Economic Times | 02 Feb, 2023 | 09:17PM IST
Budget Key Highlights: Finance Minister Nirmala Sitharaman on Wednesday outlined seven priorities, calling it 'Saptrishi' that will guide India's vision during Amrit Kaal, while presenting her last full Budget before 2024 assembly polls. Amrit Kaal refers to the next 25 years (up to 2047) leading to the centenary of India's independence. This period has been pitched by the Narendra Modi government as the time when India can strive to turn into a developed country.
The seven priorities were inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector. She also announced hiking the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3 per cent of the GDP.
Following are the highlights of the Budget 2023-24 tabled in Parliament on Wednesday:
* Per capita income has more than doubled to Rs 1.97 lakh in around nine years.
* Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years.
* Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
* Outlay for PM Awas Yojana is being enhanced by 66 per cent to over Rs 79,000 crore.
* Capital outlay of Rs 2.40 lakh crore has been provided for the Railways, which is the highest ever and about nine times the outlay made in 2013-14.
* 30 Skill India International Centres to be set up across different states to skill youth for international opportunities.
* Revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through infusion of Rs 9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1 per cent.
* The maximum deposit limit for Senior Citizen Savings Scheme to be enhanced from Rs 15 lakh to Rs 30 lakh.
* Fiscal Deficit targeted to be below 4.5 per cent by 2025-26.
* Rs 10 lakh crore capital investment, a steep increase of 33 per cent for third year in a row, to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.
* Rs 15,000 crore for implementation of Pradhan Mantri PVTG Development Mission over the next three years under the Development Action Plan for Scheduled Tribes.
* Investment of Rs 75,000 crore, including Rs 15,000 crore from private sources, for 100 critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors.
* New Infrastructure Finance Secretariat established to enhance opportunities for private investment in infrastructure.
* National Data Governance Policy to be brought out to unleash innovation and research by start-ups and academia.
*PAN will be used as the common identifier for all digital systems of specified government agencies to bring in Ease of Doing Business.
* ‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes', MISHTI, to be taken up for mangrove plantation along the coastline and on salt pan lands, through convergence between MGNREGS, CAMPA Fund and other sources.
* To commemorate Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, to be launched. It will offer deposit facility of up to Rs 2 lakh in the name of women or girls for tenure of 2 years (up to March 2025) at fixed interest rate of 7.5 per cent with partial withdrawal option.
* Fiscal Deficit of 3.5 per cent of GSDP allowed for states of which 0.5 per cent is tied to power sector reforms.
* The fiscal deficit is 6.4 per cent of GDP for the current fiscal, adhering to the Budget Estimate.
* The gross market borrowings for 2023-24 are estimated at Rs 15.4 lakh crore.
* To further improve tax payer services, proposal to roll out a next-generation Common IT Return Form for tax payer convenience, along with plans to strengthen the grievance redressal mechanism.
* Rebate limit of Personal Income Tax to be increased to Rs 7 lakh from the current Rs 5 lakh in the new tax regime. Thus, persons in the new tax regime with income up to Rs 7 lakh not to pay any tax.
* Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five and increasing the tax exemption limit to Rs 3 lakh.
* Highest surcharge rate reduced from 37 per cent to 25 per cent in the new tax regime. This to further result in reduction of the maximum personal income tax rate to 39 per cent.
* The limit for tax exemption on leave encashment on retirement of non-government salaried employees to increase to Rs 25 lakh.
* Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21.
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Budget has balance between fiscal prudence and growth story: Sachin Menon, Partner and Head, Indirect Tax, KPMG in India
"The Budget 2023-24 continues to focus on India’s growth momentum by laying emphasis on ‘Make in India’, ‘Exports’ and ‘Digital India’. The Budget maintained a fine balance between various facets/ targets including anticipations of global slowdown and need for a push to made in India. Backing its Make in India programme launched in 2014 and correspondingly supporting the Atmanirbhar Bharat plan, the Government has come out with the various measures such as Viability Gap Funding, concessional duty benefits, etc. for the certain goods," says Menon.
