Budget 2023 highlights | ‘Anti-poor’, ‘not futuristic’: Mamata Banerjee
Budget 2023 highlights: Union finance minister Nirmala Sitharaman announced that the Union budget 2023-24 is guided by seven priorities.
Union finance minister Nirmala Sitharaman on Wednesday presented the last full-fledged budget of the second term of Prime Minister Narendra Modi-led government. The finance minister said that the proposal in the budget were around seven priorities: inclusive development, reaching the last mile, infra and investment, unleashing the potential, green growth, youth power and financial sector. The main highlight of the budget was the five major announcements related to personal income tax, including a change in tax slab under the new tax regime....Read More
UNION BUDGET 2023: FULL COVERAGE
The 2022-23 Economic Survey that was tabled in Parliament on January 31 kept India’s GDP's growth at a baseline value of 11% in nominal terms and 6.5% in real terms for 2023-24. The survey underlined the fact that “agencies worldwide continue to project India has the fastest growing major economy” despite the three shocks of Covid-19, the Russia-Ukraine war, and synchronised policy rate hikes by central banks across the world.
Budget 2023 Live Updates: Centre to launch PM Kaushal Vikas Yojana 4.0
Sitharaman announced PM Kaushal Vikas Yojana 4.0 to provide skill training to the youth for the next three years.
Pradhan Mantri Primitive Vulnerable Tribal Groups Development Mission to be launched
Pradhan Mantri Primitive Vulnerable Tribal Groups Development Mission is being launched to improve conditions of vulnerable tribal groups, Sitharama said.
“The Mission will saturate these families with basic facilities such as safe housing, clean drinking water, improved access to education, health, nutrition and sustainable livelihood opportunities,” she said.
Budget 2023 Live: Agriculture Credit Target to be raised to ₹20 lakh crore
Agriculture Credit Target to be increased to ₹20 lakh crores, with focus on animal husbandry, dairy, and fisheries, the minister said, adding that a new sub-scheme of PM Matsya Sampada Yojana will also be launched with a targeted investment of Rs. 6000 crores.
Get LIVE updates on Maharashtra & Jharkhand election results. Know More.
Budget 2023 Live updates: Boost to regional air connectivity
Sitharaman announced that 50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity.
3 Centres of Excellence for Artificial Intelligence to be set up
Three Centres of Excellence for Artificial Intelligence will be set up in top educational institutions for realising the vision of Make AI in India and Make AI work for India, Sitharaman said.
Capital outlay of ₹2.40 lakh crore for railways
Capital outlay of ₹2.4 lakh crore has been provided for Railways, the highest-ever allocation since 2013-14, the finance minister said.
Initiative for transition from manhole to machine hole mode
“All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks and sewers to transition from manhole to machine hole mode,” Sitharaman said.
'63,000 Primary Agricultural Credit Societies being computerised'
"63,000 Primary Agricultural Credit Societies are being computerized with investment of Rs. 2,516 crores; model bylaws were formulated for PACS, national database is being prepared, with this, massive decentralized storage capacity to be set up," Sitharaman said.
“This will help farmers store their produce and realize better prices for their produce, Govt. will faciliate setting up of larger number of coop societies, primary fishery societies and dairy coop societies in uncovered villages in next 5 years."
Centre to provide ₹5,300 cr assistance to drought-prone region of Karnataka
As part of its second priority ‘reaching the last mile’, Centre will provide ₹5,300 cr assistance to drought-prone central region of Karnataka, announced Sitharaman.
Centre to recruit 38,800 teachers support staff for Eklavaya Model Residential Schools
In the next 3 years the Centre will recruit 38,800 teachers and support staff for 740 Eklavaya Model Residential Schools serving 3.5 lakh tribal students, according to Nirmala Sitharaman.
157 new nursing colleges will be established: Sitharaman
The finance minister announced the established of157 new nursing colleges in co-location with the existing 157 medical colleges established since 2014. She also assured that sickle cell anemia to be eliminated by 2047.
7 Priorities of Budget2023
1. Inclusive development
2. Reaching last mile
3. Infrastructure and investment
4. unleashing potential
5. Green growth
6. Youth Power
7. Financial Sector
Promotion of tourism to be taken up in mission mode: Sitharaman
"Promotion of tourism will be taken up in mission mode, with active participation of states and PPPs," Sitharaman said while presenting Union budget 2023-24.
Indian economy went from being tenth to 5th largest in the world: Sitharaman
The finance minister highlights that the Indian economy has increased in size from being tenth to 5th largest in the world in the last nine years.
