Union Budget 2023 was presented by Finance Minister Nirmala Sitharaman today. The Budget adopted “seven priorities” – inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector – to guide India through the “Amrit Kaal“.
This year’s Budget holds much significance as this is the last full Budget before the 2024 general elections. This is the Finance Minister’s fifth Budget presentation since 2019.
The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved the Budget for the fiscal year 2023-24 (April 2023 to March 2024).
Since taking charge in 2014, Prime Minister Narendra Modi has ramped up capital spending including on roads and energy, while attracting investors through lower tax rates and labour reforms, and offering subsidies to poor households to clinch their political support.
Nirmala Sitharaman on Tuesday tabled the Economic Survey for this financial year. It said that India’s economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22.
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Finance Minister Nirmala Sitharaman began her Budget 2023-24 speech with declaring it the “first budget of Amrit Kaal” – using a term coined by PM Narendra Modi’s government to define a brighter future as India completed 75 years of Independence.
“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 ‘jan-bhaagidari’ (public participation) through ‘sabka saath, sabka prayaas’ (efforts by all) is essential,” she said.
For the coming fiscal year, she enumerated seven priorities: “Inclusive development, reaching the last mile, agriculture and investment, unleashing potential, green growth, youth power, and the financial sector.”
Finance Minister Nirmala Sitharaman today made a big announcement on sewage system while presenting the Union Budget 2023-2024.
Calling the transition “manhole to machine mode”, the Finance Minister announced that sewers and septic tanks across the country will be de-sludged through mechanical process.
“All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from manhole to machine hole mode,” she said.
Finance Minister Nirmala Sitharaman is presenting the Union Budget for fiscal 2024 that will set the foundation for taking India’s economic growth to the forecast rate of 6.8 per cent.
Budget: Personal Tax
Standard deduction under new tax regime
Highest tax rate 42.7 per cent. Propose to reduce highest surcharge rate from 37 per cent to 25 per cent under new tax regime. Reduction of maximum rate to 39 per cent
Limit of Rs 3 lakh on leave encashment increased to 25 lakh
Tax structure changed from six slabs to five slabs. Reduction in tax liability for those under regime.
Rebate limit increased to Rs 7 lakh in the new tax regime, Ms Sitharaman’s big announcement
Budget 2023: Startups
High value insurance policies – returns will now be taxed and capitals gains on sale of property for over Rs 10 crore will be higher, she announced.
Next generation common IT form to be rolled out
MSMEs and professionals – if their cash receipts is no more than 5% presumptive tax limits increased to Rs 3 crore (turnover) and Rs 75 lakh (income) respectively
“To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at Rs 11.8 lakh crore, said Nirmala Sitharaman.
Cigarettes duty revised upwards, announced the Finance Minister.
“Tax receipts for next fiscal budgeted at Rs 23.3 lakh crore,” said Ms Sitharaman.
Basic customs duty rates to be reduced from 21 to 13 per cent, she announced.
Fiscal deficit expected to be 5.9% of GDP. We aim to Aim to reduce it to 4.5% by 2025-26, said Ms Sitharaman.
Maximum investment for senior citizens – from Rs 15 lakh to Rs 30 lakh in small savings, she announced.
Mahila Samman Savings certificate for a 2-year period. This will offer deposit facility of up to 2 lakh at 7.5 per cent interest.
Fiscal support for digital public infra, she said.
Budget 2023: Financial Sector
Credit guarantee for MSMEs – Rs 9000 crore infused in corpus. National financial information registry to be set up – facilitate credit flow and boost availability of information, announced Nirmala Sitharaman.
Budget 2023: Tourism
“50 destinations to be selected in challenge mode . Every destination to be developed at a complete package under ‘Dekho Apna Desh’ initiative,” she said.
The government will launch Pradhan mantri Kaushal vikas yojana 4.0, she said.
Budget: On old, polluting vehicles
“Vehicle replacement programme for old polluting vehicles,” said Ms Sitharaman.
Coastal shipping will be promoted, said Ms Sitharaman
The government announces MISHTI schemes for mangroves, said Ms Sitharaman.
1 crore farmers will get assistance to adopt natural farming, she said.
Budget: Green Growth
“This Budget focuses on green growth. India heading for net zero “Panchamrit” goal by 2070. 35000 crore for priority capital investment for green energy transition. Battery energy storage systems of 4000 MWH will be supported,” she said.
“All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from manhole to machine hole mode. Cities will be encouraged to increase creditworthiness for municipal bonds,” said Ms Sitharaman.
“One stop solution for reconciliation of IDs maintained by various government agencies. PAN will be used as common business identifier,” she said.
Government announces Rs 2.4 lakh crore for railways.
