/1 M # $!)$5- )$5-5 &.'& 345 K70 2 ;@&&# &; K"$#6--$! , -. % 0E4ED,4 E774606 9A E3,C6,, 6 L 66 ,0,% E 6D0 6 !" ! 6- 78-8989: 3;5& $ %'( $) ! " # ! " 667, price increases with higher excise duties on certain sin R nion Finance Minister items, of course cigarettes con- UNirmala Sitharaman deliv- tinue to be on that list, as #$"$"%$9:)9# ered one of the longest Budget strangely enough were toys. $;'<%:)9;'#;9<%;'; )9# '<%; )9;9 !"$ ! speeches in recent memory in The single-window clearance # 9<%!;9#&'-$ ! just under three hours and the for infrastructure projects as .-"$$9#;# biggest takeaway for most tax- well as the move towards ! 667, payers was her announcement encouraging cleaner energy 3$$3= '&)><%"-&)&<-?$ "# $ %&'&'! of a new tax regime which production as it moves towards 3$$ ' ' ;-?$&)9-$ n the lines of Saudi ( reduced tax slabs for income meetings its obligations under ' ' ;!-9)&@#$ OArabia's Aramco that had &')*! taxpayers whose annual the Paris Climate Treaty are the largest public offering in !#+ income was less than 15 lakhs positives as is the dramatical- 4$- ) @#$%-"&') # world's history, the Modi Government's move while per annum. ly enhanced 4000 crore that $ ' ' ;! #;'-$ Government has also decided political parties including TMC However, that reduction will be poured into ensuring 0 !"$ >):-$ to list the Life Insurance chief Mamata Banerjee lam- of tax slabs has come at a mas- 'clean air' in large cities. +$# ';A%9 ) -$+$# '; Corporation (LIC) through the basted the Government deci- , ./ 0/ % 1 sive cost, which is the removal In every Budget there are -#!$#,.,. Initial Public Offer (IPO) route sion to this effect. " ( !$ of several exemptions ranging both positives and negatives -%"#"#$$# to mobilise non-tax revenue to Presenting the Budget 2 3 " from medical insurance, house- but there is a feeling that this meet the fiscal challenges. 2020-21, Union Finance " %+ ! rent allowance and leave trav- Budget has left most $"-&) &#$ ' ' ;%"- This could be a block- Minister Nirmala Sitharaman 3 ! el allowance to many of the var- Government and industry &);@#$#$ buster listing considering that on Saturday announced selling ied exemptions previously watchers disappointed because 4"-NC4 #"# LIC's estimated valuation is of of part Government stake in ! available under various provi- it has not done enough. While C# !"$#!$ over 36 lakh crore. Saudi insurance behemoth Life 4 + $ sions of Section 80. there is a level of fiscal balanc- " Aramco, which is currently Insurance Corporation (LIC), The other major headline ing done by the Government, valued at $117.82 billion, was beside selling the balance hold- " is the defibrillation shock that the confidence with which it ,4D,C$#!"$# listed on Saudi Stock Exchange ing of the Government in IDBI the Government plans to give stated several of their numbers -##"$ in December last year. Bank to private, retail and + to its moribund disinvestment have been questioned because $%"$-" Established in 1956, LIC is institutional investors. "In the ! process through the planned there is a lack of confidence in -- fully-owned by the Central last few years, the Government /'5 partial divestment of the Life the ability of this Government -$"$ Government and has the high- has taken concrete steps to % Insurance Corporation in India to pull off the disinvestment E"$"" est market share in the life bring our banking system to be " which could become the most proposals required that will $- )>& insurance segment in the coun- robust. valuable company in India. raise the funds needed to keep #$%! try. According to Union Budget However, there is a need However, there is an over- the fiscal deficit in check. This $$#! documents, for year 2020-21, for greater private capital. + " whelming feeling among both Budget might have been fine if "#- disinvestment receipts are bud- Accordingly, it is proposed to % economists and businessmen, the Indian economy was AA%&''$" geted at 2.1 lakh crore which sell the balance holding of who are not always on the same purring along at a believable 8- #"$ is inclusive of 90,000 crore Government of India in IDBI page that this Budget is a major 10 per cent actual growth rate $ ' ' ; from sale of Public Sector Bank to private, retail and missed opportunity. For one, but with the need to boost the &%'''$ Banks and other Financial institutional investors through there is a feeling that it does not economy and create millions of - Institutions. the stock exchange," she said in seriously enough recognise the new jobs every year, this is a Industries have hailed the her Budget Speech. economic growth malaise in deeply unambitious and dull India. There is no booster for budget, not one that India #."