Live Updates

  • 5:58 PM IST

    Thank you for staying with us for Live coverage of Budget 2018. For more news, updates, reactions and analysis on Budget, 2018, go to our Budget site here. For other news from India and around the world, go to India.com.

  • 5:52 PM IST

  • 5:41 PM IST

    We’re very disappointed with the budget. One of the major issues was special status. Nothing was said by FM for Andhra Pradesh. If you take states like Telangana, Tamil Nadu they have huge budget but Andhra has deficit budget. People feel cheated: RM Naidu, TDP MP

  • 5:19 PM IST

    Now that the announcement has been made for defence corridor, the first one will be built starting at Tamil Nadu, linking Chennai and Bengaluru. Announcement for the second corridor will soon be made: Defence Minister Nirmala Sitharaman

  • 5:14 PM IST

    Opposition parties meet at Parliament Library meeting in the national capital

  • 4:56 PM IST

    There a lot of schemes in the budget for the farmers, the poor, dalits and tribals. The budget is in the spirit of Sabka Saath Sabka Vikas: Amit Shah

  • 4:50 PM IST

    2 Rs excise on petrol and diesel is being reduced & this is being converted into cess, that is the only change we have made, practically there is no impact on the final price of petrol & diesel. To the consumers, there is no change: Hasmukh Adhia, Finance Secretary

  • 4:39 PM IST

    The budget proposes an institutional mechanism to fix the emoluments of the elected members, thereby addressing the criticism that they fix their own salaries: FM Arun Jaitley

  • 4:38 PM IST

    Industry reactions on Budget 2018:

    Bhargav Dasgupta, MD & CEO, ICICI Lombard:
    The Government has focused on inclusive measures in the budget , targeting critical areas of agriculture , education , health , power among others. On health insurance, the introduction of Rs. 5 lakh cover for families and increase in medical insurance tax exemption for senior citizens indicate the focus of policy makers to ensure adequate protection against health hazards for India’s populace.

New Delhi, Feb 1: Finance Minister Arun Jaitley will present Union Budget 2018-19 in Parliament today. The Finance Bill 2018 will be presented in Parliament at 11 am today. Speculation has been rife that Jaitley may announce an increase in income tax exemption limit to Rs 3 lakh from Rs 2 lakh 50 thousand. Many are also expecting a populist budget since this is the last full Budget before the term of the Narendra Modi government comes to an end. Stay with us for Live updates on Budget 2018. Also Read - Winter Session of Parliament Unlikely If COVID-19 Situation Doesn’t Improve In Delhi

Ahead of the Budget, Jaitley tabled the Economic Survey 2018 in Parliament on Monday, January 29. The Survey, known as the government’s annual report card that sets the tone for Budget, projected India’s growth at 7-7.5 per cent in 2018-19. The Economy Survey also highlights Goods & Services Tax (GST) as one of the biggest achievements of the Modi government. (Also Read: Funds for PM Employment Scheme May be Cut) Also Read - PM Narendra Modi Gets Slightly Richer, HM Amit Shah Poorer As Per Assets Declaration

However, the Economic Survey has projected crude oil prices to be increasing by 12 per cent in 2018, which it says is worrisome. There has also been demands of either bringing down excise duty on petrol and diesel or bring fuel under the purview of GST to give some relief from rising prices. It will be interesting to see if Jaitley provides for any relief from rising fuel prices in his Budget. Also Read - Late Arun Jaitley's Son Rohan Files Nomination For DDCA President's Post

Reports also say that Jaitley might announce increase in income tax exemption limit to Rs 3 lakh from Rs 2 lakh 50 thousand in Budget 2018-19, to give more money to the masses to spend and invest. The government may also reportedly bring a new tax slab for people with income between Rs 5 and 7.50 lakh annually. These people are required to pay 20 per cent tax. The government may decrease their tax from 20 to 10 per cent.

Reports also say that the Modi government might lay special emphasis on women’s employment this Budget. According to reports, the government can provide incentives to employers for hiring women employees. Speculation is also rife that the Modi government may increase funds for health and education this Budget.

For Railways, Jaitley may announce new and fast-paced trains in Budget 2018. Railway ministry officials have said that modernisation is one of the prime focus of the government. Railway minister Piyush Goel’s entire focus is on Set 18 and 20. Train Set 18 will be semi-high speed, which means it will run at a speed of 160 kmph. CCTV cameras on stations and trains is also a possibility being looked at in Budget 2018.

The government is also expected to make important announcements in farming, energy and automobile sector in Budget 2018.