50 additional airports, heliports, water aerodromes, advanced landing zones to be revitalised
66 per cent increase in PM Awas Yojana to 79,000 crore, said Ms Sitharaman
“National digital library for children and adolescents will be set up for facilitating quality books,” she said. “The National Book Trust, Children’s Book Trust will replenish non-curricular tirles in regional languages and english to digital libraries,” she added/
Budget 2023: Agriculture Focus
The government will set up an agriculture accelator fund to encourage startups in rural areas. The Indian Institute to Millet Research will be supported as a centre of excellence, she said.
New programme to promote research and innovation in pharma through centres of excellence, Ms Sitharaman said.
Mission to eliminate sickle cell anaemia by 2047, she said.
Budget 2023: Food Security Scheme
“Continuing our commitment to food security, we are implementing from January 1. a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana,” the Finance Minister said.
Will set up several cooperative societies for farmers, she said.
Blog 2023: 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, Ms Sitharaman said.
“Indian Institute of Millet Research will be supported as centre of excellence,” said Nirmala Sitharaman.
The government also aims to empower women by way of self-help groups focused on raw material supply, branding and marketing of products, she said.
“Indian economy has become more formalised as witnessed by significant enhancement in digital payments,” said Ms Sitharaman
Reaching last mile
Infrastructure and investment
“Government implementing scheme to supply free grains to poor under PMGKAY with expenditure of Rs 2 lakh crore from Jan 1,” said the Finance Minister.
“We ensured that no one went hungry during pandemic by providing free foodgrains to 80 crore poor people,” said Ms Sitharaman.
“India’s growth at 7 per cent in current fiscal highest among major economies; Indian economy on right track,” said Nirmala Sitharaman.
“The world appreciates India’s achievements,” said Finance Minister.
Economy has growth from tenth to fifth largest in the world, said Nirmala Sitharaman.
“G20 presidency gives us unique opportunity to strengthen India’s role in world economic order,” said Ms Sitharaman.
“Indian economy is on the right track, heading towards a bright future,” said the Finance Minister.
Just In: Nirmala Sitharaman presented Budget 2023 in Parliament. “First Budget of Amrit Kaal,” she said.
“We expect that this budget will ideate 2024 General Elections, for advantage in 2024 elections and some state elections. Last 3 budgets focussed on corporate & upper-class. Middle class & common people were totally ignored,” said K Suresh, Congress’s Lok Sabha Chief Whip.
“We don’t think this Governmentt is giving any concession to salaried people. They are announcing the budget only for eyewash schemes. They did the same in previous budgets. This time, focussing on 2024 elections, some schemes and reliefs may be announced,” he added.
Budget 2023: Parliamentary Affairs Minister Pralhad Joshi on Budget
“This will be the best budget. This will be a pro-poor, pro-middle class budget,” said Parliamentary Affairs Minister Pralhad Joshi.
Budget 2023: Karnataka Chief Minister On Budget
“India’s economy is expected to grow at 6.8 per cent. It will be a pro-people Budget that will support the growth of the economy,” said Karnataka Chief Minister Basavaraj Bommai
Budget 2023: PM Modi-led Cabinet clears Budget
The Union Cabinet cleared the Budget ahead of its presentation. The Cabinet headed by Prime Minister Narendra Modi approved the Budget for this fiscal year.
With only hours left before Union Finance Minister Nirmala Sitharaman tables the Union Budget for the financial year 2023-24, Minister of State for Finance Pankaj Chaudhary on Wednesday said that this budget would match the expectations of the general public and that India’s economy is on track.
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.”
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.
Ms 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.
After taking charge of the Finance Ministry in the Modi Government in 2014, Mr Jaitley presented five budgets in a row from 2014-15 to 2018-19.
Budget 2023: Watch – Union Cabinet meets to clear budget
Union 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
Budget 2023: Union Cabinet Meet Shortly To Clear Budget
The Union Cabinet will meet shortly to clear the Budget. 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).
Here are the key numbers to watch for in Budget 2023-24, which is widely expected to boost spending towards policies that create jobs, leave more money in hands of the common man and boost manufacturing, while increasing tax revenues.
Fiscal Deficit, Disinvestment/Privatisation, Capital Expenditure, Tax Revenue, Borrowing, Nominal GDP.
Budget 2023: Nirmala Sitharaman reaches Parliament
Nirmala Sitharaman has reached parliament ahead of her Budget speech at 11 am. A Union Cabinet meeting will be held here at 10 am following which the Finance Minister will present the Budget.
Finance Minister Nirmala Sitharaman is set to present the Union Budget 2023-2024 in Parliament on February 1. According to Article 112 of the Constitution, the government is required to present a statement of estimated income and expenses for each financial year, which runs from April 1 to March 31, to the Parliament.
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.
