Jul 05, 2019 10:12 PM IST | Source: Moneycontrol.com
Budget 2019 highlights: Catch all the action from FM Nirmala Sitharaman's maiden speech
Live updates of FM Nirmala Sitharaman's maiden Aam Budget — first for the Modi government 2.0 — and the subsequent developments
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Watch | Key highlights from Finance Minister Nirmala Sitharaman's Budget speech
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The Budget unveiled by the first full-time woman Finance Minister of India reminded me of a recent quote of Joseph Stiglitz from his article on progressive capitalism.
Stiglitz has said: “Reversing the malaise (of neoliberal policies) requires that we figure out what went wrong and chart a new course forward, by embracing progressive capitalism, which, while acknowledging the virtues of the market, also recognises its limitations and ensures that the economy works for the benefit of everyone.”
Nirmala Sitharaman’s Budget has been a step in this direction.
“The Finance Minister’s maiden Union Budget is growth focussed and builds on the foundation that the government created in the last term. The sops announced in the affordable housing segment is a welcome move not just for home seekers but also for builders, banks and HFCs. The focus on infrastructure, entrepreneurs, small businessmen and medium sized companies through the various announcements is positive news for the economy. The Finance Ministry’s move to discourage cash payments will help expand the digital payment ecosystem bringing in more consumer convenience and accountability.” Chandra Shekhar Ghosh, MD and CEO, Bandhan Bank.
“The Union Budget reiterates the Government’s intent to accelerate digitisation in the economy. Incentivising digital transactions through measures such as a 2 percent levy on cash withdrawals from bank accounts above a cumulative one crore per annum threshold and reduced merchant discount rates can structurally change adoption levels. Additionally, encouraging measures for start-ups should boost digital entrepreneurship as well as efforts to increase digital literacy particularly in rural India will strengthen the Digital India transformation process.” Surojit Shome, CEO DBS Bank India.
FM Nirmala Sitharaman’s maiden Budget speech was laced with relevant quotes and couplets, which she used to buttress her arguments.
Moneycontrol's Jerome Anthony gets in conversation with Editor Santosh Nair to find out how the market reacted to Budget 2019.
Healthcare may have got only a passing mention in the Budget presentation, but allocation to the sector has jumped 15.4 percent compared to previous year's revised budget.
This Budget is unlikely to occupy the mind space of the markets for long. In a range-bound market that clearly has more downside than upside, and with valuations not cheap, the hunt for quality is important.
In this podcast, Moneycontrol's Personal Finance Editor Kayezad Adajania talks about Nirmala Sitharaman's maiden budget and its impact on the common man.
ISRO spokesperson has told Moneycontrol that the space agency is expanding, its research and commercialisation capabilities, an organisation like NSIL needed to meet the growing demand.
While a host of reforms were announced by FM Nirmala Sitharaman in her maiden Budget speech, the common man didn't have much to rejoice.
Twitterati had a field day after the budget presentation, with memes and tweets flooding social media.
FM Nirmala Sitharaman to CNBC-TV18 on the government’s disinvestment plan:
> The respective ministries will have to consult their stakeholders and decide on divestments
> Sectoral limitations are always kept in mind when divestment takes place
> CCEA’s list of companies for divestment will come soon; divestment target realistic
> Air India not a part of CCEA’s cleared list
FM Nirmala Sitharaman to CNBC-TV18 on PSB recapitalisation:
> Wanted to send a clear message on PSB recapitalisation, did not want a half-hearted measure
> Rs 70,000 crore sends a clear message on PSB recapitalisation
> Wanted to ensure that banks use funds generously for growth and other activities
> Banks will have to be leaner and meaner by use of technology, giving better service quality
FM Nirmala Sitharaman to CNBC-TV18 on NBFC crisis:
> Decisions aimed to help NBFCs taken after consultation with experts
> For NBFCs who have a problem of liquidity, we have made liquidity available
> Have taken steps to address NBFCs with problems pf governance, regulation
> Have given RBI powers to resolve crisis for NBFCs if they cannot do it themselves
> Glad RBI is also working at tandem with government on solving the NBFC crisis
> NBFC problem may have reached the peak, things will have to improve
FM Nirmala Sitharaman to CNBC-TV18:
> This Budget should kick-start the virtuous cycle of investment
> Public investments in infrastructure will continue, scope will go beyond roads and airports
> People in the nooks and crannies of India need the benefit of Direct Benefit Transfer
Though the Budget was silent on GST on automobiles, the only way to get out of the vicious downcycle of slowing sales would be to have a temporary rate cut, said Pawan Goenka, Managing Director, Mahindra & Mahindra (M&M).