Budget does not meet expectations of travel agents: TAAI
ravel agents apex body TAAI on Thursday expressed its "disappointment" over the Union Budget for financial year 2023-24, saying that it does not meet any of its expectations or demands. TAAI (Travel Agents Association of India), however, said it applauds the Finance Minister's idea of promoting travel on a 'mission mode.'
"With the Union Budget 2023-24, Finance Minister Nirmala Sitharaman has shown solidarity towards the tourism sector and has left the travel fraternity hopeful. However, there is a huge wave of disappointment among the travel agent fraternity as the budget holds nothing for this large section," the association said.
Modi govt has given special attention to sports ministry in Budget: Anurag Thakur
In a statement released by the BJP here, Thakur said Prime Minister Narendra Modi is committed to promote sports and sportspersons, and in this Union Budget presented on Wednesday, the central government has increased the budget allocation of the sports ministry by about Rs 335 crores in comparison to the previous budget.
Allocation for aid to foreign countries cut by 2.6% in Budget
India has cut the overall allocation for aid to foreign countries from Rs 6,005 crore in 2022-23 to Rs 5,848 crore in the forthcoming fiscal of 2023-24, a reduction of 2.6 per cent in the union budget for 2023-2024, which was presented by Finance Minister Nirmala Sitharaman on February 1.Some of the countries whose allocation has been reduced under this head include Bhutan, Afghanistan and Mauritius. At the same time, budget allocation for Bangladesh, Nepal, crisis-hit Sri Lanka, Mongolia and that of Eurasian, African and Latin American countries, have been hiked.
Seed industry concerns not addressed in Budget: FSII
Concerns of the seed industry have not been addressed in the Budget but it has many other positive announcements for agriculture in general, Federation of Seed Industry of India (FSII) Director General Ram Kaundinya said on Thursday. "We are disappointed that there has been no announcement of support to enhance research in seeds and technology," Kaundinya said in a statement.
The FM has done a good balancing job of bringing out investments for the sector both in terms of infra and fiscal incentives, while also trying to push consumption through lower tax provisions and putting more income in hand, and optimizing on other programs to balance the fiscal deficit. There is strong intention in this project, and what is of course required is the detailing of some of the programs outlined and defining and delivering on the capex outlay in specific project in a time-bound manner to really start realizing the ‘Amrit’ the country is looking forward to.
- Manas Majumdar, Partner and Lead – Oil & Gas and Chemicals, KPMG in India
Recognised startups not to face impact of proposed changes in income tax laws: DPIIT secretary
"There is no angel tax on startups, lets be clear about that. Sec 56 (ii) used to have two proviso - one was preferential treatment of foreign players. So that preferential treatment has been done away with...Anybody which is a recognised startup by the DPIIT will not attract angel tax if investment is made into that, be it foreign or domestic," DPIIT secretary Anurag Jain told reporters.
NCSC vice chairman welcomes Budget announcement on mission to eliminate sickle cell disease
National Commission for Scheduled Castes (NCSC) Vice Chairman Arun Halder on Thursday welcomed the announcement made by Finance Minister Nirmala Sitharaman in the Union Budget on the plan to launch a mission to eliminate sickle cell anaemia by 2047. "Whereas SCD is a universal disease and affects over 20 million people across India it is observed to be proportionately more prevalent in the tribal belts of India. India...is estimated to be home to over 50 per cent of the world's patients with sickle cell disease," he said.
Continued focus on infra in Budget to ensure long-term growth in steel demand: Experts
"Infrastructure, building and construction sectors together account for around 60 per cent of the end-use steel consumption share in the domestic market. Continued focus on infra projects will ensure sustained long-term growth in steel demand," CareEdge Ratings said.
The rating agency further said that the increased outlay for railways and PM Awaas Yojana is positive for alloy as well as non-alloy steel producers.
SteelMint said the exemption on ferrous scrap from basic customs duty (BCD) and on raw materials for manufacturing cold rolled grain oriented (CRGO) steel will facilitate the availability of raw materials to the steel sector besides saving their cost of production.
The expansion in the railway network in the country will translate into increased usage of steel and help enhance higher domestic crude and finished steel production, the research firm said.
