India Budget 2023 | Ministry of Finance | Government of India
BJP National President Jagat Prakash Nadda reached the Parliament on 31 January for the budget session 2023. This year, the Union Budget session of 2023 is starting from today.
Other MPs welcomed and congratulated JP Nadda. The union budget session 2023 will run in 27 sittings till April 6, with a break of one month to scrutinize the budget papers. The first part of the session will end on February 13. The second part of the session will end on April 6.
Union Finance Minister Nirmala Sitharaman has started presenting the budget for 2023-24 in the Lok Sabha in the backdrop of the crisis of inflation, recession in the global economy and the Lok Sabha elections to be held next year. This is the last full budget of the second term of the Modi government in view of the general elections due next year and hence the expectations of the general public will be high.
Union budget 2023 live updates
FEBRUARY 01, 2023 / 12:24 PM IST
Budget 2023 LIVE Updates: FM Sitharaman proposes to increase income tax rebate limit to Rs 7 lakh under new tax regime.
FEBRUARY 01, 2023 / 12:21 PM IST
Budget 2023 LIVE Updates: FM Sitharaman says…
- Govt to reduce customs duty on shrimp feed to promote exports: FM Sitharaman
- Taxes on cigarettes hiked by 16 percent
- Basic import duty on compounded rubber increased to 25 percent from 10 percent.
- Basic customs duty hiked on articles made from gold bars
- Customs duty on kitchen electric chimney increased to 15 percent from 7.5 percent.
- Customs duty on parts of open cells of TV panels cut to 2.5 percent.
- Govt proposes to reduce customs duty on import of certain inputs for mobile phone manufacturing.
FEBRUARY 01, 2023 / 12:18 PM IST
Budget 2023 LIVE Updates: No news on bank privatisation
More than an hour into the Budget 2023 speech, FM Nirmala Sitharaman has not touched up on any key banking sector reforms including the long held promise of privatisation of public sector banks. To be sure, this is no surprise. Ahead of the 2024 general elections and considering the politically sensitive nature of the move, the Government was expected to keep mum on the bank privatisation issue. However, one must remember that privatisation of at least two PSBs was a key announcement in Sitharaman’s last budget. A year later, this is nowhere discussed. Is bank privatisation totally off the agenda or is the FM keeping the big announcement to the last? [Dinesh Unnikrishnan, Editor-Banking]
FEBRUARY 01, 2023 / 12:18 PM IST
Budget 2023 LIVE Updates: Calamity cess on cigarettes
Cigarettes get hit by a steep 16 percent increase in the calamity cess imposed on them. This will lead to an increase in cigarette prices and could hurt volume growth in the near term. ITC will get affected but so will other tobacco stocks. [Ravi Ananthanarayanan, Deputy Executive Editor]
FEBRUARY 01, 2023 / 12:16 PM IST
Budget 2023 LIVE Updates: FM Sitharaman says…
Indirect Tax proposals aim to promote exports, boost domestic manufacturing, enhance domestic value addition,encourage green energy and mobility.
A simplified tax structure reduces compliance burden and improves tax adminsitration.
Propose to reduce the basic customs duty rates on goods other than textile and agriculture from 21 to 13.
FEBRUARY 01, 2023 / 12:12 PM IST
Budget 2023 Live Updates: 100 labs to be established for developing apps using 5G
100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models and employment potential, labs will cover among others, apps such as smart classrooms, precision farming, intelligent transports systems and healthcare, announced FM Sitharaman.
FEBRUARY 01, 2023 / 12:12 PM IST
Budget 2023 Live Updates: FM Sitharaman says…
Phase 3 of the eCourt’s project will be launched with an outlay of Rs 7,000 crore, for efficient administration of justice.
FEBRUARY 01, 2023 / 12:10 PM IST
Budget 2023 LIVE Updates: FY24 fiscal deficit pegged at 5.9% of GDP
The Union Budget has fixed the fiscal deficit target for 2023-24 at 5.9 percent of GDP. This would represent a reduction of 50 basis points from this year’s fiscal deficit target of 6.4 percent, which Finance Minister Nirmala Sitharaman said would be met.
As per data released on January 31, the Centre’s fiscal deficit for the first nine months of 2022-23 accounted for 59.8 percent of the full-year target.
Next year’s target is in line with economists’ expectations of 5.9 percent. However, some questions have been raised – particularly by global ratings agencies like Moody’s Investors Service and Fitch Ratings – about how the medium-term target of 4.5 percent will be met by 2025-26.
FEBRUARY 01, 2023 / 12:09 PM IST
Budget 2023 LIVE Updates: Personal finance proposals
One-time, new savings scheme for women with a tenure of two years to offer 7.5 percent interest rate with partial withdrawal option.
For senior citizen maximum deposit limit for saving will be from 15 lakh to 30 lakh
Investment limit in small savings schemes like Senior Citizen Saving schemes (SCSS) increased to Rs 30 lakh from 15 lakh earlier.
