Budget 2019 speech highlights: A minute-by-minute account

Finance Minister Nirmala Sitharaman unveiled her maiden Union Budget in Parliament on on July 5, 2019. ETMarkets compiles the highlights that may matter to you.

11.01 am: FM Sitharaman rises to present Budget 2019

11.02 am: Recent election was charged with hope for New India


11.03 am: People of India has secured 2 goals- national security and economic growth

11.03 am: We have set the ball rolling for a New India

11.04 am: Between 2014-19 we provided cooperative federalism, GST councit among others

11.04 am: People showed that principle – Reform, perform, transform can succeed

11.04 am: Number of patents issued in 2017-19 trebled compared to pre-2014

11.04 am: Will further simplify procedures, reduce red tape

11.05 am: Well within capacity to reach $5 trillion economy in few years

11.06 am: FM says the government objective is 'Majboot desh ke liye Majboot Nagrik'

11.07 am: India will achieve $3 trillion this year itself; now 6th largest in the world

11.07 am: Government provided discipline during 2014-19

11.07 am: Mega programmes initiated in 1st term will continue

11.08 am: Determined to take India to the heights it deserves

11.08 am: Need to continue to take many structural reforms to achieve $5 trillion economy goal

11.09 am: Government provided fiscal discipline during 2014-19

11.09 am: India Inc are India’s job creator, nation’s wealth creator

11.10 am: ‘Do not look down upon’ legitimate profit earning

11.11 am: Need to continue to take many structural reforms to achieve $5 trillion eco goal

11.11 am: Time is ripe for India to enter aircraft financial, leasing

11.12 am: To take step for virtuous cycle of domestic, foreign investment

11.13 am: 10 point vision includes building pollution free environment, export of food grain

11.13 am: 10 point vision includes building social infra, Digital India in every sector

11.14 am: 10 point vision includes Make in India with stress on MSMEs

11.14 am: 657 Kms of Metro rail have become operational all over the country

11.15 am: Upfront incentive to be offered on purchase of electric vehicles

11.16 am: 2nd stage of Bharatmala to help develop state roads

11.16 am: Propose changes to kick start domestic and foreign investment

11.17 am: Government to carry out comprehensive restructuring of national highway programmes

11.17 am: Estimate railway infra to need Rs 50 lakh crore capital from 2018 to 2030

1117 am: Need to develop inland waterways to move inland cargo movement from rail

11.18 am: ‘One Nation, One Grid’ to ensure power connectivity

11.18 am: Examing performance of UDAY scheme

11.18 am: Need considerable reform in tariff policy in power sector

11.18 am: To soon announce policy reforms for power sector

11.19 am: Current rental laws are archaic; modern tenancy law to be finalised

11.19 am: Sagar Mala and Bharat Mala will improve India's Infrastructure

11.19 am: Propose PPP in railway infrastructure

11.20 am: Propose a blueprint for gas and water grids and regional airports

11.20 am: Allocated Rs 350 crore for interest subvention of GST registered MSMEs

11.20 am: Investment driven growth requires access to low-cost capital

11.21 am: To extend pension benefit to around 3 crore retail and small traders

11.21 am: To put in place action plan to deepen long-term bond market

11.22 am: Right time to increase MPS limit in listed entities to 35% from 25%

11.22 am: Regulators to allow AA rated bonds as collateral

11.23 am: Propose to initiate steps for electronic fund raising platform

11.23 am: Electronic fund raising platform, social stock exchange proposed

11.24 am: Government will examine suggestion on opening FDI in aviation, media and animation

11.24 am: Local sourcing norms will be eased for single brand retail sector

11.24 am: Propose 100% FDI insurance intermediaries

11.25 am: Contemplating an annual global investors meet in India

11.28 am: NRI Investment in Indian capital markets is comparatively less

11.28 am: Propose to merge NRI investment scheme with FPI investment route

11.29 am: To allow FPIs to subscribe to listed debt paper of REITs

11.29 am: Pension benefits will be offered to 3 crore shopowners with annual turnover of less than Rs 15 crore under new scheme called Pradhan Mantri Man dhan Scheme

11.30 am: Allow FIIs and FPIs investment in debt securities issued by NBFCs

11.32 am: New Space India Ltd incorporated as commercial arm of ISRO

11.34 am: To hike statutory limits for Foreign investments in some Companies

11.35 am: Relaxation of KYC norms will better harness FPI investments

11.37 am: Every single rural family except those who are unwilling to take the connection will have electricity and clean cooking facility by 2022

11.37 am: Department of Fisheries will establish robust Fishery management framework

11.38 am: PMGSY phase 3 to upgrade 125 lakh km of road length for 80250 crore in 5 years

11.39 am: Local sourcing norms will be eased for single brand retail sector

11.39 am: Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place

11.41 am: FDI inflows into India remained robust despite global headwinds

11.41 am: Existing Know Your Customer norms for Foreign Portfolio Investors to be rationalized and simplified, to make it more investor-friendly

11.44 am: Will invest widely in agriculture infrastructure

11.44 am: To develop 75,000 skilled workers in agro, rural industries

11.45 am: Ease of doing business and ease of living should apply to farmers too

11.46 am: 11Ease of doing business and ease of living should apply to farmers too

11.46 am: Government to work with state governments to allow farmers to benefit from eNam

11.47 am: Ensuring to provide safe drinking water

11.47 am: Water Ministry will ensures ‘Har Gahar Jal’ in rural region by 2024

1148 am: Propose to expand Swachh Bharat to solid waste management in every village

