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.

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.

Follow all the updates here:

• Feb 01, 2023 08:24 PM IST

  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

• Feb 01, 2023 08:18 PM IST

  ‘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

• Feb 01, 2023 07:56 PM IST

  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

• Feb 01, 2023 07:49 PM IST

  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

• Feb 01, 2023 07:34 PM IST

  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

• Feb 01, 2023 07:22 PM IST

  ₹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

• Feb 01, 2023 07:18 PM IST

  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.”

• Feb 01, 2023 07:04 PM IST

  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

• Feb 01, 2023 06:57 PM IST

  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. 

• Feb 01, 2023 06:42 PM IST

  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

• Feb 01, 2023 06:25 PM IST

  ‘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.

• Feb 01, 2023 06:21 PM IST

  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.

• Feb 01, 2023 06:16 PM IST

  ‘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.”

• Feb 01, 2023 06:02 PM IST

  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.”

• Feb 01, 2023 05:54 PM IST

  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.

• Feb 01, 2023 05:47 PM IST

  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…

• Feb 01, 2023 05:46 PM IST

  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.

• Feb 01, 2023 05:46 PM IST

  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.

• Feb 01, 2023 05:32 PM IST

  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.

• Feb 01, 2023 05:22 PM IST

  Budget 2023 estimates

  

  Budget in numbers

• Feb 01, 2023 05:17 PM IST

  Budget 2023: Where every rupee comes from

  

  Budget in numbers

• Feb 01, 2023 04:42 PM IST

  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.

• Feb 01, 2023 04:38 PM IST

  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.

• Feb 01, 2023 04:17 PM IST

  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.

• Feb 01, 2023 04:12 PM IST

  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.

• Feb 01, 2023 03:39 PM IST

  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…

• Feb 01, 2023 03:17 PM IST

  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.

  Read more

• Feb 01, 2023 03:11 PM IST

  '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.

• Feb 01, 2023 03:00 PM IST

  ‘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.

• Feb 01, 2023 02:25 PM IST

  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.

• Feb 01, 2023 02:24 PM IST

  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.

• Feb 01, 2023 02:23 PM IST

  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.

• Feb 01, 2023 02:22 PM IST

  ₹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).

• Feb 01, 2023 02:17 PM IST

  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.

• Feb 01, 2023 01:43 PM IST

  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.

• Feb 01, 2023 01:17 PM IST

  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…

• Feb 01, 2023 01:13 PM IST

  Perhaps the most indifferent budget ever for the farmers: Yogendra Yadav

  Breaking: Expenditure on Agriculture and allied schemes (Including PM Kisan) has been slashed drastically: from 3.84% in BE 2022-23 to 3.20% in 2023-24
  
  Perhaps the most indifferent budget ever for the farmers

  — Yogendra Yadav (@_YogendraYadav) February 1, 2023

• Feb 01, 2023 12:53 PM IST

  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.

• Feb 01, 2023 12:40 PM IST

  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.

• Feb 01, 2023 12:32 PM IST

  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%

• Feb 01, 2023 12:27 PM IST

  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.

• Feb 01, 2023 12:26 PM IST

  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.

• Feb 01, 2023 12:20 PM IST

  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.

• Feb 01, 2023 12:17 PM IST

  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.

• Feb 01, 2023 12:15 PM IST

  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.

• Feb 01, 2023 12:11 PM IST

  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.

• Feb 01, 2023 12:10 PM IST

  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.

• Feb 01, 2023 12:07 PM IST

  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.

• Feb 01, 2023 12:01 PM IST

  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.

• Feb 01, 2023 11:59 AM IST

  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.

• Feb 01, 2023 11:57 AM IST

  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. 

• Feb 01, 2023 11:55 AM IST

  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.

• Feb 01, 2023 11:53 AM IST

  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.

• Feb 01, 2023 11:49 AM IST

  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.

• Feb 01, 2023 11:49 AM IST

  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.

• Feb 01, 2023 11:44 AM IST

  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.

• Feb 01, 2023 11:43 AM IST

  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.

• Feb 01, 2023 11:42 AM IST

  '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."

