Budget 2023: Nirmala Sitharaman presented Budget ini the Parliament today.
Union Budget 2023 was presented by Finance Minister Nirmala Sitharaman today which unveiled one of its biggest jumps in capital spending in the past decade and said the fiscal deficit would fall next year.
The Budget adopted "seven priorities" - inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector - to guide India through the "Amrit Kaal".
Prime Minister Narendra Modi praised the Budget and said that it would lay a strong foundation for building a developed India. The Prime Minister said that the Budget gives priority to the deprived and will fulfill the dreams of the aspirational society, the farmers and middle class.
This year's Budget holds much significance as this is the last full Budget before the 2024 general elections. This is the Finance Minister's fifth Budget presentation since 2019.
Here are the Highlights of Union Budget 2023:
Budget Is Disappointing, Lacks Vision: Nitish KumarBihar Chief Minister Nitish Kumar on Wednesday termed the Union budget "disappointing" and alleged that the state was "neglected" with no attention having been paid to demands such as special status and a special package of Rs 20,000 crore.
Nitish Kumar, who was away in the north Bihar district of Supaul for his 'Samadhan Yatra', came out with a written statement on the budget, upon return to the state capital, late in the evening.
Budget Allocates Rs 12,544 Crore For Department Of SpaceFinance Minister Nirmala Sitharaman on Wednesday allocated nearly Rs 12,544 crore to the Department of Space as India plans a human spaceflight -- Gaganyaan -- next year and sets out to explore the moon and neighbouring planets.
Budget 2023: 150% Hike In Outlay Of Swachh Bharat Mission-UrbanIn a major boost to the Swachh Bharat Mission (Urban), the Centre on Wednesday announced a 150-per cent hike in the outlay of its flagship scheme with an allocation of Rs 5,000 crore in the Union Budget 2023-24.
However, there has been a nine-per cent decrease, with an allocation of Rs 2,132 crore, for the construction of non-residential office buildings, including the Central Vista project, Parliament and Supreme Court, as compared to the revised estimates of Rs 2,344.08 crore in the last fiscal.
Finance Minister Likely To Address RBI Board On February 11Finance Minister Nirmala Sitharaman is likely to address the Reserve Bank of India's central board on February 11 and highlight key points of the Union Budget, including the fiscal consolidation roadmap and high capital expenditure plan.
The post-budget meeting has been scheduled for February 11 where Finance Minister Sitharaman would be addressing the board members and talk about announcements made in the Budget 2023-24 to perk up growth in view of geopolitical tension and tightening interest environment by central banks across the world, sources said.
It is customary for the finance minister to address the Reserve Bank of India board after the budget.
Income, Corporate Taxes To Grow By 10.5% To ₹ 18.23 Lakh In FY24The government on Wednesday projected a 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 lakh crore in the next fiscal. The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimates of Rs 14.20 lakh crore. Read
here 'Vande Metro' Announced As Railway Gets Highest-Ever AllocationVande Metro, a mini version of the Vande Bharat Express trains, will be developed by the Railways for people living around big cities to travel to and fro in comfort between their place of work and hometowns, Railway Minister Ashwini Vaishnaw said on Wednesday.
Addressing a press conference after Finance Minister Nirmala Sitharaman announced the highest-ever capital outlay for the railways in the Union Budget 2023-24 at Rs 2.40 lakh crore, Vaishnaw also said India will get its first Hydrogen train by December 2023 which will be completely indigenously manufactured. It will initially be run on heritage circuits like Kalka-Shimla.
Union Budget Is For Projects In BJP-Ruled, Poll-Bound States: MK StalinThe Union Budget has given an impression that it is an exercise for development projects in BJP-ruled states, particularly those going to polls, DMK President and Tamil Nadu Chief Minister MK Stalin said on Wednesday.
Unemployment, price rise and inflation have been ignored and there are no constructive efforts aimed at financial independence of states, MK Stalin said in a statement.
