New I-T return form are being introduced for easier filing of returns: FM
Benefit of lower tax rate of 15% to new cooperative societies: FM
Made cash transfer of Rs 2.2 lakh crore under PM-KISAN scheme: Sitharaman
The government made cash transfer of Rs 2.2 lakh crore under the PM-KISAN scheme, Finance Minister Nirmala Sitharaman said on Wednesday.Presenting the last full Budget of the second term of the BJP-led NDA government ahead of the general elections in 2024, she said the mission of the government is to achieve knowledge-driven economy.
Cigarettes will get more expensive, says FM
Customs on kitchen chimneys to go down: FM
Union Budget 2023 Live: Center of Excellence for Millets
The setting up of a Center of Excellence for Millets, which have high nutritional content, will help increase the share of gross sown area under millets, which today stands at a mere 3% of total gross cropped area – CRISIL Insta Analysis
Budget 2023 Live: Pradhan Mantri Awaas Yojana
With allocation to the Pradhan Mantri Awaas Yojana rising 66% to Rs 79,000 crore next fiscal, more than 55% of the estimated gap in funding for projects under the scheme is addressed. This should help timely construction of urban and rural houses – CRISIL Insta Analysis
India Budget 2023 Live: Scrapping
Adequate funding to scrap old government vehicles and ambulances will be marginally positive for SCV buses and other vehicle categories – CRISIL Insta Analysis
Gold, silver and diamonds to get expensive
FM Sitharaman
States to be allowed 3.5% of GDP as fiscal deficit, says FM
Union Budget 2023 Live: Decarbonization
“It will be interesting to see what steps the government takes, if at all, to address more ‘hard-to-abate’ sectors for decarbonisation. Replicating the recently announced Green Hydrogen scheme to include more similar sectors, such as steel, shipping, fertilisers, etc., would go a long way in establising India’s leadership in decarbonisation.” – Dr. Abhinav Akhilesh, Partner, Public Sector Consulting, Grant Thornton Bharat
Union Budget 2023 Live: Renewables
Viability gap funding for battery storage, renewable energy evacuation, green credit policy and incentives for further growth are strong initiatives to support green growth and achieve net zero mission by 2070 – EY Insta Analysis
Budget 2023 Live: Powers under SEZ law
Deloitte Insta Analysis:: Powers under SEZ law to be granted to IFSC for regulation of GIFT IFSC alongwith single window regulatory mechanism across all tax and regulatory authorities viz. GSTN, SEZ, SEBI etc. this is a welcome move and will reduce loading between multiple authorities for businesses and ease doing business.
FM Nirmala Sitharaman on total receipts
Total receipts or receipts other than borrowing is Rs 24.3 lakh crore of which net tax receipts are Rs 20.9 lakh crore. The revised estimate of the total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore
Integrated IT portal will be set up for reclaiming unclaimed shares and dividends: FM
India Budget 2023 Live: Credit guarantee scheme for MSMEs
QuantEco Research Insta Analysis: Revamping of credit guarantee scheme for MSMEs with Rs 9000 cr infusion would insulate them from rising interest rate burden
Union Budget 2023 Live: Digital Nation
QuantEco Research Insta Analysis: Focus on digitalNATION continues; Use of DigiLocker and Aadhar to establish personal identities will smoothen current KYC hurdles
Budget 2023 Live: Infrastructure-capex to support the economy
The Union Budget 2024 paves the way for yet another year of the government using infrastructure-capex to support the economy. This is enhanced by the govt’s focus on green capex transition support. Capex support from the budget rises to 4.5% of GDP for the next fiscal from sub-4% this fiscal and sub-3% in fiscal 2020 – CRISIL Insta Analysis
Budget 2023 Live: Capex crucial for the infrastructure buildout
The 33% increase in capital investment outlay using gross budgetary support, which has already a strong growth this fiscal, and grants of Rs 3.7 lakh crore are crucial for the infrastructure buildout needed to crowd in private investments and push India towards its $5 trillion economy goal – CRISIL Insta Analysis
Budget fiscal deficit update: Revised estimate of fiscal deficit
Revised estimate for 2022-23 fiscal deficit at 5.9% of GDP, says FM
India Budget 2023 Live: Rs 35,000 crore for energy transition
The allocation of Rs 35,000 crore for energy transition, and viability gap funding for battery storage are much needed steps to enable growth in renewable energy capacity additions and grid stability. CRISIL estimates India will need at least 45 GW of energy storage capacity by 2030 – CRISIL Insta Analysis
Union Budget 2023 Live: Financial Sector Outlook
“Given that financial services is one of the key pillars of growth during Amrit Kaal, focusing on financial stability with technology-driven innovation will characterise the financial services ecosystem in the future. 10 lakh crore capital investment will create GDP growth and generate wealth creation opportunities for the citizens of India across the income spectrum, thereby increasing the chances for asset management funds in India.” – Vivek Ramji Iyer, Partner and National Leader Financial Services, Grant Thornton Bharat
100 new labs to be setup: Finance Minister
100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models and employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems and Healthcare
Budget live: DBT scheme for youths
To provide support to 47 lakh youths in 3 years, a Direct Benefit Transfer under a pan India national apprenticeship scheme will be rolled out: FM Sitharaman
Budget 2023 Live: Digital Transformation
“The use of public digital infrastructure for Agri sector under an open source standard will create a huge momentum and catalyst for growth. The next wave of technologies like 5G, Web 3.0 and Metaverse will further accelerate it and contribute an additional percent to our GDP growth. The digital infrastructure for agriculture and farmers, ranging from supply chain to analytics, will transform the entire agri value chain and make it more robust and productive.” – Deepankar Sanwalka,Digital Transformation, Partner GTB
Meanwhile, Sensex has jumped 640 points as FM delivers Budget speech
Equity benchmarks Sensex and Nifty gained momentum in morning trade on Wednesday as Sitharaman presented the Budget in the Lok Sabha.The 30-share BSE benchmark Sensex jumped 640.01 points to touch an intra-day high of 60,189.91 points. The Sensex was later trading 516.35 points or 0.87 per cent higher at 60,066.25. The broader NSE Nifty climbed 137.35 points or 0.78 per cent to 17,799.50 points.
