Home / Economy / Union Budget 2023 Live Updates: India has been waiting for direct taxation to be simplified, says FM Sitharaman

Union Budget 2023 Live Updates: India has been waiting for direct taxation to be simplified, says FM Sitharaman

Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24 on the second day of Budget Session of Parliament, in New Delhi on Wednesday. (ANI)Premium
Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24 on the second day of Budget Session of Parliament, in New Delhi on Wednesday. (ANI)

  • Union Budget 2023 Live Updates: Union Finance Minister Nirmala Sitharaman proposed a new tax regime, under which income tax rebate limit was increased from 5 lakh to 7 lakh.

Union Budget 2023: Finance Minister Nirmala Sitharaman presented the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections on 1 February, 2023. The government sweetened the new income tax regime by making income of up to 3 lakh exempt from income tax. With a rebate, now people earning up to 7 lakh need not pay any income tax. The FM also simplified the tax structure and called it the "default income tax regime".

02 Feb 2023, 01:15:05 PM IST

Budget identifies the need for teacher recruitment: Ratna Vishwanathan, CEO, Reach to Teach

“As a run up to the budget I had put down what one expected off it with reference to the Education Sector. With the focus on FLN, NEP 2020 and NCF 2022, one hoped that the Budget would focus on taking this agenda forward in terms of infrastructure and manpower to create a strong framework to provide universal access to quality education. Recognising the learning losses suffered as a fall out of the pandemic, it is encouraging to see that this Budget has an increased budgetary allocation for school education by 8 percent. On the other hand, allocations for the Samagra Shiksha Abhiyan (SSA) which aims to improve the quality of school education with an emphasis on teacher training and strengthening of SCERTs and DIETs remains the same as in the previous year.

The Budget identifies the need for teacher recruitment and intends to recruit 38,000 teachers over the next three years for the Eklavya Model Residential Schools. If the agenda of innovative pedagogy, capacity building, and establishment of centres of excellence at district level rolls out as envisaged, there will be a significant impact on teaching and learning outcomes. Nearly 3.5 lakh children study in the 740 Eklavya Model Residential Schools and this recruitment of teachers will strengthen education and development of tribal children.

The establishment of a national digital library for children and adolescents to enable device-agnostic access to quality books in regional languages, was announced in 2018 and is being run by IIT Kharagpur. Setting up of physical libraries and creation of infrastructure for digital libraries, starting at the panchayat level, for children who may not have digital access is inclusive, forward looking and will create a culture of reading among children. The stated focus is on a knowledge based, technology driven economy. To get there we need to start from the lowest rung, which are schools.

There is always a lot to be done but with the focus on integrating technology, creating reading access and strengthening schools for tribal children one hopes that there is greater equity in access to education, especially at the level of low resourced schools."

02 Feb 2023, 12:19:07 PM IST

Higher import duty will make it further difficult for a small pocket household to purchase gold: Pawan Gupta, Director, PP Jewellers

The government needs to understand the negative impact of higher import duty on the jewellery business such as the rise in smuggling & corruption cases. Higher import duty will also subsequently make it further difficult for a small pocket household to purchase gold.

The Indian government has announced to encourage the indigenous production of lab-grown diamonds, a research and development grant is to be provided to one of the IITs for five years, the policy is expected to address issues such as quality control, branding and marketing, and the development of human resources

02 Feb 2023, 12:16:11 PM IST

Budget 2023 primes India to the top of the world: Director, Dalmia Bharat Ltd

The Union Budget 2023 is the providential threshold for creating the India of the Amrit kaal. As eloquently portrayed by the Finance Minister as the “Saptrishi" or 7 priorities, the Budget has created a very purposeful direction and vehicles to capture India’s rightful place amongst the 'Top 3' major economies of the world."

02 Feb 2023, 12:13:47 PM IST

With the PAN as a common identifier, access to financial products will see a drastic jump: Sujith Narayanan

"A risk-based approach to KYC should make things simpler not just for the industry at large, but also for users, as not every user will have to go through the same number of rigorous checks if they pass the risk threshold." said Sujith Narayanan of Bengaluru-based fintech Fi Money. He added "Account creation processes as per RBI and SEBI norms are already under 5 minutes thanks to technology. Now with the PAN as a common identifier, access to financial products will see a drastic jump."

02 Feb 2023, 11:27:24 AM IST

Importance of personal savings 'jettisoned' in 'hullabalo' over old, new tax regimes: Chidambaram

Congress leader P Chidambaram on Thursday said that in the "hullabaloo" over the old and the new tax regimes, the importance of personal savings in a developing country has been "jettisoned".

