Union Budget 2023 Live Updates: Not compelling anyone, but new tax regime more attractive, says FM at presser

Budget 2023: President’s household expenditure slashed by ₹10 cr

The government has allocated ₹36.22 crore for the President’s household expenditure, which includes staff salaries, in the Union Budget for 2023-24, a sharp drop of ₹10 crore from the revised estimates of the current fiscal.

Budget has nothing for 99% people in the country: Yogendra Yadav

Swaraj India leader Yogendra Yadav has said the Union budget has nothing for 99 per cent of the citizens of the country, while alleging that the government is only concerned about a few rich people. He also accused the government of not paying any heed to farmers’ concerns in the budget.

Budget 2023: J-K gets ₹35,581.44 crore

The Union Budget 2023-24 on Wednesday allocated ₹35,581.44 crore to Jammu and Kashmir, the majority of it being central assistance for the union territory.

Delhi Police gets ₹11,933 cr in Union Budget

The Delhi Police has been allocated ₹11,933.03 crore in the Union Budget for 2023-24, an increase of 15.22 per cent from the last fiscal, according to the official data released on Wednesday.

Gem, jewellery industry disappointed with Budget

The gems and jewellery industry on Wednesday said it is disappointed with the Union Budget proposed for 2023-24, as the government maintains the customs duty at 10 per cent, saying it will encourage the grey market.

Sitharaman says new taxation regime now has got greater incentives

Sitharaman has said the new taxation regime has now got greater incentives and attraction so that people can unhesitatingly move to it from the old regime.

Budget 2023: Karti Chidamabaram praises tax rebate

Congress MP Karti Chidambaram welcomed the tax cuts in the Union Budget on Wednesday and said that it would be the best way to boost the economy. However, his colleagues exhibited ‘difference of opnion’.

Budget 2023: Civil aviation ministry gets ₹3,113.36 cr allocation

The allocation for the civil aviation ministry in the Union Budget has more than halved to ₹3,113.36 crore for next financial year, especially due to a sharp reduction in the amount set aside for Air India Asset Holding Ltd.

Budget will trigger growth, say textile bodies

Major textile bodies in the region has welcomed the Union Budget by terming it as one aiming at strong and stable economic growth.

Kaku Nakhate, India head of Bank of America on Budget 2023

“Allowing foreign banks to conduct acquisition financing from GIFT City is a welcome step and will attract many more banks to set up offices in GIFT IFSC. Recognizing ODIs as valid contracts will give fillip to the securities market. The dual budget proposal for a single window clearance for IFSCA, SEZ, RBI, SEBI and GSTN at GIFT City, and the inclusion of arbitration law will draw global institutions from the BFSI sector here. This will further augment Gift city as of one of the leading international financial centers of the world. Creating property tax governance reforms and ring-fencing user charges on urban infrastructure in cities will surely strengthen the municipal bonds markets in India,” said Kaku Nakhate, President & India Country Head, Bank of America.

Budget 2023 Live: ‘Stipend support to 47 lakh youth in next 3 yrs’

India’s digital ecosystem for skilling will be further expanded with the launch of a unified Skill India Digital platform, the FM announced. Sitharaman said stipend support will be provided to 47 lakh youth in three years via direct benefit transfer through roll out of a pan-India National Apprenticeship Promotion Scheme.

Budget infuses new energy to India’s growth trajectory: Jitendra Singh

Union Minister Jitendra Singh on Wednesday said the “Amrit Kaal Budget” infuses new energy to India’s growth trajectory and is the outcome of all inclusive people-centric agenda relentlessly pursued by Prime Minister Narendra Modi.

Budget 2023 Live: Lokpal gets ₹92 cr, CVC receives ₹44.46 cr

The government has allocated ₹92 crore to anti-corruption ombudsman Lokpal in the Union Budget for 2023-24. The Central Vigilance Commission (CVC) received ₹44.46 crore from government’s purse, a nominal increase of ₹1 crore from the last budget.

Jaishankar lists 10 reasons why the world should welcome Budget 2023

EAM Jaishankar lists 10 reasons why the world should welcome Budget 2023

Budget 2023 Live: A callous budget, says Chidambaram

This is a callous budget that has betrayed hopes of vast majority of people, says Congress leader P Chidambaram.

Budget 2023 to create massive jobs: Vedanta Chairman

Vedanta Chairman Anil Agarwal said, “This Budget is one of the best budgets ever, truly inclusive and addresses the aspirations of every section of society. It empowers India’s 1.4 billion people as drivers of the India story. I compliment the PM and FM for the long term vision that was laid out in the Budget speech as well as the many progressive announcements, like increased outlay for capital expenditure, incentives for the start-ups and MSMEs, green energy, a lower tax for the middle class and boost to tourism which will create massive jobs and reinforce India’s position as the fastest growing major economy in the world.”

Budget 2023 Live: CEA on pvt capital expenditure

Chief Economic Adviser V Anantha Nageswaran said that private capital expenditure in the country has been improving every year for the past three years. “Both in terms of intent and actual spend, private capital investment is showing clear signs of revival,” the CEA said at the presser.

On future crude oil prices

The Budget does not make any assumption about future crude oil prices, says Union Finance Secretary TV Somanathan.