• Feb 01, 2023 11:37 AM IST

  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.

• Feb 01, 2023 11:35 AM IST

  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.

• Feb 01, 2023 11:30 AM IST

  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.

• Feb 01, 2023 11:28 AM IST

  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

• Feb 01, 2023 11:26 AM IST

  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.

• Feb 01, 2023 11:20 AM IST

  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. 

• Feb 01, 2023 11:18 AM IST

  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.

• Feb 01, 2023 11:17 AM IST

  'Saptarishi': Sitharaman lists 7 priorities of Union budget

  Seven priorities of UB2022-23 according to FM.
  One, inclusivity. Significant under these are an Agriculture Accelerator Fund; making India a global hub for millets (also this week’s Brunch cover story); agricultural credit target increased to 20 lakh crore ….

  — sukumar ranganathan (@HT_Ed) February 1, 2023

  Sitharaman listed seven key priorities of Union budget, including inclusive development, reaching the last mile, green growth, youth power.

   

• Feb 01, 2023 11:14 AM IST

  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.

• Feb 01, 2023 11:11 AM IST

  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.

• Feb 01, 2023 11:10 AM IST

  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."

• Feb 01, 2023 11:08 AM IST

  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.

• Feb 01, 2023 11:04 AM IST

  Sitharaman presents 1st budget of ‘Amrit Kaal’

  Sitharaman has started her speech to present Union budget 2023-24.

• Feb 01, 2023 11:01 AM IST

  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,

• Feb 01, 2023 10:55 AM IST

  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.

• Feb 01, 2023 10:54 AM IST

  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.

• Feb 01, 2023 10:51 AM IST

  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…

• Feb 01, 2023 10:41 AM IST

  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.

• Feb 01, 2023 10:28 AM IST

  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.

• Feb 01, 2023 10:21 AM IST

  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.

• Feb 01, 2023 10:08 AM IST

  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

• Feb 01, 2023 09:59 AM IST

  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.

• Feb 01, 2023 09:55 AM IST

  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.

• Feb 01, 2023 09:48 AM IST

  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.

• Feb 01, 2023 09:36 AM IST

  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.

• Feb 01, 2023 09:30 AM IST

  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.

• Feb 01, 2023 09:25 AM IST

  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.

• Feb 01, 2023 09:14 AM IST

  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.

• Feb 01, 2023 09:06 AM IST

  Budget Sitharaman to meet President shortly, cabinet meet at 10 am

  #WATCH | Delhi: Union Finance Minister Nirmala Sitharaman all set to present the #UnionBudget2023 at 11am today.
  
  This is the BJP government's last full Budget before the 2024 general elections. pic.twitter.com/8CFywfihvq

  — ANI (@ANI) February 1, 2023

  Sitharaman along with ministers of state Pankaj Chaudhary and Bhagwat Karad and the Finance Secretary will meet President Droupadi Murmu shortly.

• Feb 01, 2023 08:39 AM IST

  Sitharaman arrives at ministry of finance

  Union finance minister Nirmala Sitharaman arrives at the ministry of finance ahead of the Budget presentation.

• Feb 01, 2023 08:37 AM IST

  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.

• Feb 01, 2023 08:26 AM IST

  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…

• Feb 01, 2023 08:24 AM IST

  MoS finance Dr Bhagwat Kishanrao Karad offers prayers

  

  MoS finance Dr Bhagwat Kishanrao Karad offering 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.

• Feb 01, 2023 08:18 AM IST

  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”

• Feb 01, 2023 08:16 AM IST

  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.

• Feb 01, 2023 07:55 AM 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)."

• Feb 01, 2023 07:49 AM IST

  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.

• Feb 01, 2023 07:47 AM IST

  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.

• Feb 01, 2023 07:41 AM IST

  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.

• Feb 01, 2023 07:38 AM IST

  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.

• Feb 01, 2023 07:33 AM IST

  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.

• Feb 01, 2023 07:30 AM IST

  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.”