India Budget 2023 Live: Education for knowledge driven economy
“Investments by District Institute of Education & Training in teachers training and creation of knowledge assets for students through National digital library, National book trust and Children book trust, in regional and English languages, would go a long way in creating a knowledge driven economy. Recognising ‘loss of learning’ during the pandemic and acting on it shows such a progressive change in the thinking of the government.” – Nittin Arora, Partner, Grant Thornton Bharat
Union Budget 2023 Live: Retail analysis
Economic empowerment of women, formation of large producers enterprises as well as focus on development of handicrafts in rural areas will help in economic development, push rural consumption and be beneficial for consumer companies. Agriculture accelerator funds will bring innovative and affordable solutions for farmers, PPP for sustainable cotton and high value horticultural crops will promote sustainable fashion. – Naveen Malpani, Partner – Governance, Risk and Operations at Grant Thornton Bharat LLP
FM announces new MISHTI scheme, Budget 2023
Govt to take up mangrove plantation along the coastline under the new scheme, says FM
Budget 2023 Live: Healthcare analysis
Establishment of 157 new nursing colleges will improve the nurse patient ratio, a step in the direction for Universal Health Coverage. Promoting research will move the pharma sector in the value chain and will go a long way in truly making India the Pharmacy of the World. ICMR labs to be made available for research to public and private players, to promote research and development in pharma sector – Bhanu Pratap, Consultant at Grant Thornton LLP
Budget 2023 Speech Live updates: Atmanirbhar Clean Plant Programme The Rs 2,200 crore Atmanirbhar Clean Plant Programme to improve the availability of disease-free, quality planting material for high-value horticultural crops will raise their cultivation area from a low 15%. Poor quality material , especially of fruit crops, have been a major deterrent.
CRISIL Insta Analysis
Budget live updates: 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism
FM Nirmala Sitharaman
Budget live: 9.5% compressed bio gas mandate for marketers should drive faster adoption, but feedstock aggregation will be a challenge
CRISIL Insta Analysis
The 64% increase in allocation for PM Awaas Yojana to Rs 79,000 crore will be a positive for commercial vehicles and tractors used for moving materials for construction.
CRISIL Insta Analysis
PM Pranam to be launched to incentivise states and UTs to use alternative fertilisers, says FM Sitharaman
Budget live: 50 tourist destinations to be identified on competition basis to promote tourism – aspects like physical connectivity, virtual connectivity etc would be available on app
Sandeep Chaufla, Partner, PwC
Budget 2023 live: Inclusive growth is steering the wheel this budget. Support through agriculture accelerators and SHG for women will help create rural unicorns, boost entrepreneurship and also positively impact the social structure.With focus on infra, digital infrastructure to be developed for farmers for better crop planning and credit and insurance. PACS and Multi Purpose Co op Credit Societies (MACS), extensively supported, will facilitate decentralized storage and provide a range of services. New sub scheme in PM Matsya Sampada yojana will support micro fisheries initiatives.
Prof. V. Padmanand, Public Sector Consulting, Partner at Grant Thornton LLP
Budget 2023 Live: Finance Minister Sitharaman says…
A one-stop solution for reconciliation & updating of identity and address of individuals maintained by various govt agencies, regulators and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity
The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0
FM Nirmala Sitharaman
Agri Accelerator Fund is a welcome step to unlock the agriculture value chain constraints which has been one of the biggest challenges that Agri supply chain faces. It would also converge with focus on Start-ups, thereby encouraging young entrepreneurs to venture into agriculture services.
Satyam Shivam Sundaram, Partner, Government and Public Sector, EY India
Creation of decentralized storage capacity will not only arrest the post-harvest loss but also be an enabler and catalyst for increasing farmers returns when coupled with 10,000 FPO program, Operation Greens and eNWR (electronic negotiable warehouse receipts) thereby contributing towards doubling farmers’ income. This should be operationalized by standardization, which would be key to ensure efficiency in the asset creation and operation.
Satyam Shivam Sundaram, Partner, Government and Public Sector, EY India
Customs duty on lab grown diamonds to be reduced
FM Sitharaman
New Skill India centres
30 Skill India international centres will be set up across states, says FM
PAN to be a Common Business Identifier for all digital systems. This is a step towards inter-department data sharing of a taxpayer between various government organisations which is likely to help in better tax administration and ease of doing business for industry.
Saurabh Agarwal, Tax Partner, EY India
PAN will be used as common identifier for businesses across govt agencies to enhance ease of doing business. We need to see the alternative for non-resident businesses as they would not have PAN
Deloitte Insta Analysis
Govt to bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes: Sitharaman
Reduction in compliance and relaxation of regulatory provisions is a welcome move from ease of doing business perspective
Deloitte Insta Analysis
New program for pharmaceuticals will be formulated and investment in research would be encouraged… if tax and other incentives are included, it should boost pharmaceuticals industry
Deloitte Insta Analysis
Support for farmers
Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up, says FM
Massive decentralised storage capacity to help farmers store produce and realise reasonable prices
Deloitte Insta Analysis
New I-T return form are being introduced for easier filing of returns: FM
Benefit of lower tax rate of 15% to new cooperative societies: FM
Made cash transfer of Rs 2.2 lakh crore under PM-KISAN scheme: Sitharaman
The government made cash transfer of Rs 2.2 lakh crore under the PM-KISAN scheme, Finance Minister Nirmala Sitharaman said on Wednesday.Presenting the last full Budget of the second term of the BJP-led NDA government ahead of the general elections in 2024, she said the mission of the government is to achieve knowledge-driven economy.
Cigarettes will get more expensive, says FM
Customs on kitchen chimneys to go down: FM
Union Budget 2023 Live: Center of Excellence for Millets
The setting up of a Center of Excellence for Millets, which have high nutritional content, will help increase the share of gross sown area under millets, which today stands at a mere 3% of total gross cropped area – CRISIL Insta Analysis
Budget 2023 Live: Pradhan Mantri Awaas Yojana
With allocation to the Pradhan Mantri Awaas Yojana rising 66% to Rs 79,000 crore next fiscal, more than 55% of the estimated gap in funding for projects under the scheme is addressed. This should help timely construction of urban and rural houses – CRISIL Insta Analysis
India Budget 2023 Live: Scrapping
Adequate funding to scrap old government vehicles and ambulances will be marginally positive for SCV buses and other vehicle categories – CRISIL Insta Analysis
Gold, silver and diamonds to get expensive
FM Sitharaman
States to be allowed 3.5% of GDP as fiscal deficit, says FM
Union Budget 2023 Live: Decarbonization
“It will be interesting to see what steps the government takes, if at all, to address more ‘hard-to-abate’ sectors for decarbonisation. Replicating the recently announced Green Hydrogen scheme to include more similar sectors, such as steel, shipping, fertilisers, etc., would go a long way in establising India’s leadership in decarbonisation.” – Dr. Abhinav Akhilesh, Partner, Public Sector Consulting, Grant Thornton Bharat
Union Budget 2023 Live: Renewables
Viability gap funding for battery storage, renewable energy evacuation, green credit policy and incentives for further growth are strong initiatives to support green growth and achieve net zero mission by 2070 – EY Insta Analysis
Budget 2023 Live: Powers under SEZ law
Deloitte Insta Analysis:: Powers under SEZ law to be granted to IFSC for regulation of GIFT IFSC alongwith single window regulatory mechanism across all tax and regulatory authorities viz. GSTN, SEZ, SEBI etc. this is a welcome move and will reduce loading between multiple authorities for businesses and ease doing business.