More from FM’s post-Budget presser

Revenue estimates in Budget 2023 conservatively assume tax buoyancy of only 1, that the commitment to 4.5% fiscal deficit was reiterated in this Budget shows that we believe we have the means and the ability to reach that target by 2025-26, says Union Finance Secretary TV Somanathan.

‘We are moving along to become $5 trn economy’

We are moving along to become a $5 trillion economy, the finance minister said during the post-Budget press conference.

Budget 2023 Live: Price of wheat will come down, says FM

The government has decided to release wheat into the market due to which the price of wheat will come down. Before the budget, we had already taken action to ease wheat prices, the FM said.

Budget 2023 Live: FM on fiscal front

Sitharaman said, “We are respecting the glide path on fiscal deficit set earlier.” The government has set a fiscal deficit target of 5.9% for the fiscal ending 31 March, 2024.

Budget 2023 Live: FM on capital investment

At a post-Budget presser, FM Sitharaman said that Budget 2023-24 gives a big leg-up to capital investment, it also attends to MSMEs as they are the engine of growth, it sustains capital investment and also gives a push to the private sector while also giving tax reliefs to individuals and middle class.

Budget 2023 Live: FM on direct taxation

India has been waiting for direct taxation to be simplified. Therefore the new taxation regime that we brought in for direct taxation two, three years ago has now got greater incentives and greater attraction so that people can unhesitatingly move from the old to the new, the FM said.

Making new taxation regime more attractive, says FM

Addressing a post-Budget meet, the finance minister said the new taxation regime has now got greater incentives, and attractions so that people can unhesitatingly move from the old to the new. “We are not compelling anyone. But the new one is now attractive as it gives greater rebates,” she said.

Budget 2023 Live: FM on Industrial Revolution 4.0

We are looking at a futuristic fintech sector, people will be trained through Industrial Revolution 4.0, we are trying to unleash digital economy in various walks of life, says Sitharaman.

Budget 2023 Live: FM’s opening remark

– For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025: FM

– Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle: FM

Budget 2023 Live: FM on ‘4 emphasis points’

1. empowering women

2. emphasis on tourism

3. pm vikas scheme

4. green growth

FM briefs media

Union Finance Minister Nirmala Sitharaman is addressing a press conference post presenting the Union Budget 2023-24.

Budget is for welfare of every sector, all states: Madhya Pradesh CM

Madhya Pradesh Chief Minister Shivraj Singh Chouhan said the new Budget is for the welfare of every sector and every state of the country. “It is for the benefit of the poor, women and middle-class people, along with empowering weaker sections and young people”, he stated.

Govt expects dividend of ₹48,000 cr from RBI, PSU banks in FY24

The government expects 17 per cent higher dividend at ₹48,000 crore from the RBI, public sector banks and financial institutions in 2023-24. In current financial year ending March, it aims to garner ₹40,953 crore from RBI and public sector financial institutions. This is much lower compared to Budget Estimate of ₹73,948 crore for FY23. It is to be noted that RBI approved a dividend payment of ₹30,307 crore to the government post its board meeting in May 2022.

‘Win-win situation’: PNB Housing Finance MD on Budget 2023

PNB Housing Finance MD & CEO, Girish Kousgi said: “As our nation marches towards Amrit Kaal, the intended infusion of Rs.79,000 crores towards affordable housing is a positive move. Its’s a win-win situation fortifying our nations rural infrastructure and adding power to lower and middle income groups. The wheels are set in motion towards an inclusive and sustainable economic growth and this 66% increased commitment will bolster higher rural participation.”

Sensex ends 158 pts up on Budget day after 2000 pts-swing

The BSE benchmark index had rallied to a high of 60,773 during the Budget annoucement. However, heavy selling in the last hour of trades saw the Sensex slide to 59,708.

CBRE Chairman on Budget 2023

Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa at CBRE said, “This year’s budget scores well on many fronts including its focus on developing infrastructure, meeting green goals, providing tax relief to the middle class and boosting the MSME sector. Measures such as an increased outlay for affordable housing, enhanced focus on tourism and development of unity malls in key cities across the country would give a fillip to the real estate sector, which will be further aided by the tax relief to citizens which should boost consumption appetite. Moreover, the sustained attention on manufacturing and improvement of urban infrastructure is likely to boost the I&L sector and at the same time spur economic activity and job creation.

Further, the 33% increase in capex is heartening in a year that has been marked by global headwinds; at the same time, the government’s efforts towards financial prudence by keeping the fiscal deficit target for the new year under 6% is commendable.”

Digitap CEO on Budget 2023

Digitap CEO Nageen Kommu said, “Extending incorporation benefits for startups to 10 years will further boost sentiment and encourage entrepreneurship in the country. This will also make startups more attractive to investors since a lower tax burden means better income and returns on investment.”

Budget 2023 Live: On rationalization of tax slabs

Jaya Vaidhyanathan, CEO, BCT Digital, said: “The rationalization of tax slabs, simplification of compliances for small businesses, and most importantly, the reduction in personal income taxes would put more money in the hands of the public, thereby boosting the economy after the pandemic-induced slowdown over the last couple of years.”

A boost to economic growth: Knight Frank India

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said: “The union budget presented today by the honourable Finance Minister is growth oriented and with a long- term view of social and infrastructure development. The budget is cognizant of the need to empower the different segments of the economy and the society. In doing so, the allocations for the various infrastructure developments are very critical. The massive 33% increase to INR 10 lakh crore outlay toward infrastructure investment and the 66% increase in the outlay toward affordable housing via the PMAY shows that the budget has planted its foot firmly forward on the growth agenda. This has been attended while providing a fiscal consolidation road map which would cheer the financial markets too.