Budget 2023: Mixed Response From Agri Industry, Farmer Bodies
Agri industry players and farmer bodies on Wednesday gave mixed response to the Budget, saying it did not focus on edible oils, reducing GST on agri inputs and raising financial aid to farmers under PM-KISAN scheme.
Godrej Agrovet Managing Director Balram Yadav termed the Budget a" tech-focused-inclusive Budget for Indian farmers," while Syngenta India Chief Sustainability Officer KC Ravi said it will catapult the agriculture ecosystem to greater heights.
Budget 2023 Proposes Taking Away Income Tax From News Agencies
The Union Budget on Wednesday proposed removing the exemption from paying income tax by news agencies.
Big Tech Treating Employees Shabbily Not Agreeable: Junior IT Minister Rajeev Chandrasekhar
The trend of multi-billion-dollar tech companies announcing mass layoffs earned the disapproval of junior IT minister Rajeev Chandrasekhar on Wednesday, as he invited Indians sacked by the likes of Google, Facebook and Microsoft to return and join firms like Tata Consultancy Services (TCS).
"So-called Big Tech companies treating their employees and treating their workforce in what is really quite a shabby manner is obviously not agreeable to any one of us," Mr Chandrasekhar told NDTV.
Nothing in Union Budget to solve economic disparities in country: Kerala CM
Kerala Chief Minister Pinarayi Vijayan on Wednesday said the Union Budget 2023-24 does not attempt to solve the growing economic disparities in the country.
Budget 2023: Who Gained And Who LostPrime Minister Narendra Modi's government delivered the 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 crucial national election.
Digitalisation Only Going To Increase In India: IT Minister
Union IT minister Rajeev Chandrasekhar says digitalisation is only going to increase in India. "DigiLocker is personal cloud for every Indian citizen," he told NDTV in an exclusive interview.
Budget 2023: "We will achieve": Nirmala Sitharaman on $5 trillion economy target
"We are moving along to become a $5 trillion economy. We will achieve (the target)," said Nirmala Sitharaman.
Budget 2023 Gives Big Leg-Up To Capital Investment: Nirmala Sitharaman
"The budget gives a big leg-up to capital investment, it also attends to MSMEs as they are the engine of growth, it sustains capital investment and also gives a push to the private sector while also giving tax reliefs to individuals and middle class," said the Finance Minister.
Budget 2023: Corporate Affairs Ministry gets Rs 756 Crore The corporate affairs ministry will get a budgetary allocation of Rs 756.19 crore in the next financial year, higher than the amount earmarked for the ongoing fiscal ending March 31.
In 2022-23, the total allocation was initially at Rs 733.02 crore, and the same was sharply revised to Rs 630.36 crore, according to the Union Budget 2023-24 presented in Parliament on Wednesday.
The Budget documents showed that out of the total amount of Rs 756.19 crore for the next fiscal, Rs 714.19 crore will be from the revenue side and Rs 42 crore from the capital side for 2023-24.
The funds towards regional directors, official liquidators and other expenditures with reference to various bodies under the Companies Act have been hiked to Rs 330 crore for the next financial year over the current fiscal.
Budget 2023: New savings scheme for womenThe budget allocated to the Women and Child Development Ministry, the nodal department of the government for the welfare of women and children, stood at Rs 25,448.75 crore in 2023-24, an increase of Rs 267 crore from Rs 25,172.28 crore allotted in 2022-23.
The most significant announcement for women in Finance Minister Nirmala Sitharaman's Budget speech was the proposal for the 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years.
The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well.
Budget 2023: Nirmala Sitharaman on new tax regime
"New taxation regime has now got greater incentives, greater attraction so that people come join the new regime. But we are not compelling anybody. New regime is now simplified and has nicely broken-down slabs, " said Ms Sitharaman.
Changes in personal income tax will benefit the middle class, said Nirmala Sitharaman.
