Union budget 2023

Union Budget 2023 Expectations, Income Tax Reliefs, Budget Date, Highlights

The Union Budget 2023 for the fiscal year 2023–2024. Today, the budget date is Feb 1, 2023.

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15:15PM

Live Updates on Budget 2023 from Essar Capital on Energy and Green Infrastructure

“The union budget’s focus and funding on developing green infrastructure and a low-carbon energy system puts India on the path to being future-proof. The ambitious goal of 5 MMT of hydrogen and the allocation of Rs 35,000 crore for the energy transition will unleash new demand impulses throughout the entire nation, resulting in green growth. A custom duty and tax breaks for green mobility have been added to this.”

15:09PM

Budget 2023 Live Updates: Is the Rs 7-lakh tax-free income limit only for the new tax regime?

The finance minister has proposed that individuals with an income of up to Rs 7 lakh will not have to pay any tax under the new tax regime. They will be eligible for a rebate under section 87A that is currently available to individuals with income of up to Rs 5 lakh, she said during her Budget 2023 speech.

15:08PM

Live Updates on Budget 2023 from Essar Capital on Energy and Green Infrastructure

15:07 PM

What does the Budget 2023 offer salaried professionals?

The tax rebate would be increased from the current limit of Rs 5 lakh to Rs 7 lakh as part of a number of changes to how the government taxes the salaried class, according to the Union Budget 2023–24, which was unveiled by Finance Minister Nirmala Sitharaman on February 1.

15:05PM

Live updates on the budget for 2023: Morgan Stanley on ITC

Although the Union Budget slightly increased cigarette taxes, we anticipate a long-term increase in demand. In the medium term, we anticipate that there will be few and moderate tax increases. Following two years without any tax increases (or price increases), this modest tax increase will help ITC regain market share from both legitimate and illegitimate competitors.

15:03PM

Live Budget 2023 Updates: Fertilizer stocks decline as subsidies are cut

In the budget for 2023–24, FM Sitharaman suggested allocating Rs 1.75 lakh crore for fertilizer subsidies, which was 22 percent less than Rs 2.25 lakh crore for FY23.

After the minister finished speaking, the share prices of Chambal Fertilizers, National Fertilizers, GSFC, and Rashtriya Chemicals and Fertilizers all decreased by 3–4 percent.

15:02 PM

ICRA on the Aviation Industry: Live Updates on the Budget for 2023

The establishment of 50 additional airports, heliports, water aerodromes, and advanced landing grounds revival, which will increase domestic air travel, is a key component of the Union budget 2023–24. Additionally, the budget places a lot of emphasis on promoting tourism through the creation of 50 tourist destinations that cover a variety of topics as well as additional theme-based local tourist attractions. In addition to promoting domestic air travel, this will also promote international tourism.

15:01pm

Live Budget 2023 Updates: The most important points from PM Narendra Modi’s speech

Union Budget will realize aspirational society’s, farmers, and middle-class’s dreams
The poor are given priority in the budget
The first budget proposed by Amrit Kaal lays the groundwork for realising his vision of a developed India.
To improve the lives of women in rural and urban areas, the government has taken a number of measures.
To empower women, a unique savings plan has been suggested.
We need to replicate our digital payments success in the agricultural sector.
With this goal in mind, we developed the Digital Agriculture Infrastructure budget for this year.
Green Growth, Green Economy, Green Jobs, and Sustainable Development will all receive new identities as a result of this budget.

14:05PM

Budget 2023 Live Updates: Rs 7,200 crore booster shot for healthcare sector

FM Sitharaman in her Budget 2023-24 proposed to increase the allocation to Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to Rs 7200 crore, and allocate Rs 646 crore to the Ayushman Bharat Health Infrastructure Mission (PM-ABHIM). She also proposed to launch a mission to eliminate sickle cell anaemia in India by 2047.

13:55 PM

Live Budget 2023 Updates: 39,000 compliances have been lowered to make doing business easier.

In order to increase the ease of doing business, FM Nirmala Sitharaman suggested decriminalising 3,400 legal provisions and reducing 39,000 compliances in her budget speech. The Jan Vishwas Bill, which was introduced in the Lok Sabha in December 2022, is consistent with her recommendations. The joint parliamentary committee is currently debating the bill.