Budget 2023 Live: Cyrus Mody on new direct tax slabs

On Budget 2023, Cyrus Mody, Founder & Managing Partner at Viceroy Properties said, “The Union Budget has many announcements for the real estate and the infra sector. The robust infra, railway outlay, and 50 new airports by the government will help create new realty hotspots across the country. The 66% rise in the PMAY outlay will help achieve the government’s dream of ‘Housing for All’.

The key announcement of the government incentivizing cities to improve their creditworthiness for municipal bonds will encourage states and cities to take up urban and sustainable planning.

Lastly, the new direct tax slabs will end up leaving more money in the hand of the consumer, thereby leading to a rise in discretionary income.”

Career-oriented budget, says MyTransform’s Roopali Mehra

Roopali Mehra, Founder MyTransform, said: “This is a completely career-oriented budget where the focus is not just on skilling through initiatives such as PMKVY 4.0 but also on getting our learners ready for Industry 4.0 with new-age courses in Coding, AI, IOT, Mechatronics, Drones and others. Learners will have the option to look beyond traditional career choices and make informed career decisions. She welcomed the Government stance on ‘janbhagidari’ through ‘sabka saath, sabka prayaas’ that endeavours to build a public-private-partnership model in skilling and career development.”

Budget 2023 Live: Made-in-India smartphones, TVs to become cheaper

Union Finance Minister Nirmala Sitharaman said that the government is planning to boost the production of smartphones and TVs in the country by incentivizing manufacturers. In the Union Budget 2023, Sitharaman said the govt plans to provide some relief to both smartphone and TV makers by reducing customs duty on some key components.

Budget 2023 a roadmap for nation-building: ASSOCHAM

The Union Budget for 2023-24, presented by Finance Minister Nirmala Sitharaman, in Parliament is a roadmap of nation building with continued focus on massive public expenditure on infrastructure, sustainable economic growth, encouraging consumption demand while staying on course of strict fiscal prudence, ASSOCHAM said today.

FM to address post-budget conference soon

Finance minister Nirmala Sitharaman will address a post-budget conference at 4 pm today.

Budget mathematical confirmation of failure of Modi govt: Kavitha Kalvakuntla, BRS leader

This budget mathematical confirmation of failure of Modi govt. This seems like a budget for few states. We hoped tax rebate of up to ₹10 Lakhs. In Telangana, we pay good salaries to people so this rebate is of no use to us: Kavitha Kalvakuntla, BRS leader

Budget ‘anti-people’, ‘opportunistic’: Mamata Banerjee

Terming the Union Budget “anti-people”, West Bengal Chief Minister Mamata Banerjee on Wednesday said it will deprive the poor.

Addressing a government function at Bolpur in Birbhum district, she claimed that the changes in the income tax slabs will not help anyone.

“This Union Budget is not futuristic, totally opportunistic, anti-people and anti-poor. It will benefit only one class of people. This Budget will not help address the country’s unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections,” she said.

Delhi CM Arvind Kejriwal on Union Budget

Budget 2023-24 offers no relief from inflation, no concrete plan to remove unemployment; will rather lead to price rise: Delhi CM Kejriwal.

Budget will provide impetus to green growth, green economy: PM Narendra Modi

This year’s budget will provide impetus to green growth, green economy, green infrastructure and green jobs for sustainable future: PM Modi.

We have reduced tax-rate and have given relief accordingly: PM Narendra Modi

Our Govt has taken several steps to empower the middle class and ensure ease of living. We have reduced tax-rate and have given relief accordingly: PM Narendra Modi

First time scheme related to training and support for ‘Vishvakarma’ has been brought in the budget: PM Narendra Modi

Those toiling traditionally through their hands for the country, ‘Vishvakarma’ are the creators of this country. For the first time scheme related to training & support for ‘Vishvakarma’ has been brought in the budget: PM Narendra Modi

Special savings scheme will be started empowering women in households: PM Narendra Modi

Govt has taken several steps to make the lives of women, in rural & urban areas, easy. Women’s self-help groups will further enhance them. Special savings scheme will be started empowering women in households: PM Narendra Modi

First budget of Amrit Kaal will build a strong foundation for building a developed India: PM Modi

First budget of Amrit Kaal will build a strong foundation for building a developed India. This budget will fulfil dreams of aspirational society including poor people, middle-class people, farmers: PM Narendra Modi

Budget presented keeping the elections in mind: Dimple Yadav, Samajwadi Party MP

It’s a Budget presented keeping the elections in mind, while some relaxations given to the middle class. Govt hasn’t said anything about MSP for farmers, employment & youth. Railways also ignored in this budget. It has been a disappointing budget, says Dimple Yadav, Samajwadi Party MP

Budget 2023 is a pro-corporate budget: K Suresh, Congress

Budget 2023 is a pro-corporate budget. All interests of Adani are fulfilled in this budget, but the common man has been ignored. This budget is for Adani, Ambani, Gujarat: K Suresh, Congress

Expert’s take: The tax benefits have been tweaked to encourage individuals to move towards new tax regime

“The budget has ensured, the fiscal impulse is maximized to improve potential growth, while signalling adherence to medium-term fiscal sustainability. This requires continued financial sector reforms, better resource allocation. Expenditure focus has been on rural, welfare, infrastructure, PLIs, and energy transition. Capex spend has picked up significantly to 3.3% of GDP and is almost double of Pre-Pandemic prints. This especially implies larger fiscal multiplier on employment and growth and will support crowding in of still-lacking private capex.

