Opposition members in the Rajya Sabha accused the government of helping the corporates, at the cost of the farmers. Opposition MPs claim that the Insolvency and Bankruptcy Code Bill helps defaulting corporates get away.
Finance Minister Nirmala Sitharaman announced cuts in personal income tax, extended tax benefits for affordable housing and gave relief to companies on payment of dividend in the Union Budget for 2020-21 as the government looked to boost consumption to bring the economy out of the worst slowdown in 11 years. Follow live updates here
More than Rs 7 lakh crore worth of wealth was added as market capitalisation on the Bombay Stock Exchange, welcoming the finance minister’s announcement to reduce effective corporate income tax by almost 10 percentage points from 34.94 to 25.17.
Addressing the media on measures to boost the economy, Finance Minister Nirmala Sitharaman said violations of CSR norms under the Companies Law will be treated only as a civil liability and not as a criminal offence.
Finance Minister Nirmala Sitharaman presented the first budget of the Modi government in its second term. Sitharaman said India needs to make structural reforms to achieve USD 5 trillion economy in the next few years. Follow live updates here