Budget 2023: Sitharaman's 'amrit kaal' budget gets the middle class smiling | HIGHLIGHTS

We are moving along to become a $5 trillion economy. You have seen inflation come down, both the CPI and WPI. Action has been taken by the government, we take inflation-related steps when things develop on the ground and in response to it and that has borne results. 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: Union Finance Minister Nirmala Sitharaman during the post-Budget press conference 

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: Union Finance Secretary TV Somanathan

PM Modi speaks post Union Budget presentation:

• This year's Budget infuses new energy into India's development trajectory. 
• First budget of Amrit Kaal will build a strong foundation for building a developed India. This budget will fulfill the dreams of an aspirational society including poor people, middle-class people, farmers.
• 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 into the budget.
• 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.

Sitharaman ends Union Budget speech amid 'Modi', 'Modi' chants

The new tax rates are:
0 to Rs 3 lakhs - nil, 
Rs 3 to 6 lakhs - 5%, 
Rs 6 to 9 Lakhs - 10%, 
Rs 9 to 12 Lakhs - 15%, 
Rs 12 to 15 Lakhs - 20% 
and above 15 Lakhs - 30%

'Average processing time for income tax returns reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism'

'Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime under personal income-tax. I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs'

Personal Income Tax: Rebate increased to Rs 7 lakh

I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, automobiles: FM Nirmala Sitharaman

I reiterate my intention to bring the fiscal deficit below 4.5% of GDP by 2025-26: FM Nirmala Sitharaman

'States and cities to be encouraged to undertake urban planning reforms and actions to transform our cities into sustainable cities of tomorrow. Cities will be incentivized, through property tax governance reforms and ring fencing user charges, to improve their creditworthiness for municipal bonds. Urban Infrastructure Development Fund to be established through priority sector lending shortfall, to be managed by National Housing bank, to be used by public agencies to create urban infra in tier-2 and tier-3 cities'

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

100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models&employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems & Healthcare: FM

For efficient administration of justice, Phase 3 of the eCourt's project will be launched with an outlay of Rs 7000 Crores: FM Nirmala Sitharaman

50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism. States will be encouraged to set a ‘Unity Mall’ in State capital or the most popular tourist destination in the state for the promotion and sale of ‘One District, One product’ and GI products and other handicraft: FM Nirmala Sitharaman

Govt to bring National Data Governance policy. National Data Governance Policy will enable anonymised data; KYC process will be simplified by adopting risk-based system. PAN will be used for common identifier for all digital systems of specified government agencies. If MSMEs fail to execute contract, 95 pc of performance security will be returned to small business as part of Vivad Se Vishwas. 
Phase-III of e-courts will be launched: FM Sitharaman.

'Aspirational Blocks programme covering 500 blocks has been launched for saturation of govt. programmes;  Pradhan Mantri Primitive Vulnerable Tribal Groups Development Mission is being launched to improve conditions of vulnerable tribal groups'

We are implementing programs like green fuel, green energy, etc. for efficient use of energy across economic sectors. These green growth efforts help in reducing carbon intensity of economy & provide large-scale job opportunities

50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity: FM Nirmala Sitharaman

'Facilities in select ICMR labs to be made available for research by public and private medical college faculty, private sector research teams for encouraging collaborative research and innovation'

New programme to promote research and innovation in pharmaceuticals is to be taken up through centres of excellence, industry to also be encouraged to invest in research and development in priority areas 

'Mission to eliminate sickle cell anemia by 2047 to be launched, will entail awareness creation, universal screening of 7 crore people in 0- 40 years in affected tribal areas, and counselling'

'The 50-year interest-free loan to state governments to be continued for one more year, to spur investment in infra and to incentivize them for complimentary policy actions, with enhanced outlay of Rs. 1.3 lakh crores'

'New sub scheme of PM Matsya Sampada Yojana, with targeted investment of Rs. 6000 crores, to further enable activities of fishermen, fish vendors and micro and small entrepeneurs, improve value chain efficiences and expand the market'

A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility. States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources: FM Nirmala Sitharaman

157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014: FM Nirmala Sitharaman

FM marks 7 Priorities of Budget 2023 

1. Inclusive development
2. Reaching last mile
3. Infrastructure and investment
4. unleashing potential
5. Green growth
6. Youth Power
7. Financial Sector

