BUDGET 2023 HIGHLIGHTS

 

Budget Highlights: Finance Minister Nirmala Sitharaman presented her fifth straight budget today. This was also the last the full budget of Modi 2.0 govt before the next parliamentary elections in 2024.

India will lose Rs. 35,000 crore of net tax revenue after the Union Budget tweaked direct and indirect taxes to provide relief to the middle-income group, Finance Minister Nirmala Sitharaman said today.

"Revenue of about Rs. 38,000 crore – Rs. 37,000 crore in direct taxes and Rs. 1,000 crore in indirect taxes – will be forgone while revenue of about Rs. 3,000 crore will be additionally mobilized. Thus, the total revenue forgone is about Rs. 35,000 crore annually," Sitharaman said while announcing the Union Budget for the next fiscal year that starts April 1."

In a major announcement, Finance Minister Nirmala Sitharaman announced that the new tax regime will now be the default tax regime, but citizens can still avail of benefits under old tax regime on opt-out basis.

Revised tax slabs under the new tax regime

·         Under new tax regime, income of Rs 0-3 lakh is nil.

·         Income above Rs 3 lakh and up to Rs 6 lakh to be taxed at 5% under new regime.

·         Income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10% under new regime.

·         Income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20% under new regime.

·         Income above Rs 15 lakh to be taxed at Rs 30%.

FM announced changes in certain duties and taxes, resulting in some items getting cheaper and some getting costlier.

Here's a list of imported items that will become costlier:
Cigarettes
Kitchen chimney
Imported bicycles and toys
Fully imported cars and Electric Vehicles
Imitation jewellery
Compounded rubber
Silver dore
Naphtha

However, certain goods will become cheaper as the government has slashed the customs duty and these are:

Domestically-manufactured TV sets
Shrimp feed
Fish lipid oil used in manufacturing aquatic feed
Seeds for lab-grown diamonds
Capital good
Machinery for manufacturing lithium ion cell to be used in electric vehicles.

Key points;

·         FY-2024 fiscal deficit target at 5.9% of GDP

·         Outlay for capital spending increased 33% to 10 trillion rupees in 2023/24

·         Cigarettes to get costlier as Budget proposes 16% hike in duty

·         To set up agriculture accelerator fund

·         Increases budget allocations to 790 bln rupees for affordable housing in 2023/24

·         Finance Minister says increase in public capex key to crowding in private investments

·         Indian economy has become the fifth-largest economy in the world in last nine years

·         Budget adopts seven priorities including inclusive, green growth

·         Agricultural credit target raised to 20 trillion rupees ($244.42 billion) for 2023/24

·         Sitharaman says the economy is growing the fastest among major economies

FM Nirmala Sitharaman also outlined seven priorities for the 'first Budget in Amrit Kaal'

·         Inclusive development

·         Reaching the last mile

·         Infra & investment

·         Unleashing the potential

·         Green growth

·         Youth power

·         Financial sector

"The Indian economy is on the right track, 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," FM said.

She added, "It would also be the first normal budget after the Covid pandemic and amid a global slowdown. The priority for Budget 2023 is thus expected to be to maintain a reasonably high but stable growth in the medium term. Alongside, to establish fiscal credibility with a suitable incremental reduction in the fiscal deficit to GDP ratio."

Budget announcements 2023:

Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP: FM Sitharaman

An agriculture accelerator fund to encourage agritech startups by young entrepreneurs in rural areas. Fund will focus on bringing innovative solutions for challenges faced by farmers.

The government will launch the Atmanirbhar Clean Plant Programme to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore.

PM Vishwa Karma Kaushal Samman - package of assistance for traditional artisans and craftspeople has been conceptualized, will enable them to improve the quality, scale and reach of their products, integrating with MSME value chain.

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11:50 PM

Wrap Up: Highlights of the Union Budget 2023-24

* Per capita income has more than doubled to Rs 1.97 lakh in around nine years.

* Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years.

* Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.

* Outlay for PM Awas Yojana is being enhanced by 66 per cent to over Rs 79,000 crore.

* Capital outlay of Rs 2.40 lakh crore has been provided for the Railways, which is the highest ever and about nine times the outlay made in 2013-14.

* 30 Skill India International Centres to be set up across different states to skill youth for international opportunities.

* Revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through infusion of Rs 9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1 per cent.

* The maximum deposit limit for Senior Citizen Savings Scheme to be enhanced from Rs 15 lakh to Rs 30 lakh.

* Fiscal Deficit targeted to be below 4.5 per cent by 2025-26.

* Rs 10 lakh crore capital investment, a steep increase of 33 per cent for third year in a row, to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.

* Rs 15,000 crore for implementation of Pradhan Mantri PVTG Development Mission over the next three years under the Development Action Plan for Scheduled Tribes.

* Investment of Rs 75,000 crore, including Rs 15,000 crore from private sources, for 100 critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors.

* New Infrastructure Finance Secretariat established to enhance opportunities for private investment in infrastructure.

* National Data Governance Policy to be brought out to unleash innovation and research by start-ups and academia.

*PAN will be used as the common identifier for all digital systems of specified government agencies to bring in Ease of Doing Business.

* ‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes', MISHTI, to be taken up for mangrove plantation along the coastline and on salt pan lands, through convergence between MGNREGS, CAMPA Fund and other sources.

* To commemorate Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, to be launched. It will offer deposit facility of up to Rs 2 lakh in the name of women or girls for tenure of 2 years (up to March 2025) at fixed interest rate of 7.5 per cent with partial withdrawal option.

* Fiscal Deficit of 3.5 per cent of GSDP allowed for states of which 0.5 per cent is tied to power sector reforms.

* The fiscal deficit is 6.4 per cent of GDP for the current fiscal, adhering to the Budget Estimate.

* The gross market borrowings for 2023-24 are estimated at Rs 15.4 lakh crore.

* To further improve tax payer services, proposal to roll out a next-generation Common IT Return Form for tax payer convenience, along with plans to strengthen the grievance redressal mechanism.

* Rebate limit of Personal Income Tax to be increased to Rs 7 lakh from the current Rs 5 lakh in the new tax regime. Thus, persons in the new tax regime with income up to Rs 7 lakh not to pay any tax.

* Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five and increasing the tax exemption limit to Rs 3 lakh.

* Highest surcharge rate reduced from 37 per cent to 25 per cent in the new tax regime. This to further result in reduction of the maximum personal income tax rate to 39 per cent.

* The limit for tax exemption on leave encashment on retirement of non-government salaried employees to increase to Rs 25 lakh.

* Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21.

*Markets end on mixed note on Budget day; Sensex climbs 158 points, Nifty slips 46 pts

*Rupee falls 2 paise to close at 81.90 against US dollar on Budget day

11:34 PM

The Budget for 2023-24 is pro-growth and pro-development, with a focus on sustainable development, energy transition for a cleaner tomorrow, and inclusive growth through a tech-enabled economy. It further reinforces nation's ambition to make India "Aatmanirbhar".

- Shenu Agarwal, MD & CEO, Ashok Leyland

11:30 PM

Budget 2023: What states got

·         50-year interest free loan scheme to continue for one more year

·         Provisions made for the creation of capital assets through Grants-in-Aid to States

·         Incentives to undertake urban planning reforms

·         Incentives through PM-PRANAM to promote alternative fertilisers

11:27 PM

Budget 2023: GOBARDhan

·         500 new 'waste to wealth' plants under the GOBARDhan scheme to be established

·         Total investment of Rs 10,000 crore

·         A 5 per cent compressed biogas mandate to be introduced for all organisations marketing natural and biogas

11:24 PM

Union Budget 2023-24: Civil Aviation Ministry's allocation dips

The Civil Aviation Ministry witnessed a significant decline in its allocation in Budget 2023-24 presented on Wednesday. The Budget allocated Rs 3,113.36 crore to the ministry, against Rs 10,667 crore in 2022-23, which was later revised to Rs 9,363.70 crore.

11:08 PM

The Union Budget 2023-24 builds a strong foundation for the future with a focus on clean energy in India. It reflects the government's continued push towards sustainable growth and energy transition. The target for green hydrogen production, viability funding for 4000 MWh battery storage energy system and the renewable energy evacuation plan for the union territory of Ladakh clearly demonstrates this intent to incentivise energy transition.

- Raghunath K, Country Representative, thyssenkrupp India

10:59 PM

Budget 2023: Centre to hire 38,800 teachers for Eklavya Model Residential Schools

The Central government will hire 38,800 teachers and support staff for Eklavya Model Residential Schools in the next three years, Union Finance Minister Nirmala Sitharaman announced in her budget speech on Wednesday. The Finance Minister said that the government will also open 157 new nursing colleges.

Sitharaman said that the Centre will also launch the Pradhan Mantri PVTG Development Mission to improve the socio-economic condition of the particularly vulnerable tribal groups. She further said that an amount of Rs 15,000 crore will be made available to implement the Mission in the next three years.

10:54 PM

Budget 2023 Highlights

10:50 PM

Budget 2023: Life insurers stare at 10-12 pc hit on top-line

The Budget has left the life insurance industry a worried lot with the new tax proposal on higher premium annuity products, a move which the industry fears will hit their top-lines by 10-12 per cent.

Leading private life insurer HDFC Life's chief executive Vibha Padalkar told PTI that she stares at 10-12 per cent hit on the company's top-line with the Budget proposal to tax life products having annual premium of over Rs 5 lakh.

She also fears that the increased tax exemption bracket of Rs 7 lakh and the steep reduction in the maximum surcharge on the affluent to 39 per cent from 42.74 per cent earlier may nudge them to spend more and save less.

10:47 PM

Budget disappointing, Bihar neglected: CM Nitish Kumar

“The budget is disappointing and lacks vision. Every year, the priorities of the budget are changed and these remain unfulfilled because of a loss of focus and lack of sufficient funds,” said the JD(U) leader, who dumped the BJP in August last year and has since been pitching for a “united opposition” for the Lok Sabha polls next year.

10:43 PM

The education sector is a key area of investment, with the launch of PM Schools for Rising India, recruitment of 38,800 teachers, and the announcement of establishment of a National Digital Library for children. These initiatives will help equip students with the skills and knowledge needed for success in the future, and the emphasis on teacher training and innovative pedagogy will ensure that the quality of education in India continues to improve.

- Divya Gokulnath, Co-founder, BYJU'S

10:42 PM

Budget 2023 Live: Rupee gains 8 paise against US dollar on Budget day

he rupee appreciated 8 paise to close at 81.80 against the US dollar on Wednesday after Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24. Fresh foreign capital inflows supported the domestic unit, forex traders said. However, investors stayed cautious ahead of the outcome of the US Federal Reserve meeting later in the evening, they added. At the interbank foreign exchange market, the rupee opened at 81.76 against the greenback and finally settled at 81.80, up 8 paise over its previous close.

10:35 PM

Budget 2023: Per capita income more than doubled since 2014

The per capita income in India has more than doubled to Rs 1.97 lakh over the past nine years. "The government's efforts since 2014 have ensured for all citizens a better quality of living and a life of dignity," Union finance minister Nirmala Sitharaman said in her Budget speech on Wednesday. In these nine years, the size of the Indian economy has increased from being tenth to the fifth largest in the world.

10:30 PM

The provisions for research in artificial intelligence and 5G implementation, and the government's vision of Make AI in India and Make AI work for India are commendable. Bringing in the National Data Governance policy is also a welcome step. Overall, it's a forward-looking budget that will fortify the digital spine of the country.

- Rajesh Gopinathan, MD & CEO, Tata Consultancy Services

10:24 PM

Budget 2023: Finance Minister likely to address RBI board on Feb 11

Finance Minister Nirmala Sitharaman is likely to address the Reserve Bank of India's central board on February 11 and highlight key points of the Union Budget, including the fiscal consolidation roadmap and high capital expenditure plan. It is customary for the finance minister to address the Reserve Bank of India board after the budget.