The former Union finance minister asserted that in the absence of a state-provided safety net for the vast majority of people, personal savings is the only social security.

02 Feb 2023, 10:01:31 AM IST

Budget Session: Motion of thanks on President's address in Parliament today

The Rajya Sabha and the Lok Sabha will start separate discussions on Thursday on President Droupadi Murmu's address which she delivered to both Houses of Parliament assembled together on January 31.

Both Houses will move a motion of thanks on the President's address in the second half of the day.

02 Feb 2023, 07:51:07 AM IST

A Budget for a prosperous and inclusive India: Nitin Gadkari

Union Minister for Road Transport and Highways, Nitin Gadkari on Wednesday hailed the Union Budget, saying that envisions a prosperous and inclusive India in which the fruits of development will reach all sections and citizens, especially the youth, women, farmers, OBCs, SCs, and STs.

02 Feb 2023, 06:43:34 AM IST

PM Modi’s election budget unlikely to delay RBI path to rate pause

The Narendra Modi government’s $550 billion India budget aimed at boosting consumption by lowering taxes will not stop the central bank from moving toward a pause in interest-rate hikes by the end of this quarter, according to some economists

The inflation-targeting RBI is due to meet Feb. 8 to review policy settings, amid data showing price gains have returned within its 2%-6% target range since November.

02 Feb 2023, 04:44:52 AM IST

Assam CM Himanta Biswa Sarma praises PM for doubling allocation for North-east development scheme

Assam CM Himanta Biswa Sarma also expressed his gratitude towards the Prime Minister for nearly doubling the allocation for Prime Minister’s Development Initiative for North East Region (PM-DevINE), aimed at revitalizing infrastructure growth in North Eastern States, and praised the budget's focus on tribal and indigenous communities through schemes like PM-PVTG for last-mile development.


02 Feb 2023, 04:12:11 AM IST

Unity Malls to be set up to promote GI products, ODOPs: FM

Union Finance Minister Nirmala Sitharaman announced during her budget speech on Wednesday that the Indian government is looking to encourage states to establish a Unity Mall in their state capital, financial hub, or major tourist centre.

The purpose of these malls is to showcase and sell products that are specific to a particular district, also known as ODOPs (one district, one product), along with other handicraft products with geographical indications.

The mall will provide a platform for these products from various states to be sold in one centralized location.

02 Feb 2023, 04:07:14 AM IST

Union Budget 2023 ‘captures the pulse of the economy’ says FICCI president

Subhrakant Panda, president of industry body FICCI, has said the Budget announcements made on Wednesday captured the pulse of the economy.

"FICCI congratulates the Hon'ble Finance Minister for delivering a balanced and progressive Union Budget which gives primacy to inclusive growth. The announcements made today capture the pulse of the economy while retaining credibility both in terms of projections as well as committing to the fiscal consolidation glide path," Panda said post Budget.

(With inputs from ANI)

01 Feb 2023, 11:32:30 PM IST

Health sector allocation sees 13% hike

The health sector has been allocated 89,155 crore in the Union Budget 2023-24, a hike of around 13 per cent as against 79,145 crore allocated in 2022-23, with the government also announcing a mission to eliminate sickle cell anaemia by 2047.


01 Feb 2023, 11:21:46 PM IST

Who gained and who lost from India’s Union Budget 2023

Prime Minister Narendra Modi’s government delivered India’s annual budget on Wednesday that laid out a slew of measures to bolster infrastructure for creating more jobs and attract investment ahead of next year’s national election.


01 Feb 2023, 11:19:01 PM IST

Real Estate Budget 2023: 10 major announcements by FM

The Union Finance Minister, Nirmala Sitharaman, presented the Budget 2023–24 to the Parliament today. The government has created various plans, according to the Finance Minister, which would improve the nation's infrastructure and real estate, she said during her Budget presentation. The following announcements have been made by FM with these industries in mind.


01 Feb 2023, 11:12:41 PM IST

State-wise allocation of central taxes and duties

The Union Government has released the statement showing the state-wise distribution of net proceeds of Union Taxes and Duties for Budget Estimates 2023-24. The distribution was conducted according to the recommendation of the 15th Finance Commission which fixed the share of states at 41% of the net proceeds of sharable Central Taxes and Income Tax. The total amount distributed by the centre is 10,21,448.16 crore.


