Budget 2023 highlights | ‘Anti-poor’, ‘not futuristic’: Mamata Banerjee
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
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.
Education sector gets highest ever allocation, Centre plans digital library to overcome learning loss during Covid-19
The Union government will re-envision teachers’ training and develop institutes of excellence at district levels, and set up a national digital library to make available quality books across subjects to children and youngsters to help them overcome the learning losses suffered during the Covid pandemic. Read more
‘Just a ceremonial budget’: Himachal CM
This is just a ceremonial budget. There should have been more schemes, there should have been schemes related to unemployment, MNREGA. If the government wanted, it would have given a special grant as Himachal Pradesh has a debt of 75,000 crores: ANI quotes Himachal Pradesh CM SS Sukhu
In Budget 2023-24, Centre’s hard push to eliminate sickle cell anaemia by 2047
The Union ministry of health and family welfare plans to go big on counselling of couples and creating general awareness among people in sickle cell disease-affected areas to eliminate the risk of children being born with the disease, health minister Mansukh Mandaviya said during a post-Budget briefing on Wednesday. Read more
Budget 2023-24: IITs to receive research grants for lab grown diamonds
Union Finance Minister Nirmala Sitharaman in her Budget speech on Wednesday announced a five-year research grant for one of the Indian Institutes of Technology (IITs) to encourage the indigenous production of lab-grown diamonds. She also announced a reduction in customs duty on the seeds and machines used to produce the precious commodity. Read more
Budget 2023: MEA allocated ₹18,050 crore, a 4.6% hike over last year's tally
The Ministry of External Affairs (MEA) has been allocated a total of ₹18,050 crore in the Union Budget for 2023-24 which is an increase of around 4.64 per cent over last year's allocation of ₹17,250 crore. Read more
₹10 cr deduction limit imposed on capital gains on re-investment in residential properties
The government on Wednesday imposed a limit of ₹10 crore for deduction on long-term capital gain tax for reinvestment in residential properties under Section 54 and 54F of the Income Tax Act. Read more
Union minister Anurag Thakur all praises for govt's Budget 2023
Union minister Anurag Thakur says the first budget of ‘Amrit Kaal’ has created a strong base for India's bright future. “People from all sectors and every state of the country will benefit from this budget. This has a lot to offer to our youth. This is a budget that will take India forward.”
Silver to become expensive as govt increases basic customs duty to 10% to curb imports
Silver and silver jewellery will become expensive as the government on Wednesday announced increasing the basic customs duty on silver, both in dore and semi-manufactured form, to 10 per cent in order to curb imports. Read more
Mamata Banerjee says budget is ‘anti-poor' and 'not futuristic'
Bengal chief minister Mamata Banerjee termed the budget as “anti-poor” and “not futuristic”. “It is a total opportunistic budget. Amid skyrocketing inflation, what is the benefit of exempting income tax? There is no proposal for the unemployed people in the budget,” she was quoted by news agency ANI.
Union budget 2023: 5G labs to speed up new models, beyond consumer usage
Even as the 5G network roll-out continues across India at a rapid pace, the government has outlined plans for expanding its use beyond consumers and enterprises. In her Budget speech, union finance minister Nirmala Sitharaman called for the development of new applications and business models, which will also create more jobs. Read more
‘Vision for growth’: UP CM Adityanath thanks PM Modi, FM Sitharaman for ‘progressive’ budget
“This budget has a vision for growth and development. People in villages, women, rich or poor, everyone is going to benefit from this. This empowers 130 crore Indians. I thank PM Modi and FM Nirmala Sitharaman for creating such a progressive budget,” Uttar Pradesh CM Yogi Adityanath.
Like-minded Oppn parties to meet tomorrow to chalk out strategy for budget session of Parliament, reports ANI
Like-minded Opposition parties will meet tomorrow 10am at LoP Rajya Sabha Office to chalk out the strategy for the floor of the House, reported news agency ANI.
‘Mitr Kaal…': Rahul's swipe at govt over Budget 2023
"‘Mitr Kaal’ Budget has: NO vision to create Jobs, NO plan to tackle Mehngai, NO intent to stem Inequality (sic)," Rahul Gandhi tweeted as the Modi government presented its last full budget ahead of general election of 2024.
“1% richest own 40% wealth, 50% poorest pay 64% of GST, 42% youth are unemployed- yet, PM doesn’t Care! This Budget proves Govt has NO roadmap to build India’s future.”
FM didn't mention unemployment, poverty: Chidambaram
Chidambaram said that the government is not bothered about the people and their concerns about lives and livelihood and growing inequality between the rich and poor.
"Finance Minister didn’t mention the words like unemployment, poverty, or inequality anywhere in her speech," he said.
“Who has benefited from this Budget? Certainly, not the poor, not the youth looking desperately for jobs, not those who have been laid off, not the bulk of the taxpayers and not the homemakers.”