13:54 PM

Nifty Realty is up 1.87%, and consumer and auto stocks are up as FM announces tax relief in the budget for 2023.

Following FM’s announcement that the personal income tax rebate limit would increase to Rs 7 lakh from Rs 5 lakh under the new regime, Nifty Auto increased by more than 1%, with gains of between 1% and 3% recorded by Tata Motors, Eicher Motors, Hero Motocorp, and Ashok Leyland.
Oberoi Realty, Lodha, Brigade Enterprises, and DLF emerged as the top gainers, trading 2-3 percent higher, as Nifty Realty increased by 1.87 percent. An increase in funding for the PM Awas Yojana also helped the index. The Nifty India Consumption index also increased by more than 1%. Between 1.5 and 5 percent were Godrej Consumer Products, Tata Consumer, Asian Paints, and Dabur. The parent company of Nykaa, FSN E-Commerce Ventures Ltd, saw a 2.45% increase.

13:47PM

LIVE BUDGET 2023 UPDATE: Loss to Treasury

These proposals would result in the loss of approximately Rs 38,000 crore in revenue (Rs 37,000 crore in direct taxes and Rs 1,000 crore in indirect taxes) and an additional mobilisation of approximately Rs 3,000 crore. Thus, the total revenue lost each year is roughly Rs 35,000 crore.

13:46 PM

LIVE Budget 2023 Updates: A Review of the Fintech Sector

In 2022, digital payments saw a 76% increase in transaction volume and a 91% increase in value.
Through UPI, digital payments will total 126 lakh crore rupees in 2022, or Rs 7,400 crore.
In 2023–2024, financial support for digital public infrastructure (DPI) will remain in place.
There will be a greater variety of documents available to individuals in DigiLocker.
MSMEs and large businesses will be able to use an entity called DigiLocker.
Social Security and access to digital payments will now be included in the PM VIKAS programme.
Subsidies for UPI are anticipated to increase by two times over the previous fiscal year, to Rs 2,137 crore.
For the past three years, funding for the promotion of digital payments has remained constant at Rs 1500 crore.

13:45 PM

LIVE Budget 2023 Updates

What imports are now more affordable: aircraft, including aeroplanes; unwrought or semi-manufactured forms of gold (including gold plated with platinum) or gold in powder form; base metals or silver that has been semi-manufactured or clad with gold; rubber pneumatic tyres of the type used on heading-specific aircraft, either new or retreaded; Platinum in powder, semi-manufactured, or unwrought form; discarded precious metals and metals covered in precious metals, as well as a number of aquaculture inputs; a few TV and camera parts

What imports are priciest: Vehicle (including electric vehicles), Compound Rubber, Vinyl Chloride Monomer, Styrene, Silver Dore, Naphtha, articles made of precious metals, imitation jewellery, electric chimneys for kitchens, bicycles, toys and toy parts (other than parts of electronic toys)

13:43 PM

LIVE Budget 2023 Updates: Infrastructure Investment

For 2023–2024, FM Sitharaman has suggested raising capital spending by 33% to Rs 10 lakh crore, or 33% of GDP, for infrastructure development.

With an investment of Rs 75,000 crore, including Rs 15,000 crore from private sources, 100 crucial transportation infrastructure projects for the last and first-mile connectivity for ports, the coal, steel, fertiliser, and foodgrains sectors have been taken up on a priority basis.

13:42 PM

LIVE Budget 2023 Updates: Energy sector proposals

In order to achieve the energy transition and net zero goals, FM Sitharaman suggested spending Rs 35,000 crore. She also listed green growth as one of the government’s top seven priorities.

The National Green Hydrogen Mission, with a budget of Rs 19,700 crore, will aid in the transition of the economy to one with a low carbon intensity, lessen reliance on imports of fossil fuels, and force the nation to adopt technology and market leadership in this area.

The government will fund the 4,000 MWh of battery energy storage systems’ viability gap.

There will be developed a comprehensive framework for pumped storage projects.

The construction of an interstate transmission system for the removal and grid integration of 13 GW of renewable energy from Ladakh will cost Rs 20,700 crore, including Rs 8,300 crore in support from the central government.

13:40 PM

LIVE Budget 2023 Updates: Proposals for the MSME sector

Beginning on April 1, a new credit guarantee programme for MSMEs with an investment of Rs 9,000 crore will be made available.