Investment limit in Monthly income scheme (MIS) increased to Rs 9 lakh, up from rs 4.5 lakh, for single account. For joint accounts the limit has gone up to Rs 15 lakh, up from Rs 9 lakh.
FEBRUARY 01, 2023 / 12:01 PM IST
Budget 2023 LIVE Updates: Revamped credit guarantee scheme–Good news for MSMEs
Revamped Credit guarantee scheme for MSMEs will take effect from 1 April 2023 with infusion of Rs 9000 crore into the corpus, the FM says. This will enable additional collateral free credit guarantee of Rs 2 lakh crore rupees, which will enable to lower cost of credit by 1 per cent. Good news for MSMEs that are still recovering from the impact of pandemic.[Dinesh Unnikrishnan, Editor-Banking]
FEBRUARY 01, 2023 / 12:00 PM IST
Budget 2023 LIVE Updates: Small is beautiful
MSME assistance to continue. Government infuses Rs 9000 cr into the corpus, reduces the cost of credit. The credit guarantee scheme had a choppy start but over the last two years banks have been brought on board to lend, the scheme has helped in alleviating stress in the sector. [Shweta Punj, Deputy Editor]
FEBRUARY 01, 2023 / 11:59 AM IST
Budget 2023 LIVE Updates: Indian Biogas Association on ‘green growth’ goals
With the Budget focusing on a ‘green growth’ strategy, it prioritizes the adoption of green fuel, energy, and building practices to reduce carbon intensity and create new green job opportunities. The 7 main priorities, referred to as “Saptrishi,” aim to drive sustainable and environmentally-friendly economic development. The government’s commitment to this ‘green growth’ approach is a step towards building a cleaner and more prosperous future for all Indians. This is in the direction of India seeking a leadership role in mitigating the global climate crisis.
FEBRUARY 01, 2023 / 11:57 AM IST
Budget 2023 LIVE Updates: Cheer for auto sector
FM Sitharaman says: Replacing old government vehicles will provide a fillip to the economy. It would translate into growing orderbooks of auto companies, increased output and create jobs. This was last done in India on a mass scale around 2008 after the Lehman brothers collapse.
FEBRUARY 01, 2023 / 11:56 AM IST
Budget 2023 LIVE Updates: PM Awaas Yojana allocation increased
CRISIL View: The 64 pecrcent increase in allocation for PM Awaas Yojana to Rs 79,000 crore will be a positive for commercial vehicles and tractors used for moving materials for construction.
FEBRUARY 01, 2023 / 11:54 AM IST
Budget 2023 LIVE Updates: The natural farming question
The government proposes to keep the focus on natural farming, an issue that a government appointed expert panel is also looking into, through various support measures. However, this push faces steep challenges from farmers and the agri-sector, where many are of the opinion that natural farming is costly and won’t yield enough for India’s growing food needs. The government should look at tweaking the schemes to promote higher value products that can be exported, likely through development of clusters.[Mrigank Dhaniwala, Associate Editor]
FEBRUARY 01, 2023 / 11:53 AM IST
Budget 2023 LIVE Updates: FM on Green Hydrogen Mission
India is moving forward firmly to achieve the net zero target. The recently launched national green hydrogen with an outlay of Rs 19,700 crore will facilitate the transition of the economy to low carbon intensity and reduce dependency on fossil fuel imports. Our target is to reach an annual production of 5 MMT by 2030. This budget provides for Rs 35,000 crore capital investment towards energy transition and net zero objective and energy security by the Ministry of petroleum and natural gas, the FM declared.
FEBRUARY 01, 2023 / 11:51 AM IST
Budget 2023 LIVE Updates: Lab grown diamonds get more lustre
To encourage production and sales of lab grown diamonds (lab grown diamonds are artificially produced but have similar properties as natural diamonds and are cost effective). Government will provide R&D grant in lab grown diamond area as well as consider custom duty reduction on key raw material (lab grown seeds). Lab grown diamonds have huge potential in both domestic and export markets. This is positive for lab grown players like Goldiam International.
FEBRUARY 01, 2023 / 12:14 PM IST
Budget 2023 LIVE Updates: DigiLocker expansion for fintech companies
Finance Minister Nirmala Sitharaman has announced the expansion of the Government digital certificate depository Digilocker services for the fintech sector. This is a boost for fintech startups as so far the DPI only allows individuals to store and share their certificates, such as academic records, driving licence, PAN cards. Documentation availability will be the focus for the DigitLocker expansion for the fintech sector, The fintech sector has been facilitated by digital services, PM Jan Dhan Yojana, Indian Stack and UPI,” Sitharaman said.[Bhavya Dilipkumar, Startups and Tech Reporter]
FEBRUARY 01, 2023 / 11:51 AM IST
Budget 2023 Live Updates: Centre to establish National Digital Library for children, adolescents
A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility. States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources, announced FM Sitharaman
FEBRUARY 01, 2023 / 11:50 AM IST
Budget 2023 Live Updates: Eklavaya Model Schools to recruit 38,800 teachers
In the next three years, Eklavaya Model Residential Schools, the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students, announced FM Nirmala Sitharaman
FEBRUARY 01, 2023 / 11:50 AM IST
Budget 2023 Live Updates: Rs 15,000 crore for PMPBTG Development 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, announced FM Sitharaman
FEBRUARY 01, 2023 / 11:49 AM IST
Budget 2023 LIVE Updates: Vivad Se Vishwas is back!