FM Nirmala Sitharaman on total receipts
Total receipts or receipts other than borrowing is Rs 24.3 lakh crore of which net tax receipts are Rs 20.9 lakh crore. The revised estimate of the total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore
Integrated IT portal will be set up for reclaiming unclaimed shares and dividends: FM
India Budget 2023 Live: Credit guarantee scheme for MSMEs
QuantEco Research Insta Analysis: Revamping of credit guarantee scheme for MSMEs with Rs 9000 cr infusion would insulate them from rising interest rate burden
Union Budget 2023 Live: Digital Nation
QuantEco Research Insta Analysis: Focus on digitalNATION continues; Use of DigiLocker and Aadhar to establish personal identities will smoothen current KYC hurdles
Budget 2023 Live: Infrastructure-capex to support the economy
The Union Budget 2024 paves the way for yet another year of the government using infrastructure-capex to support the economy. This is enhanced by the govt’s focus on green capex transition support. Capex support from the budget rises to 4.5% of GDP for the next fiscal from sub-4% this fiscal and sub-3% in fiscal 2020 – CRISIL Insta Analysis
Budget 2023 Live: Capex crucial for the infrastructure buildout
The 33% increase in capital investment outlay using gross budgetary support, which has already a strong growth this fiscal, and grants of Rs 3.7 lakh crore are crucial for the infrastructure buildout needed to crowd in private investments and push India towards its $5 trillion economy goal – CRISIL Insta Analysis
Budget fiscal deficit update: Revised estimate of fiscal deficit
Revised estimate for 2022-23 fiscal deficit at 5.9% of GDP, says FM
India Budget 2023 Live: Rs 35,000 crore for energy transition
The allocation of Rs 35,000 crore for energy transition, and viability gap funding for battery storage are much needed steps to enable growth in renewable energy capacity additions and grid stability. CRISIL estimates India will need at least 45 GW of energy storage capacity by 2030 – CRISIL Insta Analysis
Union Budget 2023 Live: Financial Sector Outlook
“Given that financial services is one of the key pillars of growth during Amrit Kaal, focusing on financial stability with technology-driven innovation will characterise the financial services ecosystem in the future. 10 lakh crore capital investment will create GDP growth and generate wealth creation opportunities for the citizens of India across the income spectrum, thereby increasing the chances for asset management funds in India.” – Vivek Ramji Iyer, Partner and National Leader Financial Services, Grant Thornton Bharat
100 new labs to be setup: Finance Minister
100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models and employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems and Healthcare
Budget live: DBT scheme for youths
To provide support to 47 lakh youths in 3 years, a Direct Benefit Transfer under a pan India national apprenticeship scheme will be rolled out: FM Sitharaman
Budget 2023 Live: Digital Transformation
“The use of public digital infrastructure for Agri sector under an open source standard will create a huge momentum and catalyst for growth. The next wave of technologies like 5G, Web 3.0 and Metaverse will further accelerate it and contribute an additional percent to our GDP growth. The digital infrastructure for agriculture and farmers, ranging from supply chain to analytics, will transform the entire agri value chain and make it more robust and productive.” – Deepankar Sanwalka,Digital Transformation, Partner GTB
Meanwhile, Sensex has jumped 640 points as FM delivers Budget speech
Equity benchmarks Sensex and Nifty gained momentum in morning trade on Wednesday as Sitharaman presented the Budget in the Lok Sabha.The 30-share BSE benchmark Sensex jumped 640.01 points to touch an intra-day high of 60,189.91 points. The Sensex was later trading 516.35 points or 0.87 per cent higher at 60,066.25. The broader NSE Nifty climbed 137.35 points or 0.78 per cent to 17,799.50 points.
India Budget 2023 Live: Education for knowledge driven economy
“Investments by District Institute of Education & Training in teachers training and creation of knowledge assets for students through National digital library, National book trust and Children book trust, in regional and English languages, would go a long way in creating a knowledge driven economy. Recognising ‘loss of learning’ during the pandemic and acting on it shows such a progressive change in the thinking of the government.” – Nittin Arora, Partner, Grant Thornton Bharat
Union Budget 2023 Live: Retail analysis
Economic empowerment of women, formation of large producers enterprises as well as focus on development of handicrafts in rural areas will help in economic development, push rural consumption and be beneficial for consumer companies. Agriculture accelerator funds will bring innovative and affordable solutions for farmers, PPP for sustainable cotton and high value horticultural crops will promote sustainable fashion. – Naveen Malpani, Partner – Governance, Risk and Operations at Grant Thornton Bharat LLP
FM announces new MISHTI scheme, Budget 2023
Govt to take up mangrove plantation along the coastline under the new scheme, says FM
Budget 2023 Live: Healthcare analysis
Establishment of 157 new nursing colleges will improve the nurse patient ratio, a step in the direction for Universal Health Coverage. Promoting research will move the pharma sector in the value chain and will go a long way in truly making India the Pharmacy of the World. ICMR labs to be made available for research to public and private players, to promote research and development in pharma sector – Bhanu Pratap, Consultant at Grant Thornton LLP
Budget 2023 Speech Live updates: Atmanirbhar Clean Plant Programme The Rs 2,200 crore Atmanirbhar Clean Plant Programme to improve the availability of disease-free, quality planting material for high-value horticultural crops will raise their cultivation area from a low 15%. Poor quality material , especially of fruit crops, have been a major deterrent.
CRISIL Insta Analysis
Budget live updates: 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism
FM Nirmala Sitharaman
Budget live: 9.5% compressed bio gas mandate for marketers should drive faster adoption, but feedstock aggregation will be a challenge
CRISIL Insta Analysis
The 64% increase in allocation for PM Awaas Yojana to Rs 79,000 crore will be a positive for commercial vehicles and tractors used for moving materials for construction.
CRISIL Insta Analysis
PM Pranam to be launched to incentivise states and UTs to use alternative fertilisers, says FM Sitharaman
Budget live: 50 tourist destinations to be identified on competition basis to promote tourism – aspects like physical connectivity, virtual connectivity etc would be available on app
Sandeep Chaufla, Partner, PwC
Budget 2023 live: Inclusive growth is steering the wheel this budget. Support through agriculture accelerators and SHG for women will help create rural unicorns, boost entrepreneurship and also positively impact the social structure.With focus on infra, digital infrastructure to be developed for farmers for better crop planning and credit and insurance. PACS and Multi Purpose Co op Credit Societies (MACS), extensively supported, will facilitate decentralized storage and provide a range of services. New sub scheme in PM Matsya Sampada yojana will support micro fisheries initiatives.