In order to encourage domestic travel, the centre will introduce the “Dekho Apna Desh” initiative.

To promote financial stability and efficient credit flow, the government will establish the National Financial Information Registry.

Regulators for the financial sector will be requested to conduct an exhaustive analysis of current rules.

There will be a launch of an integrated IT portal for unclaimed dividends and shares.

In IFSC Gift City, the government would also establish a single window system for registrations and approvals.

Additionally, a Central Processing Center would be established for quicker response to business filings made in accordance with the Companies Act.

12:52PM

LIVE Budget 2023 Updates: Hotel stocks support efforts to grow the tourism industry

As investors applauded the push for the tourism sector in the Budget 2023 made by Finance Minister Nirmala Sitharaman, hotel stocks rose. Sitharaman emphasised the tourism industry’s enormous potential for entrepreneurship and job creation. In her budget speech, Sitharaman stated that “promotion of tourism will be taken up on mission mode with the active participation of states’ convergence of government programmes and public-private partnership.”

12:38PM

Live updates on the budget for 2023: Good news for taxpayers

FM Sitharaman suggests raising the income tax rebate threshold in the new tax system from Rs 5 lakh to Rs 7 lakh.

The government is going to make direct tax payers’ grievance procedures better.

A person making Rs. 9 lakh per year will only have to pay Rs. 45,000.

Under the new tax system, there is no tax on income up to Rs 3 lakh, a 5 percent tax on income between Rs 3 lakh and Rs 6 lakh, and a 30 percent tax on income over Rs 15 lakh.

According to the new tax code, a person making Rs 15 lakh will now only have to pay Rs 1.5 lakh in taxes instead of Rs 1.87 lakh.

The government will increase the cash limit to Rs. 2 lakh per member.

12:38 PM

Live Budget 2023: Decreasing the surcharge rate

According to FM Sitharaman, who presented the Budget 2023, the government has proposed to lower the highest surcharge rate from 37% to 25% under the new tax regime.

12:24 PM

LIVE Budget 2023 Updates: FM Sitharaman declares

Government will lower import taxes on shrimp feed to encourage exports, says FM Sitharaman
Cigarette taxes increased by 16%.
Compound rubber now carries a basic import duty of 25% instead of 10%.
Basic customs duties on items made from gold bars have increased
Kitchen electric chimneys now have a 15% customs duty instead of a 7% one.
Customs fees on certain open-cell TV panel components have been reduced to 2.5%.
The government wants to lower the customs fees for some imports used in the production of mobile phones.

12:19PM

LIVE Budget 2023 Updates: There is no update on the privatisation of banks.

The long-promised privatisation of public sector banks has yet to be mentioned by FM Nirmala Sitharaman in her Budget 2023 speech, more than an hour into it. This comes as no surprise, to be sure. The Government was anticipated to remain silent on the bank privatisation issue in the run-up to the 2024 general elections and given the politically delicate nature of the action. But it’s important to keep in mind that Sitharaman’s previous budget included a major announcement about the privatisation of at least two PSBs. This is not mentioned anywhere a year later. Is the FM delaying the big announcement or is bank privatisation completely off the table? [Editor-Banking Dinesh Unnikrishnan]

12:18PM

LIVE Budget 2023 Updates: FM Sitharaman declares

Proposals for indirect taxes aim to encourage exports, domestic manufacturing, value addition, green energy, and mobility.

A more straightforward tax structure makes compliance easier and boosts tax administration.

Put forth the idea of lowering the 21 to 13 basic customs duty rates for products other than textile and agricultural products.

12:15PM

LIVE Budget 2023 Updates: DigiLocker growth for fintech businesses

Nirmala Sitharaman, the minister of finance, has announced the expansion of the government’s Digilocker services for the fintech industry. As of now, the DPI only permits people to store and share their certificates, such as academic records, driver’s licences, and PAN cards, giving fintech startups a boost. The DigitLocker expansion for the fintech sector will be focused on making documentation more accessible. “The fintech sector has been made more accessible by digital services, PM Jan Dhan Yojana, Indian Stack, and UPI,” Sitharaman said. [Bhavya Dilipkumar, Reporter for Startups and Technology]

12:14PM

Budget 2023 Live Updates: 100 5G app development labs will be established

In engineering institutions, 100 labs will be set up for the development of apps using 5G services. According to FM Sitharaman, labs will study, among other things, apps for smart classrooms, precision farming, intelligent transportation systems, and healthcare in order to realise a new range of opportunities, business models, and employment potential.