"PM Vishwa Karma Kaushal Samman - package of assistance for traditional artisans and craftspeople has been conceptualized, will enable them to improve quality, scale and reach of their products, integrating with MSME value chain. Components of scheme will include financial support, access to efficient green technologies, advanced skill training, social security, modern digital techniques, brand promotion, market linkages; will greatly benefit people of weaker sections"

The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries: FM Sitharaman

The country offers an immense attractions for domestic as well as foreign tourists. There is a large potential to be tapped into tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular. Promotion of tourism will be taken up on mission mode with the active participation of states, the convergence of Govt programs & public-private partnerships: FM Nirmala Sitharaman

"Deen Dayal Antyodaya Yojana has achieved remarkable success by mobilizing rural women into 81 lakh SHGs, we will form Large Producer Enterprises to help these SHGs reach next stage of economic empowerment"

An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs: Finance Minister Nirmala Sitharaman

The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments: Finance Minister Nirmala Sitharaman

Economic empowerment of women is one opportunity that can be transformative in achieving our vision by focusing on the above areas, states Finance Minster

"Economic agenda for our vision focuses on 1) facilitating opportunities for citizens, 2) providing strong impetus to growth and job creeation and 3) strengthening macroeconomic stability"

"Indian economy has increased in size from being tenth to 5th largest in the world in the last 9 years, we have made significant progress in many SDGs, economy has become lot more formalized, efficient implementation of schemes has brought about inclusive development"

"G20 Presidency gives us a unique opportunity to strengthen our role in the world economic order, we are steering an ambitious people-centric agenda to address global challenges and facilitate sustainable economic development"

"Entire expenditure of about Rs. 2 lakh crore under PM Garib Kalyan Anna Yojana is being borne by the central government, for supplying free food grains for one year to all Antyodaya and priroity households"

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: FM Sitharaman

During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months: FM Nirmala Sitharaman presents #UnionBudget2023

Indian economy is on the right track, and heading towards a bright future. This is the first budget in Amrit Kaal where fruits of development will reach all. World has recognised Indian economy as a bright star: Finance Minister Nirmala Sitharaman 

Finance Minister Nirmala Sitharaman begins her fifth Union Budget speech.

Budget speeches usually last for hours. In the past, finance ministers have enriched their budget speeches by incorporating poetry and quotes from notable writers. READ

The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved the Budget for the fiscal year 2023-24 (April 2023 to March 2024), sources said. Following this, Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha.

A sniffer dog sniffs copies of Union Budget 2023 that have been brought to the Parliament.

The finance minister’s full speech will be released on the 'Union Budget Mobile App'. READ

Union Home Minister Amit Shah and Defence Minister Rajnath Singh arrive at the Parliament for Cabinet meeting

* Fiscal Deficit: The budgeted fiscal deficit, which is the difference between the government expenditure and income, for the current fiscal ending March 2023 is 6.4 per cent, against 6.71 per cent in the last fiscal. The number for 2023-24 would be in focus as it is widely expected that the government would open its purse strings in an election year.

* Disinvestment/Privatisation: In current fiscal year the budgeted disinvestment target is likely to be missed, like the past four years. It is expected the government would set a realistic target for next fiscal.

* Capital Expenditure: The government's planned capital expenditure for this fiscal year is budgeted at Rs 7.5 lakh crore, higher than Rs 5.5 lakh crore in the last fiscal. The government has been pushing infrastructure creation and also incentivising states to step up capex.
* Tax Revenue: The Budget had pegged direct and indirect tax mop-up at Rs 14.20 lakh crore and Rs 13.30 lakh crore for current fiscal, taking the total figure to Rs 27.50 lakh crore. The government's tax revenues are expected to overshoot the budget estimates by about Rs 4 lakh crore on buoyant income tax and customs duty.

* Borrowing: The government's gross borrowing budget was at Rs 14.31 lakh crore in current financial year ending March 31. The government borrows from the market to fund its fiscal deficit and with tax revenues seeing an uptick, the government has cut its gross borrowings by Rs 10,000 crore to Rs 14.21 lakh crore. The borrowing number would be watched by the market, especially on the back of expected higher capital expenditures to boost growth.