Lab grown diamonds to shine after FM announces R&D, reduction in customs duty
Sitharaman announced a five-year research grant for one of the Indian Institutes of Technology (IITs) to encourage the indigenous production of lab-grown diamonds (LGD). She also announced a reduction in customs duty on the seeds and machines used to produce these precious commodities.
Why Budget 2023-2024 passes the BJP’s political test
The political test of the final full budget of the Bharatiya Janata Party (BJP)-led government before the 2024 elections was based on a simple metric — would it be enough to sustain the party’s multi-class alliance or would budget measures fracture that wide alliance? Read more…
Outlay of ₹990 cr for G20 presidency, ₹100 cr for Iran's Chabahar port
India has allocated ₹990 crore for the G20 presidency while retaining an outlay of ₹100 crore for Iran’s Chabahar port, signalling the importance of the facility in regional connectivity efforts.
More funds for NATGRID, IB to enhance intel capabilities in budget for MHA
With a focus on enhancing intelligence gathering and counter-terrorism capabilities, a total ₹200.53 crore has been allocated to run the National Intelligence Grid or NATGRID, which aims to provide a cutting-edge technology to share data between core agencies and enhance India’s counter-terrorism capabilities.
The allocation in the budget 2023-24 presented by finance minister Nirmala Sitharaman is 108% more compared to current fiscal’s revised budget of ₹96.56 crore.
India raises tax on imported cars, motorbikes, including EVs
Sitharaman today proposed to raise taxes on imported cars and motorbikes, including electric vehicles (EVs), as the government seeks to boost local manufacturing in line with Prime Minister Narendra Modi's "Make in India" campaign ahead of elections in 2024.
Budget 2023 estimates
Budget 2023: Where every rupee comes from
Budget 2023 gives a big leg-up to capital investment: FM
Budget 2023 gives a big leg-up to capital investment, it also attends to MSMEs as they are the engine of growth, it sustains capital investment and also gives a push to the private sector while also giving tax reliefs to individuals and middle class: Sitharaman at post-budget press briefing.
Country was waiting for direct taxation to be simplified: FM
“This country has been waiting for direct taxation to be simplified. Therefore the new taxation regime that we brought in for direct taxation two, three years ago has now got greater incentives and greater attraction so that people can unhesitatingly move from the old to the new,” Sitharaman said.
New taxation regime has now greater incentives: Sitharaman
“The new taxation regime has now got greater incentives, and attractions so that people can unhesitatingly move from the old to the new. We are not compelling anyone. But the new one is now attractive as it gives greater rebates,” the finance minister said.
Sitharaman highlights 4 emphasis points of Budget 2023
“Four emphasis points of Budget 2023 are on empowering women, giving lot more attention to Self Help Groups, emphasis on tourism and training of youth and empowerment of Vishakarmas who create soft power of India through their craftsmanship and fourth, green growth,” Sitharaman said at a post-budget press breifing.
Indian shares fall as insurance companies drag; Adani Group stocks tumble
Indian shares reversed earlier gains to trade lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. Read more…
What Budget document tells us about new Income Tax slab
One of the announcements made by Sitharaman on personal income tax – there was none in this field in last year's Budget – was on the change in slabs under the new tax regime.
“The second proposal relates to middle-class individuals. I had introduced, in the year 2020, the new personal income tax regime with six income slabs starting from ₹2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to ₹3 lakh,” said Sitharaman in her speech.
'Visionary': JP Nadda hails first budget of 'Amrit Kaal'
Hailing the first budget of 'Amrit Kaal', BJP chief JP Nadda Wednesday said it showed the "visionary and far-sighted leadership" of Prime Minister Narendra Modi. “This budget shows our stable economy, power of young India and multicultural work ethics. This budget highlights core vision of PM Modi as it brings schemes for people at bottom of pyramid," he was further quoted by news agency ANI.
‘No ray of hope…dark dark budget’: Mamata Banerjee
"This Union Budget is not futuristic, totally opportunistic, anti-people and anti-poor. It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections," West Bengal chief minister Mamata Banerjee said.
"The changes in the income tax slabs will not help anyone. There is no ray of hope in this Budget -- it is a dark dark budget. Give me half an hour and I will show you how to prepare a Budget for the poor," she added.
Budget 2023 Live Updates: Financial support for poor prisoners unable to pay for bail
Following President Droupadi Murmu's evocative speech on poor prisoners languishing in jails, Sitharaman proposed financial support to poor undertrial prisoners who are unable to fulfill conditions of their bail during Budget 2023-24.
Budget 2023 Live Updates: ₹35,000 crores for India's net zero transition by 2070
The Union Budget 2023 has allocated ₹35,000 crores for priority capital investment towards energy transition and achieving India’s goal of net zero emissions by 2070. Sitharaman provided a separate category titled “green growth” in the Union Budget which captures India’s vision for energy transition and sustainable growth.
Centre to set up Urban Infrastructure Development fund for cities
Sitharaman announced setting up of Urban Infrastructure Development Fund to urban infrastructure in tier-2 and tier-3 cities and ₹10,000 crore will be made available annually. The minister also said that urban local bodies will be provided incentives to improve their finances and credit worthiness.