G20 Presidency gives India a unique opportunity: Sitharaman
"G20 Presidency gives us a unique opportunity to strengthen our role in the world economic order, we are steering an ambitious people-centric agenda to address global challenges and facilitate sustainable economic development," Sitharaman said.
'Saptarishi': Sitharaman lists 7 priorities of Union budget
Sitharaman listed seven key priorities of Union budget, including inclusive development, reaching the last mile, green growth, youth power.
Sitharaman highlights pro-poor measures taken by Modi govt
"Entire expenditure of about Rs. 2 lakh crore under PM Garib Kalyan Anna Yojana is being borne by the central government, for supplying free food grains for one year to all Antyodaya and priroity households," Sitharaman said.
Budget 2023: 'Indian economy on right track, heading to a bright future'
Sitharaman said that the Indian economy is on the right track and heading to a bright future.
"Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments," she added.
Growth estimated at 7.0%, highest among all major economies: Sitharaman
"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."
Ensured that nobody goes to bed hungry during pandemic: Sitharaman
“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,” finance minister Sitharaman.
Sitharaman presents 1st budget of ‘Amrit Kaal’
Sitharaman has started her speech to present Union budget 2023-24.
Budget for advantage in 2024 elections: Congress's K Suresh
Congress Lok Sabha chief K Suresh said the party doesn't think the government is giving any concession to salaried people.
“They are announcing the budget only for eyewash schemes. They did the same in previous budgets. This time, focussing on 2024 elections, some schemes & reliefs may be announced,” he said,
Cabinet approves Union Budget for 2023-24
Union cabinet approved the budget for 2023-24 at the meeting held at Parliament ahead of the budget presentation by finance minister Nirmala Sitharaman.
Will be pro-poor, pro-middle class budget: Pralhad Joshi
“This will be the best budget. This will be a pro-poor, pro-middle class budget,” Parliamentary Affairs Minister Pralhad Joshi told reporters ahead of the budget presentation.
Budget 2023: Sitharaman joins select league of Manmohan Singh, Jaitley
Union finance minister Nirmala Sitharaman has joined a select league of ministers to present five consecutive federal budget in independent India. Sitharaman is only the sixth finance minister to do so, joining the league of ministers like Manmohan Singh, Arun Jaitley and P Chidambaram. Read more…
Budget copies brought to Parliament, sniffer dog on job
Budget copies have been brought to Parliament ahead of Budget presentation at 11am. Sniffer dog was seen sniffing copies of Union Budget 2023 that have been brought to the Parliament.
Budget 2023 Live: Cabinet meeting chaired by PM Modi begins
Union Cabinet meeting chaired by PM Modi has begun ahead of the Budget 2023 presentation in Parliament.
Budget 2023 Live: Sitharaman dons traditional temple border red saree
Known for her love for Indian textiles, finance minister Nirmala Sitharaman arrived in Parliament for the Union Budget presentation wearing a traditional temple border saree. Temple sarees are usually made of cotton, silk or a mix and worn for special occasions. She opted for the red temple saree with black border and intricate golden work on Budget day.
Budget 2023 Live: Key numbers to be watched
Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy. Here are the key numbers to watch for in Budget 2023-24, which is widely expected to boost spending towards policies that create jobs, leave more money in hands of the common man and boost manufacturing, while increasing tax revenues.
Fiscal Deficit
Disinvestment/Privatisation
Capital Expenditure
Tax Revenue
Borrowing
Nominal GDP
Budget 2023 Live Updates: Nirmala Sitharaman arrives at Parliament
Union Finance Minister Nirmala Sitharaman arrives at the Parliament. A Union Cabinet meeting will be held here at 10am following which she will present the Union Budget 2023 in the Parliament at 11am.
Budget Live: Sensex, Nifty hold early gains
Sensex continues to trade around 60,000 points while Nifty is at 17, 778 as Sitharaman is all set to present the Union budget.
Sitharaman 6th FM to present Union budget 5 times in a row
Union finance Minister Nirmala Sitharaman is the sixth minister in independent India to present five consecutive budget, joining a select league of legends likes of Manmohan Singh, Arun Jaitley and P Chidambaram. Sitharaman's budget for the fiscal year starting April 2023 is her fifth straight since 2019.
Budget Live: Sitharaman calls on President, Cabinet meet next
Union finance minister Nirmala Sitharaman, MoS Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the ministry offFinance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24.
Sitharaman to present Budget on digital device instead of 'bahi-khata'
Union finance minister Nirmala Sitharaman will present the Union Budget for 2023-24 with a digital device for third time instead of the traditional 'bahi-khata' in her hands.
Budget live updates: Sensex climbs to 59,987, Nifty at 17,785
Sensex jumped over 400 points to trade above 60,000 while Nifty closed in on 17,800 mark.