* Nominal GDP: India's nominal GDP growth (real GDP plus inflation) in the current fiscal is estimated to be 15.4 per cent. The numbers for next fiscal would be lower as the inflation has come down. The Budget is expected to give an outline on the nominal GDP growth numbers. Real GDP growth in current fiscal is projected at 7 per cent and come down to 6-6.5 per cent in the next.

* Spotlight would also be on spending on key schemes, like NREGA, as well as key sectors like health and education.

--PTI

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. As per established tradition, the Finance Minister met the President at the Rashtrapati Bhawan before heading to Parliament.

As per established tradition, the Finance Minister met the President at the Rashtrapati Bhawan before heading to Parliament. Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24.

Equity benchmarks climbed in early trade on Wednesday amid an overall positive trend in the global markets and ahead of the presentation of Union Budget 2023-24. 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. Markets in the US had ended in the positive territory on Tuesday.

Nirmala Sitharaman will present BJP government's last full Budget before the 2024 general elections

Today, the Budget will be presented before the Parliament by FM at 11 am. Before that, under her leadership, my colleague Pankaj Chaudhary and Secretary will meet the President at 9 am. At 10 am, under PM Modi's leadership, a cabinet meeting will be held. You will come to know at 11am what will the common public get. I would not like to make any comments at this point: MoS Finance Dr Bhagwat Karad

Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance, ahead of the Budget presentation

MoS Finance Dr Bhagwat Kishanrao Karad offered prayers before the presentation of the Union Budget 2023. This is the BJP government's last full budget before the general elections in 2024. 

Stock market investors are expecting a balanced budget with a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track, experts said. Stock markets have been subdued in the run-up to the Union Budget with BSE's benchmark Sensex is almost flat so far this month. The muted performance of the markets could be due to Foreign Portfolio Investors (FPIs) moving funds out of India as they are looking for emerging markets with cheaper valuations.They have taken out over Rs 16,500 crore from domestic equities so far this month.

The government is expected to announce in the forthcoming budget steps to further strengthen the startup ecosystem in the country and address inverted duty issues in certain sectors to promote domestic manufacturing, official sources said. Fiscal incentives under the production-linked incentive (PLI) scheme to some more sectors are also likely to be announced in the budget today. Besides, the government may consider providing funds to infrastructure projects approved by the Network Planning Group (NPG), constituted under the PM Gati Shakti initiative, they added. 

Union Finance Minister Nirmala Sitharaman will be presenting her third paperless budget in an all-digital format. The budget can be accessed via a ‘Union Budget Mobile App’ available on Google Play for Android devices and the Apple App Store for iOs devices. Further, the users can also access full budget speech in a dedicated section in the App. 

A top American India-centric strategic and business advocacy group said this year's annual budget needs to be a growth-oriented one in line with the country's economic outlook. Mukesh Aghi, president of the US India Strategic and Partnership Forum (USISPF) noted that India is one of the fastest-growing economies, a beacon of economic hope as other G20 economies face global headwinds. Last year, the US-India Tax Forum, which is a dedicated tax policy initiative of USISPF, presented collective industry recommendations on tax proposals for Budget 2023-2024 to the Ministry of Finance.

The BJP is set start a 12-day nationwide campaign today to make people aware of the "pro-people" measures announced in the Union Budget. The campaign that will begin the day the budget is presented in Parliament will be coordinated by senior BJP leader Sushil Modi and it will conclude on February 12. BJP president JP Nadda has formed a task-force comprising nine members, including party general secretary Sunil Bansal and heads of its farmer and youth wings, to organise discussions, press conferences or seminars on the Union Budget in all districts of the country. 

The electronics components makers body ELCINA has requested the government to allocate USD 10 billion (about Rs 80,000 crore) for eight years to boost the manufacturing of electronic components and key modules other than semiconductors. It has sought a four-year extension to the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), with an increased outlay of Rs 16,000 crore in the Union Budget for 2023-24.

Since this will be the last full budget before the 2024 general elections, Union Finance Minister Nirmala Sitharaman may also announce income tax relief for salary earners, and people in small businesses. According to reports, there is also a demand for raising exemption limits for home loans with a view to encouraging more people to buy residential properties, and give a boost to the real estate sector, which is the second largest job creator after agriculture.