Budget 2020

Budget 2017: Push for public spending, some tax cuts

BL Internet Desk | Updated on January 12, 2018 Published on February 01, 2017

Jaitley along with MoS

No cash transactions above Rs 3 lakh, announces electoral bonds for political funding

<b>Synopsis</b><br /> Offering some soothing balm to the economy and taxpayers post the demonetisation stick, Finance Minister Arun Jaitley’s fourth budget saw <a href="https://www.thehindubusinessline.com/economy/budget/arun-jaitley-to-present-union-budget-at-11-am-today/article9514044.ece"> massive push to public spending </a> while giving away some tax rate cuts to middle class individuals and smaller and medium businesses. To further clamp down on black down and also promote digitisation in the economy, cash transactions cannot henceforth be made for more than Rs 3 lakh. <br /> Transform, energise and clean India is the motto, says the Finance Minister as he concludes the Budget presentation. <br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Stock market not much amused at FM <a href="https://twitter.com/arunjaitley">@arunjaitley</a> <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a> speech. <a href="https://twitter.com/SENSEX_BSE">@SENSEX_BSE</a> up 0.5%, <a href="https://twitter.com/NSE_NIFTY">@NSE_NIFTY</a> down 0.08%. <a href="https://twitter.com/businessline">@businessline</a> <a href="https://twitter.com/hashtag/BLBudget?src=hash">#BLBudget</a></p>— Rutam Vora (@RutamV) <a href="https://twitter.com/RutamV/status/826693711597797377">February 1, 2017</a></blockquote><br /> Present burden of taxation mainly on salaried class. Post demonetisation legitimate expectation of reduced burden. Rs.2.5-5 lakhs band income to be taxed at 5% instead of 10% for personal income tax payers. Zero tax liability for those earning up to Rs 3 lakh. 10% surcharge for those with income between Rs.50 lakhs to Rs.1 crore. Rs 12,500 benefit for those earning over Rs 5 lakh per annum. Simple 1 page form for filing income tax returns. Arun Jaitley terms the tax reforms biggest since Independence as the country awaits GST rollout. No increase in 80C exemptions, no new tax rebates. Govt is using data analytics ṭo keep an eye on tax income. Net loss from Direct Tax proposal pegged at Rs 20,000 cr. Assess no loss from indirect tax proposal.<br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Tax rates cut for individuals to 5% for below Rs 5 lac pa. So if you make about Rs 30k a month, you may not now pay tax. <a href="https://twitter.com/businessline">@businessline</a></p>— Tanya Thomas (@tanyakondody) <a href="https://twitter.com/tanyakondody/status/826691810496040965">February 1, 2017</a></blockquote><br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">With no other tax exemptions, the rest of us will still be paying taxes through our noses. So there <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a> <a href="https://twitter.com/businessline">@businessline</a></p>— Tanya Thomas (@tanyakondody) <a href="https://twitter.com/tanyakondody/status/826692381638610945">February 1, 2017</a></blockquote><br /> Proposes to exempt FPI (category 1 and 2) from indirect transfer provision <br /> Political funding: FM announces measures for "transparency" in political funding. Maximum cash donation allowed from one source to be Rs 2,000. Political donations by cheque or digital mode permitted; RBI Act to be amended for issuance of electoral bonds. Electoral bonds can be bought only through cheque or digital means. <br /> No transaction above Rs 3 lakh to be admitted in cash. Income Tax Act to be amended accordingly. <br /> Cash donation receivable by a charitable trust to be reduced to Rs.2000 from Rs.10,000 <br /> LNG customs duty down to 2.5% from 5%. LNG to be cheaper, great for households. Petronet LNG up 2.47%. <br /> Banks- interest received to be taxed on receipt rather than on accrual for NPA accounts <br /> Corporate tax- MSMEs with annual turnover upto Rs.50 crore will have to pay only 25% tax <br /> MAT carry forward to be expanded to 15 years from 10 now <br /> Startups can carry forward their losses for three years even if the promoter goes below 51 per cent <br /> Land pool offerors for AP capital to get cap gains exemption <br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">All infra stocks, realty stocks up <a href="https://twitter.com/businessline">@businessline</a> <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a></p>— priyanka