The tax benefits have been tweaked to encourage individuals to move towards new tax regime, and to provide relief to middle class, while maximum marginal rate has also been reduced to 39% from 42.7% to give relief to the highest income strata. While the government is foregoing effective revenue of Rs350bn, this could have a consumption multiplier effect albeit at the margin, in the economy that’s seeing fading consumption growth,” says Ms. Madhavi Arora, Lead Economist – Emkay Global Financial Services on the Union Budget 2023-24.

Middle-class bonanza budget: Smriti Irani

This is a middle-class bonanza budget but PM has spoken about inclusive growth. This has been an inclusive budget. There was something for SC, ST, OBC, women & elderlies: Union Minister Smriti Irani

Believer in a low tax regime: Karti Chidambaram

I am a believer in a low tax regime. So, any tax cuts are welcome because giving more money into the hands of the people is the best way to boost the economy: Karti Chidambaram, Congress MP

Expert take: Union Budget has provided a much larger-than-expected boost to growth-inducing capital spending

The Union Budget has provided a much larger-than-expected boost to growth-inducing capital spending, while at the same time managing a fair degree of fiscal consolidation. The Budget proposals are likely to enhance business, rural and tax payer sentiment and consolidate India’s growth prospects in a gloomy global setting. With the Government’s borrowings similar to market expectations, the bond yields are likely to stabilise, which would also support the private sector capex plans, Ramnath Krishnan, Managing Director & Group CEO, ICRA.

BJP MP Tejashvi Surya’s reaction on Union Budget

I want to thank PM Modi and FM Sitharaman for the announcement of the over ₹5,000 cr irrigation project for the Upper Bhadra region of Karnataka. This project will be a game-changer for the state

Shashi Tharoor on  Union Budget

There are some good things in Union Budget2023 but there was no mention of MNREGA, poor rural labour, employment & inflation. Some fundamental questions remained to be answered Congress MP Shashi Tharoor

Budget 2023 overhauls tax regime: Check the new slabs and how to calculate tax

Check the new tax structure announced in the Union Budget 2023 by Finance Minister Nirmala Sitharaman. Read more

Govt plans record bond sales to finance India budget deficit

Prime Minister Narendra Modi’s government aims to borrow 15.43 trillion rupees ($189 billion) from the bond market, Finance Minister Nirmala Sitharaman said in her budget speech on Wednesday.

5 income tax rule changes announced in Budget 2023

Nirmala Sitharaman on Wednesday announced change in income tax slabs, up to ₹7 lakh rebate under new income tax regime. Read here

Good news for taxpayers!

New personal income tax slabs have been announced in this year’s Budget. The new personal income tax rates are:

0 to ₹3 lakhs – nil

₹3 to 6 lakhs – 5%

₹6 to 9 Lakhs – 10%

₹9 to 12 Lakhs – 15%

₹12 to 15 Lakhs – 20%

Above ₹15 Lakhs – 30%

SENSEX SURGES 1000 POINTS

Dalal street cheers Budget 2023 announcements. Sensex surges 1,000 points, Nifty near 17,900

Budget 2023: 5 major announcements for middle class

Rebate limit increased to ₹7 Lakh. Now no tax upto ₹7 Lakh, in new tax scheme.

New tax exemption is 3 lakh (old)

0-3 lakhs: nil

3 lakhs-6 Lakhs: 5%

6 lakhs – 9 lakhs: 10%

9 Lakhs to 12 Lakh: 15%

12 Lakhs – 15 Lakhs: 20%

Above 15 lakhs @ 30%

New tax regime will be by default

Average processing time for ITRs reduced from 93 days to 16 days

Budget 2023: Sitharaman on new tax regime

Union Finance Minister Nirmala Sitharaman has proposed a new tax regime, under which income tax rebate limit has been increased from ₹5 lakh to ₹7 lakh.

“I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from ₹2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to ₹3 lakh,” she said.

Budget 2023 Live: No news on bank privatisation

More than an hour into the Budget 2023 speech, FM Nirmala Sitharaman has not touched up on any key banking sector reforms including the long held promise of privatisation of public sector banks.

Budget 2023 Live: Tax slabs announced

0-3 lakh nil

3-6 lk 5%

6-9 lk 10%

9-12 lk 15%

12-15 lk 20%

above 15 30%

Budget 2023 Live: Income tax rebate

– increase income rebate to ₹7 lakh in the new tax regime

Budget 2023 Live: Direct tax proposals

– Average processing time for ITRs reduced from 93 days to 16 days

– We intend to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism

Budget 2023 Live: Key announcements

– FY24 gross borrowing target at ₹15.43 lakh crore

– Fiscal deficit target for FY24 pegged at 5.9%

– Fiscal deficit for FY23 estimated at 6.4% of GDP

– Fiscal deficit glide path for FY26 is 4.5%

– increase on duties on silver doors, bars at par with gold

– Big push to ‘Make In India’. LI battery, mobile, tv, chimney manufacturing get custom rebates.