The Union Government has smartly used settlement schemes, often open ended, to garner additional revenues and resolve long pending tax and contractual disputes. In line with the trend, the Vivad Se Vishwas scheme is back in version 2.0. The scheme will settle contractual disputes of government and government undertakings where an arbitral award is under challenge in a court. It will be a voluntary settlement scheme with standardized terms, the budget proposed. [Mrigank Dhaniwala, Associate Editor]
FEBRUARY 01, 2023 / 11:47 AM IST
Budget 2023 LIVE Updates: FM Sitharaman says…
For enhancing ease of doing business, more than 39,000 compliances have been reduced, over 3,400 legal provisions decriminalised.
For the business establishments required to have a permanent account number, the PAN will be used as a common identifier for all digital systems of specified government agencies.
FEBRUARY 01, 2023 / 11:46 AM IST
Budget 2023 LIVE: Market check…
Market wide put call ratio of 0.74 at multi year higher high, the 14 day moving average of this data on charts is at the highest since 2009, says IndiaCharts’ Rohit Srivastava. This means there is too much caution in the market, and this is usually a contra-indicator.
FEBRUARY 01, 2023 / 11:44 AM IST
Budget 2023 LIVE Updates: Key announcements so far
Increase in capital expenditure by 33 percent to Rs 10 lakh crore, which would be 3.3 percent of the GDP
The 50-year, interest free loan to states for capex purposes has now been increased to Rs 1.3 lakh crore, 30 percent more than what was allocated for 2022-23.
A new programme for research in pharmaceuticals will be formulated and the industry will be encourage to invest in research
Govt to launch a Rs 2,200 crore Aatmanirbhar clean plan programme
Green growth would be one of the priorities of the budget.
FEBRUARY 01, 2023 / 11:41 AM IST
Budget 2023 LIVE Updates: FM Sitharaman opts for pragmatism over populism
The government has outlined its priority. With a bumper increase in capex, PM Awaas Yajna outlay and hike in Railway capex the Modi government in its last full Budget has targeted job creation and infra development over populism.
FEBRUARY 01, 2023 / 11:39 AM IST
Budget 2023 LIVE Updates: FM Sitharaman says…
Railways capex outlay of 2.40 lakh crore, highest ever; 9x of what was in 2013
PM Awas Yojana outlay hiked by 66 pc to Rs 79,000 cr
Govt to provide Rs 5,300 cr assistance to drought-prone central region of Karnataka
FEBRUARY 01, 2023 / 11:38 AM IST
Budget 2023 LIVE Updates: Market reacts to Capex hike
Capex outlay increased by 33% to Rs 10 lakh crore for FY24. At this level, public capex will be 3.3% of GDP. Equity indices are in the green so far. But bond markets are getting jittery as expenditure looks elevated so far. 10-year bond yield has climbed 2 basis points to 7.38% since the FM announced the hike in capex outlay. A lower fiscal deficit will cool bond markets.
FEBRUARY 01, 2023 / 11:37 AM IST
Budget 2023 LIVE Updates: Nifty at day’s high!
Nifty rebounds, now again marching towards day’s highs. FIIs are heavily short in index futures. Over the last few expiry series, this has typically resulted in short covering. Can domestic traders win this round as well?
FEBRUARY 01, 2023 / 11:36 AM IST
Budget 2023 LIVE Updates: FM proposes more long-term loans to states for capex
The 50-year, interest free loan to states for capex purposes has now been increased to Rs 1.3 lakh crore, 30 percent more than what was allocated for 2022-23. The finance ministry has previously said there has been huge demand for these interest-free loans from states.
The 50-year, interest free loan to states will be part of the Centre’s capex. While budgetary support for capex has been pegged at Rs 10 lakh crore, the effective capital expenditure of the government has been estimated at Rs 13.7 lakh crore for 2023-24. In contrast, the effective capital expenditure for 2022-23, as per the budget estimate, was Rs 10.68 lakh crore.
FEBRUARY 01, 2023 / 11:35 AM IST
Budget 2023 LIVE Updates: Market shuns higher agricultural credit target
Market does not seem to be taking the higher agricultural credit target kindly. The NSE PSU Bank index is under pressure, down 0.74 percent even as the Nifty Bank Index as a whole is up 1.2 percent.