pani (@aaravmeanspeace) <a href="https://twitter.com/aaravmeanspeace/status/826687411333844992">February 1, 2017</a></blockquote><br /> Tax exemptions will be a relief to middle class, promote digital economy and affordable housing. Capital gains tax- holding period for immovable property to be reduced to 2 years from 3 for long term. Tax to be levied for unoccupied houses a year after getting completion certificate. Boost for affordable housing, more realistic size limits set. Capital gains exemption investment basket of instruments to be made expanded. <br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">90 minutes into the speech, no lollipops for middle-class.... <a href="https://twitter.com/arunjaitley">@arunjaitley</a> <a href="https://twitter.com/hashtag/BLBudget?src=hash">#BLBudget</a></p>— Raghuvir Srinivasan (@srirags) <a href="https://twitter.com/srirags/status/826686158994276356">February 1, 2017</a></blockquote><br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">FM <a href="https://twitter.com/arunjaitley">@arunjaitley</a> does a dissection of tax payer companies &amp; individuals. Reveals massive gaps and tax evasion issues. <a href="https://twitter.com/arunjaitley">@arunjaitley</a> <a href="https://twitter.com/hashtag/BlBudget?src=hash">#BlBudget</a></p>— Rutam Vora (@RutamV) <a href="https://twitter.com/RutamV/status/826685745637240832">February 1, 2017</a></blockquote><br /> India's Tax to GDP ratio is very low. Direct Tax collection is not commensurate with the spending. Of 13.94 lakh cos registered only 5.97 lakh cos have filed returns for 2016-17. 3.7 cr individuals filed returned in FY-17. From 3.7 cr individals who filed returns 99 lakhs showed income below exemp limit, 1.95 cr bet Rs.2.5-5 lakh &amp; only 24 lakh above Rs.10 lakh. Out of 76 lakh individual assessee who declare over Rs 5 lakh income, 56 lakh are salaried. India is a largely tax non-compliant society. Presence of large cash economy allows tax evasion. Post-demonetisation, 1.09 lakh bank a/cs got deposits over Rs.2 lakh and upto Rs.80 lakhs. Net tax revenue 17% higher for second year in row. Advance tax in personal category is up 34.8% . <br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Btw, Reliance Industries is down 0.22%. <a href="https://twitter.com/hashtag/justsaying?src=hash">#justsaying</a> <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a> <a href="https://twitter.com/businessline">@businessline</a></p>— Tanya Thomas (@tanyakondody) <a href="https://twitter.com/tanyakondody/status/826684461500727297">February 1, 2017</a></blockquote><br /> Total Expenditure placed at Rs 21.47 lkh crore in FY18. Rs.4,11,000 crore to be transferred to States compared to a little over Rs.3 lakh crore last year. Defence, excl pensions to get Rs.2,74,118 crore. Scientific Ministry to get allocation of Rs 37,435 crore. Total budget expenditure Rs 21.47 lakh crore. Capital expenditure hiked by 25 per cent. FRBM - debt: GDP ratio of 60% and 3% fiscal deficit including deviations of 0.5 per cent of GDP prescribed by committee. Defence Ministry to get allocation of Rs 2.76 lakh crore. 3.2% fiscal deficit target for 17-18, net borrowing to be Rs3.48 lakh crore, lower than Rs. 4.38 lakh crore last year. Revenue deficit 2.1% as per revised estimate for 2016-17 . <br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Well, the stocks seems to be taking it well. BPCL, HPCL, Indian Oil up 1%. But <a href="https://twitter.com/arunjaitley">@arunjaitley</a> must give details. <a href="https://twitter.com/businessline">@businessline</a> <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a> <a href="https://t.co/VlvBYTnhyC">https://t.co/VlvBYTnhyC</a></p>— Tanya Thomas (@tanyakondody) <a href="https://twitter.com/tanyakondody/status/826682875823140864">February 1, 2017</a></blockquote><br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">This will not make India Inc happy - law proposed to confisicate assets of economic offenders who flee abroad <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a> <a href="https://twitter.com/businessline">@businessline</a></p>— R Srinivasan (@srinivasanravi) <a href="https://twitter.com/srinivasanravi/status/826683157558751233">February 1, 2017</a></blockquote><br /> Merging all the tribunals for speedy redressal of legal hearings. New law to confiscate assets of economic offenders fleeing the country. <br /> Head Post Offices to be used as "front office" for offering passport services to citizens. Announces a centrlaised defence travel system for soldiers &amp; defence personnel. Web-based pension distribution system announced for defence pensioners. <br /> <b>Digital Economy</b><br /> Digital economy to remove corruption and fiscal discipline. There is evidence of increased digital transactions. India at the cusp of a massive digital revolution. Steps being taken to boost digital transactions, BHIM app along with two more schemes to be launched to cashless transactions--Referral bonus scheme, cash-back for merchants to promote digital transactions. 