Jaitley presents Union Budget despite Oppn protest

Budget 2017 - Finance Minister Arun Jaitley has begun presenting the Union Budget in Parliament on Wednesday amid expectations of an increase in income tax exemption limits, to incentives for the Micro Small and Medium Enterprises (MSME) sector post the November 8 demonetisation drive.

Lok Sabha Speaker Sumitra Mahajan paid tribute to former union minister and Indian Union Muslim League (IUML) leader E Ahamed, who passed away this morning.

"I would have adjourned the House. But today's sitting has been fixed by the President for presentation of the Budget. Instead the House will be adjourned tomorrow as a mark of respect for E. Ahamed ji," the Lok Sabha Speaker said.

"Madam Speaker, on this auspicious day of vasant panchami I rise to present the union budget 2017-18. I am presenting this Budget when the world economy faces ," Jaitley said, as he stood to present the Budget.

However, Leader of Opposition in Lok Sabha, Mallikarjun Kharge, urged the Speaker for postponement of the budget.

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Budget 2017: Big mistake if budget not postponed, says Congress after MP Ahamed's death

Budget 2017 - Contending that passing the Union budget was "not inevitable", Congress leader Mallikarjun Kharge on Wednesday said not adjourning Parliament following the death of former Union Minister E Ahamed, will be a big mistake.

Speaking to the media the Leader of Opposition in Lok Sabha, also slammed the Narendra Modi government for not promptly announcing Ahamed's death who passed away at 2:15 am on Wednesday.

"We have discussed with several parties and all believe that the budget presentation should be postponed by a day in honour of Ahamed," Kharge said.

"It will be big mistake if we don't respect his death and break this precedent of not adjourning the house in case of a death of a sitting member," he added.

"At this moment, presenting the budget is not inevitable. Had today (Wednesday) been March 31, then the case would have been different."

"Postponing the budget by a day will not incur losses. The government has already advanced the budget and now they are not willing to accept a precedent. This is very wrong," he said.(Read More)

Arun Jaitley will present Budget 2017-18 at 11 am today

Budget 2017 - Finance Minister Arun Jaitley will present the Union Budget 2017-18 at 11 am on Wednesday in Lok Sabha.

"Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017," Jaitley tweeted.

Jaitley met President Pranab Mukherjee in the morning and the latter gave his assent to the presentation of the Budget today.

There was uncertainity over the presentation of the Budget over the demise of MP and IUML leader E Ahamed.

78-year-old Ahamed passed away in the wee hours on Wednesday at Ram Manohar Lohia Hospital in the capital.

The MP from Kerala's Mallapuram suffered a cardiac arrest during the President's address to the joint sitting of Parliament on Tuesday.

In moving away from the tradition, there will be no separate Rail budget from this year, as it has been merged with the General Budget.

The government has advanced the date of Budget presentation so as to complete the entire process before the end of the financial year.

The first part of the Budget Session has been kept brief in view of ongoing Assembly polls in five states.

Later in the day, the Finance Minister will reply to questions by Twitterati on the budget proposals.(Read More)

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Markets trade flat as investors await Budget 2017

Budget 2017 - Benchmark indices were trading flat during the early morning trade as investors awauted Union Budget, to be tabled later in the day. Arun Jaitley is likely to boost spending and ease back on cutting the deficit in his fourth budget, as he seeks to lift growth hit by the demonetisation drive.

The sentiment was also aided as US Federal Reserve is expected to keep interest rates unchanged in its first policy decision since President Donald Trump took office, as the central bank awaits greater clarity on his economic policies, Reuters reported.

At 9:47 am, the S&P BSE Sensex was trading at 27,670, up 15 points, while the broader Nifty50 was ruling at 8,565, up 4 points.

In the broader market, BSE Midcap and BSE Smallcap indices gained 0.3% and 0.2% respectively.

"Yesterday’s slippage saw buying interest from the 8,580 region on anticipated lines, but without enough signs of resumption of uptrend. To this end, early rise into the 8,600-8,640 region should attract long liquidation attempts yet again, though a sharp fall is less expected," said Geogit BNP Paribas in a note.(Read More)

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Budget 2017 will focus on needs of poor, make India self-sufficient: BJP

Budget 2017 - Confident that the Union and the Railway Budget 2017 will make the nation self-sufficient, the Bharatiya Janata Party (BJP) has asserted that government's decision to present both the Union and the Railway Budget 2017 together is astute.

Speaking to ANI here, BJP Kolkata State chief Rahul Sinha further pointed out some of the features to look out for in the upcoming Budget.

"The budget, which will focus on the needs of the common people, will help in the economic progression of the country", he said.

He added, "The Budget will also take forward Prime Minister Narendra Modi's fight against corruption and black money".

Further commenting on the TMC's boycott of Budget to attend 'Saraswati pooja', Sinha said the TMC has been most adversely-affected party from the demonetisation move and is mind-boggled right now.

Appealing to the TMC party to let go of this boycott, he said, "the 'Saraswati Pooja' reason is a mere excuse and the members should attend the Budget".(Read More)

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