Budget 2016 LIVE: All you need to know about the Budget 2016-17

Budget 2016 LIVE: All you need to know about the Budget 2016-17

Budget 2016 LIVE: Finance Minister Arun Jaitley arrives at the Parliament to present the federal budget for the 2016/17 fiscal year, in New Delhi, India, February 29, 2016. (REUTERS/Adnan Abidi )

Finance Minister Arun Jaitley has outlined nine pillars of the Union Budget 2016-17, his third budget as part of this government.

The budget shows a strong push for the farming and agricultural sector along with more emphasis on creating infrastructure and jobs.

The Finance Minister also announced that the government will embark on a massive mission to provide LPG connections in the names of women members of poor households. There is also a digital literacy scheme for rural India.

LIVE UPDATES FROM UNION BUDGET 2016

12:25 pm:

Service Tax to be exempted on general insurance schemes under NIRMAYA Scheme: Jaitley Target delivery of financial, other intermediary services will be introduced using Aadhar in this Budget session: Jaitley In 2016-17, govt eyes Rs 1,80,000 crore credit target through Mudra bank: Jaitley Govt to increase ATMs, micro-ATMs in post offices in next three years: Jaitley Accelerated depreciation to be limited to 40 pc wef from Apr 1, 2017 as part of phasing out of exemptions to industry: Jaitley Consolidation roadmap for public sector banks to be spelt next year; govt open to reducing its stake in PSBs below 50 percent: Jaitley 

12:20 pm:

Sensex plunges nearly 300 points, Nifty over 100 points as Arun Jaitley presents Budget 2016-17

12:15 pm:

For tax payers earning below Rs 5 lakh, ceiling on tax rebate increased by Rs 3,000: Jaitley

To lessen burden on individuals with income not exceeding 5 lakh, I propose sealing of tax rebate under sec 87A from 2000 to Rs5000: Jaitley

12:10 pm:

Govt to allow 100 per cent FDI through FIPB in marketing of food products produced and manufactured in India: Jaitley

Govt to bring new policy for strategic sale of CPSE assets: Jaitley

12:05 pm:

More FDI reforms proposed in insurance, pension, asset restructuring companies and stock markets: Jaitley

A new credit rating system for infrastructure will be developed: Jaitley

A Public Utility Resolution of Disputes Bill to be passed to solve problems in infrastructure contracts, PPP and public utilities: Jaitley

Govt preparing a comprehensive plan for nuclear power generation and allocation could be up to Rs 3,000 crore per annum: Jaitley

Govt considering to provide calibrated market freedom to new gas production from deep sea, ultra deep sea to boost stagnant domestic output: Jaitley

160 airports and airstrips can be revived at a cost of Rs 50-100 crore each, says Jaitley

12 noon:

Abolition of permit law will be our medium-term goal in public transport: Jaitley

Proposed to allocated Rs 55,000 crore for roads and highways; total investment in road sector would be Rs 97,000 crore: Jaitley

Total outlay for infrastructure at Rs 2.21 lakh crore for 2016-17: Jaitley

Rs 97,000 cr allocation for road sector including rural roads: Jaitley

Shopping malls to be allowed to open on all seven days of week; a model shops and establishment bill to be circulated to states: Jaitley

85 pc of stuck road projects have been put back on track; highest ever contracts awarded in current fiscal: Jaitley

Govt to pay 8.33 percent towards employee pension fund: Jaitley

11:55 am:

62 new Navodaya vidyalayas to be opened in next two years: Jaitley

Govt to provide Rs 500 crore for Stand Up India scheme: Jaitley

A new health protection scheme to provide cover up to Rs one lakh per family; top up of Rs 35,000 for people above 60 years: Jaitley

3,000 medical stores will be opened under Pradhan Mantri Jan Aushodi Yojana to make quality medicine available: Jaitley

75 lakh people have given up LPG subsidy: Jaitley

Rs 87,765 cr allocated for rural development: Jaitley

11:52 am: There won’t be any hard copies of the budget this time, announces the Finance Ministry.

11:50 am: By the way, the markets do not seem to be enthused by Jaitley’s budget. While Sensex is down 120 points, Nifty is below 7000

11:45 am:

Duty cuts announced for dialysis equipment: Jaitley

11:40 am:

Rs 9,000 crore allocated for Swacch Bharat Abhiyan: Jaitley

Rs 55,000 crore for roads and highways in this budget: Jaitley

11:35 am:

Govt to develop 300 ‘rurban’ clusters: Jaitley

Rs 2.87 lakh crore will be given as grants-in-aid to village panchyats and municipalities to boost rural economy: Jaitley

Govt to spend Rs 850 crore in a few years on animal husbandry, cattle and livestock breeding: Jaitley

States will be encouraged to take up decentralised procurement of foodgrains: Jaitley

Aim for 100% village electrification by May 2018: Jaitley

11:30 am: Arun Jaitley allocates Rs 38,500 crore for MGNREGA (the highest ever) – a scheme that this government had once described as a ‘living example of the failures of the Congress government.

11:25 am: Click here to read in Hindi

11:20 am:

We have to prudent fiscal policy, raise domestic demand, carry out reforms: Jaitley

28.5 lakh hectares will be brought under irrigation: Jaitley

Will spend 60,000 crores for water resources management: Jaitley

2.87 lakh crore as aid to gram panchayats: Jaitley

11:15 am: Aim to double farmers’ income by 2022: Jaitley

Govt is launching a new initiative to provide cooking gas to BPL families with state support.

Next financial year will cast an additional burden due to implementation of 7th Pay Commission and OROP: Jaitley

Recapitalization of banks will be done in the next fiscal year: Jaitley

11:10 am: Jaitley outlines the nine pillars on which the budget is prepared.

Broad points:

1. Agriculture and farmers welfare

2. Rural sector with focus on employment

3. Social sector with healthcare

4. Educational skills and job creation

5. Infrastrucuture and investment

6. Financial sector reforms

7. Governance and ease of doing business to enable potential

8. Fiscal discipline

9. Tax reforms to reduce tax burden

11:05 am: World Economic Forum says India’s growth is extraordinary: Jaitley

Hope continues to build around India: Jaitley

CPI inflation has come down, GDP growth now 7.6 per cent. CAD declined to 14.4 per cent and will be 1 per cent of GDP by end of fiscal: Jaitley

11:00 am: There are protests now in the Lok Sabha on the part of the opposition. As the Finance Minister rises to present the budget, there is uproar on the opposition benches.

Twitter reactions below

10:45 am: The Cabinet has cleared the Budget 2016-17.

10:06 am: The Finance Minister called on President Pranab Mukherjee earlier today at the Rashtrapati Bhawan.

10:05 am: Cabinet meeting begins at Parliament ahead of the presentation of the budget.

9:55 am: Copies of the budget have been brought to the Parliament.

9:50 am: Do state budgets matter more than the Union budget? Read more here

9:45 am: Arun Jaitley has reached the Parliament premises.

9:30 am: Prime Minister Narendra Modi said he has an examination today and that he is ‘fully confident’. Read story here

8.52 am: Here is all that you need to know about Union Budget 2016-17 that will be tabled in the Parliament on Monday.

8.45 am: IT and telecom hardware makers expect the government to extend differential duty structure on mobile phones for 10 years while bringing personal computers under the regime to give a boost to domestic manufacturing. READ MORE

8.30 am: “Hangout” with Arvind Panagariya, vice chairman of Niti Aayog and Amitabh Kant, CEO of NITI Aayog on Wednesday and Thursday as they explain the intricacies of Union Budget and explicate its real impact on various crucial sectors of the economy.