Budget 2023 Live:Basic custom duty rates to be reduced

– Custom duty exemptions to be provided for the manufacturing of lithium-ion batteries.

– Basic custom duty rates to be reduced from 21 to 13 except for textile

FY2024 fiscal deficit target at 5.9% of GDP

FY2024 fiscal deficit target at 5.9% of GDP: FM

Fiscal Deficit target below 6.5% by 2025-26

Budget 2023 Live: Maximum deposit scheme for senior citizens

Maximum deposit scheme for senior citizens – ₹15 lakh to 30 lakh

More from FM’s speech

– To reclaim unclaimed shares/ dividends, an integrated IT portal will be established.

– Certain amendments to be made to the Banking Regulation Act, Banking Companies Act and RBI Act to improve governance

Budget 2023 Live: FM on digital payments

– Increase 76% in transactions

– 91% in value

Budget 2023 Live: ‘NFIR to be designed in consultation with RBI’

Permitting acquisition financing by IFSC units of foreign banks

National Financial Information Registry to promote credit, facilitate inclusion. NFIR to be designed in consultation with RBI

Budget 2023 Live: Credit guarantee for MSME

Credit guarantee for MSME, revamped scheme will take effect from April 1, 2023 with infusion of ₹9,000 crore corpus. Cost of Credit tp be reduced by 1%.

Budget 2023 Live: Centre to support states to scrap old vehicles

– digital ecosystem for skiling to be further expanded

– To empower our youth, realised their dreams we have formulated the national education policy

– Centre to support states to scrap old vehicles.

Budget 2023 Live: Budget highlights so far

The Centre will recruit 38,800 teachers and support staff for 740 Eklavya Model residential schools serving 3.5 lakh tribal students

All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode

The outlay for Pradhan Mantri Awas Yojana is being enhanced by 66% to over ₹79,000 cr

50 additional airports, heliports, and advanced landings will be revived for improving air connectivity.

Mission Karmayogi:

To provide learning opportunities for govt employees.

For enhancing the ease of doing biz more than 39k compliances have been used.

Centers for Excellence AI: to make AI work for India 3 centers for excellence will be set up in top educational institutes.

National data governance policy: access to anonymized data. KYC will be simplified.

RELIEF FOR MSMEs:

95% of the forfeited amount will be returned to them by govt undertakings for contract failure during Covid.

₹10,000 cr per year to be invested on Urban Infra Development fund.

Settling contractual dispute: A voluntary settlement scheme will be used.

Capital outlay of ₹2.4 lakh cr provided for Railways; highest-ever allocation since 2013-14

Budget 2023 Live: ₹35,000 cr for energy transition investment

– Have an outlay of ₹35,000 Cr for energy transition investment

– over next 3 yrs, we facilitate 1 crore farmers to adopt natural farming

– PM PRANAM to incentivise state/ UTs to promote balance use of fertilisers

– GOBARDAN: to promote circular economy. 200 biogas plants will include at investment of ₹10,000 cr

Budget 2023 Live: Lab grown diamonds, green growth

– 100 labs for 5G apps to be set up in engineering institutes

– Lab grown diamonds production to be encouraged via grant to an IIT

– Green growth: 35k cr for priority capital investment for Energy transition

Budget 2023 Live: 50-yr interest free loan to state govts extended

50-year interest free loan to state governments have been extended for one more year

Budget 2023 Live: ‘Scope of services in Digilocker to be expanded’

Scope of services in Digilocker to be expanded: FM

‘PAN to be used as common identifier for all digital systems’

PAN to be used as common identifier for all digital systems of specified Govt agencies. Push to Ease of Doing Business.

Budget 2023: Relief for MSMEs

In cases of failure by MSMEs, 95% of forfeited amount will be returned to them by govt

Budget 2023 Live: 39,000 compliances reduced, says FM

– more than 39,000 compliances reduced

– more than 3,000 legal provision decriminalised

Budget Highlights till at 11.30 am

– Finance Minister started her speech by saying, ‘this is the first budget of the Amrit Kal’

– Four transformative opportunities can be used be in Amrit Kaal for enhancing economic empowerment: FM

– Digital public infrastructure for agriculture will be built as open source, open standard and interoperable public good: FM

– Agri accelerator fund will be set up to encourage agri startups in rural areas:FM

– Govt to support Hyderabad-based millet institute as centre of excellence: FM

– National digital library for children adolescents for facilitating books across geography, literature, etc

– National Book Trust and children’s book trust will be encouraged to boost reading habits.

– Collaboration with NGOs who work in literacy will be part of this.

Budget 2023: Capital outlay of Railways

Capital outlay of ₹2.40 lakh crore. this is 9 times the outlay made in 2013

Budget 2023 Live: Capital investment

Capital investment increased by 33% to ₹10 lakh crore. This is 3.3% of GDP: FM

Budget 2023 Live: More from FM’s speech

– Govt to recruit 38,800 teachers

– PM awas yojana is being enhanced by 66% to over ₹79,000 crore

Budget 2023 Live: FM on health, education and skilling

– National digital library for children, adolescents

– Health, education and skilling

– New programme to promote R&D in pharma will be launched

– 157 nursing colleges will be established

– 57 medical colleges established since 2014

Budget 2023 live: Budget focuses on job creation, upliftment of youth

We made significant progress in sustainable goals. Also achieved many milestones in Swachh Bharat, PM Suraksha Bima Yojana, Direct benefit transfer, and Jan Dhan accounts, says FM.

