Budget 2023 LIVE Updates: The 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, says PM Narendra Modi on Union Budget
Key Highlights in Budget 2023
FY23 growth estimated at 7%
To spend Rs 2200 crore for high value horticulture
Agri credit target incresed to Rs 20 lk cr
To spend Rs 2200 crore for high value horticulture
Proposed capital expenditure of Rs 10 lk cr for FY24, up 33%
Plan to increase PM Housing outlay to Rs 79000 crore
Plan to spend Rs 15000 cr vulnerable tribal group (PVTG) over 3 years
Finance Minister highlights the focus of budget on empowering women, emphasising tourism, and green growth.
"We are looking at a futuristic fintech sector. Personal income tax system, after a long time, has had substantial changes which will benefit the middle class," says the finance minister.
-"The new income tax regime we introduced three years ago is now attractive. We are not compelling anyone to shift to it, but it is simple and has lower tax rates," she adds.
Budget 2023 live updates: I believe that the budget is targeting inclusive growth, says Chairperson of Prabhudas Lilladher Group
-“I believe it is a highly pragmatic and growth-oriented budget which will help India remain amongst fastest growing economies globally," says Amisha Vora, Chairperson and MD, Prabhudas Lilladher Group.
-"I believe that the budget is targeting inclusive growth with focus on increasing consumption through benefits to middle class and impetus to industry to spur investment for domestic manufacturing and infrastructure development,” he adds.
Budget 2023 LIVE Updates (Education): Careers360 CEO was hoping for reduction of GST on education
"While some of the initiatives of the government are welcome, I sincerely was hoping that the GST on education and skilling courses was reduced. We simply cannot make our youth contribute to national growth and demographic dividend while taxing them at 18% for becoming skilled and productive," says Maheshwer Peri, Founder and CEO of Careers360.
Budget 2023 LIVE Updates (Market): Starting and scaling is getting better each day under this Government, says Pravaig Dynamics
"The Finance Minister balances between ground reality and future global scale opportunities extremely well. Safeguarding India's markets, while ascertaining access to international capital and equipment is akin to the crouching of a bengal tiger right before a full stride. Pravaig straddles 3 challenging & high tech industries, I.e. automotive, energy, & defense, and we are more confident than ever. Starting and scaling is getting better each day under this Government.”
- Siddhartha Bagri, CEO, Pravaig Dynamics
Budget 2023 LIVE Updates (Agritech Sector): “The future of the Agriculture sector in the country is bright,” says the agri-tech company, Waycool
“The Union Budget 2023 has proven to showcase that the future of the Agriculture sector in the country is bright, with its well-researched, and nuanced focus towards the sector.
With a highlight on inclusive development for farmers, we welcome the decision of the government to provide Digital public infrastructure for agriculture enabling an open source, open standard and interoperable public good encompassing farmer-centric solutions.
This will definitely help improve access to farm inputs for the farmers whilst also boosting market intelligence, thereby also providing support to Agri-tech and startup growth.
The launch of the Agriculture Accelerator fundwill provide ample relief to the industry, in terms of encouraging young entrepreneurs towards the sector while also bringing in innovative and affordable solutions to address the challenges faced by the farmers.
We are confident that farmers will be able to store the produce much more efficiently. Overall, the union budget 2023 has portrayed a positive outlook for the agriculture sector”
- Kartik Jayaraman, Co-founder & MD of food and agri-tech company, Waycool
Budget 2023 LIVE Updates (Green Growth): Heartening to see an entire focus section on Green growth, says Debasish Mishra of Deloitte India
“India is certainly serious about climate action. Heartening to see an entire focus section in the Budget 2023 on Green growth. Specific budgets provided by Hon'ble FM on Green Hydrogen, Energy Transition, Battery Storage Pumped Hydro, RE Evacuation from Ladakh and inclusion of Green Credit in the Environment Protection Act, etc. will go a long way in decarbonising the Indianeconomy.”
Budget 2023 LIVE Updates: There is no relief from inflation in this budget, tweets Delhi Chief Minister Arvind Kejriwal
There is no relief from inflation in this budget. On the contrary, this budget will increase inflation. There is no concrete plan to remove unemployment. Unfortunate to reduce the education budget from 2.64% to 2.5%. Reducing the health budget from 2.2% to 1.98% is harmful.
