Budget 2023 Analysis LIVE: 'You are the best judge of what you want to do with your money,' says FM

The live analysis blog of Budget 2023 has concluded. For more news, views and updates, stay tuned with Moneycontrol.com

According to Budget documents, the market borrowing arm of Indian Railways, Indian Railway Finance Corporation (IRFC) will not borrow any money in the form of debt in financial year 2023-24.

The government has listed IRFC's Internal and Extra-Budgetary Resources (IEBR) as negligible in 2023-24, indicating it will not look to borrow money to fund its capital expenditure. For more, read here

DP Singh writes, "The Budget has affirmed the government’s resolve to stay on the fiscal consolidation course. Other than maintaining macroeconomic stability by operating within means, the budget managed to keep the focus intact on infrastructure, long-term capacity building, and much-needed tweaks to the taxation framework to optimise tax mobilisation, bring more people into the formal economy and boost consumption and higher savings."

Read more, here

"Waiting to see more innovative startups from India and there is no scarcity of funding," says FM.

“I think the funding is always waiting to see more innovative startups. It’s not as if there is a funding winter or scarcity of funds.”

"It’s more about funds looking at the opportunities available for them. The major push for startups happened in 2016 when the honourable Prime Minister announced a policy. And subsequently year after year giving concessions," she added.

Read here

“I expect the 10-year benchmark yield range to drift lower to 7.10-7.20 percent. The yield will slowly trend towards 7 percent in the coming two-three months,” said Sandeep Bagla, chief executive officer of Trust Mutual Fund.

“Budget is behind us, giving us clarity on the borrowing. Headline inflation is declining and the rate hike cycle has come to an end. Hence, we feel that over a period of six months to one year, yields will decline,” said Marzban Irani, chief investment officer – of debt, LIC Mutual Fund.

Read in here

Union Finance Minister Nirmala Sitharaman in an exclusiveinterview with Network18 said that the exposure LIC and State Bank of India (SBI) to the crisis-ridden Adani group is well within the permissible limits as stated by these lenders. “They are not overexposed. Their exposure is very well within permitted limits,” said Sitharaman.

“Capping of long-term capital gains tax exemption on the acquisition of real estate to Rs 100 million is a major speed breaker for luxury real estate projects. Contrary to the intention of these provisions i.e. to mitigate shortage of housing, such provisions exempting capital gains on acquisition of residential house were frequently used by HNI’s/UHNIs for offsetting their gains on sale of prime residential houses or on sale of other eligible capital assets (mainly equity shares). Quite a few unicorn promoters and key management team members holding stock options have taken advantage of these provisions and invested in luxury residential properties. Accordingly, in order to curb these practices, the government has now proposed to curtail the benefits available under these provisions to the extent of Rs 100 million," says Kunal Savani, Partner, Cyril Amarchand Mangaldas

We add to MNREGA resources depending on demand coming from states. She also said that industries are expanding keeping technology and renewable energy in mind. Both old and new industries are making an energy transition

The process is on to see the best timing for divestment proposals approved by the cabinet. Have to see what the best time to privatise those entities is. The private sector's capex decision-making may be a bit more complex given the tech & green transition

On exports, FM said that the monthly fluctuations in exports shouldn't worry us. A fall in exports will put some pressure on CAD; recession has hit several of our key export markets

Finance Minister says that the Indian regulators have kept the market in prime condition; they are very stringent about governance practices.

FM says PM VIKAS will make a huge difference to people who are not covered by other schemes

Note: PM VIKAS is a skilling initiative from the Ministry of Minority Affairs (MoMA) focussing on the skilling, entrepreneurship and leadership training requirements of the minority and artisan communities across the country.

FM Sitharaman, in an exclusive interview, says credit goes to people for keeping pace with the government w.r.t pace of decision-making. Had to assess what was relevant for us and in conversation with people for views