125 lakh people have adopted BHIM app. Additional 10 lakh POS terminal this year. 20 lakh Aadhar based PoS by September 2017. Jaitley says shift to digital platform has huge benefits for common man. Digital payment infrastructure to be improved with Aadhaarpay. New Payment Regulatory Board in RBI replacing existing Board. <br /> Double lending target at Rs 2.44 lakh crore under PM Mudra Yojana, doubled from last year <br /> Rs 10,000 crore for recapitalisation of PSU banks <br /> India planning to make one integrated public sector oil major.<br /> Listing of PSEs- revised mechanism for time-bound listing for identified PSEs. IRCTC to be listed!<br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Yawn, yawn.. the stock market is bored and indices stay flat <a href="https://twitter.com/arunjaitley">@arunjaitley</a> <a href="https://twitter.com/hashtag/BLBudget?src=hash">#BLBudget</a></p>— Raghuvir Srinivasan (@srirags) <a href="https://twitter.com/srirags/status/826679785648750592">February 1, 2017</a></blockquote><br /> <b>Financial sector</b><br /> 90% of FDI inflows are now proposed through automatic route. FIBP to be abolished.<br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Wooh. That was big. No more FIPB, easier for phoren investment to come in .<a href="https://twitter.com/businessline">@businessline</a> <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a></p>— Tanya Thomas (@tanyakondody) <a href="https://twitter.com/tanyakondody/status/826679647765159936">February 1, 2017</a></blockquote><br /> Trade infra export scheme 2017-18 at Rs 3.96 crore.<br /> Expert committe to be set up for commodity and derivatives market ops <br /> Rs126,000 cr worth of electronic manufacturing proposals received in the past two years. <br /> Phase 2 crude oil reserves at Odisha and Rajasthan. It takes our reserve to 15.33 mmt. Strategic crude reserves- caverns to be set up in Odisha and Bikaner in addition to 3 existing, taking capacity to 15.22 TMT <br /> Optical Fibre laid in 150,000 kms. Rs 10K crore allocated for next fiscal. "By 2017, high-speed broadband at 1.5 lakh panchayats." <br /> <b>Roads, Airports</b><br /> Allocation for National Highways up from Rs. 57,676 cr in last year BE to 64,000 cr. Transport sector as a whole gets Rs.2,41,387 cr in 17-18, includes Railways. Airport Authority of India Act to be amended to utilise its land in a better way <br /> <b>Railways</b><br /> Rs 131,000 cr for Railways Capex in 2017-18. Now in position to synergise investments in railways, roads, ports and civil aviaiton. Rlys to focus on passenger safety. Rail raksha kosh. Fund for safety to be created. Railway lines of 3,500 km to be commissioned as against 2,800 km this fiscal. Dedicated trains for tourism and pilgrimage. Rs 1 lakh crore corpus for Railways safety fund. No unmanned railway crossings by 2020. 25 railway stations to be redeveloped in 2017-18. 500 stations to be made differently abled friendly. 7,000 stations to get solar power facilities. Bio toilets in all railway coaches by 2019. Service charges for tickets booked through IRCTC withdrawn. Railways to offer end to end integrated transportation for select commodities in partnership with logistics firms. New policy on Metro rail soon. To focus on innovative models of implementation and financing. Rail tariffs to be fixed on basis of cost, social obligation, quality of services, competition. Centralised defence system for soldiers for railway bookings introduced. <br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Stocks aren&#39;t reacting to <a href="https://twitter.com/hashtag/Budget2017?src=hash">#Budget2017</a> yet, markets still flat &amp; volumes thin; social spending announcements still going on <a href="https://twitter.com/businessline">@businessline</a></p>— Tanya Thomas (@tanyakondody) <a href="https://twitter.com/tanyakondody/status/826676703657345024">February 1, 2017</a></blockquote><br /> Aadhaar-based health card for senior citizens. Assured pension for senior citizens with 8% assured returns. <br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Almost half way through the speech, this Budget is beginning to resemble more like one from the UPA than the NDA. <a href="https://twitter.com/hashtag/BLBudget?src=hash">#BLBudget</a></p>— Raghuvir Srinivasan (@srirags) <a href="https://twitter.com/srirags/status/826676428548763648">February 1, 2017</a></blockquote><br /> SC allocation increased to Rs 52,000 crore from Rs 38,000 crore <br /> <b>Health</b><br /> Govt to take steps to reform regulatory framework to practice in India. 2 new AIIMS to be set up in Jharkhand and Gujarat. Budget 2017 seeks to reduce costs of medical devices. New rules for medical devices, will reduce cost and attract investment. Elimination of filaria, TB, measles all by 2020 target, steps to create 5,000 PG seats for doctors. <br /> Affordable housing to get infrastructure status. Interest rates to be brought down for rural housing. National Housing Bank to refinance ₹20,000 cr loans <br /> Saab ka saath, saab ka vikas begins with girl child, says Jaitley. Mahila shakti kendras in villages with Rs 500 crore allocation in 14 lakh anganwadis. Allocation for welfare of women and children stepped up from Rs 1.5 lakh crore to Rs 1.84 lakh crore.<br /> Incredible India 2.0 - five special tourism zones to be set up. <br /> <b>Education</b><br /> Proposed to introduce annual learning measurements in schools. Emphasis on science education and flexible curriculum to be a focus in education section. Propose to introduce measuring annual learning outcome in schools in 3,479 edu backward blocks. ICT enabled classrooms in 3,479 educationally backward blocks. Swayam platform to offer 350 online courses. Reforms in UGC will be undertaken. FM proposes to set up Sankalp programme for market-based training for youth. Focus on Skill India to maximise potential of Youth. To create Innovation fund for secondary education. National Testing Agency to conduct all entrance exams freeing AICTE, others of responsibility. <br /> Rs 1,87,223 cr allocation for rual, agri which is a record, says Arun Jaitley<br /> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Fertilizer stocks rally post FM <a href="https://twitter.com/arunjaitley">@arunjaitley</a>&#39;s agri push speech.Deepak Fert 6%, GNFC 3%, Nat Fert.3.8% on <a href="https://twitter.com/SENSEX_BSE">@SENSEX_BSE</a> <a href="https://twitter.com/businessline">@businessline</a> <a href="https://twitter.com/hashtag/budget?src=hash">#budget</a></p>— Rutam Vora (@RutamV) <a href="https://twitter.com/RutamV/status/826673462735421444">February 1, 2017</a></blockquote><br /> Allocation on various employment schemes has been increased three times <br /> Swach Bharat Yojana- sanitation coverage up from 42% to 60 per cent now in rural areas <br /> <b>Agri stocks move up</b><br /> With credit sops for farmers, agri stocks Kaveri seeds, Chambal fertilizer, MCF, Renuka Sugars rise 1-2% <br /> Target 100% village electrification by May 1, 2018<br /> 133 km roads made per day under PMGSY. Rs 19,000 crore for PMGSY. One crore houses for houseless by 2019. <br /> <b>MGNREGA</b><br /> Participation of women in MNREGA increased to 55% in 2016-17 to less than 40%. MGNREGA to get Rs 48,000 crore in 2017-18, the highest allocation ever. Space-technology to be used to make MGNREGA more effective <br /> <b>Agriculture</b><br /> Agriculture expected to grow at 4.1 % this fiscal. Total area sown under current rabi season higher than last year. Target for agri credit at Rs 10 lakh crore in 2017-18. 10 lakh farmers have been given credits this year. Fasal Bima yojana, a major step to secure farmers against natural calamities. Fasal Bima Yojana coverage to be increased from 30 to 40 per cent in 17-18 and 50% in 2018-19. Budget targets to double farm income in five years. Issuance of soil health cards has gathered momentum. Mini-labs in krishi vigyan kendras to boost issuance of soil health cards. e-NAM to be expanded from 250 now to 585 centres. Irrigation corpus increased from Rs 20,000 crore to Rs 40,000 crore. A dedicated micro irrigation fund with initial corpus of Rs5,000 cr will be set up. Model law on contract farming to be prepared and circulated to States for adoption. Milk processing fund of Rs 8,000 crore for next three years to boost agriculture. 