Budget 2023 LIVE Updates: Mehbooba Mufti says Budget 2023-24 is the same that had been coming in for last 8-9 years
"Taxes increased, money not being spent on welfare schemes & subsidies. Tax being collected for some crony capitalists & big businessmen. Public should benefit from taxes but it's breaking their back. Instead of benefitting them (common people), welfare schemes and subsidies are being scrapped. People who had risen above the poverty level have fallen below the poverty level again," she adds.
(From ANI)
Budget 2023 LIVE Updates: Govt hasn't said anything about MSP for farmers, employment & youth, says Samajwadi Party MP Dimple Yadav
“It's a Budget presented keeping the elections in mind, while some relaxations are given to the middle class. Govt haven't said anything about MSP for farmers, employment & youth. Railways were also ignored this budget. It has been a disappointing budget,” said Yadav
(From ANI)
Budget 2023 LIVE Updates: This year's Budget infuses new energy into India's development trajectory, says PM Modi
- Budget has focused on technology and a new economy.We have also focused on infrastructure
- Youngsters in the country will have many employment opportunities
- Enhancement of presumptive tax will boost MSMEs
- The middle class is a major force in India and we have taken many steps for them. We have made sure to ease of living. Our government has given a rebate in tax
- I tell people we have now a new budget and we should move ahead to make India a strong nation
Budget 2023 LIVE Updates: This budget will fulfil the dreams of villages, middle class & the poor: PM Modi
Prime Minister Narendra Modi's statement on Union Budget 2023-2024, says the 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, and farmers: PM Narendra Modi on Union Budget
Budget 2023 Live Updates: Key Highlights Out Of Budget 2023
-Agri credit target increased to Rs 20 lakh crore
-To spend Rs 2200 crore for high value horticulture
-FM raises PM Awas Yojana outlay by 66% to Rs 79,000 crore
-Plan to spend Rs 15000 cr vulnerable tribal group (PVTG) over 3 years
-Outlay for 3rd phase of e-courts at Rs 7000 crore
-Rs 35000 crore investment planned in energy security, energy transition
-Green Hydrogen Mission aims for output of 5MMT by 2030
-Sugar cooperatives to get benefit of Rs 10,000 crore
-Import tax on compounded rubber upped to 25% from 10%
-Calamity related duty on cigarettes raised by 16%
Budget 2023 Live Updates: Key Numbers Out Of Budget 2023
-FY24 food subsidy seen at 1.97 lakh crore
-FY24 fertilizer subsidy seen at 1.75 lakh crore
-FY24 divestment target at Rs 51000 crore
-FY23 growth estimated at 7%
-FY23 divestment target revised to Rs 50,000 crore
-FY24 capital expenditure proposed at Rs 10 lk cr, up 33%
Budget 2023 Live Updates:
New tax regime, now the default tax regime, says FM
-New tax regime is now the default tax regime. The government has taken a slew of measures to make the voluntary tax regime more attractive and will forego revenue in the process. Good going for a simplified tax regime and lesser compliance.
Budget 2023 Live Updates:
FM proposes new tax regime
Change tax structure in regime, Increasing tax exemption, says Finance Minister Nirmala Sitharaman
-0 to 3 lakh- nil
-3 to6 lakh -5%
-6 to 9 lakh - 10%
-9 to 12 lakh-15%
-12 to15 lakh -20%
-Above 15 lakh - 30%
-Major relief to all tax payers in new regime, says FM
Budget 2023 Live Updates: New income tax regime released
-Those with income upto 5 lakh don’t pay tax, the limit for which has now raised to Rs 7 lakh, announces the Finance Minister.
Budget 2023 Live Updates: Finance Minister speaks of Indirect Taxes
To avoid cascading of taxes on blended compressed natural gas, proposal to exempt excise duty on GST paid on compressed biogas contained in it to provide impetus to green mobility; customs duty exemption to import of capial goods and material required for manufacture of lithium iron cells for batteries used in EVs, says the Finance Minister.
Budget 2023 Live Updates: Benefits of presumptive taxation by Micro enterprises
-Micro enterprises with turnover upto 2 crore and professionals with turnover upto 50 lakh can avail the benefit of presumptive taxation, says the Finance Minister.
Budget 2023 Live Updates: Finance Minister sheds light Indirect tax
-Indirect Tax proposals aim to promote exports, boost domestic manufacturing, enhance domestic value addition,encourage green energy and mobility, says Finance Minister Nirmala Sitharam.