Jayanta Roy, Senior Vice President & Group Head said, the Budget has made a strong push for infrastructure-led growth in the country, with the capital outlay for infrastructure projects being raised by 33 per cent in FY 2023-24.
This budget cannot be branded as a populist budget despite the impending parliament election next year. Its indeed a growth budget and it shows the confidence of the government that people of India will support its development agenda.
- Sachin Menon, Partner and Head, Indirect Tax, KPMG in India
Govt wants to eventually move to exemption-free I-T regime with lower taxes: Revenue Secy By Joyeeta Dey
A day after the Budget announcement of a revamped personal income tax regime, Revenue Secretary Sanjay Malhotra on Thursday said the government would eventually like to move to a simple and exemption-free tax structure with lower rates.
Goa CM hails Union Budget; says will try to bring various Central schemes to state
Goa Chief Minister Pramod Sawant on Thursday hailed the Union Budget and said his government will pitch for the setting up of various centrally-sponsored projects in the state.Speaking to reporters, Sawant said his government will seek the establishment of the Artificial Intelligence Centre of Excellence, the Skill India Centre in Goa, among other initiatives.
Union Budget exposes BJP's false propaganda for Ayushman Yojana: BJD
Under the outlay on major schemes in the Union Budget for the year 2023-24, the Centre has provided only Rs 7200 crore towards Ayushman Bharat yojana. "When we take into consideration India's 28 states and 8 union territories, per state/UT, it comes to around Rs 200 crore per annum for Ayushman Yojana," BJD spokesperson Shreemayee Mishra said.
We spend just 57 paise to collect every Rs 100 income-tax. We are one of the lowest in the world. The UK spends 73 paise, Japan 174 paise, Germany 135 paise, Canada 150 paise, France 111 paise. The USA is the only country that spends less than us
- Shishir Agarwal, Chief Commissioner of Income Tax, at a seminar on 'Post-Union Budget 2023-24-Implication for Trade and Industries'
Budget took dramatic bet on capex while continuing path of fiscal consolidation: NITI Aayog VC
The best part of the Budget presented by the finance minister was that it did not contain 'surprises', but took a dramatic bet on capex, while continuing the path of fiscal consolidation, NITI Aayog vice chairman Suman Bery said on Thursday.Describing the Budget for 2023-24 as 'responsible', Bery further said that it has maintained the focus on social sector schemes, especially on those related to women and tribal welfare.
Duty hike on cigarette to have a nominal impact on prices, say experts
The duty hike on cigarettes by 16 per cent announced in the Union Budget 2023-24 would have a nominal impact of around 7-12 paise per stick across cigarette categories, according to experts.This upward revision in National Calamity Contingent Duty (NCCD) would have negligible impact on smokers and the companies could easily absorb the shock as it may not also have any resultant impact on margins, they said.Finance Minister Nirmala Sitharama in the Union Budget for 2023-24 on Wednesday proposed to revise and increase the duty on cigarettes to about 16 per cent.
Usage of PAN as single business ID for all digital systems to promote ease of doing biz: DPIIT Secy
Usage of PAN (permanent account number) by companies as a common identifier for all digital systems of specified government agencies will help in expediting clearances and promote ease of doing business, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said on Thursday.The announcement regarding PAN was made by Finance Minister Nirmala Sitharaman in her Budget speech on Wednesday.PAN is a 10-digit alphanumeric number allotted by the income tax department to a person, firm or entity.
It is election time: Bihar Chief Minister Nitish Kumar on Budget
“It is election time,” Bihar Chief Minister Nitish Kumar said, sarcastically, on Thursday when asked if the Union budget's proposal to raise personal income tax rebate limit would bring relief to the middle class. “Votewa ka time hai na,” the JD(U) leader said in a typically Bihari accent.
Budget has provisions which are beneficial for Uttarakhand: CM Dhami
"Measures like developing 50 new destinations, thrust to millet production, appointment of 3,800 teachers in Eklavya schools for tribal children, creation of funds for start-ups in the agriculture sector and development of border villages are some features of the budget from which not only Uttarakhand but many Himalayan states are going to benefit immensely," Chief Minister Pushkar Singh Dhami said.