FEBRUARY 01, 2023 / 11:33 AM IST
Budget 2023 LIVE Updates: FM Sitharaman announces another big jump in capex
At Rs 10 lakh crore, the Centre’s capex target for 2023-24 is 33 percent higher than the budget estimate of Rs 7.5 lakh crore for 2022-23. The government’s focus on capex to boost economic growth cannot be denied. But what really matters is the revival of the private investment cycle. For the private sector, the situation is one of what comes first: chicken or the egg? Investments are undertaken when capacity utilisation crosses 80 percent or so and demand is anticipated to grow. With India’s GDP growth expected to weaken in 2023-24 and global growth too seen slowing down and hitting India’s exports, the private sector has been waiting on the sidelines, leading to the finance minister publicly asking the industry a few months ago why they weren’t investing. [Siddharth Upasani, Special Correspondent]
FEBRUARY 01, 2023 / 11:31 AM IST
Budget 2023 LIVE Updates: FM Sitharaman unleashes the Capex bazooka
FM has proposed to increase capital expenditure by 33 percent to Rs 10 lakh crore, which would be 3.3 percent of the GDP.
FEBRUARY 01, 2023 / 11:29 AM IST
Budget 2023 LIVE Updates: Agriculture stocks in focus
Shares of Kaveri Seeds, Mangalam Seeds, Bombay Burmah are trading in the green. In her Budget 2023 speech, FM sitharaman has proposed to increase agricultural credit to Rs 20 lakh crore. The government would also be launching a new scheme of PM MATSYA SAMPADA YOJANA. This should help boost agriculture demand.
FEBRUARY 01, 2023 / 11:27 AM IST
Budget 2023 LIVE Updates: FM Sitharaman on agriculture
Millets, artisans, agri credit, micro entrepreneurs, small farmers -focus areas of the budget speech so far.
Agriculture credit target expanded to Rs 20 lakh crore.
Decentralised storage capacity will be set up that will help farmers store their produce.
The budget envisages India becoming a global hub for Sri Ann or Millets
FEBRUARY 01, 2023 / 11:26 AM IST
Budget 2023 LIVE Updates: FM proposes new programme for pharma research
The pharmaceutical industry has been asking for incentives to promote R&D investments. The FM said that a new programme for research in pharmaceuticals will be formulated and the industry will be encourage to invest in research. Details awaited. If these include tax or other significant incentives, it could boost pharma stocks. [Ravi Ananthanarayanan, Deputy Executive Editor]
FEBRUARY 01, 2023 / 11:25 AM IST
Budget 2023 LIVE Updates: FM gives a big boost to agritech startups
The government announced digital public infrastructure for agriculture which will enable inclusive farmer-centric services that are relevant for crop protection, in what is a shot in the arm for agritech startups in the country. Agritech startups bucked the funding slowdown of 2022 and raised large sums from investors but India is yet to get its first agritech unicorn. With the government building digital public infrastructure for agriculture, will agritech startups attract more funding this year and grow faster? [Nikhil Patwardhan, Correspondent, Tech and startups]
FEBRUARY 01, 2023 / 11:23 AM IST
Budget 2023 LIVE Updates: FM Sitharaman says…
157 nursing colleges to be set up
9.6 cr LPG connections, 220 cr Covid vax for 102 cr people given, 47.8 cr JanDhan accounts opened
Govt to launch a Rs 2,200 crore Aatmanirbhar clean plan programme
FEBRUARY 01, 2023 / 11:22 AM IST
Budget 2023 LIVE Updates: FM Sitharaman says Budget is based on 7 priorities
- Green growth
- Youth power
- Inclusive development
- Reaching the last mile
- Infrastructure and investment
- Unleashing the potential
- Launch of digital platform
FEBRUARY 01, 2023 / 11:20 AM IST
Budget 2023 LIVE Updates: Making India a global hub for Sri Ann or Millets
The budget envisages India becoming a global hub for Sri Ann or Millets. India is already the largest producer and second largest exporter of millets and the continued focus on domestic production, consumption and export potential will not just earn us greenbacks but also add to India’s soft power. [Mrigank Dhaniwala, Associate Editor]
FEBRUARY 01, 2023 / 11:19 AM IST
Budget 2023 Live Updates: Jet fuel prices hiked by 4% in line with firming international oil prices
Jet fuel price on Wednesday was hiked by 4 per cent in line with firming international oil prices, however petrol and diesel rates remained on freeze for a record 10th month. Aviation turbine fuel (ATF) price was increased by Rs 4,218 per kilolitre, or 3.9 per cent, to Rs 1,12,356.77 per kl in the national capital, according to a price notification of state-owned fuel retailers. The increase follows three rounds of reduction since November.