01 Feb 2023, 11:10:45 PM IST

Back 5 income tax rule changes announced in Budget 2023

During the Union Budget speech in the House, Union Finance Minister Nirmala Sitharaman on Wednesday announced change in income tax slabs, up to 7 lakh rebate under new income tax regime.


01 Feb 2023, 09:42:45 PM IST

What has become cheaper, what’s more expensive; Full list

Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for the fiscal year beginning 1 April. As proposed by the finance minister in the Union Budget for 2023-24, a large number of commonly used items like kitchen electric chimneys will become more expensive.


01 Feb 2023, 09:34:52 PM IST

Key takeaways for the tech industry

Finance Minister Nirmala Sitharaman tabled the last full budget of PM Narendra Modi led government today. In her speech, the minister said that the government’s ‘vision for the Amrit Kaal includes a technology-driven and knowledge-based economy with strong public finances, and a robust financial sector’. Here’s all technology-related announcements made by the minister during her budget speech.


01 Feb 2023, 09:31:14 PM IST

Budget 2023 in 10 points

In the Union Budget 2023-24, Finance Minister Nirmala Sitharaman announced a big ticket budget ahead of the general elections in 2024, which included raising the cap on income tax exemption and cutting rates, massive capital outlay in infrastructure, strengthening the startup ecosystem and more.


01 Feb 2023, 09:04:48 PM IST

Govt to offer sickle cell anemia status cards to tribal people below 40 years

In a bid to eliminate sickle cell anemia by 2027 in a mission mode, the Central government may soon initiate the testing of tribal people aged below 40 years to monitor their sickle cell anemia status. The government will provide cards to the tribal community mentioning their disease status.

The aim is to raise pre-marital counselling to the vulnerable population about the risk a having a child positive with sickle cell anemia if the couple is already affected with sickle cell disease.


01 Feb 2023, 08:53:44 PM IST

Favourable budget, talks about development, growth, inclusiveness: Anant Singhania, President, IMC India

Favourable budget, talks about development, growth, inclusiveness. Strong focus on capital expenditure, there's an outlay of 10 lakh crore towards infrastructure development.

01 Feb 2023, 08:51:19 PM IST

Budget for poor welfare: MP CM Shivraj Singh Chauhan

This is the budget for poor welfare. This is the budget for the upliftment of the farmers. This is a budget that takes forward mothers, sisters and daughters and empowers the middle class.

Income up to 7 lakh has been made tax free. This is a budget for the welfare of the weaker sections. This is the budget of the youth.

01 Feb 2023, 08:47:34 PM IST

This is just a ceremonial budget: Himachal Pradesh CM SS Sukhu

This is just a ceremonial budget. There should have been more schemes, there should have been schemes related to unemployment, MNREGA. If the government wanted, it would have given a special grant as Himachal Pradesh has a debt of 75,000 crores.

01 Feb 2023, 08:41:30 PM IST

Focus on primitive tribal groups is a welcome step: Odisha CM Naveen Patnaik

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. 

01 Feb 2023, 08:21:58 PM IST

Better if the budget is more for the country than for a party: Mayawati

Whenever the Centre talks about the beneficiaries of a scheme, it must remember that India is a vast country of about 130 crore poor peoples, labourers, deprived citizens, farmers etc. who are yearning for their Amrit Kaal. It is better if the budget is more for the country than for a party.

01 Feb 2023, 08:08:31 PM IST

This can be called Nirmala Sitharaman’s ‘nirmam’ budget: : Chhattisgarh CM Bhupesh Baghel

This can be called Nirmala Sitharaman’s ‘nirmam’ budget. There is nothing in this budget for youth, farmers, women, tribals or scheduled castes. It was made purely focusing on the upcoming elections. There is nothing for Chhattisgarh in the budget. 

01 Feb 2023, 08:06:05 PM IST

This budget will strengthen exports: Maharashtra Dy CM

We were once an importer of mobile phones, now we're the second largest mobile phone manufacturer in the world. Our foreign exchange reserves went above 605 billion dollars. This budget will strengthen exports. New India becoming part of global supply chain.

01 Feb 2023, 08:05:25 PM IST

Budget is anti-poor, anti-farmer: Ex Karnataka CM Siddaramaiah

Budget is anti-poor & anti-farmer. Fund allocation for NREGA is reduced by 29,000 crores which means additional employment will not be generated. Fertiliser subsidy reduced by 50,000 crores that means farmers’ expenses will be increased.