10:14 PM

Union Budget 2023-24: Who gets what

10:10 PM

Budget 2023 Live Updates: Information and broadcasting ministry gets Rs 4,692 crore

Union Finance Minister Nirmala Sitharaman on Wednesday announced a Rs 4,692-crore outlay for the Ministry of Information and Broadcasting for 2023-24 as against Rs 4,182 crore in the revised estimates for the last fiscal. The allocation to the government's autonomous body, Prasar Bharati, has been increased to Rs 2,808.36 crore from Rs 2,764.51 crore allotted to it in the last fiscal.

10:04 PM

Budget 2023: Pharmaceutical industry hails Budget

Sun Pharma Managing Director Dilip Shanghvi said the pharmaceutical industry's request to incentivise and encourage R&D investments has been granted. Terming the budget as inclusive, Dr Reddy's Laboratories Chairman Satish Reddy said it will give a boost to critical areas such as education, agriculture, healthcare, environment, digital, startups and skilling. Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said the announcement of a new programme for research and innovation through centres of excellence is a step in the right direction. Pfizer India Executive Director-Finance and CFO Milind Patil said there is a growing need for pharma companies to provide innovative solutions that can address the newer challenges that healthcare providers and patients are facing.

09:55 PM

The budget push on public capex will nudge private companies which have been holding back investments for many years, to open their purse-strings now, leading to the much-awaited revival of an investment cycle.

- Bank of Baroda chief executive Sanjiv Chadha

09:51 PM

Budget 2023 Live: Govt hikes import duty on toys to 70%

The government on Wednesday increased the import duty on toys and its components to 70 per cent with a view to cut inbound shipments of these products and boost domestic manufacturing activities. Similarly, import duty on bicycles has also been hiked to 35 per cent from 30 per cent, according to a Union Budget document.

09:44 PM

Budget 2023 Live Updates: Oil cos to get Rs 30,000 cr for holding petrol, diesel prices

The Union Budget for 2023-24 will dole out Rs 30,000 crore to state-owned fuel retailers to make up for the massive losses they ran because of holding petrol and diesel prices despite rise in cost in a bid to help the government contain inflation.

Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) haven't changed petrol and diesel prices since April 6, 2022, despite input crude oil prices rising from USD 102.97 per barrel that month to USD 116.01 per barrel in June and falling to USD 80.92 per barrel this month.

09:41 PM

This Budget enhances the outlay for PM Awaas Yojana by 66 per cent to over Rs 79,000 crore, another step towards making homes more affordable. With this Budget, the government aims at fulfilling the dreams of a young, aspirational India with technologically-driven learning and skilling initiatives. It lays a strong foundation towards building a developed nation, which is the dream of every Indian.

- Gautam Hari Singhania, Chairman and Managing Director, Raymond Group

09:35 PM

Budget 2023 Live: Railways to introduce Vande Metro, Hydrogen train by December

Vande Metro trains will be the mini version of the Vande Bharat Express trains. While the Vande Bharat trains did not get a mention in the finance minister's speech, the announcement of a mini version of it was the highlight of Vaishnaw's post-budget press conference.

Railways minister Ashwini Vaishnaw said that Vande Metro will offer rapid shuttle-like experience for passengers. "This year the design and production will be completed, and in the next financial year, a ramp-up of production of the train will be done," he added.

Vaishnaw also said India will get its first Hydrogen train by December 2023 which will be completely indigenously manufactured. It will initially be run on heritage circuits like Kalka-Shimla.

09:26 PM

The attention and allocation to building a green infrastructure and a decarbonised energy regime is the core of the union budget which puts India on the path of being future proof. The Rs 35,000 crore allocation for energy transition along with an ambitious target of 5 MMT of hydrogen will unleash new demand impulses across the length and breadth of the country, thereby fielding green growth. This has been complemented by a custom duty and tax reliefs for green mobility.

- Anil Agarwal, Chairman, Vedanta Group

09:22 PM

Budget 2023 Live Updates: Jal Jeevan, Swachch Bharat Missions get major budget boost

·         The Union Budget on Wednesday enhanced allocation to the government's ambitious Jal Jeevan Mission by 27 per cent to Rs 69,684 crore for 2023-24, from Rs 54,808 crore in the current fiscal.

·         Swachh Bharat Mission-Rural, which aims to make the country open defecation free (ODF) free, also received a boost in allocation of Rs 77,000 crore for 2023-24, up from Rs 60,000 crore in 2022-23 - a hike of 28 per cent.

09:14 PM

Budget 2023 News: Changes in custom duties

09:07 PM

Budget 2023: Opposition alleges it ignores poor, has nothing on jobs, inflation

Congress leader Rahul Gandhi said the 'mitra kaal' budget has no vision to create jobs or tackle inflation.

Congress president Mallikarjun Kharge alleged the budget was "big on announcements and short on delivery"

Senior Congress leader P Chidambaram termed the budget "callous" and said Sitharaman did not mention the words unemployment, poverty, inequality or equity anywhere in her speech

Congress leader Kamal Nath termed the Budget a cover-up of unfulfilled old promises by "jumlas" (rhetoric).

West Bengal Chief Minister Mamata Banerjee said the Budget will deprive the poor.


The CPI(M) said the Union budget was "contractionary" and "anti-people".

Other regional parties such as the DMK and the Shiv Sena faction headed by Uddhav Thackeray termed the budget disappointing and accused the Centre of taking away states' resources.

Samajwadi Party chief Akhilesh Yadav said the Budget has brought people "nirasha" (despair) instead of "asha" (hope), and will only benefit the rich.

Bahujan Samaj Party supremo Mayawati said it would be better if the Budget is for the country rather than for the party

08:55 PM

The attention and allocation to building a green infrastructure and a decarbonised energy regime is the core of the union budget which puts India on the path of being future proof. The Rs 35,000 crore allocation for energy transition along with an ambitious target of 5 MMT of hydrogen will unleash new demand impulses across the length and breadth of the country, thereby fielding green growth. This has been complemented by a custom duty and tax reliefs for green mobility.

- Prashant Ruia, Director, Essar Capital

08:53 PM

Budget 2023 Live: Payments abroad to get costlier

The government on Wednesday proposed to hike the TCS rate to 20 per cent from 5 per cent currently on overseas tour packages. Foreign remittance for education / maintenance is likely to be costlier due to this, said Nangia Andersen India Partner Amit Agrawal.

The hike would pose challenges for people intending to go for foreign travel and who wish to invest in overseas stocks as it will increase their immediate outlay, according to Amit Maheshwari, Tax Partner at Tax and consulting firm AKM Global.

08:46 PM

Budget 2023 Live: Govt lowers FY'23 disinvestment target

·         For the next fiscal 2023-24, the Budget has pegged disinvestment revenue at Rs 51,000 crore.

·         Further, about Rs 10,000 crore is expected to come from monetisation of government assets in the current year and well as in the next fiscal.

08:42 PM

Budget live: Odisha CM Naveen Patnaik says Budget will have a social impact in rural areas

"The budget has some good aspects which need to be appreciated including increased capital investment, support for drinking water initiatives and increasing rural housing. These will accelerate growth as well as have a social impact in rural areas ... I welcome PM's trust in millets. Odisha millet mission is a pioneering initiative. I'm happy that millet was given importance in budget. Focus on new-world technologies like artificial intelligence is appreciable. The focus on primitive tribal groups is a welcome step," said Odisha CM Naveen Patnaik.

08:40 PM

Inclusive, growth-oriented budget, says industry veteran Kiran Mazumdar-Shaw

She said the budget, focused on seven priorities, lays the groundwork for inclusive economic growth to enable all citizens to have access to healthcare, education, a cleaner environment and sustainable livelihoods by the 100th year of the country's Independence.

"The capex outlay of Rs 10 trillion will help spur higher growth in the backdrop of a weak global economy, while the additional money in the hands of the people due to direct tax revisions will boost consumption. The increase in allocation of funds for pharma and healthcare this year is a step in the right direction," the executive chairperson of Biocon Limited said in a statement.

08:37 PM

Punjab completely ignored in the Union Budget, says Bhagwant Mann

Mann said the Centre had ignored Punjab's demand of Rs 1,000 crore for the modernisation of the BSF and state Police from Centre. The Chief Minister said that his government had been pursuing the Centre to extend Rs 1,500 crore financial assistance for the farmers, but that too failed to materialise.

08:32 PM

Budget 2023 Live: Allocation for Minority Affairs Ministry reduced by over 38 per cent

·         The budgetary allocation for the Minority Affairs Ministry has been reduced by over 38 per cent to Rs 3097.60 crore for 2023-24 as compared with the last fiscal

·         The budget allocation for 2022-23 was Rs 5020.50 for the ministry, however the revised estimate was Rs 2612.66, as per the documents.

·         Of the proposed allocation to the ministry, Rs 1,689 crore is for education empowerment.

·         Over 64.4 crore has been allocated for Skill Development and Livelihoods.

·         The Budget estimate for umbrella programme for development of minorities is Rs 610 crore.

08:24 PM

The Union Budget 2023 maintains the country's robust growth engine with healthy growth predicted on all key metrics. It's a positive and favourable budget, with the Government's emphasis on infrastructure, technology, and entrepreneurship boosting economic growth.

- PepsiCo India President Ahmed ElSheikh

08:24 PM

Budget 2023 Live: Infra gets GatiShakti

08:19 PM

Budget 2023 Live Updates: FM allocates Rs 12,544 crore for space

The allocation is about 8 per cent lower than the Budget Estimate of Rs 13,700 crore for 2022-23, which was slashed to Rs 10,530.04 crore in the Revised Estimate.

The largest chunk of the allocation -- to the tune of Rs 11,669.41 crore -- has gone to central sector schemes or projects such as the human spaceflight centre and various institutions of the department that deal with launch vehicle and satellite projects, including developmental and operational initiatives.

Indian National Space Promotion and Authorisation Centre (IN-Space), the government's single-window body to deal with the private sector, received Rs 95 crore allocation against Rs 21 crore in the Revised Estimate.

A large portion of the allocation, Rs 53 crore, has been earmarked for capital expenditure for INSPACe.

08:07 PM

A growth oriented Budget with complete focus on inclusive growth. The Budget will go a long way in making sure we have robust GDP growth. The focus on tourism sector will create jobs. The Credit Guarantee Scheme will prove to be great support to the micro, small and medium enterprises (MSME) sector.

- Rakesh Bharti Mittal, Vice Chairman of Bharti Enterprises

08:06 PM

Budget 2023 Live: Life insurance cos fall on taxation proposal

Shares of life insurance companies tumbled by up to 11 per cent on Wednesday after the government announced to limit income tax exemption from proceeds of insurance policies in certain cases. ICICI Prudential Life Insurance Company dropped 10.97 per cent to close at Rs 402.55 on the BSE. HDFC Life Insurance Company Ltd fell 10.96 per cent, Max Financial Services Ltd slumped (9.45 per cent), SBI Life Insurance Company Ltd (9.31 per cent) and Life Insurance Corporation of India (LIC) (8.38 per cent).

According to Union Budget documents, an individual will have to pay tax on the maturity amount of life insurance policies where the aggregate annual premium exceeds Rs 5 lakh.

08:05 PM

Budget 2023 Live: Agriculture Minister says Budget proposals to benefit small farmers

Small farmers across the country will benefit from the Budget 2023-24 in which emphasis has been laid on promoting modern farm technologies, Agriculture Minister Narendra Singh Tomar said on Wednesday. Tomar said the overall budgetary allocation for his ministry has been increased to an estimated Rs 1.25 lakh crore for the 2023-24 financial year, which includes Rs 60,000 crore for the government's ambitious scheme PM-KISAN. "Small farmers will be benefited from the budget. Emphasis has been laid on promoting agriculture sector through technology," the minister said in a statement.