Budget 2023 Live: Highlights from FM’s speech

– Govt efforts since 2014 have ensured better quality of life for citizens of the country

– These times of global challenges give India unique opportunity to strengthen country’s role in world economic order

Budget 2023 Live: ‘Bring modern technologies to Indian farms’

An agriculture accelerator fund to be set up to support agri-tech startups in rural areas. This is meant to bring modern technologies to Indian farms

Budget 2023 Live

– Agriculture accelator Fund to be set up to bring modern technology and increase productivity

– Will enable self help groups to reach next level of economic empowerment

Budget 2023 Live: Priorities of Budget 2023

– inclusive development

– digital public infrastructure for agriculture

– infrastructure, investment

– unleashing potential

– green growth

– financial sector

Budget 2023 live: People-centric agenda to take on global challenges, says FM

Budget hopes to build on foundation laid in previous Budget. Envision a prosperous, inclusive India in which the fruits of development reach all sections, FM says

Budget 2023 Live: On Indian economy

Indian economy increased in size from 10th biggest to 5th biggest in 9 years

BUDGET 2023 LIVE

11.7 cr household toilets under swachh bharat mission

9.6 cr LPG ujjwala yojana

Economy has become formalised: FM

We have made a significant progess in many sustainable developmnet goals. Economy has become formalised: FM

Free food grain

We are implementing a scheme to supply free food grain. Expenditure of ₹2 lk cr: FM

World recognise Indian economy as bright start

In the 75th year of independence, world recognise Indian economy as bright start.

Budget 2023 speech starts

Finance Minister Nirmala Sitharaman is presenting the Narendra Modi government’s 11th Union Budget in Parliament. This is the fifth budget presentation by the FM.

Railway-related stocks in limelight ahead of Union Budget

Shares of railway-related companies, including Rail Vikas Nigam Ltd and IRCON International, witnessed an up-trend on Wednesday, ahead of the Union Budget presentation in Parliament.

It’s here. Nirmala Sitharaman to unveil Union Budget shortly

Union Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha.

Union Cabinet approves the Budget 2023

Union Cabinet has approved the Budget 2023; the meeting underway at the Parliament has now concluded. Union Finance Minister Nirmala Sitharaman will present the Budget shortly.

Budget 2023: Sitharaman’s Budget speech to begin shorty

FM Nirmala Sitharaman will start her Budget speech at 11 am, the last full Budget of the Modi government in its second term. Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form.

Shares rise ahead of federal budget

Shares rose on Wednesday ahead of the Union budget 2023, which investors will closely watch for government measures, including spending to aid the long-term growth of the economy, with a global slowdown in the vicinity.

Sniffer dog sniffs copies of Union Budget 2023

A sniffer dog sniffs copies of Union Budget 2023 that have been brought to the Parliament.

Physical copies of Budget 2023 arrive at Parliament

Ahead of the presentation of the Union Budget 2023-24, budget copies arrived at Parliament on Wedneday.

Key numbers to be watched

Here are the key numbers to watch for in Budget 2023-24:

– Fiscal Deficit

– Disinvestment/Privatisation

– Capital Expenditure

– Tax Revenue

– Borrowing

– Nominal GDP

– NREGA, health and education sectors

Rupee gains 12 paise to 81.76 against US dollar ahead of Union Budget

The rupee opened on a positive note and gained 12 paise to 81.76 against the US dollar in early trade on Wednesday ahead of the Union Budget presentation.

Bond yields tad lower ahead of budget announcement

The government bond yields were marginally lower in early trading today, as market participants awaited the federal budget announcement due in the next few minutes. The benchmark 10-year yield was at 7.3346% as of 09:55 am IST, after closing six basis points lower at 7.3438% yesterday, posting its biggest single-session fall in two months.

Cabinet meeting chaired by PM Modi begins

Union Cabinet meeting chaired by PM Modi begins at the Parliament. After the Cabinet approves the Budget 2023, it will be presented in Parliament by FM Sitharaman.

Sensex jumps 517 pts to hit 60k in early trade ahead of Budget

Equity benchmarks climbed in early trade on Wednesday amid an overall positive trend in the global markets and ahead of the presentation of Union Budget 2023-24. The 30-share BSE benchmark Sensex jumped 516.97 points to 60,066.87. The broader NSE Nifty climbed 153.15 points to 17,815.30.

PM Modi arrives at Parliament

Prime Minister Narendra Modi arrives at the Parliament ahead of the Budget 2023 presentation.

Budget 2023: Anurag Thakur, G Kishan Reddy arrive at Parliament

Union Ministers Anurag Thakur and G Kishan Reddy arrive at the Parliament.

Budget 2023 expectations

– Reduction of fiscal deficit should be the top priority

– Thrust on infrastructure

– Income tax relief

Amit Shah, Rajnath Singh arrive at the Parliament

Union Home Minister Amit Shah and Defence Minister Rajnath Singh arrive at the Parliament.

Cabinet meeting to be held at 10 am

A Union Cabinet meeting will be held at 10 am today following which the Finance Minister will present the Union Budget2023 in the Parliament at 11 am.

FM Sitharaman arrives at Parliament

Union Finance Minister Nirmala Sitharaman arrives at the Parliament ahead of her Budget speech.