01 Feb 2023, 07:59:47 PM IST

Around ₹1,000 cr will be spent only on 'Khelo India Games': Union Minister Anurag Thakur

There has been an 11% increase in the Sports budget which has now become a total of 3,397 cores. Around 1,000 crores will be spent only on 'Khelo India Games': Union Minister Anurag Thakur

01 Feb 2023, 07:49:10 PM IST

This budget is a Bahubali budget: Nilesh Shah, MD, Kotak Mahindra AMC

“This budget is a Bahubali budget. With one arrow multiple targets are shot. Fiscal prudence is achieved with lower deficit and path set till FY 26. Consumption is supported through tax cuts. Investment outlay is enhanced. No’s are realistic or conservative to enhance the credibility.

The budget could have focussed more on asset monetisation but that can be pursued otherwise also depending upon market conditions. Net net a Bahubali budget."

01 Feb 2023, 07:44:47 PM IST

Budget with vision, structure, discipline: Uday Kotak, CEO of Kotak Mahindra Bank

“Budget with vision, structure, discipline. Immediate benefits to all individual earners. Continues measured path of fiscal consolidation. Sets foundation to increase every Indian’s per capita income exponentially from 1.97 lakhs (2400$).True to its name: 1st budget for Amritkaal."

01 Feb 2023, 07:36:16 PM IST

'No roadmap to build India's future': Rahul Gandhi on 'Mitr Kaal' budget

"'Mitr Kaal' Budget has: NO vision to create Jobs. NO plan to tackle Mehngai. NO intent to stem Inequality. 1% richest own 40% of the wealth, 50% poorest pay 64% of GST, 42% youth are unemployed -- yet, PM doesn’t Care!" Rahul Gandhi tweeted on Wednesday.

01 Feb 2023, 07:08:38 PM IST

Budget 'anti-people', 'opportunistic': Mamata

Terming the Union Budget "anti-people", West Bengal Chief Minister Mamata Banerjee on Wednesday said it will deprive the poor.

01 Feb 2023, 07:05:45 PM IST

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

Luxury carmakers Mercedes-Benz, BMW and Lexus on Wednesday said prices of some of their luxury vehicle models will go up following a hike in customs duty on certain fully imported vehicles in the Budget 2023-24.

01 Feb 2023, 07:00:13 PM IST

Budget 'progressive'; ticks all boxes, powers India's growth drive: Scindia

The Union Budget is "progressive" and ticks all the boxes and powers the country's growth drive, Civil Aviation Minister Jyotiraditya Scindia said on Wednesday.

01 Feb 2023, 06:55:03 PM IST

Budget 2023: President's household expenditure slashed by ₹10 cr

The government has allocated 36.22 crore for the President's household expenditure, which includes staff salaries, in the Union Budget for 2023-24, a sharp drop of 10 crore from the revised estimates of the current fiscal.

01 Feb 2023, 06:49:04 PM IST

Budget has nothing for 99% people in the country: Yogendra Yadav

Swaraj India leader Yogendra Yadav has said the Union budget has nothing for 99 per cent of the citizens of the country, while alleging that the government is only concerned about a few rich people. He also accused the government of not paying any heed to farmers' concerns in the budget.

01 Feb 2023, 06:45:12 PM IST

Budget 2023: J-K gets ₹35,581.44 crore

The Union Budget 2023-24 on Wednesday allocated 35,581.44 crore to Jammu and Kashmir, the majority of it being central assistance for the union territory.

01 Feb 2023, 06:44:10 PM IST

Delhi Police gets ₹11,933 cr in Union Budget

The Delhi Police has been allocated 11,933.03 crore in the Union Budget for 2023-24, an increase of 15.22 per cent from the last fiscal, according to the official data released on Wednesday.

01 Feb 2023, 06:38:23 PM IST

Gem, jewellery industry disappointed with Budget

The gems and jewellery industry on Wednesday said it is disappointed with the Union Budget proposed for 2023-24, as the government maintains the customs duty at 10 per cent, saying it will encourage the grey market.

01 Feb 2023, 06:32:30 PM IST

Sitharaman says new taxation regime now has got greater incentives

Sitharaman has said the new taxation regime has now got greater incentives and attraction so that people can unhesitatingly move to it from the old regime.

01 Feb 2023, 06:27:30 PM IST

Budget 2023: Karti Chidamabaram praises tax rebate

Congress MP Karti Chidambaram welcomed the tax cuts in the Union Budget on Wednesday and said that it would be the best way to boost the economy. However, his colleagues exhibited 'difference of opnion'.

01 Feb 2023, 06:21:01 PM IST

Budget 2023: Civil aviation ministry gets ₹3,113.36 cr allocation

The allocation for the civil aviation ministry in the Union Budget has more than halved to 3,113.36 crore for next financial year, especially due to a sharp reduction in the amount set aside for Air India Asset Holding Ltd.

