Budget 2019-20 highlights: Middle class to be 44% of population by 2024, says Arun Jaitley - NEWS SENTRY

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Friday, 1 February 2019

Budget 2019-20 highlights: Middle class to be 44% of population by 2024, says Arun Jaitley

Cheer for middle income tax payers. FM Goyal announces tax rebate and increase in standard deduction.This is the end of our coverage on the Interim Budget. Thank you for staying tuned, your continued readership motivates us to provide you with news of the highest factual consistency.
Has the Interim Budget improved your Quality of Life Quotient (QLQ)?

The interim budget should enable you to improve your QLQ a little bit for now, and possibly even more when the final budget is presented later this year.
he announced tax sops for the middle class. One of the biggest announcement was the doubling of income tax exemption limit to Rs 5 lakh
Shishir Asthana Indian markets had a rollercoaster ride on Friday, after the budget. A number of populist measures were announced but how they will be funded is a question that the market was left wondering.

Kalyan Krishnamurthy, CEO Flipkart Group on the Interim Budget:
“It’s good to see the focus of the interim budget on rural sector, middle class. More money in the hands of rural and middle class is good for driving consumption in the country And hence good for economic growth.More and more local MSME manufacturers and sellers can cater to this increased demand from rural, tier 2/3 towns and we at Flipkart marketplace will be happy to support thousands of such sellers to access the consumers cost effectively and efficiently.“ 

Union Minister Arun Jaitley said that the middle class has been strengthened, and will make up close to 44 percent of the populations by 2024.

Union Minister Arun Jaitley said that fiscal deficit is higher due to a higher allocation of funds to agriculture schemes. He also said that the agricultural sector going through a crisis is overstating it. 

Interim Finance Minister Piyush Goyal managed to strike the right balance between growth and fiscal prudence which D-Street acknowledged by closing the day in the green.
Union Budget 2019-20: The agri push can make a difference if implemented with sincerity

Expansionary budget with a focus on consumer spending and farm reforms- Direct incomes support for marginal farmers- Interest rate subvention to support allied farm activities- Allocation to crop husbandry and

Finance Minister Piyush Goyal has said $2 billion investment In LED will save $7 billion per year, in an interview to CNBC TV-18. Goyal also mentioned that the final fiscal deficit figure is around 3.36%, that lower tax rates will help the formalization of the economy, and that it may finally end up with 3.2% fiscal deficit. He also said that Rs 75,000 crore is transferred to the farmers.

Union Budget good, but subject to assumptions: JSW Steel's Seshagiri Rao
Union Budget 2019 is a good budget, said JSW Steel's Jt Managing Director and Group CFO Seshagiri Rao. But, he added, it is subject to the assumptions coming true.

Boman R. Irani, Chairman & Managing Director, Rustomjee Group on the Budget:
Tilting towards populism, while avoiding a big bend”, the government announced the interim budget for FY20. The FM has made an effort to contain FY19 fiscal deficit @ 3.4% of GDP, while maintaining the FY20 Fiscal deficit target straight line @ 3.4% of GDP (at probably cost of capex expenditure). With potential of stoking inflationary pressures, the budget also pushes the Fiscal consolidation away for some time, especially when there is an increased doubt on revenue generation. The FM has tried to address agrarian issues through a farm package (PM kisaan Samman Yojna), though the allocation pegged t INR 750bn does not disturb the fiscal maths in big way. The revenue targets, especially on GST collections and Disinvestment for FY20 looks quiet stretched and optimistic.As far as RBI is concerned, we believe the budget pushes back possibility of rate cut in near future and expect RBI to highlight potential upside risk to inflation on account of slip in fiscal. We believe that there would be pressure on bond yields and expect new 10 yr g-sec to trade in range of 7.20% - 7.60% in medium term and take further directional cues from incoming macro data”.

Close to 5.3 crore jobs created under Mudra scheme Around 4.5 lakh people have got jobs under mobile phone manufacturing industry says Union Minister Ravi Shankar Prasad.

Close to 5.3 crore jobs created under Mudra scheme. Around 4.5 lakh people have got jobs under mobile phone manufacturing industry says Union Minister Ravi Shankar Prasad in an interview with CNN News 18.
Podcast | Budget 2019 | Zerodha's Nikhil Kamath gives Budget 2019 a thumbs up
The Narendra Modi-led government presented its last budget before the 2019 Lok Sabha elections. Nikhil Kamath, co-founder Zerodha said that government presented a populous Budget with reasonable reforms for the middle class.

Rajnish Kumar, Chairman, SBI on the Budget for FY20: 
The Union Budget for FY 19-20 is growth oriented and forward looking in nature. The announcement of an Assured Income Support Scheme for Small and Marginal farmers is the most welcome step. Additionally, Interest Subvention announced for farmers pursuing Animal Husbandry and Fishery will provide a fillip to this sector. Raising the full tax rebate up to Rs 5 lacs will surely be welcomed by country’s emerging middle class. We believe, this will further strengthen the purchasing power of the growing middle class thereby providing a welcome fillip to the economy at large. Further, exemption of tax on second self-occupied house is likely to give further boost to the housing sector. Hiking the ceiling limit for TDS on bank deposits and small savings will act as a catalyst for this deposit segment by attracting the new depositors. To sum up, on the whole, it is a growth-oriented budget having something for everyone.

Opinion | Say bye bye to lower interest rates for now
Ravi Krishnan The interim budget, which can hardly be termed as one, was clearly aimed at boosting the ruling Bharatiya Janata Party's election prospects.

Comment | This Interim Budget was no dead rubber
The interim budget has taken the wind out of the Opposition's sails - at least for the time being. However, does the government's offensive move betray the BJP's fears about the upcoming Lok Sabha polls?

Yadvinder Singh Guleria, Senior Vice President - Sales and Marketing, Honda Motorcycle and Scooter India Pvt. Ltd: The interim Budget 2019 presented today is a pragmatic balance between economic growth and holistic development of India. The government's announcements towards strengthening rural economy (PM Kisan Samman Nidhi, interest subvention, mega pension scheme) and continued impetus on infrastructure development (trebling rural road construction, new waterways and railways services) will strengthen economy in the long run. In the short term, more disposable income in the hands of 3 crore households for whom two-wheeler is a basic transport need is good news for the industry. We are cautiously optimistic that the resultant positive customer sentiments can offset the industry slowdown caused by the insurance premium hike earlier this year and bring back the industry momentum to earlier estimate of higher single digits.

Feb 01, 05:55 PM (IST)

Congress President Rahul Gandhi: You can waive off Rs 3.5 Lakh Crore loan of 15 people but give only Rs 17 per day to farmers! What else is this, if not an insult? Election will be fought keeping in mind issue of farmers, unemployment & attacks on institutions, it'll also be on the issue of Rafale.

Feb 01, 05:49 PM (IST)

Congress President Rahul Gandhi: On Monday at 5.30 pm, we(Opposition leaders) will go to the election commission over EVMs.

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