12:11PM

Budget 2023 LIVE Updates: FY24 fiscal deficit pegged at 5.9% of GDP

The Union Budget has fixed the fiscal deficit target for 2023-24 at 5.9 percent of GDP. This would represent a reduction of 50 basis points from this year’s fiscal deficit target of 6.4 percent, which Finance Minister Nirmala Sitharaman said would be met.
As per data released on January 31, the Centre’s fiscal deficit for the first nine months of 2022-23 accounted for 59.8 percent of the full-year target.

Next year’s target is in line with economists’ expectations of 5.9 percent. However, some questions have been raised – particularly by global ratings agencies like Moody’s Investors Service and Fitch Ratings – about how the medium-term target of 4.5 percent will be met by 2025-26.

12:11PM

LIVE Budget 2023 Updates: Proposals for personal finance

Women can participate in a one-time, brand-new savings programme with a two-year term that offers 7.5 percent interest with the option of partial withdrawal.

The maximum deposit amount for senior citizens will range from 15 lakh to 30 lakh.

The investment cap for small savings programmes like Senior Citizen Savings Schemes (SCSS) was raised from Rs 15 lakh to Rs 30 lakh.

Investment cap for a single account under the Monthly Income Scheme (MIS) increased from Rs 4.5 lakh to Rs 9 lakh. The limit for joint accounts has increased from Rs. 9 lakh to Rs. 15 lakh.

12:04 PM

LIVE Budget 2023 Updates: Redesigned Credit Guarantee Program for MSMEs, good news

According to the FM, the updated Credit Guarantee Scheme for MSMEs will go into effect on April 1, 2023, with an injection of Rs 9000 crore into the corpus. This will allow for an additional Rs 2 lakh crore in collateral-free credit guarantees, which will allow for a 1% reduction in the cost of credit. For MSMEs that are still recovering from the effects of the pandemic, there is good news. [Editor-Banking Dinesh Unnikrishnan]

12:04PM

LIVE Budget 2023 Updates: Tiny is wonderful.

assistance from MSME to continue. The government lowers the cost of credit by injecting Rs 9000 Cr into the corpus. The credit guarantee programme had a rocky beginning, but over the last two years, as banks have been encouraged to lend, the programme has assisted in reducing stress in the industry. [Deputy Editor Shweta Punj]

12:01PM

LIVE Budget 2023 Updates: on the objectives of “green growth,” the Indian Biogas Association

The Budget prioritises the use of green building, energy, and fuel practises to lower carbon intensity and produce new green job opportunities because it is focused on a “green growth” strategy. The “Saptrishi,” or seven key priorities, are intended to promote environmentally friendly and sustainable economic growth. The government’s dedication to this “green growth” strategy is a step in the direction of creating a healthier and wealthier future for all Indians. This is in line with India’s desire to take the lead in addressing the global climate crisis.

11:59AM

LIVE Budget 2023 Updates: Salute to the auto industry

According to FM Sitharaman, replacing outdated government vehicles will boost the economy. It would result in rising order books for auto manufacturers, increased output, and job creation. The last time this was carried out extensively in India was after the collapse of Lehman Brothers, around 2008.

11:57AM

LIVE Budget 2023 Updates: Increased funding for the PM Awaas Yojana

CRISIL View: The 64 percent increase in funding for the PM Awaas Yojana to Rs 79,000 crore will benefit tractors and trucks used to transport building materials.

11:55AM

LIVE Budget 2023 Updates: The issue of natural farming

Through various support measures, the government suggests maintaining the focus on natural farming, an issue that a government-appointed expert panel is also investigating. Farmers and the agri-sector, where many hold the view that natural farming is expensive and won’t produce enough to meet India’s expanding food needs, present significant obstacles to this push. The government ought to consider adjusting the programmes to encourage the growth of clusters and higher value exportable products. [Associate Editor Mrigank Dhaniwala]

11:55AM

LIVE Updates on the Budget for 2023: The Green Hydrogen Mission

India is making steady progress toward its net zero goal. The recently introduced national green hydrogen, which cost Rs 19,700 crore, will make it easier for the economy to transition to a low carbon intensity and lessen reliance on imports of fossil fuels. By 2030, we hope to have a 5 MMT annual production rate. The FM stated that the Ministry of Petroleum and Natural Gas’s capital investment in the energy transition, net zero objective, and energy security is included in this budget at a cost of Rs 35,000 crore.