4 Highlights of Budget 20234 Things Emphasised By Budget 2023:
More empowerment to women
Tourism and training of youth for tourism specific action
PM Vishwakarma programme for artisans
Green growth
Budget 2023 fulfils hopes, expectations of country’s poor, middle class: Gujarat Chief MinisterGujarat Chief Minister Bhupendra Patel said on Wednesday the Union Budget fulfils the hopes and expectations of the country's poor, the deprived, and the middle class by giving them innovative opportunities for development.
He said the Budget "embodies" the vision of Prime Minister Narendra Modi of making India a developed nation in the "Amrit Kaal", referred to by the government as the 25-year period till India's independence centenary.
"Prioritising seven aspects - 'Saptarishi' - inclusive growth, last-mile delivery, infrastructure and investment, green growth, youth power, financial sector and unleashing the potential of the countrymen, this budget will take India's development to new heights," he said in a message in Gujarati on micro-blogging site Twitter.
Budget 2023: Expert's key takeaways from Budget
Budget 2023: Rs 1.96 lakh crore allocated to Home MinistrySending a clear message about its internal security priorities, the PM Modi government on Wednesday allocated Rs 1.96 lakh crore to the Ministry of Home Affairs (MHA) with a majority of the spending on Central Armed Police Forces such as CRPF and intelligence gathering.
The 2023-24 budget allocation to the MHA, helmed by Union Home Minister Amit Shah, is Rs 1,96,034.94 crore. The budget 2022-23 had earmarked Rs 1,85,776.55 crore.
A substantial amount has also been allocated for improving infrastructure along the international border, police infrastructure and modernisation of police forces.
Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24 in Lok Sabha on Wednesday.
Budget 2023: Government proposes 100 critical projects for last-mile logistics at Rs 75,000 crThe government has proposed that 100 critical transport infrastructure projects, for last and first-mile connectivity identified in ports, coal, steel, fertilizer and food grain sectors.
Presenting the Union Budget for 2023-24 in Parliament, Finance Minister Nirmala Sitharaman said these projects will be taken up on priority with an investment of Rs 75,000 crore, including Rs 15,000 crore from private sources.
Ms Sitharaman proposed hiking the capital expenditure outlay by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3 per cent of the GDP.
Presenting the Budget for 2023-24, she said the newly established infrastructure finance secretariat will assist in attracting more private investment.
She said that this will be almost three times the outlay in 2019-20. The 'Effective Capital Expenditure' of the Centre is budgeted at Rs 13.7 lakh crore, which will be 4.5 per cent of GDP.
Budget 2023 has considered farmers, tribals, women: Devendra FadnavisMaharashtra Deputy Chief minister Devendra Fadnavis on Wednesday said the Union Budget has taken interests of all sections of society, including farmers, tribals, women, youth and middle class into consideration.
Mr Fadnavis, also the state Finance Minister, termed the budget presented by Union Finance Minister Nirmala Sitharaman as 'Sarva Jan Hitai' (benefitting everyone), adding it caters to all segments and sectors.
"The income tax exemptions up to Rs 7 lakh will help lower middle class. At the same time income tax limit of Rs 1.5 lakh for income up to Rs 15 lakh will provide a huge relief to middle class," Mr Fadnavis said.
Budget 2023: Over Rs 946 crore allocated to CBIThe Centre has allocated Rs 946 crore to the Central Bureau of Investigation in the Union Budget 2023-24 announced on Wednesday, a slight increase of over 4.4 per cent from FY 2023.
The country's premier probe agency is over-stretched in terms of human resources to tackle emerging crime scenes, dominated by artificial intelligence, cryptocurrency, darknet, and conventional crimes like bank fraud cases and ongoing high-profile extradition cases in courts abroad, in addition to criminal cases handed over by various states, High Courts and the Supreme Court.
The agency received Rs 841.96 crore to manage its affairs in the Budget Estimates for 2022-23, which was later increased to Rs 906.59 crore in the Revised Estimates.