08:04 PM

Nothing in budget to solve economic disparities in country: Kerala CM

Kerala Chief Minister Pinarayi Vijayan on Wednesday said the Union budget for 2023-24 does not attempt to solve the growing economic disparities in the country. In a statement, the Chief Minister said, "Expert studies have found that economic inequalities are increasing in countries, including India. However, there has been no move by the Central government to impose an appropriate tax on the super-rich."

08:01 PM

This is an outstanding budget as it is disciplined, growth-oriented, inclusive and sustainable. The Finance Minister has done a commendable job by tabling a budget that is big on consistency and driven majorly by capex. The steep increase in capex, to the tune of Rs 10 lakh crore, will ensure the continuum of cyclical recovery. Capex spending is good because it has a higher multiplier effect: every rupee spent on capex has a multiplier of Rs 3 as compared to just about Rs 0.9 for revenue expenditure.

- Anish Shah, Managing Director & CEO, Mahindra Group

08:00 PM

Budget 2023 Live: What's there for health sector

07:52 PM

Sanjiv Puri, chairman & managing director, ITC, on Budget 2023

"A growth oriented Budget with complete focus on inclusive growth. The Budget will go a long way in making sure we have robust GDP growth. The focus on tourism sector will create jobs. The Credit Guarantee Scheme will prove to be great support to the micro, small and medium enterprises (MSME) sector."

07:43 PM

Budget 2023 Live Updates: Education ministry gets highest ever allocation

·         The Education Ministry has been allocated the highest ever Rs 112899.47 crore in the budget.

·         The total budgetary allocation for higher education has gone up at Rs 44,094.62 crore compared to Rs 40,828.35 crore in 2022-23.

·         One hundred labs for developing apps using 5G services will be set up in HEIs

·         In 2023-24, the grant for the UGC has been increased by 9.37 per cent -- an increase of Rs 459 crore.

·         The grants to Central Universities have been increased by 17.66 percent, deemed universities by 27 per cent, support to IITs has been increased by 14 percent, and to NITs by 10.5 percent as compared to 2022-23.

·         Also IISC, Bangalore's grant has been increased by 15 per cent.

·         In 2023-24, for the Prime Minister Research Fellowship (PMRF) an amount of Rs 400 crore has been provided as compared to Rs 200 crore in 2022-23 -- that is a 100 per cent increase.

07:39 PM

Budget 2023 Live Updates: Budget proposals to help boost India's exports, says Piyush Goyal

"As the global economy recovers from these stresses, particularly of inflation, next year we hope to do better even in merchandise exports and the finance minister (Nirmala Sitharaman) has been generous with her budget allocations for the commerce and industry ministry. So I am quite confident that this will give a boost to our exports," Commerce and Industry Minister Piyush Goyal said on Wednesday.

07:35 PM

We are not compelling anyone. But the new one is now attractive as it gives greater rebates

- Sitharaman at post-budget press conference

07:31 PM

Budget 2023 Live: Personal tax simplified

07:25 PM

Budget 2023 Live Updates: Chidambaram says 'Callous' Budget has betrayed hopes of vast majority

Addressing a press conference, Chidambaram said: "FM has not mentioned the words unemployment, poverty, inequality, or equity anywhere in her speech. Mercifully, she has mentioned the word poor twice in her speech. I am sure the people of India will take note of who are in the concerns of the government and who are not."

"There is no cut in the cruel and irrational GST rates. There is no reduction in the prices of petrol, diesel, cement, fertilisers and no cut in the numerous surcharges and cesses which are, any way, not shared with the state governments.

"Who has benefited by this Budget? Certainly, not the poor. Not the youth looking desperately for jobs.A Not those who have been laid off. Not the bulk of the taxpayers. Not the homemaker. Not the thinking Indians who are shocked by the growing inequality, the rise of the number of billionaires and the wealth being accumulated in the hands of the 1 per cent of the population. Certainly, not you," Chidambaram said.

07:21 PM

Budget 2023: Stocks of cigarette cos slump on hike in taxes

Shares of most cigarette companies ended in the negative territory on Wednesday after Finance Minister Nirmala Sitharaman announced a hike in taxes on cigarettes in the Union Budget by about 16 per cent.

The stock of Godfrey Phillips plunged as much as 5.31 percent to settle at Rs 1,821.15 on the BSE. NTC Industries declined 4.65 per cent to close at Rs 85.15. In addition, VST Industries slipped 2.02 per cent to Rs 2,961.4 and Golden Tobacco declined 1.54 per cent to Rs 60.8. Shares of ITC witnessed wild swings, before finally settling with a gain of 2.61 per cent at Rs 361.45.

07:18 PM

Budget 2023: Fully imported cars, including EVs, to cost more

Prices of imported vehicles with invoice value less than USD 40,000 are expected to go up by around 2 per cent with Finance Minister NIrmala Sitharaman proposing to increase customs duty on such vehicles from 60 per cent to 70 per cent in the Union Budget 2023-24. The Budget also outlined that customs duty on vehicles, including electric vehicles, in Semi-Knocked down (SKD) form will rise to 35 per cent from 30 per cent earlier.

07:15 PM

Budget 2023 Live Updates: A smart budget in challenging times, says N Chandrasekaran, Chairman, Tata Sons

"Given the challenging macro backdrop of slowing global growth and tightened financial conditions, Finance Minister has aptly prioritized growth.

I welcome the move to more productive expenditure, budgeting capital spending of Rs 10 lakh crore—a 33% increase over the previous year and the highest in the past two decades as a share of GDP. At the same time, the revision of income tax slabs under the new tax regime should increase purchasing power for many. Loan guarantees and other assistance toward MSMEs, a focus on tourism, and measures announced for the care economy (like new nursing colleges) will boost job creation. The budget also remains committed to shared prosperity by extending the free food scheme for one more year.

This budget shows not only the kind of policy support that is necessary for the economy at this moment but also strengthens the strategic foundations for our long-term growth. We are witnessing three major transformations globally: rapid digital adoption, the rebalancing of supply chains, and environmental sustainability. This budget helps position India to play a leading role in all three transformations."

07:09 PM

Budget 2023 Live: Rs 19,518 cr allocated to metro projects

A senior official said the total budgetary outlay for year 2023-24 for all metro projects stands at Rs 19,518 crore. The allocation in 2022-23 was Rs 19,130 crore.

07:04 PM

Budget 2023 Live Updates: Silver to get expensive

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. Currently, the basic customs duty on silver dore is 6.1 per cent, while on silver unwrought or semi-manufactured items it is 7.5 per cent.

06:59 PM

Budget 2023 Live Updates: How FM's Bahikhata looks like

06:55 PM

Budget 2023 Live: Govt has no roadmap to build India’s future, says Rahul Gandhi

06:51 PM

Budget 2023 Live Updates: Subsidies on fertiliser reduced by 22 pc, food 31 pc

·         Subsidies on fertiliser and food for 2023-24 (April-March) have been reduced by 22 per cent and 31 per cent each

·         Subsidies on fertiliser have been cut from Rs 225,220 crore to Rs 175,100 crore in 2023-24

·         For food, it has been reduced from Rs 287,194 crore to Rs 197,350 crore in 2023-24.

06:45 PM

Budget 2023 Live Updates: Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance on the Union Budget

"Overall, the Budget has been very positive with fiscal prudence and with a clear focus on overall growth. As India continues to strengthen its economy, this Budget has laid the foundation for long-term growth across all sectors – for agriculture, fintech, infrastructure, social welfare, tourism and so on. It is balanced well with both Capex and consumption push. The Fiscal Deficit consolidation to continue from 6.4% of GDP for FY 23 to 5.9% in FY24.

From the financial services perspective, initiatives such as KYC simplification and the larger push within the digital eco-system will benefit us. The new tax regime has been made more attractive by introducing standard deduction of INR 50,000 that was earlier available only under the old tax regime (for salaried individuals) and changing the income tax slabs. Further, under the new tax regime, rebate limit has been increased from INR 5L to 7L (implying that individuals with income of up to INR 7L will not have to pay personal income tax).

The budget announced that for non-ULIP (traditional) insurance policies issued from the new fiscal year, income from only those policies with aggregate premium up to Rs 5 lakh shall be exempt. This is bit of a dampener for the insurance industry and for increasing penetration of insurance and household financial savings in India. India still has quite low insurance penetration and there is a need to provide measures and incentives to boost that in the coming years. Also, household financial savings have been falling in India and insurance is a critical component of that. Household financial savings (as a % of GDP) has fallen from 8.1% in FY20 to ~6.5% in FY23 (as per estimates). Discontinuing incentives on insurance plans should put further pressure on household financial savings to some extent."

06:37 PM

Budget 2023 Live Updates: Defence budget up 13% amid border tensions

·         India proposed on Wednesday 5.94 trillion rupees ($72.6 billion) in defence spending for the 2023-24 financial year

·         Finance Minister Nirmala Sitharaman allocated 1.63 trillion rupees for defence capital outlays

·         She said 2.77 trillion rupees would be devoted to military salaries and benefits in 2023-24, 1.38 trillion on pensions for retired soldiers, and further amounts for miscellaneous items.

06:23 PM

Budget 2023 Live Updates: CAPF gets lion's share from Home Ministry's Budget

·         The total allocation to the MHA this year is 1,96,034.94 crore

·         There has been allocation for improving infrastructure along the international border and modernisation of police forces.

·         The majority of total allocation, Rs 1,27,756.74 crore has been given to the CAPFs which is higher than previous year of 1,19,070.36 crore.

·         The Border Security Force, which guards the borders with Pakistan and Bangladesh, has been given Rs 24,771.28 crore, an increase from to Rs 23,557.51 crore in 2022-23.

·         ITBP got Rs 8,096.89 crore in comparison to 7,626.38 crore given in the current fiscal.

·         The Assam Rifles has been allocated Rs 7,052.46 crore. For modernisation of police forces in the country, Rs 3,750 crore has been given, which is more than the current fiscal's Rs 2,432.06 crore.

06:16 PM

Budget 2023 Live Updates: Sports budget gets highest ever allocation

·         Union Budget allocated Rs 3,397.32 crore to the Sports Ministry for 2023-2024

·         The Rs 3,397.32 crore is the highest sports budget allocation ever in the country.

·         Khelo India has been allotted Rs 1,045 crore

·         Sports Authority of India (SAI) has got Rs 785.52 crore for 2023-24

06:11 PM

Budget 2023 Live Updates: Industry welcomes duty cut for lab-grown diamonds raw material

The budget proposals aimed at encouraging the production of lab-grown diamonds (LGD) including an import duty cut for the raw material will help create a self-reliant diamond industry, industry representatives said on Wednesday. The budget presented by Finance Minister Nirmala Sitharaman addressed a major concern of the LGD industry regarding the 5 per cent import duty on the `seeds' used in the production, they said.

06:05 PM

This budget is a mixed bag. While there is some reason to cheer but under ‘LIFE’, there was a hope that this will bring more sops to develop renewable energy ecosystem.

- Vibhuti Garg, Director, South Asia, IEEFA

06:02 PM

Budget 2023 Live Updates: Govt allocates Rs 1.23 lakh cr allocated for postal, telecom projects

Here's a breakup

·         Rs 97,579.05 crore for the Department of Telecom

·         Rs 25,814 crore for Postal projects

·         BSNL will get Rs 52,937 crore capital infusion

·         Rs 2,158 crore for Optical Fibre Cable based network for Defence Services

·         Rs 715.8 crore for telecom projects in the North Eastern states

·         Rs 25,814 crore for Department of Posts

05:53 PM

Budget 2023 Live Updates: Income tax benefits for Startups

·         Govt proposed to extend the period of incorporation of eligible startups by one more year till March 31, 2024, for providing tax incentives.