# the manufacturing sector and needed as it finds its economy #$%%& # %& $ % with infrastructure spending in a funk. '()*# F**C."), 6 not dramatically enhanced, lit- The revised estimated ,%-#$ ' $!""$ tle that will boost rural spend- expenditure for FY20 has been #$ ing. The fact that there was not pegged at 26.99 lakh crore and '#&)&&&& # New Delhi: To augment -#) # L much for industry was reflect- receipts at 19.32 lakh crore. ' . -*$ India’s infrastructure and ."!$% ed in an all-round decline in It has been proposed to ,)$.&-,) create jobs, the Government % L the bourses today. remove dividend distribution )%%*$, has launched 103 lakh $"-), In one of the strongest tax on companies, and hence- crore infra projects besides #"$ negative reactions to the forth the tax will be shifted to &) &-. & providing about 1.70 lakh #$ Budget, the benchmark Sensex recipients at the applicable rate. #(.,&. crore for transport infra- ) tanked 2.43 per cent or almost A price stabilisation fund *#*. $ structure and accelerating + 1000 points on Saturday. The (PSF) is also in the pipeline to &%$.)& highways construction, ,#."%#+ $! headline Nifty index of India's control prices of food items like Finance Minister Nirmala #$ top 50 companies declined onion and tomato that pushed Sitharaman said on -#% dropped 3.1 per cent, as retail inflation to a five-year Saturday. !#!$"$"% investors gave the Union high in December. ##!% ! " Budget two thumbs down. In a marginal hike, the - Part of the decline could be Defence Budget was increased !"%#$# because of the Government's to Rs 3.37 lakh crore for 2020- "##+ 6 reluctance to infuse more funds 21 against last year's Rs 3.18 % into the public banking sector lakh crore, belying expectations , # and with credit growth at of a significantly enhanced $ multi-year lows and the gov- allocation to fast-track long- ● ."#%!"%!% $-$$# 6 ernment still owning two- pending military modernisa- E""#?!),# -"!"#%%%" ● 4"!%%--# 1 8 thirds of banking capital, it is tion. The net market borrow- !%-- #."-$# $ / ● $ -## difficult to imagine how cred- ings would be at 4.99 lakh ● "!! ● 0#"%!% # 9 it offtake will increase. crore in FY2019-20 and are # ● 0!%#-%$"- !"# ! / $ 2 !$ - While certain sops have estimated at 5.36 lakh crore in ● - ● !%$%- $G"$) been announced that will make the next fiscal. ● "1#2 +H3+!# 4 ! India a more attractive desti- The Minister announced ● - ● 3%#%# ● .%# ##!" nation for foreign sovereign cuts in personal income tax, ● +$-# $--%# ● 5#%$$ $"# --$ investment funds as well as the extended tax benefits for ● 6$$ ● 3%%$ # " ! ! abolition of the Dividend affordable housing and gave #$ ● !% ● 0 ,#$H--# Distribution Tax (DDT) which relief to companies on payment $#% #0 - ● 3""%-# might hurt Indian promoters of dividend as it looked to % !"###H$ $ ! but will benefit foreign-based boost consumption to bring the ● %%$ -"!$"),O# shareholders of Indian compa- economy out of the worst slow- ● "# ● 0%#%0#!$$ $"), ! ! nies. There are the standard down in 11 years. #J F7,0F,4 ! ! F,F.7 ! " *"-"H) % ! "()&+%%% #"! -- % + " "-% "$#% + + )%$&&&1)1$) ...')*.,&.-&& $,)$ "$ " ! . .64 tribution tax and intro- 3 lakh crore is too little. In --$ duction of concessional fact Odisha spends about " ven though Chief Minister component tax. 3,600 crore in drinking 4 ! : $ 1 ENaveen Patnaik welcomed Odisha has requested for water. the Union Budget presented in extension of Concessional ! 1 + 1 Parliament on Saturday, he Tax rates to cooperatives in However, stating that SC, P raised concerns over the fall of line with Corporate Tax Dalit and Backward Class peo- %" %&) the State’s share by 3,000 cuts. We welcome the ple would get more benefits / " crore. announcement of from the Budget, Union $ In a statement, Patnaik Concessional Tax rates for Minister Dharmendra Pradhan !" said that due to the shrink in cooperatives. said, “Odisha will benefit most #$%##&'' 3",1 the divisible pool of Central Increase of deposit insur- from the Budget as a big share #$") : taxes by almost 59,000 crore, ance coverage from 1 lakh of its population belongs to SC, Odisha would