The Government has allocated Rs 946.51 crore to the agency for 2023-24, the Budget document presented by Finance Minister Nirmala Sitharaman on Wednesday.
#BudgetWithNDTV: Expert On Budget
Budget 2023 - 'Amrit Kaal' for PM Modi, not for common people: AAP hits out at BudgetThe Aam Aadmi Party on Wednesday questioned Union Finance Minister Nirmala Sitharaman's claim about doubling of per capita income since 2014, saying it is 'Amrit Kaal' for Prime Minister Narendra Modi, not for the common people of the country.
Highlighting the achievements of the PM Modi dispensation so far, the finance minister in her budget speech said the government's efforts since 2014 have ensured for all citizens a better quality of living and a life of dignity.
The per capita income has more than doubled to Rs 1.97 lakh, she added.
"Neither did the MSP of crops increase nor did the youth get employment. But this is Amrit Kaal for Modi ji. Nirmala ji is saying per capita income has doubled," AAP's Rajya Sabha MP Sanjay Singh, who is also the party's national spokesperson, said in a series of tweets in Hindi, wondering "whose income" doubled.
Budget 2023: "Not a people-friendly budget," says Mehbooba MuftiThe Union Budget is not people-friendly as it has been prepared keeping in mind the interests of a few businessmen, People's Democratic Party (PDP) chief Mehbooba Mufti alleged on Wednesday.
Talking to reporters here, the former Jammu and Kashmir chief minister said the budget presented by Union Finance Minister Nirmala Sitharaman is the same as the ones presented by the BJP-led government over the last eight-nine years.
"Taxes have increased and money is not being spent on welfare schemes or subsidies. Taxes are being amassed for their crony capitalists. The taxes imposed should have benefitted the people, but they have broken their backs.
Budget 2023: Markets Fall Sharply
Big fluctuation in markets after Budget, Sensex down 700 points
Budget 2023: PM Modi on Budget
Budget 2023: PM Modi on Budget
"Unprecedented investment of Rs 10 lakh crore in infrastructure will give speed and new energy to development," said PM Modi on Union Budget.
Budget 2023: Akhilesh Yadav's "Nirasha" Jibe At Centre
Union Budget 2023 was presented by Finance Minister Nirmala Sitharaman today which unveiled one of its biggest jumps in capital spending in the past decade and said the fiscal deficit would fall next year.
The Budget adopted "seven priorities" - inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector - to guide India through the "Amrit Kaal".
Budget 2023: PM Modi on Budget
"Those toiling traditionally through their hands for the country, 'Vishvakarma' are the creators of this country. For the first time, scheme related to training and support for 'Vishvakarma' has been brought in the budget," said PM Narendra Modi.
Budget 2023: PM Modi on Budget
"In comparison with 2014, 400 per cent increase in infra investment. Rs 10 lakh crore on infra investment. This will get jobs for youth and earn livelihood for a big population," said PM Modi.
Budget 2023: PM Modi on Budget
"This budget will boost green growth, green economy, green infra, green jobs for sustainability. This Budget focuses on technology and new economy," said the Prime Minister.
Budget 2023: PM Modi on Budget
"There is something for everyone in this Budget. It lays strong foundation for New India," said PM Modi.
"Nothing In Budget For Common People, States": Trinamool"There's nothing in this Budget. This is a budget made by keeping the Prime Minister on the front. We didn't see anything in the Budget for the commoners and the states."
- Sudip Bandopadhyay, Trinamool Congress MP
"Well-balanced, progressive": Expert on Budget 2023
"The Budget, presented by Finance Minister Nirmala Sitharaman, is well-balanced, progressive and development-oriented. Along with many necessary changes that have been put in motion, the steps to enhance ease of doing business, such as reducing 39,000 compliances and decriminalising 3,400 legal provisions, is a welcome step," said Harsimarbir Singh, Co-founder at Pristyn Care.