·         FM proposed to ease norms for startups by extending the benefit of carrying forward losses to 10 years.

·         Eligible startups established before March 31, 2023, have been provided with a tax incentive for three consecutive years out of ten years from incorporation.

·         Startups incorporated on or after April 1, 2016, can apply for income tax exemption.

05:44 PM

Budget 2023 Live Updates: Travel & Tourism

·         At least 50 travel destinations would be developed as a "complete package".

·         An app will be developed to guide tourists on food streets, security, physical and virtual connectivity.

·         States will be encouraged to set up a 'unity mall' for the sale of their products.

·         Sector-specific skilling and entrepreneurship development will be dovetailed to achieve the objectives of the 'Dekho Apna Desh'.

·         Under the Vibrant Villages Programme, tourism infrastructure and amenities will also be facilitated in border villages.

05:35 PM

Budget 2023 Live Updates: On infra front

·         Govt proposed 100 critical transport infrastructure projects, for last and first-mile connectivity

·         These projects will be taken up on priority with an investment of Rs 75,000 crore, including Rs 15,000 crore from pvt sources

·         The newly established infrastructure finance secretariat will assist in attracting more private investment

·         50 additional airports, heliports, water aerodromes and advanced landing grounds will be revived for improving regional air connectivity

05:25 PM

Budget 2023 Live Updates: Health sector gets a hike of around 13 per cent

The health sector has been allocated Rs 89,155 crore in the Budget, a hike of around 13 per cent over Rs 79,145 crore allocated in 2022-23. FM said 157 new nursing colleges will be established in co-location with the existing 157 medical colleges established since 2014.

05:17 PM

Budget 2023 Live Updates: Vehicle scrapping policy

Finance Secretary TV Somanathan said the outlay for the vehicle scrapping policy has exceeded Rs 1,000 crore. All central govt vehicles beyond 15 years of age will be scrapped.

05:12 PM

Budget 2023 Live Updates: Taxation & online gaming

Revenue Secretary Sanjay Malhotra said taxation will now be on net winnings since the nature of online gaming is such that one plays several games in a series. TDS was previously calculated on every Rs 10,000 in winnings. Malhotra said -- "Some companies were then keeping the winning lower at Rs 10,000, so we have removed that now"

05:06 PM

Budget 2023 Live Updates: Finance Secy on the quality of public expenditure

Finance Secretary TV Somanathan said, "If the economy continues to grow at the pace at which it is growing, we’re confident our borrowings and interest burden will continue to come down. The quality of public expenditure is increasing."

05:01 PM

Budget 2023 Live Updates: CEA on pvt capital expenditure

In a press meeting following the budget announcement, Chief Economic Adviser V. Anantha Nageswaran said private capital expenditure in India has been improving every year for the past three years.

He said -- "Both in terms of intent and actual spend, private capital investment is showing clear signs of revival"

04:58 PM

Budget 2023 Live Updates: 'Robust management of macroeconomics'

Finance Minister Nirmala Sitharaman said that this budget is aimed at robust management of macroeconomics. She added that prudent ways of effective expenditure, without reducing committed expenditure, are ways in which one can make money mean more.

She said, "For every rupee you spend, you get a better set of returns"

04:56 PM

Budget 2023 Live Updates: A $5 trillion economy

We are moving along to become a $5 trillion economy, said Finance Minister Nirmala Sitharaman during the post-Budget press conference.

04:53 PM

Budget 2023 Live Updates: We take inflation-related steps, says FM

You have seen inflation come down, both the CPI and WPI. Action has been taken by the government, we take inflation-related steps when things develop on the ground and in response to it and that has borne results: Union Finance Minister Nirmala Sitharaman

04:51 PM

Budget 2023 Live Updates: Hike in TCS on overseas travel

Government proposed to hike the TCS rate to 20 per cent from 5 per cent currently on overseas tour packages and a liberalized remittance scheme for the remittance of funds out of India. The Finance Bill, via Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (TCS) on overseas tour programme packages.

04:45 PM

Budget 2023 Live Updates: On wheat prices

The government has decided to release wheat into the market due to which the price of wheat will come down. Before the budget, we had already taken action to ease wheat prices: Union Finance Minister Nirmala Sitharaman

04:42 PM

Budget 2023 Live Updates: On central govt's capital expenditure

In a press meeting following the budget announcement, Finance Secretary TV Somanathan said that the central government's capital expenditure is likely to cross budgeted levels. However, he added, states might not reach the Rs 1 lakh crore tied to specific reforms.

04:39 PM

Budget 2023 Live Updates: On fiscal front

"We are respecting the glide path on fiscal deficit set earlier," FM said. The government has a fiscal deficit target of 5.9% for the fiscal ending March 31, 2024.

04:35 PM

Budget 2023 Live Updates: A big leg-up to capital investment

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: Union Finance Minister

04:33 PM

Budget 2023 Live Updates: New tax regime is attractive, says FM Nirmala Sitharaman

Those who want to remain in Old can still remain there. But the new one is attractive because it gives a greater rebate. It also provides for simplified & smaller slabs, smaller lower rates of taxation & also slabs which are nicely broken down: FM

04:31 PM

Budget 2023 Live Updates: There's a lot of increase in agriculture credit availability, says FM

Rs 20 lakhs are being made available for agriculture credit. Also, a sub-scheme under PM Matsya Sampada Yojana makes sure that people living in coastal areas are going to benefit from it: Union FM Nirmala Sitharaman

04:23 PM

Budget 2023 Live Updates: 'Unleashing digital economy in various walks of life'

We are looking at a futuristic fintech sector, people will be trained through Industrial Revolution 4.0, and we are trying to unleash the digital economy in various walks of life: Union Finance Minister Nirmala Sitharaman

04:18 PM

Budget 2023 Live Updates: Making new taxation regime more attractive

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, said Union Finance Minister in her post Budget address.

04:17 PM

Budget 2023 Live Updates: Four emphasis points of the budget

The four emphasis points of this budget are on empowering women, action plan for tourism, initiatives for Vishvakarmas (artisans) and green growth: Finance Minister Nirmala Sitharaman

04:16 PM

Budget 2023 Live Updates: Total investment by power PSUs to rise nearly 15 pc in FY24

Government has proposed to increase the total investment by eight state-owned power companies by about 15 per cent to Rs 60,805.22 crore for the financial year 2023-24. This compares to a revised estimate of Rs 52,878.08 crore for the current financial year.

04:08 PM

Budget 2023 Live Updates: FM begins her post Budget presser

04:01 PM

Budget 2023 Live Updates: Govt expects 17 per cent higher dividend from RBI, PSU banks in FY24

Government is expecting 17 per cent higher dividend at Rs 48,000 crore from RBI, PSBs and financial institutions in 2023-24. The government aims to garner Rs 40,953 crore from RBI and public sector financial institutions in current financial year ending March. This is much lower compared to the Budget Estimate of Rs 73,948 crore for FY23.

03:52 PM

Budget 2023 Live Updates: Fiscal deficit of states

States will be allowed a fiscal deficit of 3.5 per cent of GSDP of which 0.5 per cent will be tied to power sector reforms, announced FM Sitharaman.

03:48 PM

Budget 2023 Live Updates: Reclaiming of shares and dividends

For investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease, an integrated IT portal will be established.

03:42 PM

Budget 2023 Live Updates: Capacity building in the securities market

In order to build the capacity of functionaries and professionals in the securities market, SEBI will be empowered to develop, regulate, maintain and enforce norms and standards for education in the National Institute of Securities Markets and to recognize award of degrees, diplomas and certificates.

03:34 PM

Budget 2023 Live Updates: Skill India Digital Platform

The digital ecosystem for skilling will be further expanded with the launch of a unified Skill India Digital platform for:

·         Enabling demand-based formal skilling

·         Linking with employers including MSMEs

·         Facilitating access to entrepreneurship schemes

03:25 PM

Budget 2023 Live Updates: Data Embassy

For countries looking for digital continuity solutions, the government will facilitate the setting up of their Data Embassies in GIFT IFSC.

03:17 PM

Budget 2023 Live Updates: Push for coastal shipping

Govt will promote coastal shipping as the energy-efficient and lower-cost mode of transport, both for passengers and freight, through PPP mode with viability gap funding.

03:14 PM

Budget 2023 Live Updates: GOBARdhan scheme

500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established. These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of Rs 10,000 crore.

03:08 PM

Budget 2023 Live Updates: PM-PRANAM

"PM Programme for Restoration, Awareness, Nourishment, and Amelioration of Mother Earth" will be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.

03:05 PM

Budget 2023 Live Updates: Green Credit Programme

A Green Credit Programme will be notified under the Environment (Protection) Act. This will incentivize environmentally sustainable and responsive actions by companies, individuals and local bodies, and help mobilize additional resources for such activities.

02:59 PM

Budget 2023 Live Updates: For enhancing ease of doing business

More than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalized. For furthering the trust-based governance, govt introduced the Jan Vishwas Bill to amend 42 Central Acts.

02:56 PM

Budget 2023 Live Updates: Mission Karmayogi

Under Mission Karmayogi, Centre, States and UTs are making and implementing capacity-building plans for civil servants. The government also launched an integrated online training platform, iGOT Karmayogi, to provide continuous learning opportunities for lakhs of government employees to upgrade their skills and facilitate a people-centric approach.

02:50 PM

Budget 2023 Live Updates: E-Courts project

For efficient administration, Phase-3 of the E-Courts project will be launched with an outlay of Rs 7,000 crore.

02:48 PM

Budget 2023 Live Updates: State Support Mission

The State Support Mission of NITI Aayog will be continued for three years.

02:46 PM

Budget 2023 Live Updates: Aim to eliminate sickle cell anemia by 2047

FM said that the central government aims to eliminate sickle cell anemia by 2047, and a mission will soon be launched in this regard. The mission will create awareness among the common people with universal screening of seven crore people in the age group of 0 to 40 years in the tribal areas and counselling through collaborative efforts of central ministries and state governments.

02:38 PM

Budget 2023 Live Updates: PM Modi on Union Budget

·         Success of digital payments has to be replicated in agri sector, in Union Budget we have brought a scheme for digital agriculture infra.

·         Unprecedented investment of Rs 10 lakh crore in infrastructure will give speed and new energy to development.

·         Budget will make cooperatives pivot of development of rural economy.

02:35 PM

Budget 2023 Live Updates: Bharat Shared Repository of Inscriptions, Amrit Dharohar scheme for wetlands

Bharat Shared Repository of Inscriptions will be set up in a digital epigraphy museum with the digitisation of one lakh ancient inscriptions in the first stage. Amrit Dharohar scheme will be implemented over the next three years to encourage the optimal use of wetlands and enhance biodiversity.

02:31 PM

Budget 2023 Live Updates: Karnataka gets Rs 5,300 cr aid for Upper Bhadra project

Centre would provide Rs 5,300 crore assistance for the Upper Bhadra project in Karnataka. In budget speech, FM said: "In the drought prone central regions of Karnataka, a central assistance of Rs 5,300 crore will be given for the Upper Bhadra Project."

02:26 PM

Budget 2023 Live Updates: Divestment target pegged at Rs 51k crore

The government expects to raise Rs 51,000 crore from stake sales in various state-run companies. The government had budgeted to raise Rs 65,000 crore through divestments in FY23.