FEBRUARY 01, 2023 / 11:19 AM IST
Budget 2023 LIVE Updates: FM Sitharaman on Green Growth
Finance Minister Nirmala Sitharaman said that ‘green growth’ would be one of the priorities of the budget. “We are implementing many programmes for green growth across various economic sectors…They will help reduce carbon intensity and create green jobs,” the FM said. The government hints at a more broad based growth in green energy. [Rachita Prasad, Editor- Energy and Infrastructure]
FEBRUARY 01, 2023 / 11:18 AM IST
Budget 2023 LIVE Updates: A quick recap of what FM Sitharaman has said so far …
National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs
Indian economy has become more formalised as witnessed by significant enhancement in digital payments
Per capita income has increased to Rs 1.97 lakh: FM Sitharaman
Indian economy has increased in size from being 10th to 5th largest in last nine years
FEBRUARY 01, 2023 / 11:14 AM IST
Budget 2023 LIVE Updates: First Budget in Amrit Kaal
FM Nirmala Sitharaman says: Our vision for the Amrit Kaal includes technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this ‘janbhagidari’ through ‘sabka saath, sabka prayaas’ is essential.
FEBRUARY 01, 2023 / 11:12 AM IST
Budget 2023 LIVE Updates: FM says FY23 growth estimated at 7%, Sensex hits day’s high
FEBRUARY 01, 2023 / 11:11 AM IST
Budget 2023 LIVE Updates: Focus on macro stability
Finance minister’s focus on strengthening macroeconomic stability will soothe the nerves of the bond and forex markets. India’s external sector has emerged as an area of concern in 2022 and the going may be tough this year as well as the global economy slows. Experts, including those inside the government, have called for consolidating the fiscal deficit and ensuring that the current account deficit is brought back within the red line of 2.5-3 percent of GDP.
FEBRUARY 01, 2023 / 11:09 AM IST
Budget 2023 LIVE Updates: Rural Focus
Finance Minister gets straight to the point, begins the speech with focus on rural India. Announces that the centre will spend Rs 2lakh cr on free food grains for all priority households under PM Garib Kalyan Yojana.
FEBRUARY 01, 2023 / 11:07 AM IST
Budget 2023 LIVE Updates: Budget for India @100
Finance Minister Nirmala Sitharaman sticks to the advance estimate for current fiscal year growth of 7 percent. Says India is a bright start in the world economy. As such, the budget will hope to build on the foundation laid in the previous budget and the blueprint drawn for India@100.
FEBRUARY 01, 2023 / 11:07 AM IST
Budget 2023 LIVE Updates: FM Sitharaman says…
Economy to grow at 7% in the current year. This is the highest among major economies. India is on the right track despite time of challenges. Govt’s effort since 2014 have ensured better quality of life. We have made a significant progress in many development goals.
FEBRUARY 01, 2023 / 11:06 AM IST
Budget 2023 LIVE Updates: Bharat Jodo chants start amid FM Sitharaman’s Budget speech
FEBRUARY 01, 2023 / 11:04 AM IST
Budget 2023 Presentations begins, FM Sitharaman says…
This is the first Budget in Amrit Kaal
World has recognised Indian economy on the right track and as a bright as a star
FEBRUARY 01, 2023 / 11:02 AM IST
Budget 2023 LIVE Updates: What does the Mint Road want to hear from FM Sitharaman today?
The RBI is in the midst of an inflation-war, it just admitted failure on inflation management, and the central bank wouldn’t want to see anything from the fiscal side that could make its job tougher—a ballooning fiscal deficit for example. Any word from the FM that suggests focus back on fiscal consolidation will be welcome to the Mint Road. The other thing the RBI top brass would keenly watch will be comments on crypto currency. The RBI has been strongly and publicly pitching for a crypto ban, citing the high risk posed by crypto to broader economy and central banking itself. Governor Shaktikanta Das, of late, has come down heavily on Crypto lovers, calling it a big risk to investors. Apart from that the RBI may also keep a close eye on announcements that could influence asset quality of banks—targeted lending to credit risky sectors for example. That is a likelihood considering this is the last full budget ahead of general election. Sitharaman can flash the populist card to appease voters; that remains a possibility. [Dinesh Unnikrishnan, Editor-Banking]
FEBRUARY 01, 2023 / 11:00 AM IST
Budget 2023 LIVE Updates: PEs, VCs want better regulatory framework
Budget 2022 had indicated that the government would set up an expert committee to examine and suggest appropriate measures to improve the regulatory and tax climate for private equity firms and venture capital funds. Later in the year, in September, the Finance Ministry announced that the panel would be headed by former Sebi boss M Damodaran. Deal Street is hoping that team Damodaran’s recommendations find a mention in Budget 2023 to spur m&a and fund raising across sectors.[Ashwin Mohan, Editor, Deals]
FEBRUARY 01, 2023 / 10:58 AM IST
Budget 2023 LIVE Updates: Expectations from agriculture sector