"Acknowledging start-ups as drivers for the Indian economy's growth, the finance minister has also extended the existing tax benefits for such businesses by one more year till March 31, 2024. Healthcare services by the small & medium sector are yet to bounce back, and the Finance Minister's announcement of revamped Credit guarantee scheme, allocation of Rs9,000 crores and reduced credit cost is sure to boost the sector to revive quickly," he added.
Budget 2023: What's going to be cheaper, costlier
Budget 2023 - PAN To Be Used As Common Business Identifier: Centre On Ease Of BusinessThe 10-digit Permanent Account Number, popularly known as PAN, will be used as a common business identifier, announced Finance Minister Nirmala Sitharaman in her Budget speech in a big move for ease of doing business.
PAN is allotted by the income tax department to a person, firm or entity.
On the need for separate submission of same information to different government agencies, a system of 'Unified Filing Process' will be set-up, the Minister added.
Budget 2023: Expert On Heathcare Budget
"This year's budget has set the pathway for India to achieve universal health coverage. We welcome various initiatives announced by the honorable Finance Minister to address the long-standing gaps of the Indian healthcare ecosystem," said Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare.
"We also welcome the Mission to eliminate sickle cell anemia by 2047 which will immensely benefit a large population," he added.
Budget proposals will help India achieve goal of becoming $5 trillion economy, says Rajnath SinghThe Union Budget for 2023-24 is focused on growth and welfare with a priority to provide support to farmers, women, marginalised sections and the middle class, Defence Minister Rajnath Singh said on Wednesday.
Mr Singh said the budget proposals will lead the country towards achieving its goal of becoming a USD 5 trillion economy and "top three" economies globally within a few years.
The Defence Minister said the Budget demonstrated the government's commitment towards supporting growth and welfare oriented policies that will benefit all sections of society including small businesses owners, farmers, and professionals alike.
Budget 2023 Highlights
Here are the highlights of the Budget:
GOVT BORROWING
* Govt targets gross borrowing of 15.43 trillion rupees in 2023/24
* Net market borrowings seen at 11.8 trillion rupees
FISCAL DEFICIT TARGET
* Aims to achieve fiscal deficit of 4.5% of GDP by 2025/26
INDIVIDUAL TAX PROPOSALS
* Proposes to cut highest surcharge rate to 25% from 37.5% under new income tax regime
* Proposes to raise rebate limit to 700,000 rupees under personal income taxes
HIGHER SPENDING
* Outlay for capital spending increased 33% to 10 trillion rupees ($122.29 billion) in 2023/24
* The allocation is higher than the 7.5 trillion rupees budgeted for in the previous year and the highest on record
* Agricultural credit target raised to 20 trillion rupees for 2023/24
* Increases budget allocations to 790 billion rupees for affordable housing in 2023/24
* To provide 350 billion rupees for energy transition
* To provide incentives to replace old, polluting vehicles used by the central and state governments
* Revamps scheme for credit guarantee for small and medium businesses from April 1
* To provide collateral free credit of 2 trillion rupees under revamped scheme
TAX PROPOSALS FOR INDUSTRY
* To consider a cut in customs duty on lab-grown diamonds
* Propose higher import duties on silver dores
* To increase duties on items made from gold, platinum
* Customs duties on compounded rubber being raised.
* Custom duty exemption extended to EV batteries
AIMS FOR HIGHER PRIVATE INVESTMENTS
* Finance Minister Sitharaman says increase in public capex key to crowding in private investments
* Says economy has become the fifth-largest economy in the world in the last nine years
* Says the economy is growing the fastest among major economies
* Says budget adopts seven priorities including inclusive, green growth
Budget 2023: Green EnergyFinance minister Nirmala Sitharaman on Wednesday provided an outlay of ₹ 35,000 crore to achieve energy transition and net zero objectives and listed green growth among seven priorities of the government.
"I come to the fifth priority -- green growth. Prime minister has given vision for LiFE, or lifestyle for environment. To spur a movement for environmentally conscious lifestyle, India is moving firmly for the panchamrit, the net zero carbon emission by 2070, usher in green industrial and economic transition. This budget builds on our focus on green growth," the finance minister said in her budget speech in Lok Sabha on Wednesday.
