Union Budget 2023 : Live Updates
𝐓𝐡𝐢𝐬 𝐢𝐬 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐛𝐮𝐝𝐠𝐞𝐭 𝐢𝐧 𝐀𝐦𝐫𝐢𝐭 𝐊𝐚𝐚𝐥.
Budget focuses on 7 priorities, ‘saptrishi guiding us through Amrit Kaal’
This budget hopes to build on the foundation laid in the previous budget and the blueprint drawn at India at 100.
11.03 : Finance Minister Nirmala Sitharaman starts her Budget speech
Finance Minister Nirmala Sitharaman started her Budget Speech by saying that she hopes that the Budget will build upon the foundation laid last year.
11.05 : India’s economic growth estimated at 7%: Nirmala Sitharaman
This budget hopes to build on the foundation laid in the previous budget and the blueprint drawn for India at 100. The current year’s economic growth is estimated to be at 7%. The economy is on the right track despite challenges and our focus on wide-ranging reforms helped us perform well in these trying times, the Finance Minister said.
11:07 : Implementing scheme to supply foodgrains to all priority households for next 1 year
During the Covid-19 pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months. We are implementing a scheme to supply foodgrains from Jan 1, 2023, to all Antaodaya and priority households for the next 1 year.
11:08 : We are taking on a people-centric agenda to take on global challenges.
The Budget hopes to build on foundation laid in previous Budget. We envision a prosperous, inclusive India in which the fruits of development reach all sections, the Finance Minister stated.
11:10 : India’s G20 Presidency helps strengthen nation’s role in world economy
In these times of global challenges, including the war in Ukraine, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order.
11:13 : From 10th to 5th largest economy in world is last 9 years
The government’s efforts since 2014 have ensured for all citizens, a better quality of life. The per capita income has more than doubled to Rs 1.97 lakh. In the last 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world. The world has also recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war, Finance Minister Nirmala Sitharaman said.
11:15 : We envision a technology-driven economy
The Finance Minister said: “Our vision for the Amrit Kaal includes a 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.”
11:18 : ‘Saptarishi’: Nirmala Sitharaman lists 7 priorities of Union Budget
Finance Minister Nirmala Sitharaman listed seven key priorities of Union budget, including inclusive development, reaching the last mile, green growth, youth power, financial sector.
11.23 : agriculture accelerator fund
In a bid to promote agriculture among youth, the Finance Minister said: “An agriculture accelerator fund to be set up to encourage agri startups by young entrepreneurs. A digital public infra for agriculture will be built as an open-source, interoperable public good.”
11:25 : From new nursing colleges to enhanced ICMR facilities: Finance Minister announces measures for health front
On the health front, the Finance Minister made the following announcements:
- 157 new nursing colleges to be established in co-location with existing 157 med colleges established since 2015
- Mission to eliminate sickle cell anemia by 2047
- Facilities in select ICMR labs will be made available for research by public & pvt medical facilities
- A new programme to promote research & innovation in pharmaceuticals will be taken up by Centres of Excellence
11:28 : Agricultural and tourism measures announced by the Finance Minister
Here’s what Finance Minister Nirmala Sitharaman said on agricultural and tourism reforms:
- The agricultural credit target will be increased to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries.
- The Indian Institute of Millet Research will be supported as a centre of excellence.
- Promotion of tourism will be taken up on mission mode with active participation of states, the convergence of government programmes and public-private partnerships.
11:33 : Push for fisheries and assistance for artisans
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. She added that the PM Vishwa Karma Kaushal Samman — a package of assistance for traditional artisans and craftspeople — has been conceptualized that will enable them to improve quality, scale and reach of their products, integrating with MSME value chain.
11:35 : National Digital Library to be set up
The National Digital library for children and adolescents will be set up for facilitating availability of quality books across geographies, languages and genres and levels and device agnostic accessibility. States will be encouraged to set up physical libraries for them. Additionally, to build a culture of reading and to make up for the pandemic-time learning loss, the National Book Trust and the Children’s Book Trust and other sources will be encouraged to provide non-curricular titles in regional languages and in English to these physical libraries. Collaboration with NGOs will also be part of this initiative.
11:37 : Focus on capital expenditure continues
The focus on capital expenditure continues as Finance Minister Nirmala Sitharaman hikes capital investment outlay by 33 per cent to Rs 10 lakh crore for 2023-24.
11:39 : PM Awaas Yojana outlay enhanced by 66%
The outlay for PM Awaas Yojana has been enhanced by 66 per cent to over Rs 79,000 crore, says Finance Minister Nirmala Sitharaman.
11:42 : ‘Centre to provide Rs 5,300 crore assistance to drought-prone region of Karnataka’
As part of its second priority — ‘reaching the last mile’ — the Centre will provide Rs 5,300 crore assistance to drought-prone central region of Karnataka, announced Nirmala Sitharaman.
11:43 : 50-year interest-free loans to states extended for 1 more year
The Finance Minister also had some good news for the states. She announced that the 50-year interest-free loans to the state governments will be extended for one more year
11:48 : Big boost for Railways: Capital outlay raised by 9 times to that of FY14
Capital outlay of ₹2.4 lakh crore has been provided for Railways, the highest-ever allocation since 2013-14, the Finance Minister said.