With the tablet carefully kept inside a red cover with a golden-coloured national emblem embossed on it instead of the briefcase, she went straight to Parliament after meeting President Droupadi Murmu at Rashtrapati Bhawan.
Union Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 with a digital device instead of the traditional ‘bahi-khata’ in her hands.
Wednesday’s Budget will be Sitharaman’s fifth Budget presentation as Finance Minister.
In 2019, the Union Budget was presented in a traditional ‘bahi-khata’ rather than a leather briefcase. It was the first time since independence that any Finance Minister had ‘opted out’ of a briefcase or a hardbound leather bag.
The minister in 2019 not only garnered huge attention for carrying a ‘bahi-khata’, but also for implying the rich culture the country holds.
A ‘bahi-khata’ holds prominence in Indian culture, tradition and history. For decades, the Indian way of managing accounts and keeping a record of bills was done in a ‘bahi-khata’. Traders, merchants, sailors and even small shopkeepers have retained this way of preserving their data.
Finance Minister Nirmala Sitharaman meets President Droupadi Murmu ahead of presenting Budget in the parliament today.
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. pic.twitter.com/S9GJiDG1aw
– ANI (@ANI) February 1, 2023
For the longest time, visuals of the Finance Minister walking into the parliament to present the budget featured them flashing their briefcase for the media cameras. However, Finance Minister Nirmala Sitharaman, in 2019, replaced the briefcase with the “Bahi Khata”. The move was aimed to relinquish the colonial practice of presenting the budget with a briefcase. British finance ministers used to carry a Gladstone Box to the parliament for presenting the budget. After Independence, this Gladstone Box was replaced by bags or briefcases.
A Bahi Khata has been used by Indian households, neighbourhood shops, and small enterprises to manage their budget. Perhaps the inspiration behind Bahi Khata came from its cultural roots. In 2020, Nirmala Sitharaman presented the budget yet again with the Bahi Khata and said that it was time to get over the British hangover.
Markets in the green ahead of budget
Sensex over 400 points up, Nifty over 90 ahead of Budget 2023.
Finance Minister Nirmala Sitharaman is at Rashtrapati Bhavan to call on President Droupadi Murmu ahead of Budget 2023.
Delhi | 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. pic.twitter.com/hHDSZU7g3j
– ANI (@ANI) February 1, 2023
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.
Union Finance Minister Nirmala Sitharaman will table the Budget 2023 in Lok Sabha today at 11 am.
This will be the Narendra Modi government’s last full Budget in this term of the Parliament.
Speaking to ANI ahead of the Budget, MoS Finance said that the people’s expectations would be reflected in the Budget which will be presented later today.
Delhi | Finance Minister Nirmala Sitharaman all set to present the Union Budget 2023 at 11am today
This is the BJP government’s last full Budget before the 2024 general elections. pic.twitter.com/m2NRMHW7Ut
– ANI (@ANI) February 1, 2023
The Economic Survey 2022-23 on Tuesday underlined the need for close monitoring of the current account deficit which may continue to widen because of elevated global commodity prices.
The country’s current account deficit widened to 4.4 per cent of the GDP in the quarter ending September, from 2.2 per cent of the GDP during the April-June period due to a higher trade gap, according to the latest Reserve Bank data.
“…a downside risk to the current account balance stems from a swift recovery driven mainly by domestic demand, and to a lesser extent, by exports,” the Survey said, adding “CAD needs to be closely monitored as the growth momentum of the current year spills over into the next”.
Budget 2023: India Has Nearly Recouped, Recovery Relatively Quick, Says Economic Survey
Finance Minister Nirmala Sitharaman on Tuesday tabled the economic survey in Parliament, a day before presenting the Union Budget 2023. In the survey, which is a review of how the economy fared in the past year, the government said that India has nearly “recouped” what was lost, “renewed” what had paused, and “re-energised”
Delhi | Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance, ahead of the Budget presentation pic.twitter.com/XzWkXKeV8J
– ANI (@ANI) February 1, 2023
Nirmala Sitharaman reaches finance ministry
Nirmala Sitharaman has reached the finance ministry. This is Ms Sitharaman’s fifth Budget presentation since 2019. This Budget marks the last Budget of Prime Minister Narendra Modi government in the Parliament of this term. The Finance Minister will table the Union Budget 2023-24 at 11 am in Lok Sabha today, following which she will address the House.
Chief Economic Advisor V Anantha Nageswaran on Tuesday said the economy’s recovery from the pandemic is complete, supported by non-banking and corporate sectors.
The Economic Survey 2023, which was tabled today, had pegged India’s gross domestic product (GDP) growth for fiscal 2023-24 at 6 per cent to 6.8 per cent. The Survey was presented by Finance Minister Nirmala Sitharaman in Parliament today.
