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PremiumUnion 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".
“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."
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
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."
"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."
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.
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.
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.
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.
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.
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.
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)
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.
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.
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.
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.
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.
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.
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.
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.
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.
Favourable budget, talks about development, growth, inclusiveness. Strong focus on capital expenditure, there's an outlay of ₹10 lakh crore towards infrastructure development.
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.
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.
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.
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.
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.
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.
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.
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
“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."
“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."
"'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.
Terming the Union Budget "anti-people", West Bengal Chief Minister Mamata Banerjee on Wednesday said it will deprive the poor.
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.
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.
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.
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.
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.
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.
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.
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.
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'.
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.
Major textile bodies in the region has welcomed the Union Budget by terming it as one aiming at strong and stable economic growth.
"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.
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.
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.
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.
EAM Jaishankar lists 10 reasons why the world should welcome Budget 2023
This is a callous budget that has betrayed hopes of vast majority of people, says Congress leader P Chidambaram.
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