For energy transition, she told the House that this budget provides for ₹ 35,000 crore for priority capital investment towards energy transition and net zero objectives and an energy security by ministry of petroleum and natural gas.
Budget 2023: Padma Shri Ram Saran Verma known as the hi-tech farmer of India on Budget
Budget 2023: Fiscal deficit pegged at 5.9% of GDPIndia will focus on economic growth and job creation and cut down fiscal deficit, the Finance Minister said on Wednesday, presenting the government's last full budget in parliament before elections due next year.
The aim is to have strong public finances and a robust financial sector for the benefit of all sections of society, Finance Minister Nirmala Sitharaman said.
The government will target a budget deficit of 5.9 per cent of GDP for 2023-24, Ms Sitharaman said, compared to 6.4 per cent for the current fiscal year.
Bidget 2023: Income Tax Rebate Limit Up From ₹ 5 Lakh To ₹ 7 Lakh In New RegimeThe central government today made the much-awaited mega announcement on increasing the income level up to which no income tax is payable: Rs 7 lakh a year from the 2023-24 financial year. It was Rs 5 lakh so far.
Listing out new tax slabs, she also announced that the Old Tax Regime will only be available on request, and what was known as the New Tax Regime so far will thus be considered the default regime.
Budget 2023: Tax Slabs Reduced From 6 To 5 Taxable income of Rs 0-3 lakh (after all exemptions) will be nil;
Rs 3 lakh to 6 lakh will be taxed at 5 per cent;
If income is above Rs 6 lakh, up to Rs 9 lakh, it will be taxed at 10 per cent;
Rs 9 to 12 lakhs - 15 per cent;
Above ₹ 12 lakh and up to 15 lakh to be taxed at 20 per cent; and
Income above ₹ 15 lakh to be taxed at 30 per cent
Budget 2023: Watch - Nirmala Sitharaman announces news personal tax slabs
Budget 2023: Shares rise on personal tax boostShares surged on Wednesday after the government raised the minimum tax rebate limit and stepped up spending, while bond yields moved lower after it lifted the gross borrowing for the next financial year in the Union budget.
The Nifty 50 index was up 1.5 per cent at 17,922.50, while the S&P BSE Sensex gained 1.6 per cent to 60,528 as of 12:32 p.m.
Indian bond yields reversed course after the government announced gross borrowing at 15.43 trillion rupees for the next financial year and net borrowing at 11.80 trillion rupees.
The benchmark bond yield dropped much as 11 basis points from the day's high levels, while the Indian rupee rose slightly against the dollar.
Finance Minister Nirmala Sitharaman said the government will spend 10 trillion rupees ($122.3 billion) on longer-term capital expenditure in 2023/24, extending a strategy adopted to revive growth in the aftermath of the COVID crisis.
Budget 2023: First Budget of Amrit Kaal, Says Nirmala SitharamanFinance Minister Nirmala Sitharaman began her Budget 2023-24 speech with declaring it the "first budget of Amrit Kaal" - using a term coined by PM Narendra Modi's government to define a brighter future as India completed 75 years of Independence.
"Our vision for the 'Amrit Kaal' includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this 'jan-bhaagidari' (public participation) through 'sabka saath, sabka prayaas' (efforts by all) is essential," she said.
For the coming fiscal year, she enumerated seven priorities: "Inclusive development, reaching the last mile, agriculture and investment, unleashing potential, green growth, youth power, and the financial sector."
Budget 2023 - "Manhole To Machine...": Big Budget Announcement On Sewage SystemFinance Minister Nirmala Sitharaman today made a big announcement on sewage system while presenting the Union Budget 2023-2024.
Calling the transition "manhole to machine mode", the Finance Minister announced that sewers and septic tanks across the country will be de-sludged through mechanical process.