We want to see GDP growth, combined with fiscal prudence. There has got to be something for demand generation. Working on bringing down logistics cost is imp, India’s is one of the most expensive. For anything to work you needed bigger land holdings but FPOs can work. Sustainable production for agriculture is required. But our allocation to agriculture is very low- Vivek Chandra, CEO global branded business LT foods & chairman Assocham food processing and value addition. [Shweta Punj, Deputy Editor]
FEBRUARY 01, 2023 / 10:56 AM IST
Budget 2023 LIVE Updates: A look at Budget briefcases over the years
The Budget presentation has come a long way, from documents kept in suitcases to a completely digital form. Here’s a look at it in pics. (Click here)
FEBRUARY 01, 2023 / 10:55 AM IST
Budget 2023 LIVE Updates: Healthcare sector need more money
With the central and state government’s budgeted expenditure on health sector staying at a poor 2.1 percent of GDP in FY23, public health experts have expressed disappointment saying that the country did not learn lessons from the pandemic and especially the quarter of April-June 2021, orchestrated by the SARS CoV 2 Delta variant. They have urged the government to invest highly in health if India really wants to enjoy the fruits of the nation’s continuous upward stride globally. India has set a target of allocating 2.5 percent of GDP towards health by 2025 and the budget allocation for FY24 will be crucial to show how serious is the government towards its own promise. [Sumi Sukanya Dutta, Assistant Editor]
FEBRUARY 01, 2023 / 10:52 AM IST
Budget 2023 LIVE Updates: Hopes of higher outlay set off a rally in defence stocks ahead of Budget 2023
In anticipation of higher outlay in Budget 2023, defence sector stocks gained 2-4 percent in early hour of trade on February 1. Paras Defence, Bharat Electronics, Bharat Dynamics, BEML and Hindustan Aeronautics are leading the pack in the space. (Read more)
FEBRUARY 01, 2023 / 10:51 AM IST
Budget 2023 LIVE Updates: Roadmap for a strong growth momentum?
Manufacturing PMI at 55.4, indicating strong growth momentum. Pollyanna De Lima, Associate Director at S&P Global Market Intelligence, says, ‘the sector looks set to remain in expansion mode……’. More importantly, he adds that companies ‘ hiked their fees as demand resilience facilitated the passing on of additional cos burdens to clients.’ That ties in with Economic Survey remarks on strong demand. Also implies pricing power and elevated core inflation. [Manas Chakravarty, Group Consulting Editor]
FEBRUARY 01, 2023 / 10:50 AM IST
Budget 2023 LIVE Updates: Railways likely to come out with an mega order for wagons
The government is expected to come out with another mega order for wagons in the Budget for 2023-24 for around 50,000 wagons worth Rs 23,000 crore. Last year the government had come out with an order for 90,000 wagons, the new order is likely to be on top of the order announced last year. [Yaruqh Khan, Correspondent, Energy and Infrastructure]
FEBRUARY 01, 2023 / 10:49 AM IST
Budget 2023 LIVE Updates: Sops for startups?
What’s behind the success of any startups? Its the strong research and development undertaken behind each products. Many startup founders and investors are keen to hear if there are any tax sops for research and developments activities. Like the fintech industry is looking for an R&D tax reduction which is believed to bolster the ideation and execution of differentiating financial products & services for the masses. [Bhavya Dilipkumar, Startups and Tech Reporter]
FEBRUARY 01, 2023 / 10:48 AM IST
Budget 2023 LIVE Updates: A long pending demand…
It’s a long pending demand to provide separate deduction against home loan principal repayment. This comes under section 80C up to a limit of Rs 1.5 lakh. However, it may not be up in the list of Finance Minister to announce in Budget 2023. On the other hand, can this particular item be allowed for those in the new income-tax regime? To make it more popular? [Kayezad E. Adajania, Editor – Personal finance]
FEBRUARY 01, 2023 / 10:45 AM IST
Budget 2023 LIVE Updates: Railway stocks rally ahead of FM Sitharaman’s Budget speech
Shares of companies related to the railways such as IRCTC, Container Corporation of India, IRFC, Rail Vikas Nigam Ltd, BEML, Titagarh Wagons, Texmaco Rail & Engineering, and IRCON International gained 1-3 percent ahead of Finance Minister Nirmala Sitharaman’s Budget speech today.
Market participants believe higher allocation will be allotted for defence, roads, metro projects, housing and railways.
FEBRUARY 01, 2023 / 10:44 AM IST
Budget 2023 LIVE Updates: ‘FM’s 5th budget will live up to everyone’s expectations’
In an exclusive interview with ANI, MoS Finance Pankaj Chaudhary said, “Ever since the Modi government has been formed, it brings the budget keeping in mind all the sections of the society.” This budget will live up to everyone’s expectations, he said adding that, the attention of PM Modi is always there and it will be seen in this budget also.