Budget 2023: Real estate sector
The real estate sector, which nosedived during the pandemic, expects the centre to announce favourable schemes and tax breaks to improve its luck after a slow but surefooted revival last year. In 2019, the goods and services tax, or GST, council cut the tax rate on affordable houses from 8 per cent to 1 per cent. The sector expects similar announcements in this Budget too.
Indian companies mobilised Rs 5.06 lakh crore through the equity and debt routes during April-November 2022, a drop of 8.5 per cent from the year-ago period, the Economic Survey 2022-23 said on Tuesday.
Fund mobilisation through debt contributed a lion’s share to the overall fund-raising during the period under review.
Out of the cumulative Rs 5.06 lakh crore garnered in FY23 (till November 2022), funds totalling Rs 3.92 lakh crore were mopped up from the debt market and Rs 1.14 crore came in through the equity route, as per the data compiled in the survey.
The BJP will start a 12-day nationwide campaign on Wednesday to make people aware of the “pro-people” measures announced in the Union Budget, party leaders said.
The campaign that will begin the day the budget is presented in Parliament will be coordinated by senior BJP leader Sushil Modi and it will conclude on February 12, they said.
BJP president JP Nadda has formed a task-force comprising nine members, including party general secretary Sunil Bansal and heads of its farmer and youth wings, to organise discussions, press conferences or seminars on the Union Budget in all districts of the country, they said.
Nirmala Sitharaman’s press conference on Budget at 3.30 pm
Finance Minister Nirmala Sitharaman to address press conference at 3.30 pm after presentation of Union Budget 2023-24 in Parliament.
Ahead of the presentation of the Union Budget for fiscal 2023-24, on Wednesday, Chattisgarh Chief Minister Bhupesh Baghel said locals have put forward a demand for new trains in Jagadalpur and Surguja areas.
Chief Minister Baghel further demanded that GST and central excise dues to the state be released at the earliest.
“People have demanded new trains in Jagadalpur and Surguja areas. Earlier, there used to be a separate Railway Budget. But now, such announcements are not made separately. We also demand that our share of GST and central excise dues be released at the earliest,” said Mr Baghel.
Prime Minister Narendra Modi on Tuesday said amid global economic turmoil, the budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world.
Addressing the media ahead of the Budget Session of Parliament, PM Modi said recognised voices in the world of economy were bringing positive messages from all sides.
The Prime Minister said the Budget, to be presented by Finance Minister Nirmala Sitharaman on Wednesday, will strive to fulfil people’s hopes, aspirations and also boost the hopes with which the world is looking at India.
“The ray of hope being seen by the world will glow brighter — for this, I firmly believe the finance minister will make all efforts to meet these aspirations,” PM Modi said.
Budget likely to push spending to support growth
Presenting its annual budget to parliament today, 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.
GDP Growth To Slow Down To 6-6.8%, Forecasts Economic Survey
India’s economic growth is forecast to be 6.5 per cent in fiscal 2024 compared to 7 per cent in the current fiscal, according to the Economic Survey released by the government a day ahead of the Union Budget presentation.
Indian economy is poised to do better and is expected to grow 6.5-7 per cent in the remainder of the decade, Chief Economic Adviser (CEA) V Anantha Nageswaran said on Tuesday.
Addressing reporters here after the tabling of the Economic Survey in Parliament by Finance Minister Nirmala Sitharaman, Nageswaran said that by and large, inflation is likely to be “well behaved” in FY2023-24 barring headwinds.
Amid expectations of tax relief for middle class in the Budget, Economic Survey on Tuesday suggested that the government should follow the path of fiscal prudence as it will benefit all sections of society by keeping interest rates low.
The Survey, authored by a team led by Chief Economic Advisor V Anantha Nageswaran, argued that fiscal discipline will ensure significant fiscal space for policy action in uncertain times.
Budget speech to begin at 11 am
The markets in India – Asia’s third-biggest economy – will be closely watched when Ms Sitharaman begins her Budget speech at 11 am. Adani group companies led most of the fluctuations last week, but on Tuesday its Rs 20,000 crore follow-on share sale sailed through, bringing relief to the group that’s facing allegations of fraud made by US-based short-seller Hindenburg.
Middle class looking for income-tax relief
Predictably, India’s middle class is looking for some form of income-tax relief. Though the tax slab wasn’t changed and no new deduction was announced last year, inflation has eaten into people’s earnings. They haven’t seen a change in tax rate since 2017-18 and in tax slab since July 2014.
Nirmala Sitharaman to present Budget 2023 today
he Union Budget for fiscal 2024, to be presented by Finance Minister Nirmala Sitharaman, will set the foundation for taking India’s economic growth to the forecast rate of 6.8 per cent.
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