11:53AM

Budget 2023 LIVE Updates: Lab grown diamonds get more lustre

To encourage production and sales of lab grown diamonds (lab grown diamonds are artificially produced but have similar properties as natural diamonds and are cost-effective). The government will provide R&D grant in lab-grown diamond area as well as consider custom duty reduction on key raw materials (lab grown seeds). Lab-grown diamonds have huge potential in both domestic and export markets. This is positive for lab grown players like Goldiam International.

11:53 AM

Live updates on the budget for 2023: Eklavaya Model Schools will hire 38,800 teachers

According to FM, the Center will hire 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students in the Eklavaya Model Residential Schools over the next three years. Indra Nirmala Sitharaman

11:52AM

Live updates on the budget for 2023: Eklavaya Model Schools will hire 38,800 teachers

11:52 AM

Live updates on the 2023 budget: Vivad Se Vishwas is back!

To increase revenue and end long-standing tax and contractual disputes, the Union Government has shrewdly used settlement schemes, which are frequently open-ended. The Vivad Se Vishwas scheme has returned in version 2.0, keeping up with the trend. When an arbitral award is being contested in court, the scheme will resolve contractual disputes between the government and government-related undertakings. The budget suggests that it will be a voluntary settlement plan with standardised terms. [Associate Editor Mrigank Dhaniwala]

11:50 AM

LIVE Budget 2023 Updates: FM Sitharaman declares

Over 3,400 legal provisions have been decriminalised, and over 39,000 compliances have been reduced in order to make doing business easier.

The PAN will serve as a standard identifier for all digital systems of the designated government agencies for the business establishments required to have a permanent account number.

11:46 AM

LIVE Budget 2023 Updates: Major Communications Made So Far

Increase capital spending by 33 percent to Rs 10 lakh crore, or 3.3% of GDP.
The amount allocated for 2022–2023 has now been increased by 30% to Rs. 1.3 lakh crore for the 50–year, interest–free loan to states for capital expenditures.
The industry will be enticed to invest in research by the creation of a new programme for pharmaceutical research.
The government will begin the Rs 2,200 billion Aatmanirbhar Clean Plan programme.
One of the budget’s top priorities would be green growth.

11:42AM

Live updates on the budget for 2023: FM Sitharaman chooses pragmatism over populism

The government has stated what is most important. With a sizable increase in capex, a rise in PM Awaas Yajna’s outlay, and an increase in rail capex, the Modi government prioritised infrastructure development and job creation over populism in its most recent full budget.

11:41AM

LIVE Budget 2023 Updates: FM Sitharaman declares

2.40 lakh crore, the highest-ever capex outlay for the railways, or nine times what it was in 2013

Outlay for the PM Awas Yojana increased by 66% to Rs. 79,000 cr.

The government will provide Rs 5,300 crore in aid to Karnataka’s drought-prone central region.

11:40AM

LIVE Budget 2023 Updates: The Nifty is at a record high!

Nifty recovers and is currently moving back towards the day’s highs. Index futures are heavily shorted by FIIs. This has frequently led to short covering over the recent expiry series. Can local traders prevail in this round as well?

LIVE Budget 2023 Updates: Market Response to Increased Capex

For FY24, capex expenditures rose by 33% to Rs 10 lakh crore. Public investment will represent 3.3% of GDP at this level. The equity indices are currently in the black. Bond markets, however, are becoming uneasy as spending thus far appears to be high. Since the FM revealed the increase in capex expenditure, the 10-year bond yield has increased by 2 basis points to 7.38%. Bond markets will become cooler with a smaller fiscal deficit.

11:37AM

Budget 2023 LIVE Updates: Market shuns higher agricultural credit target

Market does not seem to be taking the higher agricultural credit target kindly. The NSE PSU Bank index is under pressure, down 0.74 percent even as the Nifty Bank Index as a whole is up 1.2 percent.