Nirmala Sitharaman dons bright red saree for her fifth budget presentation

Finance Minister Nirmala Sitharaman arrived in Parliament for the Union Budget presentation wearing a traditional temple border saree on Wednesday. With a red digital tablet in hand, Sitharaman looked classic and elegant. Wednesday’s Budget will be Sitharaman’s fifth Budget

FM Nirmala Sitharaman meets President Droupadi Murmu

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24

5 key expectations from Budget: Will Nirmala Sitharaman focus on middle class?

Here are 5 key expectations from the Union Finance Minister Nirmala Sitharaman ahead of the Union Budget 2023. Read more

Economic Survey presents comprehensive analysis of India’s growth trajectory: PM Modi

Prime Minister Narendra Modi said the Economic Survey 2022-23 presents a comprehensive analysis of India’s growth trajectory, including the global optimism towards the country.

Modi tweeted, “The Economic Survey presents a comprehensive analysis of India’s growth trajectory including the global optimism towards our nation, focus on infra, growth in agriculture, industries and emphasis on futuristic sectors.”

Market opens higher ahead of budget

Markets reacted and made gains over Union Budget expectations as BSE’s Sensex went up over 500 points and NSE’s Nifty surged 105 in the opening of Wednesday session

Will the government hike import duty to promote Atma Nirbhar Bharat?

This year’s budget is expected to hike in duties — from private jets and helicopters to electronic goods, plastics, items of iron and steel, jewellery and leather. The idea is to arrest India’s overall trade deficit in general and with China in particular.

Finance Minister Nirmala Sitharaman reaches Rashtrapati Bhavan to call on President Murmu

Finance Minister Nirmala Sitharaman reaches Rashtrapati Bhavan to call on President Murmu. FM will then attend the Union Cabinet meeting, and then present Union Budget 2023-24.

PM Narendra Modi to chair Cabinet meeting at 10 am

A cabinet meeting chaired by Prime Minister Narendra Modi will be held at 10am ahead of Union budget presentation in Parliament.

Tax relief for individuals

In light of the buoyant tax collections during the current year, relief for individuals through realignment of income slabs and tax rates under both the normal and concessional tax regimes, says KPMG

Exemption on housing loan

The consumer sentiment index also found that 44 per cent want a reduction in GST and 32 per cent want housing loan exemption limits to be re-looked at. The survey also highlighted that 26 per cent believe that personal income tax rates should be lowered by 5 per cent. Additionally, 25 per cent want the exemption limit to be raised beyond ₹2.5 lakh.

Will FM look into GST exemption of essential items

Around 73 per cent people believe that the upcoming Union Budget 2023 needs to address ‘reduction in prices of essential items like soap, detergent, cooking oil etc, while 54 per cent believe that it should look into the GST exemption of essential items. These findings were part of the Axis My India Pre-Budget CSI Survey.

Will the FM rejig new income tax regime

Experts believe government should revamp the new income tax regime as out of 7 crore income tax return filers, less than 5 lakh tax savers have opted for the new regime.

Nirmala Sitharaman arrives at the Ministry of Finance, ahead of the Budget presentation

Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance, ahead of the Budget presentation

FM likely to increase budget allocations for health, education and rural projects,

Finance Minister Nirmala Sitharaman is widely expected to continue that policy, and announce 10% to 12% increase in budget allocations for health, education and rural projects, helped by a pick up in tax collections.

First normal budget after Covid-19 pandemic

The Union Budget for 2023-24 (April 2023 to March 2024) would be the first normal budget after the COVID-19 shock and amid global geopolitical developments.

Income Tax Slabs Live Updates: Can salaried, middle class expect some tax relief in Budget 2023?

Will the taxpayers receive income tax relief? The expectations of individual taxpayers soar higher as they expect some reliefs in the tax front from the budget announcements. Read here

Union Budget  in paperless form

Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form.

Indian shares set to rise ahead of budget

Indian shares are set to open higher on Wednesday ahead of the Union budget, as investors look for major triggers for the near-term trajectory of the market.

India’s NSE stock futures listed on the Singapore exchange were up 0.59% at 17,857.50 as of 07:42 a.m. IST.

The budget will be presented at 11:00 a.m. IST, in which the Indian government will likely seek to lower its fiscal deficit while offering incentives for investment.

Will FM Nirmala Sitharaman tweak income-tax slabs?

Finance Minister Nirmala Sitharaman may tweak income-tax slabs to provide relief to the nation’s vast middle class and increase spend on the poor through programs such as rural jobs, while ramping up financial incentives for local manufacturing, according to economists and reports in local media.

Budget Session: Important dates

The first part of the session will conclude on February 13. Parliament will reconvene on March 12 for the second part of the Budget Session and conclude on April 6.

Budget session is going to have 27 sittings

This year’s budget session is going to have 27 sittings till April 6 with a month-long recess to examine the budget papers

Budget 2023 likely to push spending to support growth, while lowering deficit

Presenting its annual budget to parliament on Wednesday, India’s government will seek to lower its fiscal deficit while offering incentives for investment and stepping up state spending to support an economy that is caught in the global slowdown.

Budget 2023 LIVE: Nirmala Sitharaman to table Budget today, when to watch

Finance Minister Nirmala Sitharaman will present Union Budget 2023 at 11 am today, 1 February 2023. You can watch the live stream of the finance minister, Nirmala Sitharaman, deliver her budget speech in Parliament on Sansad TV. Catch the live stream Livemint‘s homepage as well.

