Union Budget 2023 | Live Updates: India to stand strong during global recession

Finance Minister Nirmala Sitharaman is presenting her fifth straight budget today.

   
Union-budget-2023-24-live-updates

Budget 2023 : Last Updated: February 01, 2023 12:30 pm IST

Personal Income Tax

The new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5%, Rs 6 to 9 Lakhs – 10%, Rs 9 to 12 Lakhs – 15%, Rs 12 to 15 Lakhs – 20% and above 15 Lakhs – 30%.

“Simplifying of KYC, using PAN as common business identifier and enhanced use of Digi locker are all welcome steps towards important objectives of simplification of investment, taxation and better enhanced financial inclusion of individuals and businesses. This should further increase the pace of growth of the formal economy and bring more transparency”
 

Abhishek Dev, CEO and Co-Founder, Epsilon Money Mart 

The new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. 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 Rs 3 Lakhs: FM


Personal income-tax | Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime

Average processing time for income tax returns reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism 

“Railways get big chunk in Budget 2023-24 – Government announces Rs 2.40 lakh crore capital outlay; this is 9 times the outlay announced in 2013-14. Similar to industry expectations, the Railway outlay has come at a whopping amount. Railway related stocks namely Titagarh, IRCTC, RVNL, IRCON gain.” 

Nisha Harchekar, Head – Equity Research at Fintoo 

Budget 2023 : Last Updated: February 01, 2023 12:15 pm IST

To promote value addition in the manufacturing of TVs, I propose to reduce the Basic Customs Duty on parts of open cells of TV panels to 2.5%


Average processing time for income tax returns reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism


Relief on Customs Duty on import of certain parts & inputs like camera lens & continue the concessional duty on lithium-ion cells for batteries for another year


FM proposes to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21% to 13%.  


As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, automobiles.  

“The central government’s old vehicle scrappage is positive for automobile industry and helps in lowering green gas emissions and improving energy efficiency”

Dr Arun Singh, Chief Global Economist, D&B 

Budget 2023 : Last Updated: February 01, 2023 12:00 pm IST

Fiscal Deficit Target

FY-2024 fiscal deficit target at 5.9% of GDP . The revised fiscal deficit is at 6.4% of GDP: FM 


100 labs for developing apps using 5G services will be set up in engg institutions. To realise new range of opportunities, business models & employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems & Healthcare 


To provide support to 47 lakh youths in 3 years, a Direct Benefit Transfer under a pan India national apprenticeship scheme will be rolled out 


Credit guarantee for MSMEs – Rs 9000 crores infused in the corpus which will allow additional collateral-free credit of Rs 2 lakh crores; to be effective from 1st April 2023 


States 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 handicraft


National Hydrogen Mission

FM allocated Rs 19,700 crore to the National Hydrogen Mission. The objective is to reach hydrogen production capacity of 5 metric million tonnes by 2030

“Use of PAN as a common business identifier would help improve ease of doing business .Digilocker for entities to securely share documents would provide digital infrastructure which will be helpful in digital lending framework for MSMEs”

Dr Arun Singh, Global Chief Economist, D&B 

Budget 2023 : Last Updated: February 01, 2023 11:50 am IST

For efficient administration of justice, Phase 3 of the eCourt’s project will be launched with an outlay of Rs 7000 Crores


50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism


The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0

“The importance of skilling solutions for youth has been rightly emphasised within the Saptharishi focus of this year’s budget. This is critical for India to reap the demographic dividend that it is uniquely blessed with”

SriKumar Nair, Founder & CEO,BygC 

A one-stop solution for reconciliation & updating of identity and address of individuals maintained by various govt agencies, regulators and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity

“Database Management, National Data Governance Centers and Artificial Intelligence COEs to be promoted. Government takes digital governance to the next level. The digital public infrastructure for agriculture is a novel initiative which will encourage digitization of the primary sector”

Dr Arun Singh, Global Chief Economist, D&B 

To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States


Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up


To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out.

Also Read: Budget 2023-24 highlights: Relief for IT payers and more for education, health and agriculture sector

This will enable access to anonymized data


Rs 35,000 crores priority capital for the energy transition; Battery storage to get viability gap funding


50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity

“Continued focus on reduced compliance and decriminalization of legal provisions would help in promoting India as an alternate business destination for global companies, looking to relocate their production house or businesses” 

Dr Arun Singh, Global Chief Economist, D&B

Budget 2023 : Last Updated: February 01, 2023 11:45 am IST

The vision of Make AI in India and Make AI work for India

3 Centres of Excellence for Artificial Intelligence will be set up in top educational institutions


Industry Partnerships

Leading industry players will partner in conducting inter-disciplinary research, develop cutting-edge applications & scalable problem solutions in the areas of agriculture, health and sustainable cities


Impetus to transport infra projects

50 additional airports, heliports, water aerodomes, and advanced landing zones to be revitalised. 100 critical transport infra projects for steel, ports, fertiliser, coal, foodgrain sectors have been identified with an investment of Rs75,000 crore including Rs 15,000 crore from private sources.