-A simplified tax structure reduces compliance burden and improves tax adminsitration, says the FM
-Propose to reduce the basic customs duty rates on goods other than textile and agriculture from 21 to 13, she adds.
Budget 2023 Live Updates: Basic customs duty on kitchen chimney increased to 15%
Basic customs duty on kitchen chimney increased from 7.5% to 15% and that on heat coils reduced from 20% to 15%
FY-2024 fiscal deficit target at 5.9% of GDP, says FM Sitharaman
Budget 2023 Live Updates: 100 labs to be established for developing apps using 5G
-100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models and employment potential, labs will cover among others, apps such as smart classrooms, precision farming, intelligent transports systems and healthcare, announced FM Sitharaman.
Budget 2023 Live Updates: Banking Companies Act and the Reserve Bank of India act being proposed
-To improve bank governance and enhance investors' protection, certain amendments to the Banking Regulation act, the Banking Companies Act and the Reserve Bank of India act are being proposed, says the Finance Minister.
Budget 2023 Live Updates: Finance Minister Nirmala Sitharaman talks about Mahila samman bachat patr
-One time new small savings scheme for women up to March 2025. A savings certificate will be made available for a 2-year period, she states.
-This will offer deposit facility up to 2 lakhsin the name of a woman at fixed interest rate of 7.5% with partial withdrawal option
Budget 2023 Live Updates: Gowardhan Scheme to be set up worth Rs 10,000 crore
-Govt to set up Gowardhan Scheme for promoting circular economy with total investment of Rs 10,000 crore, says the Finance Minister.
-Senior citizen saving scheme limit enhanced to 30 lakh from 15 lakh, she adds.
Budget 2023 Live Updates:
Credit guarantee for MSMEs, revamped schemes to have infusion of Rs 9000 crore in corpus
-Credit guarantee for the MSMEs. The revamp schemes will take effect from 2023 through an infusion of Rs 9,000 crore in the corpus. This will enable another collateral-free credit of Rs 2 lakh crore. Further the cost of credit will be reduced by around 1 percent, says the Finance Minister.
Budget 2023 Live Updates: Finance Minister Nirmala Sitharaman says..
-50 destinations to be selected in tourism with challenging mode with physical and virtual access.
-Sector specific skilled training will be provided under Dekho Apna Desh envisaged by PM Modi.
-Unity Mall, states will be encouraged to set up such malls for promotion of one district one product.
Budget 2023 Live Updates: 30 skill India international centres to be established for youth for jobs
-We have formulated National Education Policy that facilitates job creation and employment, says Nirmala Sitharaman
-30 skill India international centres to be established for youth for jobs, she adds.
Budget 2023 Live Updates: Funds allocated to scrap old vehicles of government and ambulances
-Replacing old political vehicles, I have allocated adequate funds to scrap old vehicles of government and ambulances, declares Finance Minister Nirmala Sitharaman
Budget 2023 Live Updates: Finance Minister talks about green growth
-Renewable energy evacuation, the inter state transmission system. For evacuation and grid integration 13 GW renewable energy from Ladakh will be constructed.
-India is moving forward firmly to achieve the net zero target. The recently launched national green hydrogen with an outlay of Rs 19,700 crore will facilitate the transition of the economy to low carbon intensity and reduce dependency on fossil fuel imports. Our target is to reach an annual production of 5 MMT by 2030. This budget provides for Rs 35,000 crore capital investment towards energy transition and net zero objective and energy security by the Ministry of petroleum and natural gas, the FM declared.
Budget 2023 Live Updates:
Rs 15,000 crore for PMPBTG Development mission
-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, announced FM Nirmala Sitharaman
Budget 2023 Live Updates: PAN to be common identifier for all digital systems of govt agencies
-For the business establishments required to have a permanent account number, the PAN will be used as a common identifier for all digital systems of specified government agencies.
Budget 2023 Live Updates: Three centres of excellence for Artificial intelligence to be set up, says the Finance Minister
-Three centres of excellence for artificial intelligence to be set up where leading AI players will partner for AI in areas of health and agriculture
Budget 2023 Live Updates: Finance Minister Nirmala Sitharaman says..
-National digital library for children and adolescents will be set up for facilitating quality books, says Finance Minister Nirmala Sitharaman.
-50 additional helipads to be improved for air connectivity in remote areas, she says.
-Rs 5,300 cr assistance to drought-prone central region of Karnataka.