FEBRUARY 01, 2023 / 10:41 AM IST
Budget 2023 LIVE Updates: Stocks in focus ahead of FM’s Budget presentation
Shares of defence PSUs Bharat Electronics, Hindustan Aeronautics, Bharat Dynamics, Cochin Shipyard are trading in gains ahead of the union budget. Government’s renewed thrust on defence indigenisation rekindled investor interest in defence stocks. But a large portion of defence budgets are spent on salaries and pensions leaving limited funds for procurements. Budget should help improve the defence spending mix. [R Sree Ram, News Editor]
FEBRUARY 01, 2023 / 10:38 AM IST
Budget 2023 LIVE Updates: Sensex jumps over 500 points to hit 60,000 ahead of Budget; Nifty tops 17,800
FEBRUARY 01, 2023 / 10:36 AM IST
Budget 2023 LIVE Updates: Will sports budget increase further?
President Droupadi Murmu during her first address to Parliament said that my government is focusing on sports too. She said that from Commonwealth Games to Olympics and Paralympics, India’s sportspersons have proved that their talent is second to none. The President added that Khelo India Games, Khelo India Centers to Target Olympic Podium Scheme (TOPS) scheme are being run to find such talents in every nook and corner of the country, to enhance their talent. In Union Budget 2022, sports budget was increased by Rs 305.58 crore and the emphasis was laid on Khelo India and National Youth Schemes. The sports budget was increased to Rs 3062.60 crore in 2022-2023 from Rs 2757.02 crore in 2021-2022. The Khelo India program’s budget was also increased from Rs 869 crore to Rs 974 crore for 2022-23. [Maryam Farooqui, Senior Correspondent]
FEBRUARY 01, 2023 / 10:34 AM IST
Budget 2023 LIVE Updates: MSMEs want GST relief
There is no budget without the mention of MSMEs and incentives to the segment. This time too, the fintech sector is eagerly awaiting any forms of tax relief for the MSME non-banking financial companies (NBFCs). The current GST charged @ 18% for escrow services is very high and needs to be removed completely to provide financial relief to small and medium businesses. [Bhavya Dilipkumar, Startups and Tech Reporter]
FEBRUARY 01, 2023 / 10:33 AM IST
Budget 2023 LIVE Updates: What metals sector wants
The metals sector will hope that the emphasis on govt capex spending continues. Real estate sops will be welcomed too. While they want lower rates on raw material imports and higher duties on metal imports, those wishes may not be granted given fiscal and inflationary constraints. Export duty changes are a nasty surprise to watch out for. [Ravi Ananthanarayanan, deputy executive editor]
FEBRUARY 01, 2023 / 10:31 AM IST
Budget 2023 LIVE Updates: What to expect from FM Sitharaman
Big bucks expected in capital expenditure. Will it touch Rs 9 trillion in FY2024, which is a 30% hike from FY2023?
Lower covid related expenditure needed in the year ahead leaves headroom for higher capex allocation. Along with the traditional areas of roads, railways, ports, etc, PLI schemes to support manufacturing, renewable energy and climate change would be in focus. [Vatsala Kamat, Associate Editor]
FEBRUARY 01, 2023 / 10:27 AM IST
Budget 2023 LIVE Updates: A reality check?
While the Economic Survey’s overarching theme was ‘all is well’ with concerns around the rupee and the Current Account Deficit. What the survey did not get into was the shape of India’s recovery- which is critical for policy intervention. A majority of economists and policy experts suggest that India is witnessing a K shaped recovery – which translates into considerable pain at the bottom of the pyramid. Will the budget address India’s unequal recovery? Or will it dwell largely on the positives. We do hope that it gives us a comprehensive assessment of the economy. [Shweta Punj, Deputy Editor]
FEBRUARY 01, 2023 / 10:26 AM IST
Budget 2023 LIVE Updates: Will NPS become more attractive?
The National Pension Scheme (NPS) is slowly evolving into a preferred retirement planning tool over a decade. Will the finance minister Nirmala Sitharaman hike the deduction of Rs 50,000 to Rs 1 lakh under section 80CCD(1B)? That would mean more sops for the old income tax regime, which incidentally may not be the future of income-taxes in India. But for now, let’s wait and see [Kayezad E. Adajania, Editor, Personal finance]
FEBRUARY 01, 2023 / 10:23 AM IST
Budget 2023 LIVE Updates: The fate of new tax regime
The new income tax slabs (without exemption and deductions) has been in effect, but not much awareness has been created about it. That and partly the existence of the old tax regime (with exemption / deductions) have kept many away from the new regime. So far, the finance minister has not touched the new tax regime ever since she introduced in Budget 2020. But will she revisit new income-tax regime today or are we to wait for a few more years before we move into second gear? [Kayezad E. Adajania, Editor, Personal finance]
FEBRUARY 01, 2023 / 10:22 AM IST
Budget 2023 LIVE Updates: Cabinet meeting chaired by PM Modi begins at Parliament
A Union Cabinet meeting will be held shortly. Following this, Finance Minister Nirmala Sitharaman will present the Union Budget.
FEBRUARY 01, 2023 / 10:21 AM IST
Budget 2023 LIVE Updates: Will FM announce sops to boost Consumption?