11.48 am: Will set up 100 new clusters for 50,000 artisans in FY20

11.48 am: Govt will set up 10,000 new farmer producer organisation

11.49 am: Need to replicate Zero Budget Farming; cash help in doubling farmers’ income

11.49 am: 95 per cent of our cities have declared themselves as ‘Open defecation free’

11.50 am: BharatNet targeting internet connectivity in every Panchayat

11.50 am: APMC Act should not hamper farmers from getting a fair price

11.51 am: Govt identified 1,592 blocks which are critical and overexploited for Jal Shakti Abhiyan

1151 am: 17 million tonne and 132 million tonne additional steel and cement demand in 3 years due to step-up in PMGAY

11.51 am: Over 81 lakh houses with investment of Rs 483 lakh crore have been sanctioned

11.54 am: See rapid urbanization of India as opportunity than a challenge

11.55 am: New education policy to have higher focus on research

11.55 am: 964 crore toilets constructed under Swatch Bharat since 2014

11.56 am: 195 crore houses to be constructed under PMAY from FY20-22

11.59 am: India has become hub for higher education Will start a programme ‘Study In India’ The move will attract foreign students

12.00 pm: The government is committed to expand Khelo India Scheme

12.01 pm: Allocate Rs 400 crore for World-class higher education institutions in FY20

12.02 pm: Government looking at streamline multiple labour laws into a set of 4 labour codes

12.03 pm: To increase focus on New-age skills like, AI, Virtual Reality and Big data

12.04 pm: Propose to start TV programme exclusively for startups

12.04 pm: Stand-up India scheme to continue till 2025

12.06 pm: Digital payment is gaining acceptance everywhere

12.08 pm: Approximately 35 crore LED bulbs have been distributed under the Ujala Yojana

12.08 pm: 35 crore LED buls led to cost saving of Rs 18,341 crore annually

12.08 pm: To sensitise people of positive Gandhian values, a 'Gandhipedia' is being developed by National Council for Science Museums

12.10 pm: To expand subvention for women SHGs to all districts

12.11 pm: 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries

12.13 pm: Govt proposes to launch railway station modernisation programme in FY20

12.15 pm: Propose issuing Aadhaar Cards for NRIs with Indian passports without wait

12.16 pm: Govt to expand women self-help group interest subvention programme to all districts

12.18 pm: Non-performing assets have reduced by Rs 1 lakh crore over the last year

12.19 pm: 6 PSU banks have come out of prompt corrective action

12.19 pm: Provision coverage ratio at highest since last 7 years

12.21 pm: Propose to develop 17 iconic tourism sites

12.22 pm: Propose to provide Rs 70,000 crore capital for public sector banks

12.22 pm: Fundamentally sound NBFCs should continue to get funding from banks, mutual funds

12.23 pm: 1-time 6-month partial credit guarantee to PSBs to buy some NBFC loans

12.24 pm: Propose more power of RBI over NBFCs in Finance Bill

12.25 pm: RBI to regulate housing finance companies instead of NHB

12.26 pm: NPS trust will be separated from PFRDA

12.27 pm: Government to realign holdings in CPSEs to permit greater availability of shares

12.29 pm: Govt proposes Rs 100 lakh crore investments for infrastructure over 5 years

12.30 pm: Divestment target hiked to Rs 1.05 lakh crore for FY20

12.32 pm: A new series of Rs 20 released

12.35 pm: 81 lakh houses sanctioned under Housing for All in urban areas

12.38 pm: Govt will start raising part of borrowing in foreign currency

12.38 pm: Tax proposal aimed to stimulus growth

12.38 pm: Govt allocates Rs 10,000 crore for electric vehicles scheme

12.39 pm: Direct tax revenue has grown 78% from 2014 to 2019. The tax collection has increased to 11.37 lakh crore to 2018-19 from 6.37 lakh crore from 2013-14

12.40 pm: Corporate tax rate of 25 per cent for all companies with turnover of upto Rs 400 crore per year

12.42 pm: Startups not to face scrutiny on their valuations and share premium

12.44 pm: Government has already moved GST Council to cut rate for EVs To 5% from 12%

12.45 pm: Tax deduction of Rs 1.50 lakh on EV loan interest

12.47 pm: STT to be restricted to difference between settlement and strike price

12.47 pm: CPSE ETF to come in ELSS variant

12.48 pm: Tax deduction on home loan interest hiked to Rs 3.50 lakh for affordable housing

12.52 pm: Propose to make Pan Card and Aadhaar card interchangeable to file tax returns

12.55 pm: Propose to levy TDS of 2% on cash withdrawal over Rs 1 crore per year from bank account

12.57 pm: Enhance surcharge on taxable income from Rs 2 crore to Rs 5 crore and above

12.57 pm: Effective tax rate for taxable income above Rs 2 crore to increase by 3 per cent

1.00 pm: In the initial phase GST faced teething problems

1.01 pm: We are further simplifying the GST process. A fully automated refund model shall be implemented

1.02 pm: Defence equipment import not made in India exempted from basic custom duty

1.04 pm: 5% custom duty being imposed on imported books

1.05 pm: No custom duty on certain parts of EVs

1.06 pm: To increase custom duty on gold, precious metals to 12.50 per cent from 10 per cent

1.06 pm: Special additional excise duty, road cess of Rs 1 per litre on petrol diesel