02:18 PM

Budget 2023 Live Updates: PM Modi on training & support to 'Vishvakarma'

Those toiling traditionally through their hands for the country, 'Vishvakarma' are the creators of this country. For the first time scheme related to training & support for 'Vishvakarma' has been brought in the budget: PM Narendra Modi

02:16 PM

Budget 2023 Live Updates: First budget of Amrit Kaal will build a strong foundation for building a developed India, says PM

This budget will fulfil dreams of aspirational society including poor people, middle-class people, farmers: PM Narendra Modi on Union Budget 2023

02:11 PM

Budget 2023 Live Updates: A look at Defence budget

·         Defence budget was increased to Rs 5.94 lakh crore for 2023-24 from last year's allocation of Rs 5.25 lakh crore.

·         A total of Rs 1.62 lakh crore has been set aside for capital expenditure

·         It includes purchasing new weapons, aircraft, warships and other military hardware.

·         For 2022-23, the budgetary allocation for capital outlay was Rs 1.52 lakh crore but the revised estimate showed the expenditure at Rs 1.50 lakh crore.

02:09 PM

Budget 2023 Live Updates: Govt doubles deposit limit for Senior Citizen Savings Scheme

FM proposed to double the deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh. "The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh," the she said.

She also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.

02:05 PM

Budget 2023 Live Updates: New savings scheme for women with 7.5% fixed interest rate for 2 years

FM announced a 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years. The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well.

02:03 PM

Budget 2023 Live Updates: Import duty on silver dore, bars, articles increased

Government proposed an increase in the import duty on silver dore, bars and articles with a view to promoting domestic manufacturing. She also said that customs duties on articles made from dore and bars of gold and platinum has been increased.

01:51 PM

Budget 2023 Live Updates: What gets costlier

·         Taxes on cigarettes hiked by 16%

·         Basic import duty on compounded rubber increased to 25% from 10%

·         Basic customs duty hiked on articles made from gold bars

·         Customs duty on kitchen electric chimney increased to 15% from 7.5%

·         Fully imported luxury cars and EVs to cost more as govt raises custom duty from 60 pc to 70 pc in Budget

01:50 PM

Budget 2023 Live Updates: What gets cheaper

·         Customs duty cut on import of certain inputs will make mobile phones cheaper

·         Customs duty on parts of open cells of TV panels cut to 2.5%

·         Basic customs duty on seeds used in manufacturing of lab-grown diamonds to be reduced

·         Customs duty on shrimp feed to be reduced to promote exports

01:47 PM

Budget 2023 LIVE Updates: Govt cuts funding on rural jobs scheme

The government cut back the spending on the rural jobs guarantee scheme for the next fiscal year to 600 billion rupees ($7.34 billion). The allocation is lower than the revised 894 billion rupees spending outlay for 2022/23, and the smallest since 2017/18.Under the Mahatma Gandhi National Rural Employment Guarantee Act, introduced over 15 years ago, citizens can enroll for work such as building roads, digging wells, or creating other rural infrastructure and receive a minimum wage for at least 100 days each year.

01:42 PM

Budget 2023 LIVE Updates: FM's seven 'Saptarishi' mantras

01:40 PM

Budget 2023 LIVE Updates: 'Budget ticks all the expected boxes'

“The Union Budget ticks all the expected boxes viz. pump priming the economy with 33% higher CapEx allocation; pushing consumption by encouraging taxpayers to adopt the new tax regime with lower taxes and consume the additional money in hand rather than using savings to lower the tax burden in the old regime; and sticking to the fiscal consolidation path with the fiscal deficit target being brought down to 5.9%. The highest tax rate on personal income has also been brought down to address concerns on flight of HNIs,” said Ranen Banerjee - Partner and Leader, Economic Advisory Services, PwC India.

01:32 PM

Budget 2023 LIVE Updates: Five big things you can't miss

·         FM announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime. She also proposed to change the tax structure in this regime by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.

·         FM proposed to raise the capital expenditure target by 33% to Rs. 10 lakh crore for the next fiscal year starting April 1, which is 3.3% of the country's economic output.

·         Finance minister Nirmala Sitharaman provided an outlay of Rs 35,000 crore to achieve energy transition and net zero objectives and listed green growth among seven priorities of the government.

·         Government said that a capital outlay of Rs 2.4 lakh crore has been provided for railways, which is highest-ever allocation since 2013-14. Finance minister Nirmala Sitharaman said that the capital outlay was fixed for 2023-24.

·         Government will target a budget deficit of 5.9% of GDP for 2023/24, compared to 6.4% for the current fiscal year.

 

01:23 PM

Budget 2023 LIVE Updates: For better targeting of tax concessions

For better targeting of tax concessions and exemptions, FM proposed to cap deduction from capital gains on investment in residential house under sections 54 and 54F to Rs 10 crore. Another proposal is to limit income tax exemption from proceeds of insurance policies with very high value.

01:19 PM

Budget 2023 LIVE Updates: Other announcements

·         Extension of period of tax benefits to funds relocating to IFSC, GIFT City till 31.03.2025;

·         Decriminalisation under section 276A of the Income Tax Act

·         Allowing carry forward of losses on strategic disinvestment including that of IDBI Bank

·         Providing EEE status to Agniveer Fund.

01:16 PM

Budget 2023 LIVE Updates: On leave encashments

Lastly, the limit of Rs 3 lakh for tax exemption on leave encashment on the retirement of non-government salaried employees was last fixed in the year 2002, when the highest basic pay in the government was Rs 30,000/-pm. In line with the increase in government salaries, I am proposing to increase this limit to Rs 25 lakh.

01:13 PM

Budget 2023 LIVE Updates: Reducing the highest surcharge rate

FM proposed to reduce 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.

01:08 PM

Budget 2023 LIVE Updates: More on tax front

For the salaried class and the pensioners including family pensioners, FM extended the benefit of the standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500.

01:06 PM

Budget 2023 LIVE Updates: D-St cheers

Sensex surges 1,200 points, Nifty near 17,900

01:04 PM

Budget 2023 LIVE Updates: FM explains the 'relief' to all tax payers in the new regime

"An individual with an annual income of Rs 9 lakh will be required to pay only Rs 45,000/-. This is only 5 per cent of his or her income. It is a reduction of 25 per cent on what he or she is required to pay now, ie, Rs 60,000/-. Similarly, an individual with an income of Rs 15 lakh would be required to pay only Rs 1.5 lakh or 10 per cent of his or her income, a reduction of 20 per cent from the existing liability of Rs 1,87,500/." -- FM explained in her Budget speech.

01:00 PM

Budget 2023 LIVE Updates: How much India stands to lose after tax tweaks

India will lose Rs. 35,000 crores of net tax revenue after the Union Budget tweaked direct and indirect taxes to provide relief to the middle-income group, Finance Minister Nirmala Sitharaman said today."Revenue of about Rs. 38,000 crore – Rs. 37,000 crore in direct taxes and Rs. 1,000 crore in indirect taxes – will be forgone while revenue of about Rs. 3,000 crore will be additionally mobilized. Thus, the total revenue forgone is about Rs. 35,000 crore annually," Sitharaman said while announcing the Union Budget for the next fiscal year that starts April 1.

12:49 PM

Budget 2023 LIVE Updates: Entity DigiLocker

An Entity DigiLocker will be set up for use by MSMEs, large business and charitable trusts. This will be towards storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities.

12:47 PM

Budget 2023 LIVE Updates: Lab Grown Diamond

Lab Grown Diamonds (LGD) is a technology-and innovation-driven emerging sector with high employment potential. These environment-friendly diamonds which have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years. 75. To reduce the cost of production, a proposal to review the custom duty rate on LGD seeds will be indicated in Part B of the speech.

12:38 PM

The new tax regime will now be the default tax regime, but citizens can still avail of benefits under old tax regime on opt-out basis

- Finance Minister Nirmala Sitharaman

12:29 PM

Budget 2023 LIVE Updates: Revised tax slabs under new tax regime

·         Under new tax regime, income of Rs 0-3 lakh is nil.

·         Income above Rs 3 lakh and up to Rs 6 lakh to be taxed at 5% under new regime.

·         Income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10% under new regime.

·         Income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20% under new regime.

·         Income above Rs 15 lakh to be taxed at Rs 30%.

12:25 PM

Budget 2023 LIVE Updates: Income rebate limit increased to Rs 7 lakh from Rs 5 lakh in new tax regime

12:22 PM

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

12:22 PM

Budget 2023 LIVE Updates: Five major announcements for Income tax coming...

12:19 PM

Budget 2023 LIVE Updates: Cigarettes to get costlier as Budget proposes 16% hike in duty

Finance Minister Nirmala Sitharaman on Wednesday announced a 16% increase in NCCD on certain cigarettes.

12:18 PM

Budget 2023 LIVE Updates: Customs duty

The govt proposed Customs duty exemptions on the import of capital goods and machinery required for lithium-ion batteries. The government also proposes to increase customs duty on silver to align with duty on gold and platinum.

12:15 PM

Budget 2023 LIVE Updates: I reiterate my intention to bring the fiscal deficit below 4.5% of GDP by 2025-26, says FM

12:13 PM

Budget 2023 LIVE Updates: 100 labs for developing apps using 5G services

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

12:07 PM

Budget 2023 LIVE Updates: FM Sitharaman fixes fiscal deficit for 2023-24 at 5.9%

The revised fiscal deficit is at 6.4% of GDP: FM Sitharaman

12:07 PM

Budget 2023 LIVE Updates: National Financial Information Registry

The government will set up a National Financial Information Registry to serve as a central repository of financial and ancillary information, said Finance Minister Nirmala Sitharaman.

12:05 PM

Budget 2023 LIVE Updates: Bio input resource centres

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

12:04 PM

Budget 2023 LIVE Updates: National Data Governance Policy

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

12:01 PM

Budget 2023 LIVE Updates: Revamped credit guarantee scheme for MSMEs

Revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs.

11:59 AM

Budget 2023 LIVE Updates: Push for tourism

50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism: FM Nirmala Sitharaman

11:58 AM

Budget 2023 LIVE Updates: Pradhan Mantri Kaushal Vikas Yojana 4.0

The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0, said FM Nirmala Sitharaman. In order to skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States, she added.

11:55 AM

Budget 2023 LIVE Updates: National Hydrogen Mission

FM allocated Rs 19,700 crore to the National Hydrogen Mission. The objective is to reach hydrogen production capacity of 5 metric million tonnes by 2030.

11:51 AM

Budget 2023 LIVE Updates: Rs 35,000 crores priority capital for energy transition

Battery storage to get viability gap funding: FM Nirmala Sitharaman

11:47 AM

Budget 2023 LIVE Updates: Digilocker- One stop KYC maintenance system

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

11:46 AM

Budget Speech Live: Pushing for transport infra projects

50 additional airports, heliports, water aerodromes, and advanced landing zones to be revitalised. 100 critical transport infra projects for steel, ports, fertiliser, coal, foodgrain sectors have been identified with an investment of Rs75,000 crore including Rs 15,000 crore from private sources.

11:42 AM

Budget 2023 Speech Live updates: 50-year interest free loan to State governments extended for one more year

11:41 AM

Budget 2023 Speech Live: Booster for Railways

Capital outlay of Rs 2.40 lakh crore will be provided for railways; 9x over FY14

11:40 AM

Budget Speech Live: Capital investment outlay increased by 33%

Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP, said Finance Minister Nirmala Sitharaman in her budget speech.

11:36 AM

Budget 2023 Speech Live updates: The outlay for PM Awaas Yojana being enhanced by 66% to over Rs 79,000 crores, says FM

11:35 AM

Budget 2023 Speech Live updates: Focus on education

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

11:34 AM

Budget 2023 Speech Live updates: PM Primitive Vulnerable Tribal Groups Mission

To improve social-economic condition of the Particularly Tribal Groups, PMPBTG Development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 cr to be made available to implement scheme in next 3 years: FM Nirmala Sitharaman

11:31 AM

Budget 2023 Speech Live updates: National Digital Library

The government proposes to set up a national digital library for children and adolescents to make up for the learning loss during the pandemic, said Finance Minister Nirmala Sitharaman.