• Feb 01, 2023 07:23 AM IST

  Economic survey on ‘India’s underlying economic resilience’

  "IMF estimates India to be one of the top two fast-growing significant economies in 2022. Despite strong global headwinds and tighter domestic monetary policy, if India is still expected to grow between 6.5 and 7.0 per cent, and that too without the advantage of a base effect, it is a reflection of India’s underlying economic resilience; of its ability to recoup, renew and re-energise the growth drivers of the economy," says the Economic Survey.

• Feb 01, 2023 07:16 AM IST

  January GST collection at ₹1.55 lakh crore, second highest-ever

  The GST collection in January surged to over ₹1.55 lakh crore, the second highest-ever mop-up, the finance ministry said on Tuesday. Read more

• Feb 01, 2023 07:10 AM IST

  Who prepares the budget in India?

  The ministry of finance prepares the budget in consultation with the Niti Aayog and concerned ministries.

• Feb 01, 2023 07:04 AM IST

  India fastest growing economy: What economic survey said

  Economic Survey points out, "Agencies worldwide continue to project India as the fastest-growing major economy at 6.5-7.0 per cent in FY23. These optimistic growth forecasts stem in part from the resilience of the Indian economy seen in the rebound of private consumption seamlessly replacing the export stimuli as the leading driver of growth. The uptick in private consumption has also given a boost to production activity resulting in an increase in capacity utilisation across sectors."

• Feb 01, 2023 06:58 AM IST

  What economic survey says about inflation

  Economic survey noted, “RBI has projected headline inflation at 6.8 per cent in FY23, which is outside its target range. At the same time, it is not high enough to deter private consumption and also not so low as to weaken the inducement to invest. Moderately high inflation has further ensured the anchoring of inflationary expectations preventing prices from weakening demand and growth in India.”

• Feb 01, 2023 06:48 AM IST

  Union budget 2023: When and where to watch Nirmala Sitharaman's speech live

  Finance minister Nirmala Sitharaman will Wednesday present the Union budget 2023, her fifth so far. This will be the Narendra Modi-led government's last full budget before the general election of 2024. Details here 

• Feb 01, 2023 06:40 AM IST

  How is Union Budget prepared?

  For the February 1st deadline, preparations begin in August-September with the Centre issuing circulars to all state governments, UTs and other autonomous bodies to prepare budget estimates. Then all ministries are also asked to furnish the estimates. All this is collated and then begins the round of consolations. Once all estimates are approved, they are sent to the Union Finance Ministry.

  Part B of this process comes when the finance minister holds pre-Budget meets and takes the final call. 

• Feb 01, 2023 06:33 AM IST

  Key highlights from the economic survey

  1. India’s economic growth is projected to slow to 6.5 per cent in the fiscal year starting April but will remain the fastest growing major economy in the world, the Economic Survey said. 

  2. The survey stated that India is the world’s third largest economy in PPP (purchasing power parity) terms and fifth largest in terms of exchange rate. 

  3. It said RBI’s projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor so low as to weaken inducement to invest. 

• Feb 01, 2023 06:28 AM IST

  Reform, recovery or growth: What could be focus of India's budget 2023

  Presenting its annual budget to parliament on Wednesday, India's government will seek to lower its fiscal deficit while offering incentives for investment and stepping up state spending to support an economy that is caught in the global slowdown. Read here

• Feb 01, 2023 06:21 AM IST

  Where to watch Union Budget 2023

  Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2023-24. It can be watched live on Sansad TV as well as live on the Ministry of Finance’s official Twitter and Facebook accounts.

• Feb 01, 2023 06:16 AM IST

  Union Cabinet meet to be held before Parliament proceedings: What it means

  A meeting of the Union Cabinet will take place in the morning to approve the Union Budget 2023-24. After getting the nod from the Cabinet, Finance Minister Nirmala Sitharaman will present the Budget in Parliament.

• Feb 01, 2023 06:12 AM IST

  Budget 2023: What are the expectations of railway sector?

  The Gati Shakti National Master Plan was a key highlight of the union budget for the fiscal year 2022 and it is expected that it will continue to remain in focus for budget 2023, too, as per a Mint report. With India assuming the presidency of G20, finance minister Nirmala Sitharaman may focus on green hydrogen and electric vehicles to enable the nation's adoption of green energy. Read our analysis here

• Feb 01, 2023 06:09 AM IST

  Nirmala Sitharaman to table Budget today: When to watch? 