01 Feb 2023, 06:15:34 PM IST

Budget will trigger growth, say textile bodies

Major textile bodies in the region has welcomed the Union Budget by terming it as one aiming at strong and stable economic growth.

01 Feb 2023, 06:14:22 PM IST

Kaku Nakhate, India head of Bank of America on Budget 2023

"Allowing foreign banks to conduct acquisition financing from GIFT City is a welcome step and will attract many more banks to set up offices in GIFT IFSC. Recognizing ODIs as valid contracts will give fillip to the securities market. The dual budget proposal for a single window clearance for IFSCA, SEZ, RBI, SEBI and GSTN at GIFT City, and the inclusion of arbitration law will draw global institutions from the BFSI sector here. This will further augment Gift city as of one of the leading international financial centers of the world. Creating property tax governance reforms and ring-fencing user charges on urban infrastructure in cities will surely strengthen the municipal bonds markets in India," said Kaku Nakhate, President & India Country Head, Bank of America.

01 Feb 2023, 06:00:39 PM IST

Budget 2023 Live: 'Stipend support to 47 lakh youth in next 3 yrs'

India's digital ecosystem for skilling will be further expanded with the launch of a unified Skill India Digital platform, the FM announced. Sitharaman said stipend support will be provided to 47 lakh youth in three years via direct benefit transfer through roll out of a pan-India National Apprenticeship Promotion Scheme.

01 Feb 2023, 05:57:01 PM IST

Budget infuses new energy to India's growth trajectory: Jitendra Singh

Union Minister Jitendra Singh on Wednesday said the "Amrit Kaal Budget" infuses new energy to India's growth trajectory and is the outcome of all inclusive people-centric agenda relentlessly pursued by Prime Minister Narendra Modi.

01 Feb 2023, 05:48:59 PM IST

Budget 2023 Live: Lokpal gets ₹92 cr, CVC receives ₹44.46 cr

The government has allocated 92 crore to anti-corruption ombudsman Lokpal in the Union Budget for 2023-24. The Central Vigilance Commission (CVC) received 44.46 crore from government's purse, a nominal increase of 1 crore from the last budget.

01 Feb 2023, 05:44:10 PM IST

Jaishankar lists 10 reasons why the world should welcome Budget 2023

EAM Jaishankar lists 10 reasons why the world should welcome Budget 2023

01 Feb 2023, 05:33:25 PM IST

Budget 2023 Live: A callous budget, says Chidambaram

This is a callous budget that has betrayed hopes of vast majority of people, says Congress leader P Chidambaram.

01 Feb 2023, 05:13:59 PM IST

Budget 2023 to create massive jobs: Vedanta Chairman

Vedanta Chairman Anil Agarwal said, "This Budget is one of the best budgets ever, truly inclusive and addresses the aspirations of every section of society. It empowers India’s 1.4 billion people as drivers of the India story. I compliment the PM and FM for the long term vision that was laid out in the Budget speech as well as the many progressive announcements, like increased outlay for capital expenditure, incentives for the start-ups and MSMEs, green energy, a lower tax for the middle class and boost to tourism which will create massive jobs and reinforce India’s position as the fastest growing major economy in the world."

01 Feb 2023, 05:06:26 PM IST

Budget 2023 Live: CEA on pvt capital expenditure

Chief Economic Adviser V Anantha Nageswaran said that private capital expenditure in the country has been improving every year for the past three years. "Both in terms of intent and actual spend, private capital investment is showing clear signs of revival," the CEA said at the presser.

01 Feb 2023, 05:04:46 PM IST

On future crude oil prices

The Budget does not make any assumption about future crude oil prices, says Union Finance Secretary TV Somanathan.

01 Feb 2023, 04:58:19 PM IST

More from FM's post-Budget presser

Revenue estimates in Budget 2023 conservatively assume tax buoyancy of only 1, that the commitment to 4.5% fiscal deficit was reiterated in this Budget shows that we believe we have the means and the ability to reach that target by 2025-26, says Union Finance Secretary TV Somanathan.

01 Feb 2023, 04:53:26 PM IST

‘We are moving along to become $5 trn economy’

We are moving along to become a $5 trillion economy, the finance minister said during the post-Budget press conference.

01 Feb 2023, 04:46:41 PM IST

Budget 2023 Live: Price of wheat will come down, says FM

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, the FM said.