11:29 AM

Budget 2023 Speech Live updates: Push for fisheries

The government will launch a sub-scheme under PM Matsya Sampada Yojana with an outlay of Rs 6,000 crore to further enable those involved in fisheries, said Finance Minister Nirmala Sitharaman.

11:28 AM

Budget 2023 Speech Live updates: Agri push

The government has also initiated computerisation for 63,000 primary agricultural credit societies with an investment of Rs 2,516 crore.

11:24 AM

Budget 2023 Speech Live updates: Assistance for traditional artisans and craftspeople

PM Vishwa Karma Kaushal Samman - package of assistance for traditional artisans and craftspeople has been conceptualized, will enable them to improve quality, scale and reach of their products, integrating with MSME value chain

11:22 AM

Budget 2023 Speech Live updates: Encouraging agritech startups

An agriculture accelerator fund to encourage agritech startups by young entrepreneurs in rural areas. Fund will focus on bringing innovative solutions for challenges faced by farmers.

11:20 AM

Budget 2023 Speech Live updates: Atmanirbhar Clean Plant Programme

The government will launch the Atmanirbhar Clean Plant Programme to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore: Finance Minister Nirmala Sitharaman

11:19 AM

Budget 2023 Speech Live updates: Seven priorities of the budget

·         Inclusive development

·         Reaching the last mile

·         Infra & investment

·         Unleashing the potential

·         Green growth

·         Youth power

·         Financial sector

11:17 AM

Budget 2023 Speech Live updates: This budget is focused on job creation, upliftment of youth, says FM

We made significant progress in sustainable goals. Also achieved many milestones in Swachh Bharat, PM Suraksha Bima Yojana, Direct benefit transfer, and Jan Dhan accounts: FM Sitharaman

11:15 AM

Budget 2023 Speech Live updates: FM on food security

Continuing our commitment to food security, we’re implementing from Jan. 1, 2023, a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana," said Finance Minister Nirmala Sitharaman.

11:14 AM

Budget 2023 Speech live updates: Economy has become a lot more formalised as reflected by doubling of EPFO membership, says FM

11:13 AM

Budget 2023 Speech live updates: World has recognized India as a bright star, says FM

The world has recognized India as a bright star, our growth for the 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

11:10 AM

Budget Speech live updates: Focus on three things

Economic agenda focuses on three things - facilitating ample opportunity for citizens, especially the youth, providing a strong impetus to growth and job creation and third stabilising the macro economy.

11:08 AM

Budget Speech 2023 Live Updates: Sensex surges 600 pts, Nifty above 17,800 as Budget speech begins

11:08 AM

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

- FM Nirmala Sitharaman

11:06 AM

Budget Speech 2023 Live: We are taking on a people-centric agenda to take on global challenges, says FM

Budget hopes to build on foundation laid in previous Budget. Envision a prosperous, inclusive India in which the fruits of development reach all sections: FM

11:04 AM

Budget Speech 2023 live streaming: Indian economy on the right track, and heading towards a bright future, says Finance Minister Nirmala Sitharaman

11:04 AM

Budget Speech 2023 live updates: FM presents the First budget in 'Amritkaal'

11:01 AM

Budget 2023 live updates: India's wishlists are in. Now over to Sitharaman

10:59 AM

Budget 2023 live updates: All eyes on Finance Minister

This is the fifth Budget presentation by Union Finance Minister Nirmala Sitharaman. She will lay a statement of the estimated receipts and expenditure of the government for 2023-24 in Parliament. The Finance Minister will also lay out statements of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, on medium-term fiscal policy cum fiscal policy strategy and on macro-economic framework. Sitharaman will further introduce the Finance Bill 2023 in the Lower House.

10:57 AM

Budget 2023 live updates: No dough for PSBs?

The government is unlikely to announce capital infusion for public sector banks (PSBs) in the upcoming Budget as their financial health has improved significantly and they are on track to earn a combined profit of Rs 1 lakh crore, sources said. Their capital adequacy ratio is much above the regulatory requirement and varies between 14-20%.

10:53 AM

Budget 2023 live updates: Short and sweet? Not if you go by her past

Let’s hope the Finance Minister doesn't decide to break her own record for the longest speech this time again.

On February 1, 2020, she spoke for two hours and 42 minutes while presenting the 2020-21 Budget. With two pages still remaining, she had to cut her speech short.

10:50 AM

Budget 2023 live updates: This will be a pro-poor, pro-middle class budget, says Parl Affairs Min

This will be the best budget. This will be a pro-poor, pro-middle class budget, said Parliamentary Affairs Minister Pralhad Joshi. He added, "World accepting India's model. India going ahead & witnessing economic growth. They (Oppn) shouldn't show dissatisfaction. If they have grievances, let it be against Govt. They should show large-heartedness to show satisfaction for the country's development."

10:46 AM

Budget 2023 live updates: I too belong to the middle class, so I understand the pressures, Sitharaman said a few weeks ago. But does she?

Will she give India’s middle class what they have been craving - lower rates under new tax regime, more tax deduction on home loans & a simpler capital gains tax?

In the same interview, the minister said that the present Modi government has not imposed any fresh taxes on the middle class. Also, she added, income of up to Rs 5 lakh is exempt from the income tax.

10:43 AM

Budget 2023 live updates: Cabinet okays last full Budget of Modi 2.0 government

10:38 AM

Budget 2023 live updates: 5 ideas for Sitharaman that can make us happier

·         A cut in personal income tax

·         Expansion of PLI schemes

·         More job schemes

·         GST rationalisation

·         More social security schemes

10:35 AM

Budget 2023 live updates: Copies of Budget 2023 arrive at the Parliament

10:34 AM

Budget 2023 live updates: India's Manufacturing PMI

India's manufacturing industry started the year on a weaker note, expanding at the slowest pace in three months in January as output and sales growth slackened, a private survey showed on Wednesday. The Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 55.4 last month from 57.8 in December.

10:32 AM

Budget 2023 live updates: Nominal GDP

The nominal GDP growth in the current fiscal is estimated to be 15.4 per cent. The numbers for the next fiscal are expected to be lower as inflation has come down. In the current fiscal, Real GDP growth is projected at 7 per cent and come down to 6-6.5 per cent in the next.

10:29 AM

Budget 2023 live updates: Buzzwords to listen for during the FM’s speech

·         Fiscal deficit

·         GDP

·         Capex

·         Borrowing

·         LTCG

·         PLI

·         Disinvestment

·         Income tax

·         Cigarette tax

10:24 AM

Budget 2023 live updates: Rupee gains 12 paise

Rupee gained 12 paise to 81.76 against the US dollar in early trade on Wednesday ahead of the Union Budget presentation, registering a rise of 12 paise over its previous close.

10:21 AM

Budget 2023 live updates: Cabinet meeting chaired by PM Modi begins at Parliament

After the Cabinet approves the Budget 2023, it will be presented in Parliament by FM Sitharaman.

10:20 AM

Budget 2023 live updates: A look at tax revenues

It is expected that the government's tax revenues will overshoot the budget estimates by about Rs 4 lakh crore on buoyant income tax and customs duty. The Budget had pegged direct and indirect tax mop-up at Rs 14.20 lakh crore and Rs 13.30 lakh crore for current fiscal.

10:17 AM

Budget 2023 live updates: Stepping up the capex

The government's planned capex for this fiscal year is budgeted at Rs 7.5 lakh crore. It is higher than Rs 5.5 lakh crore from the last fiscal. The government has been constantly pushing infrastructure creation and also incentivising states to step up capex.

10:14 AM

Budget 2023 live updates: More realistic disinvestment target

In the current fiscal year, the budgeted disinvestment target is likely to be missed, like the past four years. This time the government is expected to set a realistic target for the next fiscal.

10:10 AM

Budget 2023 live updates: Will govt open its purse strings?

The fiscal deficit, which is the difference between the government expenditure and income, for the current fiscal ending March 2023 is 6.4 per cent, against 6.71 per cent in the last fiscal. The latest number for 2023-24 would be in focus as it is widely expected that the government would open its purse strings in an election year.

10:08 AM

Budget 2023 live updates: Union Cabinet meeting to start shortly

Before the actual presentation, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for the fiscal year 2023-24 (April 2023 to March 2024).

While traditionally, copies of the Budget are brought to the Parliament complex before the Finance Minister arrives, this year no document has been printed following the COVID-19 protocol. Instead, the Budget copies will be disseminated electronically, with documents being uploaded on the government website as well as being made available on a special app developed for the same.

10:05 AM

Budget 2023 live updates: Union Finance Minister Nirmala Sitharaman arrives at the Parliament

A Union Cabinet meeting started at 10 am following which the Finance Minister will present the Union Budget 2023 in the Parliament at 11 am.

10:03 AM

Budget 2023 live updates: Borrowing cost

According to Economic Survey, Borrowing cost may remain 'higher' for longer period; entrenched inflation may prolong tightening cycle.

10:01 AM

Budget 2023 live updates: Macro Watch

India's core sector output rises by 7.4 per cent in December

10:00 AM

Budget 2023 live updates: Any tax relief today?

Eco Survey showed a jump of 26% in direct income. After plummeting during the pandemic-affected year FY21, revenue receipts registered robust growth in FY22 PA, both on a YoY basis and to the pre-pandemic year FY20. This revenue revival was attributed to a rebound in the collection of all major direct and indirect taxes (except excise duties) in FY22. Last year's revenue buoyancy momentum is continuing into the current year. The Gross Tax Revenue registered a YoY growth of 15.5% from April to November 2022, and the Net Tax Revenue to the Centre after the assignment to states grew by 7.9% on a YoY basis.

09:59 AM

Budget 2023 live updates: A look at CAD

From the Economic Survey: Current account deficit may continue to widen as global commodity prices remain elevated; rupee may come under pressure

09:55 AM

Budget 2023 live updates: If income tax relief is given in the new tax regime will the old tax regime continue?

Continuing two parallel tax regimes for the long term does not really achieve the aim of simplification of tax administration.

So, the government may look at phasing out the old tax regime after the new tax regime has been suitably tweaked to attract the majority of taxpayers. The phasing out process could be immediate or stretched over several years.

09:54 AM

Budget 2023 live updates: Sitharaman, sixth Finance Minister to present budget 5 times in a row

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. Other ministers who have presented five straight annual financial statements include Arun Jaitley, P Chidambaram, Yashwant Sinha, Manmohan Singh and Morarji Desai.

09:51 AM

Budget 2023 live updates: FM takes tablet in red pouch to present Budget

Finance Minister Nirmala Sitharaman on Wednesday again took a digital tablet wrapped in a traditional 'bahi-khata' style pouch as she headed for Parliament to present Union Budget 2023-24 in a paperless format just like the previous two years. She posed for the traditional 'briefcase' picture outside her office along with her team of officials before heading to meet the President. She, however, was holding a tablet instead of a briefcase to present the Budget in a digital format.

09:47 AM

Budget 2023 live updates: A look at India's growth

Economy has slowed after growing 8.7% in 2021/22, when it was helped by the economic rebound after a 6.6% contraction during the pandemic. Worried over rising public debt, the government is likely to cut its fiscal deficit to between 5.8% and 5.9% of GDP in 2023/24 from the 6.4% of 2022/23, officials told Reuters. The government has already stopped the pandemic-era free food programme and is expected to cut subsidies for food and fertiliser by nearly $17 billion.

