Arun Jaitley presents Budget amid uproar in Lok Sabha

Finance Minister Arun Jaitley presented the Union Budget for 2017-18 in Parliament at 11 am on Wednesday, during the Budget Session.

Here are the live updates given below:

India has become the 6th largest manufacturing country in the world, up from the 9th position, Arun Jaitley said.

"India stands out as a bright spot in the world economy. India's macro-economic policy continues to be source of our success," Arun Jaitley said.

The Finance Minister said that GDP growth had recovered following demonetisation. He said India's growth rate was much higher than the world average of 

Arun Jaitley said that inflation, which was in double digits and has now been controlled, while sluggish growth has been replaced by high growth. He also mentioned that the government has launched a war against black money through its demonetisation policy."The government is now seen as a trusted custodian of public money, I express gratitude to people for their strong support," said Arun Jaitley.

Amid continuing protests from the Opposition benches, Finance Minister Arun Jaitley began to present the Budget.However, this announcement caused huge protest from the Opposition benches. Mallikarjun Kharge rose to speak, detailing Ahamed's health condition before his death.

"Honourable members, as you are aware, the House is adjourned on the death of a sitting member. However, as the President has given his assent for the Budget to be presented, it will go ahead. But the House will not function tomorrow as a mark of respect to Ahamed," Mahajan announced.

Lok Sabha Speaker Sumitra Mahajan provided an obituary to deceased lawmaker E Ahamed before the start of the Budget session. The House then stood in silence as a mark of respect for Ahamed.

“Budget has sanctity. It is a constitutional obligation. We are already in the 11th hour. There should be no controversy over it,” Union Minister Venkaiah Naidu said on Opposition demands to postpone the Union Budget.However, many Opposition leaders including RJD chief Lalu Prasad Yadav have now demanded that the Budget should be postponed.

Lok Sabha Speaker Sumitra Mahajan condoled the demise of E Ahamed but said that the Budget would take place as scheduled. "We have to keep in mind that budget



is a constitutional obligation, will have to be presented."The FM presented the Budget in the Union Cabinet after the President gave his assent to it.

Arun Jaitley also tweeted that he would present the Budget at 11 am.

However, Congress has demanded that the Budget be postponed. “It’s not March 31, there is a lot of time to present budget. Government can postpone it,” Congress leader in Lok Sabha Mallikarjun Kharge said.He added that 'delaying' the announcement of Ahamed's death was an 'inhuman act' on the part of the government.

Government sources earlier told ANI that the Budget would go ahead despite the death of lawmaker and former Union Minister E Ahamed, who collapsed on Tuesday in Parliament while President Pranab Mukherjee was delivering his speech, and died of a cardiac arrest in the wee hours on Wednesday.The obituary to Ahamed will be made either before or after the Budget, ANI said. Opposition parties have been taken into confidence regarding the decision, the report said.

Earlier, there was speculation that the Budget may be postponed, as it is the custom to adjourn the House following the death of a sitting member. Lok Sabha Speaker Sumitra Mahajan is expected to take a formal call on holding the Budget at 10 am on Wednesday.

The government has brought forward the Budget this year, from February end to February 1. It will take place before the Assembly elections in 5 states. The Railway Budget will be presented along with the Union Budget this year.

On Tuesday, the government presented the Economic Survey 2016-17 in Parliament, which projected that the GDP growth rate will decline to 6.5 per cent for the current financial year, due to the impact of demonetisation. However, the growth rate will rebound to 6.75-7.5 per cent in the coming fiscal, the report said.It also projected agricultural growth rate to rise and industrial growth rate to fall to 5.2 per cent from 7.4 per cent during the current financial year.

The Economic Survey also recommended a Universal Basic Income (UBI) for all citizens, to replace several social security schemes. The report said that UBI is an idea ‘whose time as come’. However, there is no immediate effort on the part of the government to implement this measure.