FMCG sector will await news of sops for the poor. Inflation has hit the poor hardest, hurting demand in rural India and even among lower income groups in urban India. Will consumption get a boost? [Ravi Ananthanarayanan, deputy executive editor]
FEBRUARY 01, 2023 / 10:19 AM IST
Budget 2023 LIVE Updates: Clean energy financing needs renewed push
Despite the progress on renewable energy capacity additions, India lags major countries in energy transition investments. In 2022 it ranked eight in top 10 countries in energy transition investments, show a list compiled by Bloomberg NEF. Economic survey has rightly emphasised on the need for large scale access to clean energy funding at affordable rates. Budget should facilitate this. [R Sree Ram, News Editor]
FEBRUARY 01, 2023 / 10:18 AM IST
Budget 2023 LIVE Updates: Incentives to rural schemes?
The rural economy contributes nearly 50 percent to India’s overall GDP. Though around 70 percent of India’s population lives in rural areas, their per-capita income is less than half in the urban economy. In terms of consumption, rural demand is a key trigger for overall growth, given that it accounts for just 30 percent of consumption spend in the economy. We expect some budget intervention in terms of fiscal incentives or through higher allocation to the various rural schemes. [Nandish Shah, Principal Analyst, MC Research]
FEBRUARY 01, 2023 / 10:15 AM IST
Budget 2023 LIVE Updates: Govt should incentivise power sector reforms
With electricity usage projected to rise by about 7 percent per annum and electricity generation facing fuel supply constraints, the government should focus on the demand side management. Transmission and distribution loss of about 17 percent remains high and budget should help states adopt better billing practices. [R Sree Ram, News Editor]
FEBRUARY 01, 2023 / 10:13 AM IST
Budget 2023 LIVE Updates: Disinvestment target
Disinvestment target is Rs 65,000 crore for FY23 which the Government is likely to miss for the 4th year in a row. As on date, DIPAM has raised Rs 66,046 crore from disinvestment and dividend receipts. Of this, Rs 31,106 crore has come as disinvestment receipts and Rs 34,940 crore as dividend. DIPAM has suggested that dividends from CPSEs be accounted as divestment collections going forward. If the Government does so in the upcoming Budget, then the government would have achieved its FY23 target, albeit by sleight of hand. Overall, while the disinvestment proceeds may trail the full year estimates, the Government may still achieve the non-tax revenue targets through higher dividends from CPSEs. [Neha Dave, Special Analyst, MC Research]
FEBRUARY 01, 2023 / 10:12 AM IST
Budget 2023 LIVE Updates: Nirmala Sitharaman is the 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. (Read more)
FEBRUARY 01, 2023 / 10:10 AM IST
Budget 2023 LIVE Updates: The key number to watch out
Assuming 11.5% nominal GDP growth, a fiscally prudent budget with Fiscal Deficit at 5.9% should translate into an absolute fiscal deficit of Rs 18 lakh crore – the key number to watch out. [Madhuchanda Dey, Head Research]
FEBRUARY 01, 2023 / 10:07 AM IST
Budget 2023 LIVE: Will CBDC find mention in Sitharaman’s speech today?
It was in the last year’s Budget, finance minister Nirmala Sitharaman first announced the launch of a Central Bank digital currency or CBDC. In many ways, that marked the beginning of a big start for an ambitious change in the way money is exchanged in the economy. The revolutionary idea of a e-rupee was born. Subsequently, the RBI launched a pilot project in both retail and wholesale CBDC. At this point, there are concerns on the implementation of e-rupee on a range of areas that include public acceptability, anonymity of transactions, government control over spending and the tracking of transactions. That apart, cybersecurity is another big area of debate. Will Sitharaman address these issues in the Budget? We don’t need to wait for long for an answer. [Harsh Kumar, Correspondent]
FEBRUARY 01, 2023 / 10:03 AM IST
Budget 2023: Nirmala Sitharaman is the sixth finance minister to present budget 5 times in a row
Budget 2023: Nirmala Sitharaman’s budget for the fiscal year starting April 2023 is her fifth straight since 2019
FEBRUARY 01, 2023 / 10:02 AM IST
Budget 2023 LIVE: FM Nirmala Sitharaman arrives in Parliament, Budget to be with you shortly
FEBRUARY 01, 2023 / 10:00 AM IST
Budget 2023 LIVE Updates: Big bang tax sops unlikely
Finance Minister Nirmala Sitharaman is unlikely to announce major tax reliefs in the form of lower tax rates, higher exemption limits or 80C deductions in either of the two tax regimes. Though the country is set to witness several state electoral battles this year, the FM may save the ‘best’ for the last – general elections 2024 – like in 2019 interim Budget when the rebate for those earning incomes of up to Rs 5 lakh was introduced. However, further reforms around income tax scrutiny and assessment could be rolled out. [Preeti Kulkarni, Senior Assistant Editor, Personal Finance]
TO get updates of Union budget of 2023, go through this video