Prof. V. Padmanand, Public Sector Consulting, Partner at Grant Thornton LLP
Budget 2023 Live: Finance Minister Sitharaman says…
A one-stop solution for reconciliation & updating of identity and address of individuals maintained by various govt agencies, regulators and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity
The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0
FM Nirmala Sitharaman
Agri Accelerator Fund is a welcome step to unlock the agriculture value chain constraints which has been one of the biggest challenges that Agri supply chain faces. It would also converge with focus on Start-ups, thereby encouraging young entrepreneurs to venture into agriculture services.
Satyam Shivam Sundaram, Partner, Government and Public Sector, EY India
Creation of decentralized storage capacity will not only arrest the post-harvest loss but also be an enabler and catalyst for increasing farmers returns when coupled with 10,000 FPO program, Operation Greens and eNWR (electronic negotiable warehouse receipts) thereby contributing towards doubling farmers’ income. This should be operationalized by standardization, which would be key to ensure efficiency in the asset creation and operation.
Satyam Shivam Sundaram, Partner, Government and Public Sector, EY India
Customs duty on lab grown diamonds to be reduced
FM Sitharaman
New Skill India centres
30 Skill India international centres will be set up across states, says FM
PAN to be a Common Business Identifier for all digital systems. This is a step towards inter-department data sharing of a taxpayer between various government organisations which is likely to help in better tax administration and ease of doing business for industry.
Saurabh Agarwal, Tax Partner, EY India
PAN will be used as common identifier for businesses across govt agencies to enhance ease of doing business. We need to see the alternative for non-resident businesses as they would not have PAN
Deloitte Insta Analysis
Govt to bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes: Sitharaman
Reduction in compliance and relaxation of regulatory provisions is a welcome move from ease of doing business perspective
Deloitte Insta Analysis
New program for pharmaceuticals will be formulated and investment in research would be encouraged… if tax and other incentives are included, it should boost pharmaceuticals industry
Deloitte Insta Analysis
Support for farmers
Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up, says FM
Massive decentralised storage capacity to help farmers store produce and realise reasonable prices
Deloitte Insta Analysis
Infrastructure incentives are expected given green energy as priority
Deloitte Insta Analysis
Reduction in compliance and relaxation of regulatory provisions is a welcome move from ease of doing business perspective
Deloitte Insta Analysis
Phase-III of e-courts will be launched, says FM Sitharaman
Railways, highways, urban, power, aviation ministries are expected to garner the lion’s share of the capex allocation of Rs 10 lakh crore, underscoring predictability and continuity
CRISIL Insta Analysis
Budget 2023 Live: FM on steps to boost connectivity
50 additional airports, helipads, water aero drones, advanced landing grounds will be revived to improve regional air connectivity
Budget 2023 Live: FM Sitharaman says…
PAN will be used for common identifier for all digital systems of specified government agencies
Budget 2023 Live: Focus on green growth
Target to reach green hydrogen production of 5 MMT by 2030. Rs 35,000 crore allocated towards achieving net zero goal & energy transition: FM
Budget 2023 Live: 47.8 crore Jan Dhan accounts opened, says FM
As many as 47.8 crore Jan Dhan accounts have been opened so far, a scheme which was launched in 2014 as a national mission for financial inclusion. The Jan Dhan Yojana was announced by Prime Minister Narendra Modi in his Independence Day address in 2014, and it was launched on August 28 in the same year.
The 33% higher capital outlay of Rs 10 lakh crore will fast-track implementation of high-multiplier government programmes such Bharatmala, Ghatishakthi, Parvatmala and Sagarmala
CRISIL Insta Analysis
The significantly higher capex allocation will support the commercial vehicles industry and will be positive for multi-axle vehicles and tippers
CRISIL Insta Analysis
India’s cotton productivity is 40% lower than the global average. Cluster-based, value-chain approach for extra-long staple cotton under PPP will improve productivity and exports
CRISIL Insta Analysis
Investment of 75,000 crore focusing on freight will help Indian Railways increase its modal share. This is in line with the National Rail Plan aim to raise the modal share to 50% from 25% now
CRISIL Insta Analysis
Budget 2023 Live: Capital outlay of Rs 2.40 lakh crore for railways in next financial year
This figure is nine times higher than the 2013-14 Budget, says FM
National data governance policy announced Aadhar, PAN to be used as basis, allow for unified filing system, kyc data norms eased
PwC Insta Analysis: Sandeep Chaufla, Partner, PwC
Budget 2023 live: While the Budget has a futuristic feel with elements like Data Governance Policy, Centres of Excellence on AI, Green Growth, the conventional thrust areas of infrastructure has also received a big boost.
QuantEco Research Insta Analysis
The budget provides for the highest ever Railway outlay at Rs 2.4 lakh crore, boosting affordable regional connectivity and logistics of cargo freights
QuantEco Research Insta Analysis
Rs 10 lakh cr budget for capex will take the Capex/GDP ratio to 3.3%, a 20-year high and help to crowd in private investments
QuantEco Research Insta Analysis
A steep rise in the Capex to 3.3% of GDP continues to be the guiding force in the first budget of the amrit kaal, providing a strong impetus to infrastructure and allied industries
QuantEco Research Insta Analysis
100 critical transport infrastructure projects have been identified for implementation, says FM
Sitharaman says that states and cities will also be encouraged to take up urban planning
Budget 2023 live: FM Sitharaman says …
All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode
Budget live: KYC process will be simplified
FM Sitharaman
Budget 2023 Live: Centre’s focus on AI
Three centres of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’, says FM
Union budget live: National Data Governance policy will be introduced which will enable access to anonymised data: FM
Budget 2023 live: FM on steps to enhance ease of doing business
“More than 39,000 compliances have been reduced and more than 3,400 legal provisions have been de-criminalised to improve ease of doing business”
Budget delivers on the high capex expectation taking it to 10 trillion
PwC Insta Analysis: Ranen Banerjee, Partner, PwC India
Budget 2023 live: Rs 10 lakh cr budget for capex will take the Capex/GDP ratio to 3.3%, a 20-year high and help to crowd in private investments
QuantEco Research Insta Analysis
Budget live: A steep rise in the Capex to 3.3% of GDP continues to be the guiding force in the first budget of the amrit kaal, providing a strong impetus to infrastructure and allied industries
QuantEco Research Insta Analysis
Budget 2023 Live: FM on Capital investment outlay
Capital investment outlay is being increased steeply for third year in a row to Rs 10 lakh crore. The increased capital outlay for infrastructure to crowd in private investment, says FM
Budget live: FM Sitharaman on federal lending
50-year interest free loans will continue for states, announces Sitharaman in Budget speech
Budget 2023 live: Outlay for Capex increased
The government has enhanced capital expenditure (capex) outlay by 33% to Rs 10 lakh crore which would be 3.3% of GDP. The amount is almost 3 times the outlay that was made by the government in 2020, says finance minister.