01 Feb 2023, 04:45:00 PM IST

Budget 2023 Live: FM on fiscal front

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

01 Feb 2023, 04:43:40 PM IST

Budget 2023 Live: FM on capital investment

At a post-Budget presser, FM Sitharaman said that Budget 2023-24 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.

01 Feb 2023, 04:34:02 PM IST

Budget 2023 Live: FM on direct taxation

India has been waiting for direct taxation to be simplified. Therefore the new taxation regime that we brought in for direct taxation two, three years ago has now got greater incentives and greater attraction so that people can unhesitatingly move from the old to the new, the FM said.

01 Feb 2023, 04:27:21 PM IST

Making new taxation regime more attractive, says FM

Addressing a post-Budget meet, the finance minister said 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," she said.

01 Feb 2023, 04:24:22 PM IST

Budget 2023 Live: FM on Industrial Revolution 4.0

We are looking at a futuristic fintech sector, people will be trained through Industrial Revolution 4.0, we are trying to unleash digital economy in various walks of life, says Sitharaman.

01 Feb 2023, 04:13:35 PM IST

Budget 2023 Live: FM's opening remark

- For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025: FM

- Prime Minister has given a vision for “LiFE", or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle: FM

01 Feb 2023, 04:12:49 PM IST

Budget 2023 Live: FM on '4 emphasis points'

1. empowering women

2. emphasis on tourism

3. pm vikas scheme

4. green growth

01 Feb 2023, 04:06:58 PM IST

FM briefs media

Union Finance Minister Nirmala Sitharaman is addressing a press conference post presenting the Union Budget 2023-24.

01 Feb 2023, 04:02:32 PM IST

Budget is for welfare of every sector, all states: Madhya Pradesh CM

Madhya Pradesh Chief Minister Shivraj Singh Chouhan said the new Budget is for the welfare of every sector and every state of the country. "It is for the benefit of the poor, women and middle-class people, along with empowering weaker sections and young people", he stated.

01 Feb 2023, 03:54:57 PM IST

Govt expects dividend of ₹48,000 cr from RBI, PSU banks in FY24

The government expects 17 per cent higher dividend at 48,000 crore from the RBI, public sector banks and financial institutions in 2023-24. In current financial year ending March, it aims to garner 40,953 crore from RBI and public sector financial institutions. This is much lower compared to Budget Estimate of 73,948 crore for FY23. It is to be noted that RBI approved a dividend payment of 30,307 crore to the government post its board meeting in May 2022.

01 Feb 2023, 03:49:00 PM IST

'Win-win situation': PNB Housing Finance MD on Budget 2023

PNB Housing Finance MD & CEO, Girish Kousgi said: “As our nation marches towards Amrit Kaal, the intended infusion of Rs.79,000 crores towards affordable housing is a positive move. Its’s a win-win situation fortifying our nations rural infrastructure and adding power to lower and middle income groups. The wheels are set in motion towards an inclusive and sustainable economic growth and this 66% increased commitment will bolster higher rural participation."

01 Feb 2023, 03:41:16 PM IST

Sensex ends 158 pts up on Budget day after 2000 pts-swing

The BSE benchmark index had rallied to a high of 60,773 during the Budget annoucement. However, heavy selling in the last hour of trades saw the Sensex slide to 59,708.

01 Feb 2023, 03:37:28 PM IST

CBRE Chairman on Budget 2023

Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa at CBRE said, "This year’s budget scores well on many fronts including its focus on developing infrastructure, meeting green goals, providing tax relief to the middle class and boosting the MSME sector. Measures such as an increased outlay for affordable housing, enhanced focus on tourism and development of unity malls in key cities across the country would give a fillip to the real estate sector, which will be further aided by the tax relief to citizens which should boost consumption appetite. Moreover, the sustained attention on manufacturing and improvement of urban infrastructure is likely to boost the I&L sector and at the same time spur economic activity and job creation.

Further, the 33% increase in capex is heartening in a year that has been marked by global headwinds; at the same time, the government’s efforts towards financial prudence by keeping the fiscal deficit target for the new year under 6% is commendable."

01 Feb 2023, 03:34:35 PM IST

Digitap CEO on Budget 2023

Digitap CEO Nageen Kommu said, “Extending incorporation benefits for startups to 10 years will further boost sentiment and encourage entrepreneurship in the country. This will also make startups more attractive to investors since a lower tax burden means better income and returns on investment."