11:35PM

FM Sitharaman fires the Capex bazooka in the Budget 2023 LIVE Updates

To reach Rs 10 lakh crore, or 3.3 percent of the GDP, FM has suggested raising capital expenditure by 33 percent.

The Center’s capex goal for 2023–24 is Rs 10 lakh crore, which is 33% more than the budget estimate of Rs 7.5 lakh crore for 2022–23. It cannot be disputed that the government is focusing on capex to increase economic growth. But the recovery of the private investment cycle is what matters most. The question of whether the chicken or the egg came first is one that the private sector must address. When demand is expected to increase and capacity utilisation reaches around 80%, investments are made.

11:34 AM

Agriculture stocks are emphasised in the budget for 2023.

The price of shares of Kaveri Seeds, Mangalam Seeds, and Bombay Burmah is rising. During her speech on the budget for 2023, FM Sitharaman suggested raising agricultural credit to Rs 20 lakh crore. A new PM MATSYA SAMPADA YOJANA initiative will also be introduced by the government. This ought to increase demand for agricultural goods.

11:34 AM

LIVE Budget 2023 Updates: FM suggests new pharma research programme

The pharmaceutical sector has been requesting incentives to encourage R&D expenditures. The FM stated that the industry will be encouraged to invest in research and that a new programme for pharmaceutical research will be developed. Awaiting information. These could boost pharmaceutical stock prices if they include tax breaks or other sizable incentives. [Deputy Executive Editor Ravi Ananthanarayanan]

Live updates on the budget for 2023: FM Sitharaman on agriculture

Millets, artisans, agri credit, microbusinesses, and small farmers have been the budget speech’s primary focus areas so far.

The goal for agricultural credit was raised to Rs 20 lakh crore.

Farmers’ produce storage needs will be met by the establishment of decentralised storage capacity.

According to the budget, Sri Ann or Millets will become a global powerhouse in India.

11:33 AM

LIVE Budget 2023 Updates: The FM greatly supports agritech startups

A major boost for the nation’s agritech startups is the government’s announcement of digital public infrastructure for agriculture, which will enable inclusive farmer-centric services important for crop protection. Agritech startups defied the 2022 funding slump and raised significant sums from investors, but India hasn’t yet produced an agritech unicorn. Will agritech startups receive more funding this year and expand more quickly as a result of the government creating digital public infrastructure for agriculture? [Correspondent Nikhil Patwardhan, tech and startups]

11:32 AM

Making India a global hub for Sri Ann or Millets: Budget 2023 LIVE Updates

According to the budget, Sri Ann or Millets could establish India as a major global hub. India is already the world’s top producer and exporter of millets, and by maintaining our attention on domestic production, consumption, and export opportunities, we will not only increase our financial standing but also strengthen India’s soft power. [Associate Editor Mrigank Dhaniwala]

157 new nursing schools will open up

9.6 billion LPG connections, 102 billion Covid vaccinations administered, and 47.8 billion JanDhan accounts opened

The government will begin the Rs 2,200 billion Aatmanirbhar Clean Plan programme.

11:30 AM

Live Budget 2023 Updates: In line with rising global oil prices, jet fuel prices increased by 4%.

In accordance with rising international oil prices, jet fuel prices increased by 4% on Wednesday; however, prices for gasoline and diesel remained unchanged for a record-breaking tenth month. According to a price notification from state-owned fuel retailers, the price of aviation turbine fuel (ATF) in the national capital has increased by Rs 4,218 per kilolitre, or 3.9%, to Rs 1,12,356.77 per kl. Three rounds of reductions since November were followed by the increase.

11:25AM

Budget 2023: Food Security Scheme

“Continuing our commitment to food security, we are implementing from January 1. a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana,” the Finance Minister said.

11:23AM

LIVE Budget 2023 Updates: A brief summary of everything FM Sitharaman has said thus far

With the help of rural women’s organisation into 1 lakh SHGs, the National Rural Livelihood Mission has achieved remarkable success.

The formalisation of the Indian economy is evidenced by the significant growth in digital payments.

FM Sitharaman reports an increase in per capita income to Rs 1.97 lakh.

In the past nine years, India’s economy has grown from being the 10th to the 5th largest.

11:21 AM

“Indian Institute of Millet Research will be supported as center of excellence,” said Nirmala Sitharaman.