Key announcement for tribal groups
“To improve social-economic condition of the Particularly Tribal Groups, PMPBTG Development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 cr to be made available to implement scheme in next 3 years”
FM Sitharaman’s announcement…
National digital library for children and adolescents will be set up for facilitating quality books
During peak harvest season, crop prices tend to fall sharply. So having more storage facilities will help farmers bring the produce to mandis in a staggered manner, supporting their profitability
CRISIL Insta Analysis
Budget 2023 Live: Sabka saath sabka prayaas embodies the chiseled focus on capacity creation in agriculture, food processing, animal husbandry, and tourism
QuantEco Research Insta Analysis
From a policy perspective, distributional benefits of higher agriculture production hinges on minimizing post-harvest losses via improved warehousing facilities. The envisaged creation of decentralized storage capacities will serve not just this purpose, but also allow farmers to get remunerative returns.
QuantEco Research Insta Analysis
Budget Live: The outlay for PM Azaz Yojana is being increased by 66% to over Rs 79,000 crore, says Sitharaman.
In next 3 years, government will employ 38,800 teachers and support staff for 740 Eklavya model schools supporting tribal students, says FM
Budget live 2023: India’s per capita income has increased to Rs 1.97 lakh, says Sitharaman
Budget 2023 Live news: Entire Expenditure of around 2 lakh crore to be borne by Center to ensure Food security needs of the nation. Agri credit to be enhanced to 20 lakh crore
Saurabh Agarwal, Tax Partner, EY India
Budget 2023 live: Focus on rural economy including women economic empowerment, farmers, agri start-ups, etc should help boost rural demand for FMCG players
Paresh Parekh, National Consumer Sector Leader, Tax & Regulatory, EY India
Infrastructure incentives are expected given green energy as priority
Deloitte Insta Analysis
Budget Live 2023:Inclusive development, infrastructure focus, prioritizing green growth, financial sector prowess are key guiding stars for the Budget
QuantEco Research Insta Analysis
Union budget live: 157 new nursing colleges will be established in core locations, says FM
The country offers immense attraction for domestic as well as foreign tourists. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular, says Sitharaman
The Agri Accelerator Fund is a good step, it will help young entrepreneurs navigate government regulations and connect all stakeholders in the farm supply chain and network. It may prove to be a game changer in addressing chronic problems in India’s agri value chains.
QuantEco Research Insta Analysis
Budget 2023 live updates: 9.6 crore LPG connections, 220 crore Covid vaccination for 102 crore people given, 47.8 crore JanDhan accounts opened, says Sitharaman
Union budget 2023 live: An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs, says FM
Agricultural accelerator fund to be setup to support agricultural start-ups
Deloitte Insta Analysis
Union budget live: National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs, says FM
Priorities of Budget 2023-24 – inclusive development, reaching the last mile, infra & investment, unleashing the potential, green growth, youth and financial sector
Finance Minister Nirmala Sitharaman
Budget 2023 aims to focus on fulfilling youth aspirations, job creation and macroeconomic stability from an economics perspective
QuantEco Research Insta Analysis
Union budget 2023 live: Seven priorities – saptarishi – guiding us through Amrit Kaal. Among these, Inclusive development, green growth, youth power and financial power, says FM
Large potential for tourism especially youth- to be taken up on mission mode
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Budget 2023 live: These times of global challenges give India unique opportunity to strengthen country’s role in world economic order: FM
Budget live updates: 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, says FM Nirmala Sitharaman
Budget live news: Promotion of tourism will be taken up on mission mode, says Sitharaman
Budget 2023 live news: We have made significant progress in many Sustainable Development Goals (SDGs), says FM
Our digital infrastructure is unmatched, says FM
Facilitate opportunities for citizens especially youth, strong impetus to growth and job creation and strengthening macro economic situations has been the focus
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India budget 2023 live: Govt’s efforts since 2014 have ensured for all citizens, a better quality of life & life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world, says FM Sitharaman
EPFO membership doubled to 7 crores reflects increased employment
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Digital infrastructure and Covid vaccinations helped India stay on track
Deloitte Insta Analysis:
Indian economy has become a lot more formalized with EPFO membership doubling: FM
The G20 presidency will give India a unique opportunity to help strengthen a new world order: FM
Union budget live: During the pandemic, we ensured that no one goes to bed hungry with a scheme to supply free foodgrains: FM
Union budget 2023 live: Indian economy on the right track, and heading towards a bright future: Finance Minister Nirmala Sitharaman
The world has recognized Indian economy as the bright star. Our economic growth is expected to be at 7%, highest among major economies: FM
We hope to build on the foundation laid in the previous budget: FM
FM Nirmala Sitharaman begins Union Budget speech, says this is the first budget in Amrit Kaal
Budget 2023 live news: Railway-related stocks in limelight ahead of Union Budget
Shares of railway-related companies, including Rail Vikas Nigam Ltd and IRCON International, witnessed an up-trend on Wednesday, ahead of the Union Budget presentation in Parliament.Market experts believe that shares of railway-related companies are in the focus as Dalal Street expects a boost to railways’ capital expenditure. Expectations of higher allocations are driving the stocks.
Budget 2023 live news: We expect that this budget will be presented with general election & state elections in mind, says Congress’s Lok Sabha chief whip K Suresh
“We don’t think this Govt 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, focusing on 2024 elections, some schemes & reliefs may be announced,” he said.
World accepting India’s model. India is going ahead and witnessing economic growth. They shouldn’t show dissatisfaction. If they have grievances, let it be against government. They should show large-heartedness to show satisfaction for country’s development
Parliamentary affairs minister Pralhad Joshi
Union budget 2023 live: Rupee gains 12 paise to 81.76 against US dollar ahead of budget
On Tuesday, the rupee depreciated by 36 paise to close at a three-week low of 81.88 against the US dollar after the Economic Survey 2022-23 said the domestic unit may remain under pressure on account of plateauing of exports and subsequent widening of the current account deficit. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.02 per cent to 102.08.
Union budget live: Budget copies have been brought to Parliament ahead of Budget presentation
While the Budget is very extensive, FM Sitharaman’s speech will outline the broad contours of the budget. Sitharaman will present the Union Budget for 2023-24 with a digital device instead of the traditional ‘bahi-khata’ in her hands. 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.
India Budget live: Union Cabinet meet over, Budget 2023 approved
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Union Budget 2023-24. Following this, the finance minister is now all set to present the annual budget speech in Parliament shorlty.