09:41 AM

Budget 2023 live updates: Risk from global slowdown

Like many other economies, India is facing a risk from the global slowdown, which would impact domestic manufacturing and exports. And higher global prices for fuel and commodities caused a surge in inflation higher, and led to higher interest rates, which has also dampened economic growth. The Reserve Bank of India bank has raised its benchmark policy rate by 225 basis points since May 2022 to tame retail inflation - which accelerated to over 7% after a surge in food and energy prices following the Ukraine war.

09:34 AM

Budget 2023 live updates: All set for the B-Day

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.

09:32 AM

Budget 2023 live updates: Tax cuts, financial incentives?

Finance Minister Nirmala Sitharaman may tweak income-tax slabs to provide relief to the nation’s vast middle class and increase spend on the poor through programs such as rural jobs, while ramping up financial incentives for local manufacturing, according to economists and reports in local media. Social welfare programs would get “appropriate” allocation as “the gap between have and have nots has widened,” said India Ratings & Research Pvt. economist Devendra Kumar Pant. Inflation has eroded spending power and relief in tax “can provide the much-needed thrust to the consumption demand.”

09:24 AM

Budget 2023 live updates: From the Economic Survey

Economic Survey forecast the economy could grow 6% to 6.8% year-on-year next fiscal year, down from 7% projected for the current year, while warning about the impact of global slowdown on exports. "India's growth outlook seems better than in the pre-pandemic years, and the Indian economy is prepared to grow at its potential in the medium term," the report said. IMF has forecast India's economy would grow by 6.1% in 2023/24, slowing from 6.8% in this fiscal year.

09:21 AM

Budget Live Updates: Market mood ahead of Budget

Sensex opens in green, currently up by 437.32 points and trading at 59,987.22.

09:21 AM

Budget 2023 live updates: 'Budget will continue economic reforms'

"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.

09:18 AM

Budget Live updates: Focus on fiscal deficit, spending

Presenting the annual budget to parliament, 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. Although the government faces elections in key states this year and a national vote in 2024, the budget is unlikely to offer major relief to households due to fiscal constraints, officials told Reuters, while noting that the budget would focus on long-term growth.

09:13 AM

Budget 2023 live: The infra expectation

"In the Union Budget 2023, the infrastructure sector expects the spending on infrastructure development to go up to 10% of GDP. Increased spending will help in building assets for the future, generate employment, and circulate capital in the economy. Governments spending especially in sectors like PMAY need more aggression, which will benefit the lowest strata of society. Even after the available budget due to red tapism disbursal of the fund need special focus. The sector also expects the government to ease the norms for raising funds and ensure that loan repayment terms have easier norms," said Pradeep Misra, CMD-REPL.

09:05 AM

Budget 2023 live: Finance Minister Nirmala Sitharaman reaches Rashtrapati Bhavan to call on President Murmu

FM will then attend the Union Cabinet meeting, and then present Union Budget 2023-24.

08:56 AM

Budget 2023 Live: A look at govt's spending

*(Budget 2022-23)

08:54 AM

Budget 2023 live: Amid Adani woes

India is all set to unveil a budget that will chart a path for sustained robust growth and fiscal prudence although the fallout from Hindenburg Research’s allegations on the Adani Group poses an overhang on the presentation. Finance Minister will announce the last full-year budget before Prime Minister Narendra Modi seeks a third term in elections due in the summer of 2024.

08:51 AM

Budget 2023 live: Suspense continuous...

You will come to know at 11 am what will the common public get. I would not like to make any comments at this point: MoS Finance Dr Bhagwat Karad

08:46 AM

Budget 2023 Live: Budget to incorporate every section's expectations, says 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.

08:44 AM

Budget 2023 Live: FM Sitharaman arrives at the Ministry of Finance, ahead of the Budget presentation

08:41 AM

Budget 2023 live: 'A continuous support for telecom industry'

"Investment in infrastructure is crucial for the growth and advancement of any sector, and we are grateful for the government's efforts in supporting the telecom industry. Last year, the government recognized the importance of reliable and sustainable power sources by allocating an additional 19,500 crores for the solar PLI scheme. However, with the rollout of 5G networks, the trend of solarizing telecom towers is gaining momentum. We hope that the budget for 2023 will continue to prioritize the needs of the telecom industry and provide the necessary support and incentives for developing telecommunications infrastructure in India," said Sanjeev Chhabra, MD & CEO, Beetel Teletech.

08:36 AM

Budget 2023 live: Rupee poised to inch up

The Indian rupee is likely to open higher versus the dollar on Wednesday, helped by the decline in Treasury yields following weak U.S. economic data. The rupee is expected at around 81.75-81.80 per U.S. dollar at open, compared with 81.92 in the previous session. The local currency posted its worst decline in about two months on Tuesday, briefly falling below the 82 level.

08:29 AM

Budget 2023 live: Decoding govt's kitty

*(Budget 2022-23)

08:25 AM

India Budget 2023 Live: Bond yields seen little changed

Indian government bond yields are expected to remain largely unchanged in early trading on Wednesday as market participants await the federal budget announcement due later in the day. The benchmark 10-year yield could move in the 7.26%-7.45% range, a trader with a private bank told Reuters, after closing six basis points lower at 7.3438% on Tuesday, and posting its biggest single-session fall in two months.

08:22 AM

Budget 2023 live: 'Budget will meet expectations of every section of society'

Union Budget 2023 will meet the expectations of every section of society. Modi govt has always worked in the favour of the people of the country: MoS Finance Pankaj Chaudhary

08:13 AM

Budget 2023 live: Budget 2023-24 News Live Updates

Union Finance Minister Nirmala Sitharaman will lay a statement of the estimated receipts and expenditure of the government for 2023-24. The Finance Minister will also lay statements of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, on medium-term fiscal policy cum fiscal policy strategy and on macro-economic framework. Sitharaman will further introduce the Finance Bill 2023 in the Lower House.

08:05 AM

Budget 2023 live: For the benefit of homebuyers, the input credit regime should be reinstated in the GST regime for the residential real estate atleast. This will help in making homebuying an affordable and buyer-friendly process. It will protect buyers and developers from the ramifications of the capricious cost of raw materials. The government should facilitate a Single Window Clearance to enable faster deliveries and project completions.

- Amit Modi, President, CREDAI, Western UP

07:59 AM

Budget 2023 live: What the telecom sector wants

General

·         Exemption from USOF contribution of 5% of AGR till the existing USO corpus is exhausted

·         Reduction in license free from 3% of AGR to 1% of AGR

·         Clarification of the term 'telecom activities' while calculating Gross Revenue

Tax

·         Exemption from levy of Basic Customs Duty on imported telecom equipment

·         Refund of accumulated Input Tax Credit of GST (Rs 32,000 Cr)

·         Clarification regarding input tax credit (ITC) on critical telecom equipment on telecom towers

07:49 AM

Budget 2023 Live: Fiscal worries for Sitharaman

07:45 AM

Budget 2023 Live Updates: Defence budget may be hiked amid border tensions

According to reports, defence budget may see some sizable increase as border tensions with China continue to needle India.

07:35 AM

Budget 2023 Live Updates: Jobs likely to be in focus

With unemployment rate at a 16-month high of 8.3% in December, the finance minister is likely to focus more on employement generation. The govt may go for more spending on MNREGS or other rural job creation schemes.

07:30 AM

Budget Live: Sensex up 1 per cent since last Budget

Dalal Street investors are richer by Rs 3. 3 lakh crore since the last Budget as the sensex is up by 1. 2% or nearly 700 points to 59,550 points on Tuesday.

07:25 AM

Budget 2023 live: How the market behaved in last few budgets

07:16 AM

Budget 2023 live: Hike in customs duties likely

According to Times of India, the Modi government is considering increasing customs duties on about 35 items in the Union Budget 2023. The government's likely move is intended to curb imports and encourage local manufacturing of some of these products. The commerce and industry ministry had previously asked various ministries to provide a list of non-essential items whose imports should be discouraged through a tariff hike.

07:07 AM

Budget 2023 live: Govt may not announce capital infusion for PSU banks

Finance Minister Nirmala Sitharaman may not announce capital infusion for public sector banks (PSBs) during her Budget speech today as their financial health has improved significantly and they are on track to earn a combined profit of Rs 1 lakh crore.The government last provided capital support to banks in 2021-22. It had earmarked Rs 20,000 crore for recapitalisation of PSBs through supplementary demands for grants.

06:55 AM

Budget 2023 live: Budget predictions: Winners and losers

06:45 AM

Budget 2023 Live: Ficci wants FM to raise import duty of aluminium, aluminium products

Industry body Ficci has sought an increase in the import duty on aluminium and aluminium products to at least 12.5 per cent in the upcoming budget 2023-24, stating that the move will help curb dumping of aluminium products and encourage growth of the domestic manufacturing and recycling. The present import duty on aluminium and aluminium products is 10 per cent.

06:32 AM

Budget LIVE: CAIT wants financial support policies for small traders

Traders' body, the Confederation of All India Traders (CAIT) has urged the Union Finance Minister for financial support policies for small traders in the upcoming Budget.

06:24 AM

Budget Live: The salaried class is looking for some cheer on the personal tax front, hoping that the annual basic exemption limit gets enhanced to Rs 5 lakhs from the existing Rs 2.5 lakhs.

- Bipin Preet Singh, Co-Founder & CEO of MobiKwik

06:11 AM

Budget 2023 live: From the Economic Survey

Borrowing cost may remain 'higher' for longer period; entrenched inflation may prolong tightening cycle

05:58 AM

Budget 2023 Live: What the EV industry wants from Sitharaman?

The Society of Manufacturers of Electric Vehicle (SMEV) has requested levying a uniform 5 per cent GST for all EV spare parts.

05:47 AM

Budget 2023 live: As far as the fiscal deficit is concerned, we are off the glide path. This year the government will honestly have to address this question. A new glide path looking at the monetary and fiscal policy, inflation and growth, may be required. That requires some medium term focus in the Budget and not just focus for this year.

- Dr Sanjaya Baru, Distinguished Fellow, Centre for Air Power Studies

05:39 AM

Budget 2023 Live: Capital spending figures will be under lens

05:30 AM

Budget 2023 Live Updates: Budget Architect| Vivek Joshi: Secretary, Department of Financial Services

Joshi, a 1989 batch IAS officer of the Haryana cadre, is expected to continue with the government’s reform agenda for state-run financial institutions.

Public sector banks have made a strong recovery, with the 12 state-run lenders reporting a 50% increase in combined net profit to Rs 25,685 crore in the September quarter.

The upcoming budget may also herald the Banking Amendment Act, paving the way for further privatisation. Financial inclusion through digitisation, a key focus area for the government, may also get a boost in the upcoming budget.

05:27 AM

Budget 2023 live updates: New Vande Bharat trains might be announced

Finance Minister Nirmala Sitharaman may announce more Vande Bharat Express trains today during her Budget speech. As per report, she might announced 400-600 new such trains as Indian Railways is looking to replace its Shatabdi and Rajdhani Express trains with the semi-high speed Vande Bharat trains.

05:23 AM

Budget 2023 Live updates: Will Sitharaman give more clarity on digital rupee?

The Reserve Bank of India launched a pilot of retail CBDC in December 2022. Sitharaman might provide insights on the pilots and come up with more use cases on digital rupee during this budget.

05:20 AM

Budget Live: Budget 2023 will attempt to meet the hopes of the common citizens: PM Modi

"Amid the unstable global economic situation, India's budget will attempt to meet the hopes and aspirations of the common citizens, the ray of hope being seen by the world glows brighter-for this, I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations," PM Modi said on Tuesday.

05:15 AM

Budget 2023 Live: From the Economic Survey

Challenge to rupee depreciation persists with the likelihood of further interest rate hikes by the US Fed

05:04 AM

Budget 2023 Live Updates today: What’s in the numbers

FISCAL DEFICIT
A key number keenly watched to see if the government continues on the fiscal consolidation path or opens its purse strings to woo voters.