11:56 : ‘Old political…’: What the Finance Minister said, leading to a laugh across the House
A faux pas brought laughter in the House when Finance Minister Nirmala Sitharaman said old “political vehicles”, quickly correcting herself to say that “old polluting” vehicles would be scrapped.
11:57 : Here’s the capital investment outlay by govt over years
Financial YearCapital investment (in Rs crore)
2023-24 10 lakh
2022-23 7.5 lakh
2021-22 5.4 lakh
2020-21 4.39 lakh
11:58 : Finance Minister’s push 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, the Finance Minister announced.
12:00 : Agriculture Credit Target to be raised to Rs 20 lakh crore
Finance Minister Nirmala Sitharaman said: “The Agriculture Credit Target will be increased to Rs 20 lakh crore, with focus on animal husbandry, dairy, and fisheries, the minister said, adding that a new sub-scheme of PM Matsya Sampada Yojana will also be launched with a targeted investment of Rs 6,000 crore.”
12:01 : Govt to set up 30 Skill India International Centres: FM
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.
12:03 : Credit guarantee for MSMEs: New scheme with allocation of Rs 9,000 crore
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.
12:05 : Govt to introduce 5% CBG mandate
The government plans to introduce a 5 per cent compressed biogas mandate for all entities marketing natural gas in India. This may mean that companies marketing natural gas in India will have to market compressed biogas, or CBG, to the extent of 5 per cent of their volumes.
The government has been pushing for increased production of CBG and its blending with natural gas, particularly in the transportation segment that uses compressed natural gas, or CNG, as a fuel.
12:06 : PAN to be common business identifier, likely to ease compliance burden
Finance Minister Nirmala Sitharaman has said the Permanent Account Number (PAN) will be made as a single business identifier for all digital systems of all specified departments of the government. This is expected to ease the compliance burden of businesses.
Using the unique identifier PAN, the common information and documents could be auto-fetched across systems. An integrated system at the central and state level departments will provide relief to the user from repeated submission of documents, ensure the authenticity of the same and lead to quicker processing of requests.
Moreover, the Finance Minister also announced that more than 39,000 compliances have been reduced and 3,400 plus legal proceedings have been decriminalised to enhance the ease of doing business.
12:09 : Fiscal deficit for 2023-24 fixed at 5.9%
Finance Minister Nirmala Sitharaman fixes fiscal deficit for 2023-24 at 5.9 per cent.
12:11 : Good news for smartphone makers in India
Customs duty relief for certain inputs for the camera lens, and lithium batteries to continue for another year.
12:12 : Budget reaction: Ankita Dabas, Chief Growth Officer, Veative Group said
The budget brings laser sharp focus to AI led skill-development by announcing the establishment of three centres of artificial intelligence. Foreseeing the spurt in AI based employment opportunities in the future, Veative Group has devoted 1 million+ man hours over the past decade to create a digital ecosystem in AR/VR, applications for training and development, along with making educational content in VR available globally. We are all set to launch the world’s first careers metaverse in July 2023 that promises to connect enterprises with school-going learners. We wholeheartedly support the govt in making India a leading digital force of reckoning in the world.
12:13 : Fiscal deficit at 6.4% of GDP, says Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said that the revised fiscal deficit is at 6.4 per cent of the GDP. She added that India continued to be on the path of fiscal consolidation targeting to achieve 4.5 per cent fiscal deficit of GDP by 2025-26.
12:14 : Budget reaction: Anish Shah, Partner – M&A Tax and Regulatory, BDO India said
Expansion of Digi locker services to the Fintech sector will be a great boost for individuals, banks and financial institutions to store and share data online in a secured and faster manner.
12:17 : Finance Minister announces 100 labs for developing apps using 5G services
The Finance Minister said that 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,” she added.
12:22 : Green Hydrogen Mission will facilitate transition of economy
Green Hydrogen Mission will facilitate the transition of economy to reduce dependence on fossil fuel imports.
12:25 : Income Tax rebate limit increased to Rs 7 lakh from Rs 5 lakh
Finance Minister Nirmala Sitharaman announces Income Tax rebate limit increase to Rs 7 lakh from Rs 5 lakh
12:27 : Nirmala Sitharaman announces change in Income Tax slabs
I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs: Finance Minister Nirmala Sitharaman
For commemorating #AzadiKaAmritMahotsav, a one time new small savings scheme ‘Mahila Samman Bachat Patra’ will be made available up till March 2025 This will offer deposit facility up to ₹2 Lakhs at a fixed interest rate of 7.5% with partial withdrawal option
12:33 Here are the revised tax slabs under new tax regime
Revised tax slabs under new tax regime:
- Income of Rs 0-3 lakh is nil.
- Income above Rs 3 lakh and up to Rs 5 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%.
New tax regime to be default, says FM
While announcing changes in the income tax slabs in the new tax regime, and increasing the income tax rebate to Rs 7 lakh, Finance Minister Nirmala Sitharaman said that the new tax regime will now be the default tax regime.
Leave a Reply