Budget 2023 live: Boost for infra sector likely
Since taking charge in 2014, Prime Minister Narendra Modi has ramped up capital spending including on roads and energy, while wooing investors through lower tax rates and labour reforms, and offering subsidies to poor households to clinch their political support.Finance minister Nirmala Sitharaman is widely expected to continue that policy, and announce 10% to 12% increase in budget allocations for health, education and rural projects, helped by a pick up in tax collections.”The annual budget will continue economic reforms,” said Gopal Krishna Agarwal, economic affairs spokesman of BJP.
Budget 2023 live: No budget document has been printed this year
While traditionally, copies of the Budget are brought to the Parliament complex before the Finance Minister arrives, this year no document has been printed following the Covid-19 protocol.
Budget 2023 live: Prime Minister Narendra Modi chairs Union Cabinet meeting ahead of Budget presentation
Budget 2023 live: Prime Minister Narendra Modi has arrived at Parliament for the Union Cabinet meeting
Budget 2023 live: Key numbers to be watched
Finance Minister Nirmala Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy. Sitharaman had in her first Budget in 2019 replaced leather briefcase — which had been in used for decades for carrying Budget documents — with a traditional ‘bahi-khata’ wrapped in red cloth.
Budget live: Union ministers Anurag Thakur and G Kishan Reddy arrive at Parliament
Budget 2023 live: Sensex jumps 517 points to hit 60,000 in early trade ahead of Budget
The 30-share BSE benchmark Sensex jumped 516.97 points to 60,066.87. The broader NSE Nifty climbed 153.15 points to 17,815.30. From the Sensex pack, ICICI Bank, Tech Mahindra, Asian Paints, Tata Steel, Kotak Mahindra Bank, HDFC, HDFC Bank, Titan and NTPC were among the major winners in early trade. ITC, Mahindra & Mahindra, UltraTech Cement and Larsen & Toubro were the laggards. Elsewhere in Asia, equity markets in Seoul, Tokyo, Shanghai and Hong Kong were trading higher.
Union budget 2023 live: Union home minister Amit Shah and defence minister Rajnath Singh have arrived at Parliament for the Union Cabinet meeting
Budget live: 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).
India budget 2023 live: FM 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 Budget
Budget 2023 live: Nirmala Sitharaman takes tablet in red pouch to Parliament to present paperless Budget
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.
India Budget live: Union FM Nirmala Sitharaman arrives at Parliament
Budget 2023 live: Finance minister Nirmala Sitharaman proceeds to Parliament to attend the Union Cabinet meeting chaired by PM Modi. She will present the Budget 2023-24 at 11am
FM Nirmala Sitharaman dons traditional temple border red saree to present Union Budget 2023
Budget 2023 live: Government may peg gross borrowing under Rs 16 lakh crore in FY24
Government is likely to keep its gross market borrowing below Rs 16 lakh crore ($196 billion) for 2023/24 as it does not want to destabilise the bond market with any negative surprises, two sources close to the deliberations said. The government has so far raised Rs 12.93 lakh crore up to January 27, which is 91% of the overall gross borrowing target of Rs 14.21 lakh crore in the 2022/23 fiscal year which ends on March 31.
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.
Budget 2023 live: Focus on infrastructure development
Finance minister Nirmala Sitharaman is expected to give a big thrust to infrastructure sector in her Union Budget 2023 speech. Infrastructure forms the backbone of any economy and the government has been focusing on a multi-pronged strategy to invite private investment while also working on public capex push to create jobs
Union Budget 2023 live: Nirmala Sitharaman to present Budget on digital device instead of ‘bahi-khata’
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.
Budget 2023 live: Finance minister Nirmala Sitharaman meet President Droupadi Murmu ahead of Budget presentation
Budget 2023 live updates: What investors expect from Union Budget
“The Union Budget 2023 will be announced to the country within a few hours now. Budget is one of the most essential events for everyone, especially for taxpayers & investors. Looking back at the budgets of previous years, the change in Nifty ranged from -5.84% to +4.74%. The budget could provide an opportunity for investors as they might be able to invest in certain fundamentally good stocks at discounted prices. Its most likely for the Indian Government to accelerate economic growth and hence investors must strategize and should look for investment opportunities on the long side. The market tends to move in both directions during the first half of the budget reveal, traders might see this as an opportunity to trade non-directional strategies, short volatility trades etc. The government is expected to focus on Infrastructure, Defense, Capital Goods, Health & Sanitisation in the budget. Investors may tend to focus more on, fundamentally strong stocks only while traders might consider non-directional strategies and short volatility trades,” Arvinder Singh Nanda, Senior Vice President, Master Capital Services Limited said.
Budget 2023 live news: Bond yields seen little changed ahead of budget announcement
Government bond yields are expected to remain largely unchanged in early trading on Wednesday as market participants await the federal budget announcement due later in the day. The benchmark 10-year yield could move in the 7.26%-7.45% range, a trader with a private bank said, after closing six basis points lower at 7.3438% on Tuesday, and posting its biggest single-session fall in two months.
Budget live updates: Key triggers for stock markets
Investors will keenly watch the announcements mande by finance minister Nirmala SItharaman. Infrastructure spending, measures to aid long-term growth, the government’s fiscal consolidation path and the borrowing calendar for fiscal 2024 are seen as key triggers for the market.
Budget live news: Stock markets open higher ahead of Budget presentation
The benchmark BSE sensex started on a positive note, rising over 400 points; NSE Nifty is up 106 points at 17,768
India Budget live: Union Budget 2023 to incorporate every section’s expectations, says MoS Finance
Ahead of the presentation of Union Budget 2023-24 in the Parliament on Wednesday, Minister of state (MoS) for finance Pankaj Chaudhary said that the budget will incorporate the expectations of every section of society and will stand on everyone’s expectations. 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.
Union Budget 2023 live: Nirmala Sitharaman reaches Rashtrapati Bhavan, to call on President Draupadi Murmu
Budget live: Employment generation to be in focus
- Finance Minister Nirmala Sitharaman is expected to further give impetus to employment generation and job creation in the economy.
- The Economic Survey showed net addition to EPFO payroll is steadily moving upward, with the majority share coming from the youth.
- Employment in nine major sectors has increased by 10 lakh over the year 2021-22 as per the QES.
- Employment in the organised manufacturing sector has also been rising over the years, as per the ASI 2019-20 data.
- The steady increase in employment levels can be attributed to multiple measures taken to cushion the impact of Covid-19 on MSMEs, 158 Economic Survey 2022-23 street vendors, and manufacturing units and provide job opportunities through various targeted schemes and measures as detailed in later in the chapter, Economic Survey noted.
Budget 2023 Live: Finance minister Nirmala Sitharaman reaches finance ministry
Nirmala Sitharaman has reached ministry of finance ahead of Budget presentation. She is expected to meet President Draupadi Murumu shortly.
