: Bank of America said this would help spur demand. * Tax relief for individuals, minus exemptions as proposed by the Direct Taxes Code, would result in a net gain for the government, according to ICICI Securities.

In its Economic Survey 2020 released on Friday, the Union government predicted that the economic growth would pick up to 6.0% to 6.5% in the fiscal year beginning April 1, but warned that it may have to exceed its deficit target to revive growth.

Live Blog : Budget 2020

Thursday, January 2, 2020

Union Budget 2020 : Everything You Wanted To Know About The Budget

The Union Budget also referred to as the annual financial statement is actually a ledger about the income and expenses of the Union government of India. The budget also details expected expenses for various projects and expected revenue from direct and indirect taxes.

After the Finance Ministers tables the budget in the Parliament, it is also necessary to get the budget passed in both houses of Parliament before it can be implemented. The budget is an extremely significant exercise for the economy of the country. Yearly accounting of income and expenditure of the government, review of the financial health of the country and the resulting transparency and subsequent course correction helps to keep the country's economy on track.

Union Budget history

India’s first Budget was presented on February 18, 1860, by James W Mahalanobis. R K Shanmukham Chetty, the first finance minister of independent India presented the Union Budget on November 26, 1947. In 2001, the then finance minister Yashwant Sinha broke the colonial practice of presenting the Budget in the evening and started the tradition of reading it out from 11 am. Indira Gandhi became the first woman finance minister to present India’s Budget in Parliament in 1970. Nirmala Sitharaman, who was appointed as the finance and corporate affairs minister on May 31, 2019, is the second woman to have presented the Budget on July 5, 2019.

Union Budget 2020

Finance Minister Nirmala Sitharaman is set to present the Budget 2020 on February 1. The Union Budget is an estimate of income and expenditure of the government for a set period of time. It is an annual financial report of India. The Budget also documents how much money the Centre could expect to raise in the coming fiscal and how and where it would spend the money. The Budget is prepared by the Ministry of Finance in consultation with other ministries, states and experts. Ministry officials hold discussions with non-governmental organisations (NGOs), private sector and other stakeholders before preparing the Budget.

As per Article 112 of the Indian Constitution, it is mandatory for the government to present this annual statement. The Union Budget is classified into Capital Budget, Revenue Budget and Expenditure Budget.

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