  Nirmala Sitharaman is set to table the union Budget today at 11 am.

• Feb 01, 2023 06:07 AM IST

  Did you know that the union budget is also called…

  The union budget is more technically referred to as the Annual Financial Statement in Article 112 of the Constitution of India

• Feb 01, 2023 05:59 AM IST

  Budget terms: What is current budget?

  Current budget refers to the total approved estimates of the current expenses of a fiscal year in the Annual Budget Statement.

• Feb 01, 2023 05:55 AM IST

  What manufacturing sector wants from the budget 

  For the manufacturing sector, the budget is highly anticipated as it is expected to focus on re-energising the manufacturing sector which is trying to recover from the Covid pandemic. The sector expects new policies, concessions and other schemes for growth.

• Feb 01, 2023 05:51 AM IST

  A look at the types of union budget

  The union budget can be classified into two: revenue budget and capital budget. The revenue budget is made up of revenue receipts - the amount of taxes and other levies the union government expects to collect and revenue expenditures. Revenue receipts. 

  Capital expenditures and capital receipts make up the capital budget, which has long-term components. 

• Feb 01, 2023 05:46 AM IST

  All you need to know about railway budget

  The Railway budget is included in the Union Budget which will be tabled today. The expectations of general public include controlling train ticket fares, focus on cleanliness in trains, increase in number of trains among others. The students have demanded that Railways run separate trains for them to appear for exams in other cities.

• Feb 01, 2023 05:41 AM IST

  Did you know about the three types of budgets?

  According to the differences in revenue and expenditure, the budget is categorised into three main types - balanced, surplus and deficit.

  1. A balanced budget is when the estimated government expenditure is the same as the expected revenue in a certain financial year.

  2. A budget is considered surplus when the government revenue surpasses the expected expenses in a financial year.

  3. When the government’s expenses overshoot the revenue during a fiscal year, it is termed as a deficit budget.

• Feb 01, 2023 05:35 AM IST

  Real sector's expectations on budget 

  The real estate sector has managed to bounce back following the dry spell due to Covid-19 pandemic. The housing sector is eyeing a robust demand in the upcoming financial year. The key expectations include relaxations in taxes, reduction in stamp duty, reduction in GST on raw materials like cement and steel. Arihant Infrastructures, CMD, Ashok Chhajer told ANI that the government should focus on reducing home loan rates. "

  The government should reduce home loan rates. The affordable housing segment, which is capped at ₹45 lakh, should be changed to ₹60-75 lakh which is the average cost of a house in Metro cities and 2-tier cities," said Ashok Chhajer.

• Feb 01, 2023 05:29 AM IST

  What is the union budget?

  The union budget is an annual financial statement that lays out the government’s proposed expenditures and revenues for the upcoming fiscal year, which begins on April 1 and ends on March 31 of the following year. A comprehensive document that outlines the government’s economic and fiscal policies, it is presented by the Finance Minister of India in the Parliament.

• Feb 01, 2023 05:23 AM IST

  Expectations from budget on income tax relief

  The salaried professionals are the taxpayers who have the most expectations from the Budget. The middle class has been hit the hardest by increasing prices of essentials and fuel price hike. The expectations are rife that the finance minister may tweak income-tax slabs to provide middle class a much needed relief. Recently, Nirmala Sitharaman said she identifies herself as a middle class and understands the pressure faced by the section.

• Feb 01, 2023 05:19 AM IST

  India’s Budget ray of hope in uncertain times: PM Modi

  The upcoming Union Budget will attempt to meet the hopes and aspirations of the people and strive to be a ray of hope for the world amid global economic turmoil, Prime Minister Narendra Modi said on Tuesday. 

  “Amid the unstable global economic situation, India’s Budget will not only attempt to meet the hopes and aspirations of the common citizens, but the ray of hope being seen by the world will also glow brighter -- for this, I firmly believe that Finance Minister Nirmala Sitharaman will make all efforts to meet those aspirations.”