Budget Live: What to watch out for
Prime Minister Narendra Modi’s final full-year spending plan before 2024 polls comes amid rising interest rates and slowing global growth, which could make him desist from outright populism. Finance Minister Nirmala Sitharaman may tweak income-tax slabs and increase spend on the poor through programs such as rural jobs.
Railway, highways Budget: Rs 4 lakh crore allocation expected
- Both the road and railway ministries may see 20-30% increase in their allocation by FM Nirmala Sitharaman considering their track record in spending so far.
- During the current financial year, the Centre has allocated almost Rs 2 lakh crore for the road transport and highways ministry.
- In the case of railways, the government had allocated Rs 1.4 lakh crore for 2022-23.
Union Budget Live: GST collections at second highest-ever
Ahead of Budget 2023, the Goods and Services Tax (GST) collection in January surged to over Rs 1.55 lakh crore, the second highest-ever mop-up, the finance ministry said on Tuesday. “The gross GST revenue collected in the month of January 2023 till 5:00 PM on 31.01.2023 is Rs 1,55,922 crore of which CGST is Rs 28,963 crore, SGST is Rs 36,730 crore, IGST is Rs 79,599 crore (including Rs 37,118 crore collected on import of goods) and cess is Rs 10,630 crore (including Rs 768 crore collected on import of goods),” the ministry said in a statement.
Budget 2023 Live News: Major reforms in the Union Budget over the last few years
- Improved fiscal transparency and realistic revenue assumptions in the Budget: The Union Government has accorded the highest priority to improving transparency in its financial statements and accounts by bringing below-the-line expenditures above the line.
- Discontinuation of Plan-Non plan classification: The Budget FY18 discontinued having Plan and Non-Plan classifications of Government expenditure.
- Merger of railway Budget with the Main Budget: The railway budget was merged with the Union Budget from FY18. The reform gave a holistic picture of the government’s financial position.
- Shifting the date of the Budget to 1 February: The advancement of Budget presentation by a month has paved the way for early completion of the Budget cycle.
- The above four have been highlighted by the Economic Survey 2023.
India Budget 2023 Live: How finance minister Nirmala Sitharaman chooses to safeguard economy will be keenly watched today
- India’s growth prospects will be keenly watched in a year when major advanced global economies are fighting to avert slipping into recession.
- According to a survey conducted by TOI and Deloitte India, the biggest economic uncertainty that faces businesses today is the global slowdown.
- The Economic Survey 2023 released on Tuesday pegged economic growth for 2023-24 at 6%-6.8%.
Union Budget 2023 Live: Budget for homebuyers
“For the benefit of homebuyers, the input credit regime should be reinstated in the GST regime for the residential real estate atleast. This will help in making homebuying an affordable and buyer-friendly process. It will protect buyers and developers from the ramifications of the capricious cost of raw materials. The government should facilitate a Single Window Clearance to enable faster deliveries and project completions,” says Amit Modi, President, CREDAI, Western UP.
Budget 2023 Live: Private sector investment key
Finance Minister Nirmala Sitharaman is expected to announce measures that will give impetus to private sector investment in the economy which is crucial for sustained job creation. According to the Economic Survey, a fundamental principle behind the government’s policy in the post-2014 period has been the engagement with the private sector as a partner in the development process. Significant initiatives have been introduced under Aatmanirbhar Bharat and Make in India programmes to enhance India’s manufacturing capabilities and exports across the industries.
India Budget 2023 Live: Widening tax base
“A formal mechanism of sharing information through the Annual Information Statement (AIS) and e-Verification scheme has recently been enabled. These measures further the aim of widening and deepening the tax base by ensuring authorities possess all relevant financial information of an assessee, thus allowing access to such information to a taxpayer for accurate filing of his return of income,” the Economic Survey notes
The TOI-Deloitte Survey showed that SISFS is considered to be a key initiative by the Centre that helped India become the 3rd largest start-up ecosystem in the world, after the US and China. Majority of the respondents want the Centre to prioritise issues related to GST credit.
Budget for auto: ‘Make in India’ focus
ICRA expects the government will continue with its thrust on green mobility, infrastructural projects, and job creation in the upcoming budget, which would consequently support the automotive sector. In the past few years, the government has put out a number of schemes, such as the FAME II scheme and production-linked incentive schemes, to help the local manufacturing ecosystem grow. The government is likely to make more announcements in this area, such as better financing terms for electric vehicles, as it continues to work toward its “Make in India’ goals.
Budget 2023 Live: Adoption of next-gen technology
“We hope that the government will continue supporting the EV adoption program while encouraging the adoption of next-gen technology such as Artificial Intelligence, Data Analytics, Industry 4.0, Cloud Computing and Robotics, which will enable the Manufacturing enterprises of tomorrow. We also hope the budget outlays investments in Aerospace and Defence that attract global manufacturers to set up manufacturing in India,” says Warren Harris, Managing Director and CEO, Tata Technologies.
India Budget 2023 Live: Hike in customs duties
To give a boost to “Aatmnirbhar Bharat” efforts, the Modi government is considering increasing customs duties on about 35 items in the Union Budget 2023. The government’s likely move is intended to curb imports and encourage local manufacturing of some of these products. The commerce and industry ministry had previously asked various ministries to provide a list of non-essential items whose imports should be discouraged through a tariff hike.
According to a pre-Budget survey conducted jointly by Times of India and Deloitte India, rationalization of income-tax rates, simplified tax compliances and effective tax administration tops the list of expectations from Finance Minister Nirmala Sitharaman.
Budget 2023 Live: Make essential goods and services more affordable
“The upcoming budget will undoubtedly be geared towards augmenting the growth of the Indian economy, but it also needs to address the challenges faced by the common man and the salaried class as we recover from a global pandemic and tackle the ongoing global economic slowdown. People are especially pinning their hopes on the upcoming budget to address the issue of unemployment, control inflation, and make essential goods and services more affordable. The salaried class is looking for some cheer on the personal tax front, hoping that the annual basic exemption limit gets enhanced to Rs 5 lakhs from the existing Rs 2.5 lakhs,” says Bipin Preet Singh, Co-Founder & CEO of MobiKwik.
Union Budget 2023 Live: Inflation not a cause of worry?
Finance Minister Nirmala Sitharaman will present Budget 2023 with the assurance that the worst of CPI inflation seems to be behind us. “RBI has projected headline inflation at 6.8 per cent in FY23, which is outside its target range. At the same time, it is not high enough to deter private consumption and also not so low as to weaken the inducement to invest. Moderately high inflation has further ensured the anchoring of inflationary expectations preventing prices from weakening demand and growth in India,” notes the Economic Survey.
Budget 2023 for green energy
India’s aspiration is to be net zero by 2070 and have 500 GW of non-fossil energy (50% from renewable energy) to reduce one billion tonnes in cumulative emissions by 2030. Hydrogen may account for 12% of global energy use by 2050. “India needs to stimulate the entire eco-system of GH2 i.e., investment, production, storage, and transport and export,” says Sagar Shah, Tax Partner at EY India.