Starting next year, those with an annual income up to Rs 7 Lakhs will not have to pay any tax. Anyone earning Rs 7 Lakhs or less will be eligible for no tax deductions. So, the Rs 5 Lakhs limit earlier is now Rs 7 Lakhs in the new regime
- TV Somanathan, Union Finance Secretary
Budget 2023 Highlights: 'Digitization, Atamnirbhar Bharat are the two main pillars of reforms'
To encourage a culture of development and entrepreneurship in the country, the Indian government has implemented a number of institutionalized policy measures and programs. Digitization and Atamnirbhar Bharat has been the two of the main pillars of reforms announced by Nirmala Sitharaman during Budget, said Jitendra Chouksey, Co-founder and CEO of FITTR. "Being a Fit-tech company we welcome both these announcements by the government as they will lead and boost the entrepreneurial spirit. With government support, we are optimistic that the culture of startups with new technologies will make new roads for all the aspiring entrepreneurs in India," he said.
Budget 2023 Highlights: Experts welcome increased allocation for health sector
Doctors and medical experts on Wednesday welcomed the increased allocation for the health sector and the announcement to set up 157 nursing colleges in the Union Budget 2023-24, saying they will provide a strong impetus to the Indian healthcare ecosystem. This year's Budget, they said, is futuristic with a focus on medical research and paves the way for achieving universal health coverage.The health sector has been allocated Rs 89,155 crore in the Union Budget 2023-24, a hike of around 13 per cent over Rs 79,145 crore allocated in 2022-23.Dr Ajay Swaroop, chairman (Board of Management), Sir Ganga Ram Hospital said, "We are very pleased that the allocation of funds to the health sector this year has been increased."Setting up 157 nursing colleges will help in bridging the gap as far as the number of students needed for nursing care is concerned, he said.
Government's commitment to Make AI in India and Make AI work for India is commendable. AI has already become an integral part of businesses and is driving innovation across industries. Establishing 'Centres of Excellence for AI' and focusing on the development of skilled IT professionals, will empower the next generation of workforce and economic growth in the future. This initiative towards a robust AI ecosystem in India is truly aspiring
- Nitin Agarwal, Co-Founder & CTO, Locobuzz
The Budget delivers a perfect 10 upon 10 when it comes to maintaining prudence, keeping the path of fiscal prudence with a fiscal deficit of 5.9 per cent of the GDP in a trying global economic environment
- Deepak Sood, Secretary General, ASSOCHAM
Budget 2023 Highlights: ASSOCHAM calls Budget a road map for nation building
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) on Wednesday said the Union Budget 2023-24 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.Union Finance Minister Nirmala Sitharaman earlier on Wednesday presented the Budget in the Parliament.According to Sumant Sinha, the president of ASSOCHAM, 30 per cent jump in the capital expenditure to Rs 10 lakh crore clearly demonstrates the government resolve to help India remain the fastest growing economy in the world, despite global headwinds"The Centre is also incentivising the states to increase their capital spend as well on public infrastructure, taking the effective Centre's capital investment to Rs 13.7 lakh crore or 4.5 per cent of the GDP," he said.
Budget 2023 Highlights: Urban unemployment in India at four-year low
Urban unemployment rate in India has fallen to a four-year low, Budget document for 2023-24 showed on Wednesday.In June 2019, the urban unemployment rate was at 8.9 per cent, which peaked at 20.9 per cent during the COVID period, and has fallen since then to 7.2 per cent in September 2022, data revealed."Investments in Infrastructure and productive capacity have a large multiplier impact on growth and employment," Union Finance Minister Nirmala Sitharaman said in her Budget speech."After the subdued period of the pandemic, private investments are growing again. The Budget takes the lead once again to ramp up the virtuous cycle of investment and job creation."