50,000 gram panchayats to be made poverty-free by 2019. Nabard to setup Micro Irrigation Fund with a corpus of Rs 5k cr. <br /> Done away with Plan and non-Plan Budget. <br /> Budget 2017 has three major reforms. Merger of Railway Budget with General Budget a historic step. Early Budget will help departments to operationalise projects <br /> More spending in rural sector, infra and social welfare<br /> Demonetisation will help in a cleaner, healthier GDP<br /> My approach has been to spend more on rural, infrastructure, poverty alleviation <br /> Ghabra ke na tham jaayie aap. . After quoting Bapu now some shero shaiyari from the Finance Minister. <br /> Functional autonomy of Railways will continue <br /> <b>Demonetisation </b><br /> Demonestisation is a decisive measure by the government. Invokes Mahatma Gandhi. Says right cause never fails. Drop in economic activity is only a transient impact. Demonetisation seeks to bring new normal, where GDP is bigger and cleaner. On impact, there is early evidence of increased capacity of banks to lend at lower interest rates. Remonetisation has picked up pace and will soon reach comfortable levels. . It aims to bring more saving, reduce corruption and promote digital economy. Demonetisation and GST will have an epoch making path in our economy. Demonetisation impact will not spill over to next year. World Bank optimistic about India's growth. <br /> <b>11.15 am</b><br /> Protectionist measures could impact exports from emerging countries <br /> India is now 6th largest manufacturing country in the world, up from 9th previously. We are seen as engine of global growth. India is among economies undertking transformational reforms. <br /> India expected to be one of the fastest growing economies in 2017 according to IMF, says Jaitley <br /> 36% rise in FDI in first half of current fiscal to Rs 145,000 crore <br /> CAD down to 0.3 % in HY 2016-17 <br /> Uncertainty of crude oil prices will create an impact on the global economy <br /> Inflation has been controlled, says Arun Jaitley while presenting Budget 2017 <br /> World economy facing considerable uncertainty<br /> <b>11.10 am</b><br /> We've moved from a discretionary based admn to a policy and system-based administration. Massive war on BlackMoney has been launched, says Arun Jaitley. <br /> <b>11.08 am</b><br /> Arun Jaitley starts Budget presentation<br /> <b>11.07 am</b><br /> Commodity futures maintained mixed trend on the bourses ahead of the presentation of the Union Budget by the Finance Minister Arun Jaitley on Wednesday. <br /> <b>11.05 am</b><br /> Parliament pays respects to former union minister EA Ahamed<br /> <b>10.55 am</b><br /> Cabinet meeting approves Union Budget 2017-18<br /> <b>10.50 am</b><br /> Brushing aside doubt in the wake of death of a sitting member, Finance Minister Arun Jaitley today announced that he will present the Union Budget for 2017—18 as scheduled at 11 am. Sources said the government cited death of minister M B Rana on the Budget day on August 31, 1974. The then Speaker G S Dhillon decided to go ahead with the Budget presentation. Indira Gandhi was the prime minister then.<br /> <blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017 <a href="https://t.co/BtQAlBf8Zz">https://t.co/BtQAlBf8Zz</a></p>— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/826653574511759362">February 1, 2017</a></blockquote><br /> <b>10.45 am</b><br /> Lok Sabha Speaker Sumitra Mahajan says Budget will be presented today. It is a constitutional obligation, says Lok Sabha Speaker.<br /> <b>10.45 am</b><br /> For the first time the Rail Budget is subsumed in the General Budget. Jailtley is likely to give more focus on infrastructure development such as new lines, station redevelopment, and safety upgradation. <br /> <b>10.40 am</b><br /> Markets turn negative ahead of the Budget presentation. The NSE Nifty was down 4.70 points or 0.05 per cent at 8,556.60. The Sensex was flat at 27,658.15. <br /> <b>10.24 am</b><br /> FM Arun Jaitley, MoS Arjun Ram Meghwal, MoS Sntosh Gangwar and senior FinMinIndia officials present Budget2017 to President Pranab Mukherjee. <img src="https://www.thehindubusinessline.com/multimedia/archive/03126/JaitleywithPranab_3126401a.jpg" class="bordered-image left-align" /><br /> <b>10.14 am</b><br /> The Sensex is trading up 6.98 points or 0.03 per cent at 27,662.94 while the NSE Nifty is up 0.25 points at 8,561.55 in volatile trade. <br /> <b>10.09 am</b><br /> Congress is seeking postponement of the Budget. It wants presentation deferred by a day.