Finance Minister Nirmala Sitharaman should look to simplify the capital gains tax regime in Budget 2023. Most participants in a TOI-Deloitte Survey said that the current capital gains tax regime is very complex with multiple tax rates and holding rates applicable to various asset classes.
Budget 2023 live updates: Union Budget 2023 for infrastructure
Infrastructure investments help improve manufacturing competitiveness and also have a multiplier effect, boosting investments, job creation, and growth across sectors, from steel and cement to auto and real estate. This budget, the allocation for all the ministries involved in infrastructure creation is expected to be similar to the last one or slightly higher (in absolute terms).
Budget 2023 live news: Fiscal deficit in focus
“As far as the fiscal deficit is concerned, we are off the glide path. This year the government will honestly have to address this question. A new glide path looking at the monetary and fiscal policy, inflation and growth, may be required. That requires some medium term focus in the Budget and not just focus for this year,” Dr Sanjaya Baru, Distinguished Fellow, Centre for Air Power Studies told TOI.
Budget live updates: New Vande Bharat trains
Finance Minister Nirmala Sitharaman in her Budget speech is expected to announce the roll out of over 400-500 Vande Bharat Express trains. Indian Railways is looking to replace its Shatabdi and Rajdhani Express trains with the semi-high speed Vande Bharat trains.
Budget 2023 will be crucial for the automotive industry. Most auto segments continue to clock volumes far below those seen in 2019. So the right impetus at this juncture will thus be key to accelerate the pace of revival.
Budget 2023 live news: Fastest growing economy
FM Nirmala Sitharaman’s Budget will be presented in the backdrop of the major advanced world economies being crippled by a downturn. However, as the Economic Survey points out, “Agencies worldwide continue to project India as the fastest-growing major economy at 6.5-7.0 per cent in FY23. These optimistic growth forecasts stem in part from the resilience of the Indian economy seen in the rebound of private consumption seamlessly replacing the export stimuli as the leading driver of growth. The uptick in private consumption has also given a boost to production activity resulting in an increase in capacity utilisation across sectors.”
Union budget 2023 live: ‘This is India’s moment’
Renowned author Gurcharan Das is of the view that the Indian economy will continue to grow well in the coming years as well. He expects that India is headed in the direction of becoming a middle-class economy with an average per capita income of $10,000. In an interview with TOI, he said that Finance Minister Nirmala Sitharaman should focus on fiscal consolidation and keep her eye on the fiscal deficit target.
Union budget live: Strong India growth story
“IMF estimates India to be one of the top two fast-growing significant economies in 2022. Despite strong global headwinds and tighter domestic monetary policy, if India is still expected to grow between 6.5 and 7.0 per cent, and that too without the advantage of a base effect, it is a reflection of India’s underlying economic resilience; of its ability to recoup, renew and re-energise the growth drivers of the economy,” says the Economic Survey.
Surabhi Marwah, Tax Partner at EY India explains why there is a case for triggering the 30% income tax slab at an income level much higher than the present Rs 10 lakh. She talks about how the concessional income tax regime can be made more popular amongst individual taxpayers.
India Budget live: Budget for manufacturing: PLI scheme to get boost
Finance Minister Nirmala Sitharaman is expected to further streamline the implementation of the Production LInked Incentive (PLI) scheme in her Budget speech. As of now, PLI scheme exists for 14 sectors and this number could easily go up after today’s Union Budget announcements.
Budget 2023 live: Digital rupee in focus
RBI had launched a pilot of retail CBDC with a closed group of merchants and users in December 2022. It is expected that the union budget will provide insights on the pilots and come up with more use cases on digital rupee. One important area to look forward to is the introduction of programmability of digital rupee for direct benefit transfers and priority sector credit disbursement where the currency is used for intended purpose.
Budget 2023 Live: Focus on electric vehicles
“Given Government’s focus towards clean energy, some measures can be expected to facilitate further electric vehicle (EV) adoption and to support development of EV ecosystem in the country. Apart from this, initiatives to support rural income would also indirectly benefit some segments within the auto industry (mainly entry level two wheeler segment and the tractor segment),” says Arun Agarwal, Vice President, Kotak Securities Ltd.
Individuals be it men or women are subject to the same income tax slab rates. The differential tax slabs are applicable only with respect to the age of the individuals and not with respect to gender. Experts are of the opinion that to promote the future of working women, it is important to give them additional tax benefits.
Budget 2023: Sensex closes marginally higher
Ahead of Union Budget 2023, the 30-share BSE benchmark Sensex settled with a gain of 49.49 points or 0.08 per cent at 59,549.90 on Tuesday. During the day, the benchmark hit a high of 59,787.63 and a low of 59,104.59.
Budget for individual taxpayers: Revise tax rates and slabs
Finance minister Nirmala Sitharaman is being looked at to revise income tax slabs and rates in the Union Budget 2023. The expectation is also high that the new income tax regime may be tinkered with, especially with regards to a hike in the basic tax exemption limit.
Budget for farmers: Support for agritech industry
As the global agritech market inches closer to achieve a CAGR of 12% by 2027, India is certainly going to be a major contributor to this growth. With the upcoming budget announcement inching closer, the agritech industry is hopeful that the government will extend its support through newer policies.
Almost 85% of respondents in the pre-Budget TOI-Deloitte survey said that the top tax priority for the common man should be reduction in the income tax burden. Some of the other top income tax expectations of the common man include a hike in the Section 80C limit from Rs 1.5 lakh and an increase in the standard deduction from Rs 50,000 to Rs 1 lakh.
India’s economic recovery complete
“The Indian economy appears to have moved on after its encounter with the pandemic, staging a full recovery in FY22 ahead of many nations and positioning itself to ascend to the pre-pandemic growth path in FY23,” notes the Economic Survey 2023.
Budget to focus on fiscal deficit
FM Nirmala Sitharaman is expected to announce that the fiscal deficit target for the 2022-23 will be met at 6.4%. Experts say that she may even better the fiscal deficit target numbers on the back of robust tax collections.
Union Budget 2023 for common man
Prime Minister Narendra Modi has said that the Union Budget will aim to fulfill the aspirations of the common man
India Budget 2023 crucial for economic roadmap
Economic Survey 2023 has said that the Indian economy has recovered from the shock of the pandemic. However, given the current global recessionary pressures, FM Sitharaman’s Budget speech will be crucial in steering the Indian economy on a stable GDP growth path.
Budget 2023 Live Updates: FM to present Union Budget today
Finance minister Nirmala Sitharaman will present her fifth straight Union Budget today, that is, February 1, 2023 at 11.00am in Parliament.