01 Feb 2023, 03:32:50 PM IST

Budget 2023 Live: On rationalization of tax slabs

Jaya Vaidhyanathan, CEO, BCT Digital, said: “The rationalization of tax slabs, simplification of compliances for small businesses, and most importantly, the reduction in personal income taxes would put more money in the hands of the public, thereby boosting the economy after the pandemic-induced slowdown over the last couple of years."

01 Feb 2023, 03:31:05 PM IST

A boost to economic growth: Knight Frank India

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said: "The union budget presented today by the honourable Finance Minister is growth oriented and with a long- term view of social and infrastructure development. The budget is cognizant of the need to empower the different segments of the economy and the society. In doing so, the allocations for the various infrastructure developments are very critical. The massive 33% increase to INR 10 lakh crore outlay toward infrastructure investment and the 66% increase in the outlay toward affordable housing via the PMAY shows that the budget has planted its foot firmly forward on the growth agenda. This has been attended while providing a fiscal consolidation road map which would cheer the financial markets too.

01 Feb 2023, 03:29:48 PM IST

Budget 2023 Live: Cyrus Mody on new direct tax slabs

On Budget 2023, Cyrus Mody, Founder & Managing Partner at Viceroy Properties said, "The Union Budget has many announcements for the real estate and the infra sector. The robust infra, railway outlay, and 50 new airports by the government will help create new realty hotspots across the country. The 66% rise in the PMAY outlay will help achieve the government's dream of 'Housing for All'.

The key announcement of the government incentivizing cities to improve their creditworthiness for municipal bonds will encourage states and cities to take up urban and sustainable planning.

Lastly, the new direct tax slabs will end up leaving more money in the hand of the consumer, thereby leading to a rise in discretionary income."

01 Feb 2023, 03:27:17 PM IST

Career-oriented budget, says MyTransform's Roopali Mehra

Roopali Mehra, Founder MyTransform, said: “This is a completely career-oriented budget where the focus is not just on skilling through initiatives such as PMKVY 4.0 but also on getting our learners ready for Industry 4.0 with new-age courses in Coding, AI, IOT, Mechatronics, Drones and others. Learners will have the option to look beyond traditional career choices and make informed career decisions. She welcomed the Government stance on 'janbhagidari' through 'sabka saath, sabka prayaas' that endeavours to build a public-private-partnership model in skilling and career development."

01 Feb 2023, 03:23:42 PM IST

Budget 2023 Live: Made-in-India smartphones, TVs to become cheaper

Union Finance Minister Nirmala Sitharaman said that the government is planning to boost the production of smartphones and TVs in the country by incentivizing manufacturers. In the Union Budget 2023, Sitharaman said the govt plans to provide some relief to both smartphone and TV makers by reducing customs duty on some key components.

01 Feb 2023, 03:16:59 PM IST

Budget 2023 a roadmap for nation-building: ASSOCHAM

The Union Budget for 2023-24, presented by Finance Minister Nirmala Sitharaman, in Parliament is a roadmap of nation building with continued focus on massive public expenditure on infrastructure, sustainable economic growth, encouraging consumption demand while staying on course of strict fiscal prudence, ASSOCHAM said today.

01 Feb 2023, 03:13:43 PM IST

FM to address post-budget conference soon

Finance minister Nirmala Sitharaman will address a post-budget conference at 4 pm today.

01 Feb 2023, 02:53:22 PM IST

Budget mathematical confirmation of failure of Modi govt: Kavitha Kalvakuntla, BRS leader

This budget mathematical confirmation of failure of Modi govt. This seems like a budget for few states. We hoped tax rebate of up to 10 Lakhs. In Telangana, we pay good salaries to people so this rebate is of no use to us: Kavitha Kalvakuntla, BRS leader

01 Feb 2023, 02:51:00 PM IST

Budget 'anti-people', 'opportunistic': Mamata Banerjee

Terming the Union Budget "anti-people", West Bengal Chief Minister Mamata Banerjee on Wednesday said it will deprive the poor.

Addressing a government function at Bolpur in Birbhum district, she claimed that the changes in the income tax slabs will not help anyone.

"This Union Budget is not futuristic, totally opportunistic, anti-people and anti-poor. It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections," she said.

01 Feb 2023, 02:45:37 PM IST

Delhi CM Arvind Kejriwal on Union Budget

Budget 2023-24 offers no relief from inflation, no concrete plan to remove unemployment; will rather lead to price rise: Delhi CM Kejriwal.

01 Feb 2023, 02:44:46 PM IST

Budget will provide impetus to green growth, green economy: PM Narendra Modi

This year's budget will provide impetus to green growth, green economy, green infrastructure and green jobs for sustainable future: PM Modi.