Budget 2023 Highlights: Sitharaman announces to set up a national financial information registry
During the Union Budget speech, Finance Minister Nirmala Sitharaman said a national financial information registry will be set up to serve as the central repository of financial and ancillary information."This will facilitate efficient flow of credit, promote financial inclusion, and foster financial stability," the Finance Minister said, adding, "A new legislative framework will govern this credit public infrastructure, and it will be designed in consultation with the RBI (Reserve Bank of India)."The Union minister also announced a National Data Governance Policy, which will enable access to anonymised data. The Finance Minister said this will unleash innovation and research by start-ups and academia.Anonymisation is a data processing technique that removes or modifies personally identifiable information; it results in anonymised data that cannot be associated with any one individual.
Budget 2023 Highlights: IESA CEO Krishna Moorthy on India's Budget
"Over the last few years, the industry has seen the consistency in budget thought flows from the government and this has led to some amount of stability and increased credibility to the Governments approach to industry related policy support. The 2023 budget is no exception as India steers the G-20 in the current disposition," said Krishna Moorthy. K CEO & President of IESA, Indian Electronic and Semiconductor Association.The support for the core industries remain intact, deep tech industries get the much-needed boost and electronics and semiconductor in particular is given the impetus to make it contribute about 8-10% to GDP before the end of this decade. Specifically, the budget focuses on MSMEs and it will enable India to become one of the leading manufacturers in the ESDM sector and meet the industry expectations of enhanced global exports. India is indeed a benchmark in digital prowess for the world. "We at IESA are committed to India being the Digital Nation in all our endeavours," he said.
Budget 2023 Live: What's Sitharaman got for women
Nirmala Sitharaman announced one-time new saving scheme Mahila Samman Saving Certificate for women. It is to be made available for 2 years up to March 2025.It will offer deposit facility of up to Rs 2 lakh in the name of women or girls for tenure of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.
The world has recognized India as a bright star, our growth for current year is estimated at 7%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war
- Nirmala Sitharaman, India's Finance Minister
Budget Highlights: Nirmala Sitharaman's 'Saptrishi' mantra for Amritkaal
Finance Minister Nirmala Sitharaman on Wednesday outlined seven priorities, calling it 'Saptrishi' that will guide India's vision during Amrit Kaal, while presenting her last full Budget before 2024 assembly polls.Amrit Kaal refers to the next 25 years (up to 2047) leading to the centenary of India's independence. This period has been pitched by the Narendra Modi government as the time when India can strive to turn into a developed country.The seven priorities were inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
Budget 2023 Live: 'Budget to provide an impetus to MSMEs, start-up ecosystem'
“The Finance Minister has signalled the government’s intent to maintain stability while encouraging balanced economic growth. The proposed policy reforms and increased capital infusion will provide an impetus to MSMEs and the start-up ecosystem. Coupled with the proposal to harness the power of Artificial Intelligence by setting up Centers of Excellence, this should help stay in sync with the latest innovations. It is also very encouraging to see the FM allocating more funds for transitioning to a more green and responsible economy," said Surojit Shome, Managing Director and CEO of DBS Bank India.
Budget 2023 Live: Abhay Bhutada, MD, Poonawalla Fincorp, on Union Budget 2023
"The 2023-2024 Union Budget presented by FM Nirmala Sitharaman showcases the government's commitment to putting people first and uplifting the nation's financial status. With a focus on 'janbhagidari' through 'sabka saath, sabka prayaas' and seven pillars, including green growth, youthpower, and infrastructure investment, this budget sets the foundation for a technology-driven and knowledge-based economy. The new tax slabs, with a reduced maximum marginal rate of 39% and an income rebate limit of Rs 7 lakh, empowers the middle class with more spending power, thereby elevating the country's economy. The government's continued support and commitment to the MSME sector are commendable, as it is crucial in driving the nation's economic growth. The improved credit guarantee scheme, along with reducing compliances will significantly help alleviate stress in the MSME sector. The digitization and expanded Digilocker services, along with The National Financial Information Registry, will enhance transparency in financial security and the sector at large. The budget paves the way for a brighter future for the citizens of India. We look forward to seeing its successful implementation and playing our role in helping the nation become a global leader in the financial industry."
Budget 2023 Live: Free food Scheme to continue
- Continuing our commitment to food security, we’re implementing from January 1, 2023, a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana
- During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months.
- Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this 'janbhagidari' through 'sabka saath, sabka prayaas' is essential, FM said.