-More than 39,000 compliances have been reduced.
Budget 2023 Live Updates: 50 year interest free loan to states for capex now raised to Rs 1.3 lakh crore
-The 50-year, interest free loan to states for capex purposes has now been increased to Rs 1.3 lakh crore, 30 percent more than what was allocated for 2022-23. The finance ministry has previously said there has been huge demand for these interest-free loans from states.
-The 50-year, interest free loan to states will be part of the Centre’s capex. While budgetary support for capex has been pegged at Rs 10 lakh crore, the effective capital expenditure of the government has been estimated at Rs 13.7 lakh crore for 2023-24. In contrast, the effective capital expenditure for 2022-23, as per the budget estimate, was Rs 10.68 lakh crore.
Budget 2023 Live Updates: Capital investment outlay increased by 33%, to Rs 10 lakh crore
-The capital investment outlay is being increased steeply by 33 percent to Rs 10 lakh crore, which would be 3.3 percent of GDP, says Finance Minister Nirmala Sitharaman.
Budget 2023 Live Updates:
PM Awas Yojna enhanced 66 percent over 79,000 crore
-The Indian Council For Medical Research Labs will be made available for research by public and private medical college faculty and private sector R&D teams for encouraging collaborative research and innovation.
-PM Awas Yojna is is enhanced 66 percent over 79,000 crore.
-157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014.
Budget 2023 Live Updates: Finance Minister says..
-Four transformative opportunities can be used be in Amrit Kaal for enhancing economic empowerment, says FM Sitharaman
-Digital public infrastructure for agriculture will be built as open source, open standard and interoperable public good
Budget 2023 live updates: 157 new nursing colleges will be established
Finance Minister Nirmala Sitharaman says that the Digital public infrastructure will enable farmer centric solutions.
-157 new nursing colleges will be established, she adds.
Budget 2023 live updates: New programme for research in pharmaceuticals, industry to invest in research
-The pharmaceutical industry has been asking for incentives to promote R&D investments. The FM said that a new programme for research in pharmaceuticals will be formulated and the industry will be encourage to invest in research. Details awaited. If these include tax or other significant incentives, it could boost pharma stocks.
Budget 2023 live updates: FM talks abouut enhancements in digital payments
-The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments, says Finance Minister Nirmala Sitharaman
Budget 2023 live updates: There is a large potential to be tapped in tourism, says FM
"The 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," says FM Nirmala Sitharaman.
Budget 2023 live updates: Government to spend Rs 2,200 crore for high-value horticulture
The Finance Minister says that the govt will launch Atmanirbhar clean programme.
-Agriculture accelerated fund will be set up to encourage agri start ups in rural areas, she says.
-The government aims to spend Rs 2,200 crore for high-value horticulture.
Budget 2023 live updates: Finance Minister announces priorities in Budget 2023
Following are the priories of Budget 2023 as announced by Nirmala Sitharaman
-Inclusive development
-Last mile delivery
-Infrastructure
-Green growth
-Youth power
-Financial inclusion: Priorities this budget
Budget 2023 live updates: Economy to grow at 7% in the current year, says the Finance Minister
-Economy to grow at 7% in the current year. This is the highest among major economies. India is on the right track despite time of challenges.
-The Centre will provide free food grains to all antyodaya and priority households until December 2023. Centre will bear entire expenditure of Rs 2 lakh crore on the scheme.
-India to grow at 7% in the current year. This is in line with the first advance estimates and what the Economic Survey also reiterated. The Economic Survey had pegged FY24 GDP growth at 6-6.8% showing optimism in India's potential to navigate choppy waters.
Implementation of new scheme to supply free food grains from 1st January 2023
-We are implementing a new scheme from 1st January 2023 to supply free food grains to all Antyodaya and all priority households, says the Finance Minister
The Finance Minister presents the Union Budget 2023 speech
-Finance Minister Nirmala Sitharaman says that the government's effort since 2014 have ensured better quality of life.
-"We have made a significant progress in many development goals," she says.
The Finance Minister Commences the Union Budget 2023 speech
-The World has recognized Indian economy as a bright star, says the Finance Minister.
-Indian economy is on the right track, she adds.
Budget 2023 live updates: The Finance Minister begins the Budget 2023 speech
-The Finance Minister Nirmala Sitharaman commences the Union Budget 2023 speech in the Parliament.