01 Feb 2023, 02:32:25 PM IST

We have reduced tax-rate and have given relief accordingly: PM Narendra Modi

Our Govt has taken several steps to empower the middle class and ensure ease of living. We have reduced tax-rate and have given relief accordingly: PM Narendra Modi

01 Feb 2023, 02:28:52 PM IST

First time scheme related to training and support for 'Vishvakarma' has been brought in the budget: PM Narendra Modi

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

01 Feb 2023, 02:27:49 PM IST

Special savings scheme will be started empowering women in households: PM Narendra Modi

Govt has taken several steps to make the lives of women, in rural & urban areas, easy. Women's self-help groups will further enhance them. Special savings scheme will be started empowering women in households: PM Narendra Modi

01 Feb 2023, 02:14:51 PM IST

First budget of Amrit Kaal will build a strong foundation for building a developed India: PM Modi

First budget of Amrit Kaal will build a strong foundation for building a developed India. This budget will fulfil dreams of aspirational society including poor people, middle-class people, farmers: PM Narendra Modi

01 Feb 2023, 02:04:13 PM IST

Budget presented keeping the elections in mind: Dimple Yadav, Samajwadi Party MP

It's a Budget presented keeping the elections in mind, while some relaxations given to the middle class. Govt hasn't said anything about MSP for farmers, employment & youth. Railways also ignored in this budget. It has been a disappointing budget, says Dimple Yadav, Samajwadi Party MP

01 Feb 2023, 01:55:43 PM IST

Budget 2023 is a pro-corporate budget: K Suresh, Congress

Budget 2023 is a pro-corporate budget. All interests of Adani are fulfilled in this budget, but the common man has been ignored. This budget is for Adani, Ambani, Gujarat: K Suresh, Congress

01 Feb 2023, 01:52:21 PM IST

Expert's take: The tax benefits have been tweaked to encourage individuals to move towards new tax regime

“The budget has ensured, the fiscal impulse is maximized to improve potential growth, while signalling adherence to medium-term fiscal sustainability. This requires continued financial sector reforms, better resource allocation. Expenditure focus has been on rural, welfare, infrastructure, PLIs, and energy transition. Capex spend has picked up significantly to 3.3% of GDP and is almost double of Pre-Pandemic prints. This especially implies larger fiscal multiplier on employment and growth and will support crowding in of still-lacking private capex.

The tax benefits have been tweaked to encourage individuals to move towards new tax regime, and to provide relief to middle class, while maximum marginal rate has also been reduced to 39% from 42.7% to give relief to the highest income strata. While the government is foregoing effective revenue of Rs350bn, this could have a consumption multiplier effect albeit at the margin, in the economy that’s seeing fading consumption growth," says Ms. Madhavi Arora, Lead Economist - Emkay Global Financial Services on the Union Budget 2023-24.

01 Feb 2023, 01:50:58 PM IST

Middle-class bonanza budget: Smriti Irani

This is a middle-class bonanza budget but PM has spoken about inclusive growth. This has been an inclusive budget. There was something for SC, ST, OBC, women & elderlies: Union Minister Smriti Irani

01 Feb 2023, 01:50:19 PM IST

Believer in a low tax regime: Karti Chidambaram

I am a believer in a low tax regime. So, any tax cuts are welcome because giving more money into the hands of the people is the best way to boost the economy: Karti Chidambaram, Congress MP

01 Feb 2023, 01:35:56 PM IST

Expert take: Union Budget has provided a much larger-than-expected boost to growth-inducing capital spending

The Union Budget has provided a much larger-than-expected boost to growth-inducing capital spending, while at the same time managing a fair degree of fiscal consolidation. The Budget proposals are likely to enhance business, rural and tax payer sentiment and consolidate India's growth prospects in a gloomy global setting. With the Government's borrowings similar to market expectations, the bond yields are likely to stabilise, which would also support the private sector capex plans, Ramnath Krishnan, Managing Director & Group CEO, ICRA.

01 Feb 2023, 01:26:19 PM IST

BJP MP Tejashvi Surya's reaction on Union Budget

I want to thank PM Modi and FM Sitharaman for the announcement of the over 5,000 cr irrigation project for the Upper Bhadra region of Karnataka. This project will be a game-changer for the state

01 Feb 2023, 01:25:17 PM IST

Shashi Tharoor on  Union Budget

There are some good things in Union Budget2023 but there was no mention of MNREGA, poor rural labour, employment & inflation. Some fundamental questions remained to be answered Congress MP Shashi Tharoor