- India’s rising global profile is because of several accomplishments - Aadhaar, Cowin, UPI have contributed to improving India’s global profile. During pandemic, the government ensured no one went to bed hungry, " says Finance MinisterGovt's efforts since 2014 have ensured for all citizens, a better quality of life and life of dignity.
- The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world: Sitharaman
Budget 2023 Live: Objectives listed by Sitharaman's in her last full Budget
1. Facilitating ample opportunities for citizens, especially youth2. Providing strong impetus to growth and job creation3. Strengthening macro-economic stability4. To aim for the empowerment of women in Budget 20235. To enable women self-help groups to reach next stage of economic empowerment6. To help self-help groups with raw material supply, branding, marketing of products
Budget 2023 Live: Scheme to uplift traditional artisans
PM Vishwa Karma Kaushal Samman-package of assistance for traditional artisans and craftspeople has been conceptualised, will enable them to improve quality, scale & reach of their products, integrating with MSME value chain.
Budget 2023 Live: Here's what FM did for tribal welfare
- Pradhan Mantri Primitive Vulnerable Tribal Group (PMPVTGS) mission is been launched to improve socio-economic condition on PMPVTGS
- Tribals to get Rs 15,000 crore over next three years for safe housing, sanitation, drinking water, and electricity.
Budget 2023 Live: MSMEs to get additional funds
- Revamped credit guarantee for MSMEs to take effect from Apr 1, 2023 with infusion of Rs 9,000 crore in corpus\
- The scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1 per cent.
Budget 2023 Live: Saving scheme announcements
- Maximum deposit limit for Senior Citizen Savings Scheme to be enhanced to Rs 30 lakh from Rs 15 lakh
- Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts
- One-time new saving scheme Mahila Samman Saving Certificate for women to be made available for 2 years up to March 2025
- It will offer deposit facility of up to Rs 2 lakh in the name of women or girls for tenure of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.
Budget 2023 Live: Interest-free loan to state to continue
Centre to continue 50-year interest-free loan to state governments for one more year
Budget 2023 Highlights: Parle's Krishnarao Buddha calls it 'a populist Budget'
"The Union Budget seems to be a populist Budget. Firstly, the direct tax revised slabs would mean higher disposable income, which will be good for the FMCG industry. Doubling of per capita income to almost 2 Lakh will again propel consumption and create increased demand. Focus on increasing farm income, focus on 5G app development are all progressive steps for the nation. We can expect to grow the GDP at 7-8 %," said Krishnarao Buddha, Senior Category Head, Parle Products for FMCG industry.
Budget 2023 Live: Extension to digital services
- Scope of services in DigiLocker to be expanded
- 100 labs for developing applications to use 5G services to be set up in engineering institutions
- Labs will cover smart classrooms, precision farming, and healthcare applications
- Phase 3 of E-courts projects to be launched with outlay of Rs 7,000 crore
- Leading industry players will partner to developing, providing scalable options for health, agri and other sectors
Budget 2023 Highlights: Gems & Jewelry gets Sitharaman's attention
Finance minister Nirmala Sitharaman on Feb 1 proposed:
- To encourage the indigenous production of lab-grown diamonds, a research and development grant is to be provided to one of the IITs for five years
- Proposal to review customs duty of lab-grown diamonds to be included in Part-B of Budget document
Budget 2023 Highlights: The announcement of the Union Budget 2023 brings positive hope for the housing sector. With the immense rise in allocation towards Pradhan Mantri Awaas Yojana to Rs 79,000 crore for the next fiscal, this is expected to boost the development of more low-income and affordable housing across the country
- Saurabh Garg, Co-Founder, NoBroker
Budget 2023 Highlights: Sitharaman lays focus on tourism
Promotion of tourism will be taken up on mission mode with active participation of states, the convergence of Govt programs & public-private partnerships.50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourismStates will be encouraged to set a ‘Unity Mall’ in State capital or the most popular tourist destination in the state for the promotion and sale of ‘One District, One product’ and GI products and other handicraftThe country offers immense attraction for domestic as well as foreign tourists. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular.Tourism infrastructure and amenities to be facilitated in border villages through the Vibrant Villages Programme.
