New Delhi: Finance Minister Nirmala Sitharaman will present her fifth budget for the financial year 2023-24 today. This year’s budget is meant to be special. This budget is the last full budget of the Modi government 2.0 before the 2024 Lok Sabha elections. It is expected that the government may announce some reforms and initiatives to support the economy amid the global economic downturn.
There are speculations that various relief measures are expected from the Union Budget 2023 including some relief for the salaried class, pensioners and common man. While the salaried class expects the budget to help reduce their tax liability and increase take-home pay.
Also Read :-UNION BUDGET 2023: FINANCE MINISTER ALLOCATES 5,300 CR TO POLL-BOUND KARNATAKA
Union Budget 2023 Live Updates
- 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%, ” says Union Finance Minister Nirmala Sitharaman
- I introduced in 2020, 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 Nirmala Sitharaman
- Personal income-tax | Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime: FM Sitharaman
- 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%: FM Nirmala Sitharaman
- 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: FM Sitharaman
- I propose to provide 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 Nirmala Sitharaman
- PM VIKAS (Pradhan Mantri Vishwakarma Kaushal Samman), which was announced in Budget 2023, will include skilled people who are engaged in various traditional and skilled professions.
PM VIKAS (Pradhan Mantri Vishwakarma Kaushal Samman), which was announced in Budget 2023, will include skilled people who are engaged in various traditional and skilled professions. pic.twitter.com/N5lCaJN6Ft
— ANI (@ANI) February 1, 2023
- Budget: Govt raises capital expenditure outlay by 33 pc to Rs 10 lakh crore
- I propose 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: FM Nirmala Sitharaman
- I propose 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: FM Nirmala Sitharaman
- Custom duty on cigarettes increased: FM Nirmala Sitharama
- I reiterate my intention to bring the fiscal deficit below 4.5% of GDP by 2025-26: FM Nirmala Sitharaman
- Budget: Capital outlay for railways pegged at Rs 2.40 lakh cr, highest ever
- FY-2024 fiscal deficit target at 5.9% of GDP: FM Sitharaman
- The revised fiscal deficit is at 6.4% of GDP: FM Sitharaman
- 100 labs for developing apps using 5G services will be set up in engineering 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: FM
- 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: FM Sitharaman
- 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: FM Sitharaman
- 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: FM Sitharaman
- For efficient administration of justice, Phase 3 of the eCourt’s project will be launched with an outlay of Rs 7000 Crores: FM Nirmala Sitharaman
- 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism: FM Nirmala Sitharaman
- The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0: FM Nirmala Sitharaman
- To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States: FM Nirmala Sitharaman
- 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: FM Nirmala Sitharaman
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: FM Nirmala Sitharaman pic.twitter.com/baGS9H68i8
— ANI (@ANI) February 1, 2023
- To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States: FM Nirmala Sitharaman
- 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: FM Nirmala Sitharaman
- To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data: FM Nirmala Sitharaman
- Rs 35,000 crores priority capital for the energy transition; Battery storage to get viability gap funding: FM Nirmala Sitharaman
- 50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity: FM Nirmala Sitharaman
- 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: Union Finance Minister Nirmala Sitharaman
- For realising 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: Union Finance Minister Nirmala Sitharaman
- 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: FM Nirmala Sitharaman
- Capital outlay of Rs 2.40 lakh cr for Railways in next financial year: FM Nirmala Sitharaman
- All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode: FM Nirmala Sitharaman
- 50-year interest free loan to State governments extended for one more year: FM Sitharaman
- Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP: FM Sitharaman
- 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: FM Nirmala Sitharaman
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: FM Nirmala Sitharaman pic.twitter.com/hlydoAGEwu
— ANI (@ANI) February 1, 2023
- The outlay for PM Awaas Yojana being enhanced by 66% to over Rs 79,000 crores: FM Nirmala Sitharaman
- A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility: FM Nirmala Sitharaman
- 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: FM Nirmala Sitharaman
- 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: FM Nirmala Sitharaman
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157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014: FM Nirmala Sitharaman
- Also Read :-UNION BUDGET 2023-24: KNOW CHEAPER, DEARER ITEMS DETAILS HERE
- 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: FM Nirmala Sitharaman in Parliament
- Indian Institute of Millet Research will be supported as a centre of excellence: FM Nirmala Sitharaman in Parliament
- The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries: FM Sitharaman
- Promotion of tourism will be taken up on mission mode with active participation of states, the convergence of Govt programs & public-private partnerships: FM Nirmala Sitharaman
- 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: FM Nirmala Sitharaman
- Promotion of tourism will be taken up on mission mode with active participation of states, the convergence of Govt programs & public-private partnerships: FM Nirmala Sitharaman
- The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments: Finance Minister Nirmala Sitharaman
- An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs: Finance Minister Nirmala Sitharaman
- Lots of strength in our economy, strong capital expenditure from govt really helped us. Headwinds are still there to worry about; global recession in US & Europe might affect us. Volatility in oil prices still makes us vulnerable: Naina Lal Kidwai, Former President, FICCI
Lots of strength in our economy, strong capital expenditure from govt really helped us. Headwinds are still there to worry about; global recession in US & Europe might affect us. Volatility in oil prices still makes us vulnerable: Naina Lal Kidwai, Former President, FICCI pic.twitter.com/UksSekcg87
— ANI (@ANI) February 1, 2023
- Our current account deficit at 3% of GDP that’s higher than it’s been in a long time largely due to oil import bill which’s causing weakness in Rupee only making import bills expensive: Naina Lal Kidwai, Former President, FICCI
- We can have some rationalisation of income tax slabs to put money in hands of middle class so they spend it towards growth: Naina Lal Kidwai, Former President, FICCI
- Priorities of Budget 2023-24 – inclusive development, reaching the last mile, infra & investment, unleashing the potential, green growth, youth and financial sector: Finance Minister Nirmala Sitharaman
Priorities of Budget 2023-24 – inclusive development, reaching the last mile, infra & investment, unleashing the potential, green growth, youth and financial sector: Finance Minister Nirmala Sitharaman#UnionBudget2023 pic.twitter.com/K2ZNe9jpwJ
— ANI (@ANI) February 1, 2023
- 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 Nirmala Sitharaman
- “Promotion of tourism will be taken up on mission mode,” says Finance Minister Nirmala Sitharaman during Budget 2023-24 presentation.