Blog 2023: Atmanirbhar Clean Plant Programme

The government will launch the Atmanirbhar Clean Plant Programme to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore, Ms Sitharaman said.

11:20 AM

“Indian economy has become more formalised as witnessed by significant enhancement in digital payments,” said Ms Sitharaman.

The government also aims to empower women by way of self-help groups focused on raw material supply, branding and marketing of products, she said.

11:19 AM

“Government implementing scheme to supply free grains to poor under PMGKAY with the expenditure of Rs 2 lakh crore from Jan 1,” said the Finance Minister.

“Agriculture accelerator fund will be set up to fund agri startups,” said Nirmala Sitharaman.

11:19 AM

“We ensured that no one went hungry during the pandemic by providing free foodgrains to 80 crore poor people,” said Ms. Sitharaman.

LIVE Budget 2023 Updates: Amrit Kaal’s First Budget

11:16AM

Our vision for the Amrit Kaal includes a knowledge-based, technology-driven economy with sound public finances and a thriving financial sector, according to FM Nirmala Sitharaman. It’s crucial to achieve this “janbhagidari” through “sabka saath, sabka prayaas.”

LIVE Budget 2023 Updates: rural zone

11:15AM

The speech’s opening remarks by the finance minister are focused on rural India. Declares that as part of the PM Garib Kalyan Yojana, the government will spend Rs 2 lakh crore on providing free food grains to all priority households.

LIVE Updates on Budget 2023: Budget for India at @100

11:14AM

Nirmala Sitharaman, the minister of finance, maintains the 7% growth forecast for the current fiscal year. that India is off to a strong start in the global economy. The budget will therefore attempt to build upon the framework established by the previous one as well as the design created for India@100.

LIVE Budget 2023 Updates: FM Sitharaman declares

11:13 AM

The economy will expand by 7% this year. The largest of the major economies, this. India is moving in the right direction despite current obstacles. Better life quality has been ensured by government efforts since 2014. Many development goals have seen significant progress from us.

**Highlights of *Union Budget 2023-24.**

General

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1. EPFO Numbers doubled to 27 crores
2. Agriculture accelerator fund to boost startup in Agri sector. Special scheme to boost fisheries
3. 38,800 teachers will be employed in 3.5 lakh Eklavya tribal school.
4. Capital outlay of Rs. 2.40 lakh crore for Railways.
5. 50 New Airports and Heliports to be made.
6. Rs. 10,000 crore for urban infra fund every year
7. Rs. 75,000 crore for 100 transport infra projects
8. 3 Centers of Excellence for “Artificial Intelligence” will be set up.
9. KYC procedure to be simplified. PAN to be come common business identifier.
10. Scope of Digi locker to be increased.
11. More than 39,000 compliances reduced. Jan Vishwas Bill to amend 42 laws
12. Rs. 35,000 crore for Energy transmission
13. 10,000 bio input research centers to be set up.
14. 30 Skill India International centers to be set up.
15. NFIR (National Financial Information Registry) to be launched for financial strategy.
16. Reducing cost of MSME Credit by 1%. Infusion of Rs. 9,000 crore in corpus for MSME credit.
17. ‘Mahila Samman Bachat Scheme’ for Women for Rs. 2,00,000 @ 7.5%
18. SCSS enhanced from 15 lakh to 30 Lakh.

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Direct and Indirect tax

1. Promote domestic manufacturing and exports.
2. Tax exemption on Capital Goods and Lithium batteries.
3. Mobiles, and camera lenses to become cheaper.
4. Gold, Silver & Diamonds, cigarettes, imported rubber to get expensive.
5. Enhanced limit for 3 crore and 75 lakhs for presumptive taxation.
6. Higher TDS limit of RS. 3 cr for Cooperatives
7. New IT Return Form for easier filing .
8. 100 Joint Commissioners to be appointed for disposal of small appeals.
9. TDS reduced on EPF withdrawal
10. Section 54 and 54F to be amended.
11. Rebate limit increased to 7 lakh in new tax regime.
12. Number of slabs reduced from 7 to 5 in new tax regime.
13. Only 5% tax on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax.
14. Salaried class and pensioner: Standard Deduction increased
15. Highest tax rate 42.74 % reduced
16. Propose to reduced Higher surcharge rate from 37 % to 25% in new tax regime.
17. Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.

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