Budget 2023 Live: Aviation gets govt's attention
Finance Minister on Wednesday announced 50 additional airports, revival of helipods, water aero drones, advanced landing grounds to improve regional air connectivity.
Budget 2023 Live Updates: Schemes for MSMEs may help boost exports
Various schemes, including a revamped credit guarantee scheme, announced in the Budget to support MSMEs and exporters will help promote the country's exports, AEPC said on Thursday. Finance Minister Nirmala Sitharaman in her Budget speech said a revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will be launched from April 1.Apparel Export Promotion Council (AEPC) Chairman Naren Goenka said that the focus on infrastructure, investment, green growth, youth power and inclusive development will boost India's journey to be the fastest-growing robust economy."The announcement to cover more sectors under the PLI scheme and support to the MSME sector will help thrust exports and investment in the country. Rs 9,000-crore corpus for a revamped credit guarantee scheme will surely alleviate the stress of small and medium enterprises in India," he said.
Budget 2023 Live Updates: Budget allocates Rs 12,544 crore for space
Finance Minister Nirmala Sitharaman on Wednesday allocated nearly Rs 12,544 crore to the Department of Space as India plans a human spaceflight -– Gaganyaan -– next year and sets out to explore the moon and neighbouring planets. The allocation is about 8 per cent lower than the Budget Estimate of Rs 13,700 crore for 2022-23, which was slashed to Rs 10,530.04 crore in the Revised Estimate.The largest chunk of the allocation -- to the tune of Rs 11,669.41 crore -- has gone to central sector schemes or projects such as the human spaceflight centre and various institutions of the department that deal with launch vehicle and satellite projects, including developmental and operational initiatives.Indian National Space Promotion and Authorisation Centre (IN-Space), the government's single-window body to deal with the private sector, received Rs 95 crore allocation against Rs 21 crore in the Revised Estimate.A large portion of the allocation, Rs 53 crore, has been earmarked for capital expenditure for INSPACe.
Budget 2023 Live Updates: Outlay for Prime Minister Awas Yojana (PMAY) hiked
Among the major schemes of the current government, the outlay for Prime Minister Awas Yojana (PMAY) has been enhanced by 66 per cent to over Rs 79,000 crores, announced Finance Minister Nirmala Sitharaman while presenting the Union Budget.This is a significant increase considering Sitharaman, in the Budget 2022-23, had proposed an allocation of Rs 48,000 crore for the Housing for All initiative of the government.
Budget 2023 Highlights: Boost to India's culture ministry
With a focus on celebrations under the 'Azadi ka Amrit Mahotsav' programme commemorating 75 years of India's Independence, the outlay for annual budget 2023-24 of the Ministry of Culture has been enhanced to Rs 3,399.65 crore as against an outlay of Rs 3,009.05 crore approved in the previous Budget plan of 2022-2023. The annual outlay in FY 2023-24 is 12.97 per cent higher than the annual outlay of FY 2022-23.Finance Minister Nirmala Sitharaman in her Budget speech on Wednesday made an announcement to set up Bharat Shared Repository of Inscriptions (BharatSHRI), a digital epigraphy museum, with the digitisation of one lakh ancient inscriptions in the first stage.
Budget 2023 Live Updates: The narrower deficit forecast in the government budget for 2023-24 underscores the government's commitment to longer-term fiscal sustainability and supports the economy amid high inflation and a challenging global environment.
- Christian De Guzman, Senior VP, Moody's Investors Service, Singapore
Budget 2023 Highlights: Focus on job creation
India will focus on economic growth and job creation and cut down fiscal deficit, the Finance Minister said on Wednesday, presenting the government's last full budget in parliament before elections due next year.The aim is to have strong public finances and a robust financial sector for the benefit of all sections of society, Finance Minister Nirmala Sitharaman said.