- Nirmala Sitharaman said the world has recognized India as a bright star, our growth for the current year is estimated at 7.0%, the highest among all major economies despite the massive global recession due to the pandemic and war.
The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war: FM Sitharaman pic.twitter.com/QpZbCmj9si
— ANI (@ANI) February 1, 2023
- The Finance Minister said that the efforts of the Government since 2014 have ensured a better quality of life and a dignified life for all citizens. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the size of Indian economy has increased from 10th to 5th largest economy in the world.
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. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world: FM Sitharaman pic.twitter.com/e1NbhBzZMc
— ANI (@ANI) February 1, 2023
- The Finance Minister said that in these times of global challenges, India’s G20 chairmanship gives us a unique opportunity to strengthen India’s role in the world economic order.
- Nirmala Sitharaman said that during the Corona pandemic, we ensured that no one sleeps hungry with a plan to supply free food grains to over 80 crore persons for 28 months.
- Finance Minister Nirmala Sitharaman said that the Indian economy is on the right track and moving towards a bright future.
- Parliamentary Affairs Minister Prahlad Joshi said that this will be the best budget. This will be a pro-poor, pro-middle class budget.
- The budget has got approval from the cabinet. Copies of the budget were delivered to the Parliament House.
- The budget has got approval from the cabinet. Copies of the budget were delivered to the Parliament House.
- Prime Minister Narendra Modi reached the Parliament. Finance Minister Nirmala Sitharaman will present the budget after the budget is approved in the cabinet meeting.
- Union Home Minister Amit Shah and Defense Minister Rajnath Singh reached Parliament. The Union Cabinet meeting is going to be held here shortly.
Delhi | Union Home Minister Amit Shah and Defence Minister Rajnath Singh arrive at the Parliament. A Union Cabinet meeting will be held here shortly. Following this, Union Finance Minister Nirmala Sitharaman will present the #UnionBudget2023 at the Parliament, at 11 am. pic.twitter.com/2YifN3a3Zf
— ANI (@ANI) February 1, 2023
Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24. pic.twitter.com/S9GJiDG1aw
— ANI (@ANI) February 1, 2023
- After this, Union Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament at 11 am. Union Ministers Anurag Thakur and G Kishan Reddy arrive at Parliament.
- Nirmala Sitharaman meets President Droupadi Murmu
Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24.Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24. pic.twitter.com/S9GJiDG1aw
— ANI (@ANI) February 1, 2023
- Finance Minister Nirmala Sitharaman has reached the Finance Ministry before the budget is presented.
Delhi | Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance, ahead of the Budget presentation pic.twitter.com/XzWkXKeV8J
— ANI (@ANI) February 1, 2023
- Minister of State for Finance Pankaj Chowdhary said that it will live up to the expectations of every section of the society. The Modi government has always worked in the interest of the people of the country.
- Minister of State for Finance Bhagwat Kishanrao Karad said that today at 11 am the Finance Minister will present the budget in Parliament. Before this, under his leadership, my colleague Pankaj Chaudhary and Secretary will meet the President at 9 am. There will also be a cabinet meeting under the leadership of PM Modi at 10 am.
- Earlier, Minister of State for Finance Bhagwat Kishanrao Karad offered prayers.
#WATCH | MoS Finance Dr Bhagwat Kishanrao Karad offers prayers ahead of the presentation of #UnionBudget2023 by the government pic.twitter.com/CDs5LYaf4o
— ANI (@ANI) February 1, 2023
- GDP estimated to be 6.5% for 2023-24
Finance Minister Nirmala Sitharaman presented the Economic Survey 2022-23 in Parliament on Tuesday. The survey estimates India’s GDP growth at 6.5 per cent in FY24, while the growth rate for the current year is estimated at 7 per cent as compared to 8.7 per cent in FY22. In the Economic Survey, the real GDP growth for the financial year 2023-24 has been estimated to be 6.6 to 6.8. Whereas the nominal GDP has been estimated at 11%. Real GDP estimate for FY23 is 7%.
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