Economic survey: Key highlights

1) India’s economic growth is projected to slow to 6.5 per cent in the fiscal year starting April but will remain the fastest growing major economy in the world.

2) India is the world’s third largest economy in PPP (purchasing power parity) terms and fifth largest in terms of exchange rate.

3) RBI’s projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor so low as to weaken inducement to invest.

Budget 2023 LIVE: Expectations of salaried class

The expectations are rife that the finance minister may tweak income-tax slabs to provide middle class a much needed relief. Recently, Nirmala Sitharaman said she identifies herself as a middle class and understands the pressure faced by the section.

India’s Budget ray of hope in uncertain times: PM Modi

Prime Minister Narendra Modi on Tuesday said that the upcoming Union Budget will attempt to meet the hopes and aspirations of the people and strive to be a ray of hope for the world. “Amid the unstable global economic situation, India’s Budget will not only attempt to meet the hopes and aspirations of the common citizens, but the ray of hope being seen by the world will also glow brighter — for this, I firmly believe that Finance Minister Nirmala Sitharaman will make all efforts to meet those aspirations.”

Budget is categorised into three main types- balanced, surplus and deficit

Balanced budget: A balanced budget is when the estimated government expenditure is the same as the expected revenue in a certain financial year.

Surplus budget: A budget is considered surplus when the government revenue surpasses the expected expenses in a financial year.

Deficit budget: When the government’s expenses overshoot the revenue during a fiscal year, it is termed as a deficit budget.

Railway Budget 2023: All you need to know

The Railway budget is included in the Union Budget which will be tabled today. The expectations of general public include controlling train ticket fares, focus on cleanliness in trains, increase in number of trains among others.

Proactive measures by government brought inflation within RBI’s tolerance limit: Economic Survey

The Economic Survey for 2022-23 notes that the measures taken by the government and Reserve Bank of India have managed to bring retail inflation below the Indian central bank’s upper tolerance band of 6 per cent. India’s retail inflation was above RBI’s six per cent target for three consecutive quarters, and had managed to fall back to the RBI’s comfort zone in November 2022.

Budget 2023 Live: Expectations of real estate sector

The Union Budget 2023 is a much-anticipated event for the real estate sector in India. Industry experts and stakeholders have high expectations from the government as they hope to see a number of reforms and initiatives that can help boost the real estate market and encourage investment in the sector.

The area of interest for the real estate sector is tax incentives. Real estate developers and investors are hoping for tax breaks and other financial incentives that can help lower the cost of developing new projects and make it more profitable for them.

Union Health Budget likely to focus on increasing number of medical colleges, PMJAY coverage

In the upcoming Union Budget 2023-24, the focus is expected to be on increasing the number of nursing and medical colleges, introducing HPV vaccine in the National Immunisation Program and enhancement of Pradhanmantri Jan Arogya Yojana (PMJAY) coverage, news agency PTI reported citing sources.

India’s GDP to slow down to 6-6.8%: Economic Survey

According to the Economic Survey released by the government a day ahead of the Union Budget presentation, India’s economic growth is forecast to be 6.5 per cent in fiscal 2024 compared to 7 per cent in the current fiscal. Read more

Cryptocurrencies do not pass test of being a financial asset: Economic Survey

The Economic Survey document for 2022-23 said cryptocurrencies have no intrinsic cashflows to them and the latest collapse of the crypto exchange FTX exposes the vulnerabilities in such investments.

“The recent collapse of the crypto exchange FTX and the ensuing sell-off in the crypto markets have placed a spotlight on the vulnerabilities in the crypto ecosystem,” the survey said.

Budget 2023: Tight rope walk for Sitharaman

The Union Budget for 2023-24 (April 2023 to March 2024) would be the first normal budget after the COVID-19 shock and amid global geopolitical developments. The priority for the Budget is expected to be to maintain a reasonably high but stable growth in the medium term. It would have the daunting task of progressing towards consolidation after the Covid-related fiscal push, and on the other hand, keeping an eye on needs on the economic growth in an atmosphere of slowing global growth and tightening domestic financial conditions.

What to watch for in this year’s budget

The budget will be parsed by investors for measures that will enable India to deliver world-beating growth against the backdrop of an uncertain global environment, higher prices and borrowing costs. 

The government is spending nearly 20% of its budget this fiscal year on capital investment, the most in at least a decade. Whether or not taxes — on incomes, imports, capital gains — will be tweaked remains to be seen.

BJP to launch nationwide campaign to highlight benefits of Union Budget 2023

The Bharatiya Janata Party (BJP) will launch a 12-day-long nationwide campaign on Wednesday to reach out to the public and convey the benefits of the upcoming Union budget 2023-24. BJP-ruled state CMs, State Presidents, Ministers, MPs and MLAs will hold conferences and public meetings across the country for the next two weeks and discuss the Budget and its benefits with the common people.

Union Cabinet meet to be held before Parliament proceedings

A meeting of the Union Cabinet will take place in the morning to approve the Union Budget 2023-24. After getting the nod from the Cabinet, Sitharaman will present the Budget in Parliament.

Union Budget 2023: When and where to watch

Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2023-24. The Union Budget for the year 2024 can be watched live on Sansad TV. The speech can also be watched live on the Ministry of Finance’s official Twitter and Facebook accounts. Read more