₹1,564 crore allocated for Census 2021, 3 times higher than last year's revised budget
A total of ₹1,564 crore has been allocated for the Census 2021 and related activities, which have been stalled for over three years now, in the union budget 2023-24. The allocation is less than half compared to last year’s budget estimates – ₹3,676 crore - for the Census exercise but it was later revised to ₹552.65 crore. It is part of overall budget allocation of ₹1.96 lakh crore to the ministry of home affairs (MHA).
Will fulfil dreams of aspirational society: PM Modi on Budget 2023
Prime Minsiter Modi said 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,” he said.
Middle-class bonanza budget, says Smriti Irani; Congress says poor got just words, rhetoric
“This is a middle-class bonanza budget but PM has spoken about inclusive growth. This has been an inclusive budget. There was something for SC, ST, OBC, women and elderly," Union minister Smriti Irani said.
Congress MP Gaurav Gogoi said the budget provided no solution to price-rise, inflation, and unemployment.
“Poor got just words and rhetoric. Budget benefits only the big industrialists. Tax rebate up to ₹7 Lakhs is insignificant considering the inflation and price-rise, it’s like drop in ocean for middle class,” Gogoi said.
Budget 2023 new income tax slabs: How to calculate your tax
In a huge relief to the middle class, finance minister Nirmala Sitharaman announced five income tax measures in the last full budget of the Narendra Modi government before the 2024 Lok Sabha elections. With the new announcements, calculations for your income tax will change. Read more…
Perhaps the most indifferent budget ever for the farmers: Yogendra Yadav
5 major announcements on personal income tax
1. Rebate - Centre proposed to increase the rebate limit to 7 lakh in the new tax regime.
2. Tax slabs - number of slabs in new tax regime change to five with
increase in the tax exemption limit to ₹3 lakh.
3. Standard deduction - Each salaried person with an income of ₹15.5 lakh or more will thus stand to benefit by ₹52,500.
4. Highest tax rate - Reduction in the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime. This would result in reduction of the maximum tax rate to 39 per cent.
5. Tax exemption on leave encashment - The limit of ₹3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees to be increased to ₹25 lakh.
Govt proposes to make new tax structure as default tax option
Sitharaman proposed to make the new tax regime as the default option, however, added that people will have the option of old tax regime.
Budget 2023 Live updates: Tax slab under new tax regime
Sitharaman proposed a change in tax slab under the new tax regime.
The new tax rates are:
0 to ₹3 lakhs - nil;
₹3 to 6 lakhs - 5%;
₹6 to 9 Lakhs - 10%;
₹9 to 12 Lakhs - 15%;
₹12 to 15 Lakhs - 20%; and
Above 15 Lakhs - 30%
Budget 2023 Live updates: Sitharaman proposes change in tax structure
“I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from ₹2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to ₹3 Lakhs,” Sitharaman said.
Budget 2023 Live updates: Income tax rebate limit raised to ₹7 lakh
Income tax rebate for individuals increased from ₹5 lakhs to ₹7 lakhs in the new tax regime.
Number of basic custom duty rates reduced to 13
“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,” Sitharaman said.
Relief in customs duty on import of certain parts like camera lens
Government will provide relief in customs duty on import of certain parts like camera lens and concession on import of lithium ion batteries to further promote mobile phone production in India, the minister annouced.
Basic customs duty on kitchen chimney increased, on TV panels reduced
Centre has proposed to increase the basic customs duty on kitchen chimney from 7.5% to 15% and that on heat coils reduced from 20% to 15%. It has also proposed to reduce basic customs duty on parts, TV panels to 2.5% in a bid to promote value addition on manufacture of TVs.
Maximum Deposit Limit for Senior Citizen saving scheme to be increased from 15 to 30 lakhs
Sitharaman announced that the Maximum Deposit Limit for Senior Citizen saving scheme will be increased from 15 to 30 lakhs.
Budget 2023-24 live updates: Fiscal deficit for FY 2023-24 estimated at 5.9%
India continues to be on the path of fiscal consolidation targeting to achieve 4.5 percent fiscal deficit of GDP by 2025-26, Sitharaman said.
Budget 2023 Live updates: PM-PRANAM to incentivise states for promoting alternative fertilisers
PM PRANAM - Programme for restoration, awareness, nourishment and amelioration of Mother Earth will be launched to incentivise states and UTs to promote alternative fertilisers, Sitharaman said.
Budget 2023 Live Updates: KYC simplificaation, PAN common identifier for ease of doing business
Sitharaman said that the KYC process will be simplified and PAN will be used as the common identifier for all digital systems of specified government agencies.
Budget 2023 Live Updates: Outlay for PM Awas Yojana raised by 66% to over ₹79,000 crores
The outlay for PM Awas Yojana has been hiked by 66 per cent to ₹79,000 cr for FY 2023-24, announced Sitharaman.