<br /> <b>10.03 am</b><br /> Cabinet meeting to begin shortly<br /> <b>9.59 am</b><br /> On Wednesday, individual taxpayers would be hoping for an encore of the July 2014 Budget, and an enhanced one at that. In that Budget — the first after the Narendra Modi government took charge — Finance Minister Arun Jaitley had raised by ₹50,000 the tax exemption limit, the Section 80C tax-saving investment limit and also the deduction on interest paid on home loan for self-occupied property. No such luck in the next two Budgets despite broad hints and promises of better days ahead. <a href="https://www.thehindubusinessline.com/portfolio/budget-countdown-raise-income-tax-slabs-for-individuals/article9508256.ece?homepage=true">Read more</a><br /> <b>9.54 am</b><br /> Finance Minister Arun Jaitley reaches Parliament<br /> <b>9.47 am</b><br /> Budget papers at Parliament House on Budget Day in New Delhi on Wednesday. Photo: Kamal Narang<br /> <img src="https://www.thehindubusinessline.com/multimedia/archive/03126/Budgetpapers_3126386a.jpg" class="bordered-image left-align" /><br /> <b>9.33 am</b><br /> Challenging Budget: Finance Minister Arun Jaitley presents the most challenging budget of his tenure on Wednesday, as he seeks to appease voters still hurting from the radical monetary shock therapy that his government has administered. The 2017/18 Budget comes less than three months after Prime Minister Narendra Modi's bold and risky gamble to outlaw high-value old currency notes, which has slammed the brakes on Asia's third-largest economy and hit the poor particularly hard. Senior officials with direct knowledge of Budget planning say Jaitley may allow the federal fiscal deficit to overshoot an earlier target of 3 per cent of gross domestic product to leave room for the government to ramp up public investment. <br /> <b>9.27 am</b><br /> Indian shares opened the session on a flat note as traders remained cautious ahead of the Union Budget to be presented later today. At 9.15 a.m., the 30-share BSE index Sensex was up 13.12 points at 27,669.08 and the 50-share NSE index Nifty was up 9.05 points at 8,570.35.<br /> <b>9.19 am</b><br /> A view of the unexpected fog over Parliament House on Budget day in New Delhi on Wednesday. Photo: Kamal Narang <img src="https://www.thehindubusinessline.com/multimedia/archive/03126/Parliament_3126376a.jpg" class="bordered-image left-align" /><br /> <b>9.10 am</b><br /> Here's a quick guide to the Budget documents <a href="https://www.thehindubusinessline.com/multimedia/video/article9510004.ece">Watch video here</a><br /> <iframe width="280" height="160" src="https://www.youtube.com/embed/ubXrKtNXiEs/?rel=0&amp;fs=1&amp;rel=0&amp;color1=0x3a3a3a&amp;color2=0x999999?autoplay=1&amp;cc_load_policy=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true"></iframe><br /> <b>9.03 am</b><br /> Finance Minister Arun Jaitley on his way to meet the President.<br /> <b>8.57 am</b><br /> SurveyGDP growth numbers more credible than those put out by CSO <a href="https://www.thehindubusinessline.com/economy/gdp-growth-survey/article9512864.ece">Read more</a><br /> <b>8.53 am</b><br /> Finance Minister leaves for North Block.<br /> <img src="https://www.thehindubusinessline.com/multimedia/archive/03126/EcoSurveyhighlight_3126367a.jpg" class="bordered-image left-align" /><br /> <b>8.37 am</b><br /> Reuters reports: Finance Minister is expected to present the annual budget on schedule later today despite the death of a sitting member of parliament, a spokesman for the prime minister's office said. Parliament typically adjourns for a day after the death of a member, although TV channels cited a precedent where the Budget presentation had still gone ahead in a previous year. A final decision on the timing of the Budget will be taken when political parties and the speaker of the house meet early on Wednesday, officials said. Finance Minister Arun Jaitley is expected to boost spending and ease back on cutting the deficit when he presents his fourth budget, as he seeks to lift growth hit by the government's drive to purge the economy of "black money".<br />

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Published on February 01, 2017
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