Budget 2023 Highlights: New tax slabs
Finance Minister Nirmala Sitharaman said that a tax of 5 per cent would be levied on total income between Rs 3 lakh and Rs 6 lakh, 10 per cent tax would be imposed on income between Rs 6 lakh to Rs 9 lakh, it would be 15 per cent on income between the range of Rs 9 lakh to Rs 12 lakh.On the income range of Rs 12 lakh to Rs 15 lakh, 20 per cent tax would be levied, while tax would be 30 per cent on income slab of Rs 15 lakh and above, the finance minister informed.
Budget 2023 Live Updates: No tax for income up to Rs 7L in new tax regime
Finance Minister Nirmala Sitharaman on Wednesday announced new tax slabs for 2023-24, under which no tax would be payable for income up to Rs 7 lakh per annum under the new income tax regime."Currently, those with an income of up to Rs 5 lakhs don't pay any income tax. I proposed to increase the tax rebate limit to Rs 7 lakhs in the new tax regime," Sitharaman said while announcing the new tax slabs in her speech while presenting the Union Budget for 2023-24.
Budget 2023 Live Updates: Industry body calls it a no complaint Budget
The Federation of Industry & Commerce of North Eastern Region (FINER) on Wednesday said that the Union Budget 2023 is a "no complaint Budget" and largely beneficial to the northeastern region.FINER's former Chairman and Budget analyst R. S. Joshi said that the northeast region may not have usual mention but that is fine so long the Budget is very liberal in funding infrastructure and socio-economic projects aimed at providing better living to people of the northeastern region.The Budget has outperformed on almost all counts and if say "overdelivered" would not be an exaggeration of government's firm resolve and confidence in addressing the needs and concerns of all sections of society including burgeoning middle class people, he said.
Budget 2023 Live Updates: 'Budget clearly reflects PM Modi’s long-term vision for India'
"When India is the lone shining star in the world facing threats of recession, Ms Nirmala Sitaraman has delivered a perfectly focused growth-oriented budget with massive capital investment outlays @ 4.5% of GDP while staying on track with the fiscal deficit reduction plan," said G.P. Hinduja, Co-Chairman, Hinduja Group. He called the Budget holistic, sustainable and inclusive. Hinduja said that the Budget has been made covering every element of infrastructure and capability building and making the best use of the world-class digital public infrastructure."The budget clearly reflects PM Modi’s long-term vision for India and it aims to engage with and carry every section of society towards the goal of a self-reliant and strong India,” he added
Union Budget 2023 Live: Cut in allocations
The Rural Development Ministry has been allocated Rs 1,57,545 crore, around 13 per cent less than the estimated expenditure made by the ministry in the current fiscal. The allocation for Mahatma Gandhi National Rural Employment Scheme (MGNREGS) too has been cut by almost one-third. MGNREGS has been allocated Rs 60,000 crore for 2023-24, almost 32 per cent lesser than revised estimates for last fiscal.
Budget 2023 Live Updates: National Digital Library for children and adolescents
- Govt will set up a National Digital Library for children and adolescents. It will facilitate availability of quality books across geographies, languages, genres and levels.
- States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources.
Union Budget 2023 Live: 'Budget is quite positive for the HNIs'
"At an overall level, the Budget is quite positive for the HNIs due to the reduction in the highest income tax rate from 42.74% to 39%. This would see increased adoption of the new tax regime for individuals. Particularly, the high income bracket founders and professionals will save taxes on their ESOPs," said Vaibhav Gupta, Partner, Dhruva Advisors.
He added, "On the other hand, there are a few negative announcements which will impact HNIs and family offices such as the taxability of market linked debentures as short term capital gains and taxation of proceeds of high premium insurance policies."
"A very significant change is on limiting the exemption provided for capital gains upon purchase of new residential property. If proceeds received from offers for sale by selling shareholders in an IPO are invested in purchasing residential property beyond INR 10 cr, then the capital gains exemption will be available only in proportion that INR 10 cr bears to the total proceeds of the share sale."
Union Budget 2023 Live: Betting big on infrastructure
Govt increased allocation to the state-owned National Highways Authority of India (NHAI) to Rs 1.62 lakh crore for 2023-24 from last year's revised allocation of Rs 1.42 lakh crore. Budget 2023 allocated an enhanced outlay of Rs 2.70 lakh crore for the highways sector.
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