NOMINAL GDP GROWTH (in %)
A number closely watched for the government's revenue assumptions; tax numbers correlated with nominal GDP growth.

BUDGET SIZE
To see the kind of growth in spending; is it a fiscal stimulus to support growth or a muted rise to improve the fiscal situation.

CAPITAL SPENDING
(Includes grants for creation of capital assets and allocation under demand-driven/entitlement-based scheme MGNREGS)
Govt’s capex is needed to support investment growth as private investment is still to kick in.

DISINVESTMENT
This would give an idea of how much privatisation would the government want to push in an election year.

MARKET BORROWING
Quantum of market borrowing has implications for interest rates and bond yields.

HEALTH AND EDUCATION
Health and education are a key priority post Covid. This year’s expenditure will show how infra upgrades would be pushed.

KEY SCHEMES
These would be watched given the elections next year.

GROSS TAX COLLECTIONS
Tax collections along with other receipts are closely watched for any over-estimation. If they fall short, borrowing will rise or expenditure will have to be cut.

04:49 AM

Budget 2023 Live: Budget Architect| Ajay Seth: Secretary, Department of Economic Affairs

Seth, a 1987 Karnataka cadre IAS officer, was appointed economic affairs secretary in April 2021. With India’s G20 presidency, Seth’s role in the budget will be keenly watched for growth impulses to support the economy while maintaining macroeconomic stability.

04:34 AM

Budget 2023 Live: Snapshot of the Economy ahead of B-Day

04:19 AM

India Budget Live: Macro Watch: India's April-December fiscal deficit widens on-year to 59.8% of FY23 aim

04:07 AM

Budget 2023 Live: Will Sitharaman recharge EV industry?

According to Arun Agarwal, Vice President, Kotak Securities Ltd, given government’s focus towards clean energy, some measures can be expected to facilitate further electric vehicle (EV) adoption and to support development of EV ecosystem in the country. "Apart from this, initiatives to support rural income would also indirectly benefit some segments within the auto industry (mainly entry level two wheeler segment and the tractor segment)."

03:54 AM

Budget 2023 Live Updates: Budget Architect| Tuhin Kanta Pandey: Secretary, Department Of Investment & Public Asset Management

A 1987 Odisha cadre IAS officer, Pandey delivered on the privatisation of Air India and the mega listing of Life Insurance Corporation of India (LIC). The upcoming year will be keenly watched for the strategic sale of IDBI Bank but the bigger privatisation of public sector banks may have taken a backseat for now with general elections next year.

03:42 AM

Budget 2023 Live: Tax cuts, factory incentives: What to watch for

Tax Tweaks
Sitharaman’s recent comments on knowing the “pressures of the middle class” have added to speculation she would put some money in the pockets of taxpayers. But there are no free lunches.

Social Sector
India’s jobless rate jumped to a 16-month high of 8.3% last month, underscoring the challenge to create jobs for the world’s biggest population.

Manufacturing
With India positioning itself as an alternative to China in the global supply chain, manufacturers willing to set up factories in the country expect more financial benefits from the government. The budget may see production-linked incentives getting extended to sectors such as shipping containers and toys.

03:36 AM

Budget 2023 Live Updates: From the Economic Survey

6.8% inflation for current fiscal not high enough to deter private consumption or low enough to weaken investment

03:30 AM

Budget Live 2023 Update: Macro Watch: India's core sector output rises by 7.4 per cent in December

03:23 AM

Budget 2023 Live Updates: Eco Survey showed a jump of 26% in direct income: Does this signal tax relief today?

After plummeting during the pandemic-affected year FY21, revenue receipts registered robust growth in FY22 PA, both on a YoY basis and to the pre-pandemic year FY20. This revenue revival was attributed to a rebound in the collection of all major direct and indirect taxes (except excise duties) in FY22.

Last year's revenue buoyancy momentum is continuing into the current year. The Gross Tax Revenue registered a YoY growth of 15.5% from April to November 2022, and the Net Tax Revenue to the Centre after the assignment to states grew by 7.9% on a YoY basis.

03:14 AM

Budget 2023 Live Update: From the Economic Survey

Current account deficit may continue to widen as global commodity prices remain elevated; rupee may come under pressure

03:00 AM

Budget 2023 Live News: If income tax relief is given in the new tax regime will the old tax regime continue?

Continuing two parallel tax regimes for the long term does not really achieve the aim of simplification of tax administration. So, the government may look at phasing out the old tax regime after the new tax regime has been suitably tweaked to attract the majority of taxpayers. The phasing out process could be immediate or stretched over several years.

02:51 AM

Budget 2023 Live: From the Economic Survey

Economy has nearly recouped what was lost, renewed what had paused; re-energised what had slowed during the pandemic

02:36 AM

Union Budget LIVE: Higher education should get special focus, says Prateek Gujral, Principal Advisor (South Asia), Augustana University, South Dakota, US.

"The Union budget 2023 allocation must set aside dedicated higher education funding for "internationalisation", both at State and Central level. The country’s budget must think of enabling competitive jobs while providing quality and accessible education opportunities for all, towards developing their skills and capabilities. Collective efforts with global best practices in education, which marry Indian demography and needs, can lead India to become a higher middle-income country."

02:25 AM

Budget Live: India's economy poised to do better, inflation to be well-behaved in FY24

- CEA Anantha Nageswaran

02:15 AM

Union Budget LIVE: Budget Architect| V Anantha Nageswaran: Chief Economic Adviser

V Anantha Nageswaran, a former member of Prime Minister’s Economic Advisory Council (PMEAC), was appointed chief economic adviser just a few days ahead of the FY23 budget.

Nageswaran, an academic and former executive with Credit Suisse Group AG and Julius Baer Group, will be watched for his assessment of the economy in the Economic Survey that precedes the budget and policy prescriptions.

As the country aspires to reignite its manufacturing and become part of global value chains, Nageswaran’s budget footprint will be keenly watched for measures to kickstart private investment while maintaining macroeconomic balance.

02:03 AM

Budget live: Why was the Economic Survey so upbeat about India's prospects?

1. Once the global shocks of the pandemic and Russian-Ukraine conflict resulting in a spike of commodity crises fade away, the Indian economy is poised to grow faster in the coming decade.
2. With improved balance sheets of the banking, non-banking and corporate sectors, a fresh credit cycle has begun as is evident from double digit growth in bank credit over the past months.
3. The economy has started benefiting from the efficiency gains resulting from greater formalisation, higher financial inclusion and economic opportunities created by digital technology-based economic reforms.
4. India’s growth outlook seems better than in the pre-pandemic years and it is prepared to grow at its potential in the medium term.
5. Strong medium-term growth magnets will aid India’s economic growth.
6. Various reforms undertaken between 2014-2022 have strengthened the Indian economy.
7. Emphasis of reforms has been on enhancing the ease of living and doing business.

01:48 AM

Union Budget LIVE: What will rekindle Indian economy's animal spirits?

Private companies’ investments in capital expenditure have started gaining momentum, which in turn may bring back animal spirits and provide a multiplier effect for the economy, the Economic Survey 2022-23 has said.

01:39 AM

Budget LIVE: From the Economic Survey

India's recovery from pandemic was relatively quick; growth to be supported by domestic demand, pick up in capital investment.

01:31 AM

Union Budget LIVE: It’s layoff season, and the Finance Minister can step in and help

Several companies have undergone downsizing operations which has affected many salaried-class taxpayers. In such unfortunate events, the current tax provisions provide limited tax-saving options for them, such as retrenchment compensation and voluntary retirement schemes.

The maximum limit of these exemptions is restricted to Rs 5 lakhs, and to claim this exemption, the employer must meet certain requirements. If the employer's scheme does not meet these requirements, the employee is not eligible to claim the deduction. This budget must address the issue of lay-offs and ease the hardship of employees.

01:20 AM

Budget LIVE: Budget Architect| Sanjay Malhotra: Revenue Secretary

A Rajasthan cadre IAS officer of the 1990 batch, Malhotra joined the Department of Revenue in October last year. He has a tough task — a clamour for tax relief amid high inflation against the demand for revenues to fund additional spending ahead of the elections.

Malhotra, an IIT Kanpur alumnus, is expected to focus on tax rationalisation and direct tax regime simplification. The upcoming budget is also expected to continue with the push to ease compliances and offer relief to all categories of taxpayers. It will also be watched for capital gains tax regime simplification.

01:13 AM

Union Budget LIVE: From the Economic Survey

Slowing world growth, shrinking global trade led to loss of export stimulus in 2nd half of current year

01:08 AM

Budget LIVE: Did you know that your Provident Fund or PF can be "double-taxed" under certain conditions?

The Income Tax Act provides certain situations, where the PF contribution may become taxable if certain conditions are not met, for eg if the employee leaves before 5 years of service.

12:56 AM

Union Budget LIVE: 60% households expect dip in earning, are looking to the FM for relief

LocalCircles conducted a survey, which found that with job losses and hiring sentiment turning negative, 52% respondents feel that the economic uncertainty will persist for the next 6-12 months.

12:48 AM

Budget LIVE: Budget Architect| TV Somanathan: Finance And Expenditure Secretary

A 1987 batch IAS officer of the Tamil Nadu cadre and a budget veteran, Somanathan as finance secretary is spearheading budget preparation as he balances the key goal of fuelling growth through capital expenditure push while not losing sight of fiscal consolidation.

Mounting global uncertainties complicate Somanathan’s task as he will have to ensure that the budget retains some dry powder for any contingency. Expenditure rationalisation and capital expenditure push are likely to remain the mainstay in the coming financial year as well.

The new spending management system instituted under his watch has allowed more efficient use of the Centre’s resources, reducing the fund float in the system. The benefits of that will be visible fully in FY24.

12:39 AM

Union Budget LIVE: From the Economic Survey

India withstood extraordinary set of challenges better than most economies

12:28 AM

Budget LIVE: The nation’s path to fiscal consolidation will require a herculean effort. Think of it like a long-distance cyclist that needs to keep pedalling hard to reach the finish line.

- Pranjul Bhandari, Chief India Economist, HSBC Holding Plc

12:15 AM

Union Budget LIVE: Getting the house in order

Fiscal consolidation is in keeping with Modi’s first budget in 2014. He’s expected to further burnish those credentials as he becomes the first to lead what is likely now the world’s most-populous nation.

A review of budgets since Modi came to power shows he’s been chipping away at subsidies, barring the pandemic years when assistance saw an increase.

The government is pressing ahead with putting the fiscal house in order even if it risks, for instance, upsetting Modi’s loyal base of women voters. Provisions for subsidising liquefied petroleum gas used for cooking for the current fiscal year were lowered to Rs 58.1 lakh crore from Rs 352 lakh crore two years ago.

12:15 AM

Budget LIVE: India’s fiscal forecast

Modi looks poised to sustain fiscal consolidation as he takes the global stage with India’s presidency of the Group of 20 nations. Shrinking the deficit which hit a record 9.2% of gross domestic product during the first year of the pandemic is necessary for Asia’s third-largest economy to improve its credit rating, currently at the lowest investment grade.

12:13 AM

Union Budget LIVE: From the Economic Survey

Growth in exports moderated in second half of current fiscal

12:13 AM

Budget LIVE: Looking Back

Budget 2022 aimed at giving a push to infrastructure, left income tax slabs and rates unchanged and introduced a flat crypto tax of 30%.

12:12 AM

Union Budget LIVE: The star of the show

All eyes will be on Nirmala Sitharaman today as she presents the last full Budget before the 2024 elections.

12:12 AM

Budget LIVE: Hello and welcome to ET’s live coverage of Budget Day!

 

 

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