Budget to incorporate every section's expectations: MoS finance
Ahead of the presentation of Union Budget 2023-24 in the Parliament on Wednesday, minister of state for finance Pankaj Chaudhary said that the budget will incorporate the expectations of every section of society and will stand on everyone's expectations.
Budget Sitharaman to meet President shortly, cabinet meet at 10 am
Sitharaman along with ministers of state Pankaj Chaudhary and Bhagwat Karad and the Finance Secretary will meet President Droupadi Murmu shortly.
Sitharaman arrives at ministry of finance
Union finance minister Nirmala Sitharaman arrives at the ministry of finance ahead of the Budget presentation.
Cabinet meeting chaired by PM Modi at 10am
Minister of state (finance) Dr B Karad informed that a cabinet meeting chaired by Prime Minister Narendra Modi will be held at 10am ahead of Union budget presentation in Parliament.
BJP to launch nationwide campaign to highlight pro-people measures
The Bharatiya Janata Party announced that it would send out teams of party workers to apprise the masses about the “pro-people” aspects of the Union budget 2023-24. Read more…
MoS finance Dr Bhagwat Kishanrao Karad offers prayers
MoS Finance Dr Bhagwat Kishanrao Karad offers prayers before the presentation of Union Budget 2023. This is the BJP government's last full-fledged budget before the 2024 general elections.
Annual demonstration of state’s coercive stranglehold on economy: Congress MP
Congress MP Manish Tewari tweeted: “Union Budget should be a accounting statement of Central Govt. How much it earned & spent. In most countries a budget is a non-event. In India it is once in a year opportunity for Finance Minister to grandstand. An annual demonstration of state’s coercive stranglehold on economy”
Shares set to rise ahead of Union budget
Shares are set to open higher ahead of the Union budget as investors look for major triggers for the near-term trajectory of the market, according to Reuters. India's NSE stock futures listed on the Singapore exchange were up 0.59% at 17,857.50 as of 07:42am IST.
What real estate sector expects from the budget
Atul Banshal, Director Finance, Omaxe Ltd. said, "The budget should consider reducing stamp duty as that will assist it in resuming a robust real estate market and complete housing for all missions for the central government. The government must consider increasing the tax rebate on home mortgage interest from ₹2 lakh to at least ₹3 lakh. It is also necessary to have separate deductions for principal repayments, which are currently included under Section 80(c)."
What the healthcare sector expects from the budget
Dr Ashutosh Raghuvanshi, Senior Vice President, NATHEALTH and MD and CEO, Fortis Healthcare, "India is amongst the most preferred destinations globally for medical tourism and therefore, increased policy support is required to encourage, facilitate medical value travel to India, develop MVT as an organized sector."
"Another critical area is addressing the shortage of healthcare professionals - by identifying doctors, nurses and technical staff willing to work in Tier 2/3 cities and looking at non-traditional ways to double the number of doctors. We should look at best practices adopted in universities abroad (fall/summer admission pattern) to increase seats in existing medical colleges," he said.
Should the budget focus on investments in infrastructure?
Hiranandani Group MD, Niranjan Hiranandani said the Budget should focus on further investments in roads, railways, ports, airports and highways.
"Logistics cost in India is 13 per cent. If our multimodal transport matters become successful in the next 2-3 years, we can reduce logistics cost by 3-4 per cent for every item in the country," he said.
Union Budget 2023: Date and time
Finance minister Nirmala Sitharaman is scheduled to present the Union Budget 2023-24 at 11 am in the Parliament. This will be Nirmala Sitharaman’s fifth budget as the Finance Minister.
On recovery and Covid: What economic survey said
"The Indian economy appears to have moved on after its encounter with the pandemic, staging a full recovery in FY22 ahead of many nations and positioning itself to ascend to the pre-pandemic growth path in FY23," notes the economic survey.
Focus on economic reforms? This could be Nirmala Sitharaman's priority
Finance Minister Nirmala Sitharaman is widely expected to continue that policy, and announce 10% to 12% increase in budget allocations for health, education and rural projects.
"The annual budget will continue economic reforms," said Gopal Krishna Agarwal, economic affairs spokesman of Bharatiya Janata Party.
"The easing of retail inflation, higher state spending and growing bank credit would help the economic recovery ahead of the national elections," he said.
What did PM Modi say ahead of the Budget Session
Prime Minister Narendra Modi said India’s Budget for 2023-24 will not only try to fulfill the hopes and dreams of the common man in the country but it will be a ray of hope for the world.
PM Modi said the Budget session of the year 2023 is starting on a positive note with the voice of the economic world coming from all sides with a “positive” message, “bringing a ray of hope and beginning of enthusiasm.”