PAN Number

For business establishments required to have Permanent Account Number, the PAN will be used as a common identifier for all Digital Systems of specified government agencies

The 33% higher capital outlay of Rs 10 lakh crore will fast-track implementation of high-multiplier government programmes such Bharatmala, Ghatishakthi, Parvatmala and Sagarmala 

CRISIL Insta Analysis 


Budget 2023 : Last Updated: February 01, 2023 11:42 am IST

Vivad Se Vishwas 2.0 

To settle contractual disputes of government and government undertakings where an arbitral award is under challenge in a court, a voluntary settlement scheme with standardized terms will be introduced 


Growth plan for Railway 

Capital outlay of Rs 2.40 lakh crore will be provided for railways; 9x over FY14 

 
“The revised estimate of fiscal deficit is 6.4% of GDP. The fiscal deficit target of 5.9% of GDP for FY23-24 is higher than what the market was anticipating (~5.80%). This may result in a spike in bond yields”

Vishal Chandiramani, Managing Partner Products and COO, TrustPlutus Wealth (India) Private Limited

PM Awaas Yojana 

The outlay for PM Awaas Yojana being enhanced by 66% to over Rs 79,000 crores.  

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


50-year interest free loan to State governments extended for one more year 

“Huge surge in capital outlay by 33% will be a great push to infrastructure and job creation. Continuation of 50 year interest free loan scheme for capital expenditure would enhance infrastructure development towards last mile connectivity”

Dr. Arun Singh, Global Chief Economist” D&B 

Budget 2023 : Last Updated: February 01, 2023 11:40 am IST

Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP 

Budget 2023 : Last Updated: February 01, 2023 11:37 am IST

National Digital Library

The government proposes to set up a national digital library for children and adolescents to make up for the learning loss during the pandemic


Eklavaya Model Residential Schools

In the next 3 years the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students


Impetus to Agriculture

The government has also initiated computerisation for 63,000 primary agricultural credit societies with an investment of Rs 2,516 crore.


Impetus to fisheries

The government will launch a sub-scheme under PM Matsya Sampada Yojana with an outlay of Rs 6,000 crore to further enable those involved in fisheries, said Finance Minister Nirmala Sitharaman.


Budget 2023 : Last Updated: February 01, 2023 11:35 am IST

New mission launched to improve condition of tribal group

To improve social-economic condition of the Particularly Tribal Groups, PMPBTG Development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 cr to be made available to implement scheme in next 3 years


157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014


Assistance for traditional artisans and craftspeople

PM Vishwa Karma Kaushal Samman – package of assistance for traditional artisans and craftspeople has been conceptualized, will enable them to improve quality, scale and reach of their products, integrating with MSME value chain


National digital library for children & adolescents will be set up: FM


Promotion of tourism will be taken up on mission mode

“The government had announced Rs 1 trillion, 50-year, interest-free capex loans to states in the last Union Budget, the extension for another year was much needed to boost infrastructure spending. However, it is important to nudge states to increase their capital spending”

Dr. Arun Singh, Global Chief Economist” D&B 

Budget 2023 : Last Updated: February 01, 2023 11:30 am IST

Encouraging agritech startups

Government proposes Agriculture Accelerator Fund to encourage agri-startups by young entrepreneurs


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


Govt proposes package for traditional handicraft makers


Budget 2023 : Last Updated: February 01, 2023 11:27 am IST

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 

National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs 


“As expected, there is major push towards Green Growth. The budget focuses on four transformations via seven priorities to achieve inclusive green growth.”

Dr. Arun Singh, Global Chief Economist, D&B 

Budget 2023 : Last Updated: February 01, 2023 11:25 am IST

Seven priorities of govt: saptarishi – guiding us through Amrit Kaal. Among these, Inclusive development, green growth, youth power and financial power: FM 


Budget 2023 : Last Updated: February 01, 2023 11:20 am IST

Size of Indian economy improved from tenth to fifth largest in past nine years: FM  

Govt’s efforts since 2014 have ensured for all citizens, a better quality of life & life of dignity.  

The per capita income has more than doubled to Rs 1.97 lakh: FM 

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: FM 

Indian economy on the right track, and heading towards a bright future: FM

This Budget hopes to build on foundation laid in the last Budget and blueprint drawn for India at 100: FM  

Budget 2023 : Last Updated: February 01, 2023 11:15 am IST

FM: In the last 9 years, India has grown from the world’s 10th largest economy to the 5th

Digital public infra will enable farmer centric solutions

Agriculture credit target to be increased to Rs 20 lakh crore

157 new nursing colleges will be established: FM


Budget 2023 : Last Updated: February 01, 2023 11:00 am IST

Indian economy on the right track, and heading towards a bright future:

Finance Minister Nirmala Sitharaman 

During the pandemic, we ensured that no one goes to bed hungry with a scheme to supply free foodgrains: FM 


G20 presidency will give India a unique opportunity to help strengthen a new world order: FM 


Indian economy to grow at estimated 7% growth : FM


Budget 2023 : Last Updated: February 01, 2023 10:00 am IST

This is last full budget of Modi 2.0 govt before the general elections in 2024.

Finance Minister Nirmala Sitharaman is presenting her fifth straight budget today.  

This is last full budget of Modi 2.0 govt before the general elections in 2024.

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