"All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from manhole to machine hole mode," she said.
Budget 2023: Big Numbers Announced So FarFinance Minister Nirmala Sitharaman is presenting the Union Budget for fiscal 2024 that will set the foundation for taking India's economic growth to the forecast rate of 6.8 per cent.
Budget: Personal Tax
Standard deduction under new tax regime
Highest tax rate 42.7 per cent. Propose to reduce highest surcharge rate from 37 per cent to 25 per cent under new tax regime. Reduction of maximum rate to 39 per cent
Limit of Rs 3 lakh on leave encashment increased to 25 lakh
New income tax regime is now the default regime, she announced.
Budget: New tax rates slabsTax structure changed from six slabs to five slabs. Reduction in tax liability for those under regime.
Rebate limit increased to Rs 7 lakh in the new tax regime, Ms Sitharaman's big announcement
Budget 2023: Startups
High value insurance policies - returns will now be taxed and capitals gains on sale of property for over Rs 10 crore will be higher, she announced.
Budget 2023: Direct TaxesNirmala Sitharaman:
Next generation common IT form to be rolled out
MSMEs and professionals - if their cash receipts is no more than 5% presumptive tax limits increased to Rs 3 crore (turnover) and Rs 75 lakh (income) respectively
"To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at Rs 11.8 lakh crore, said Nirmala Sitharaman.
Cigarettes duty revised upwards, announced the Finance Minister.
"Tax receipts for next fiscal budgeted at Rs 23.3 lakh crore," said Ms Sitharaman.
"Relief in customs duty on mobile phone parts extended for another year. Reduce customs duty on TV panel parts," said the Finance Minister.
Basic customs duty rates to be reduced from 21 to 13 per cent, she announced.
Fiscal deficit expected to be 5.9% of GDP. We aim to Aim to reduce it to 4.5% by 2025-26, said Ms Sitharaman.
Maximum investment for senior citizens - from Rs 15 lakh to Rs 30 lakh in small savings, she announced.
Mahila Samman Savings certificate for a 2-year period. This will offer deposit facility of up to 2 lakh at 7.5 per cent interest.
Fiscal support for digital public infra, she said.
Budget 2023: Financial Sector
Credit guarantee for MSMEs - Rs 9000 crore infused in corpus. National financial information registry to be set up - facilitate credit flow and boost availability of information, announced Nirmala Sitharaman.
Budget 2023: Tourism
"50 destinations to be selected in challenge mode . Every destination to be developed at a complete package under 'Dekho Apna Desh' initiative," she said.
"30 skill india international centres across different states will be set up," the Finance Minister said.
The government will launch Pradhan mantri Kaushal vikas yojana 4.0, she said.
Budget: On old, polluting vehicles
"Vehicle replacement programme for old polluting vehicles," said Ms Sitharaman.
Coastal shipping will be promoted, said Ms Sitharaman
The government announces MISHTI schemes for mangroves, said Ms Sitharaman.
1 crore farmers will get assistance to adopt natural farming, she said.
Green credit programme will be notified to encourage companies, individuals, she said.
Budget: Green Growth
"This Budget focuses on green growth. India heading for net zero "Panchamrit" goal by 2070. 35000 crore for priority capital investment for green energy transition. Battery energy storage systems of 4000 MWH will be supported," she said.
"All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from manhole to machine hole mode. Cities will be encouraged to increase creditworthiness for municipal bonds," said Ms Sitharaman.
"One stop solution for reconciliation of IDs maintained by various government agencies. PAN will be used as common business identifier," she said.
Government announces Rs 2.4 lakh crore for railways.
50 additional airports, heliports, water aerodromes, advanced landing zones to be revitalised
66 per cent increase in PM Awas Yojana to 79,000 crore, said Ms Sitharaman
"Capex outlay being increased 33% to 10 lakh crore. Will make up 3.3 per cent of GDP," she said.
Budget 2023: National Digital Library"National digital library for children and adolescents will be set up for facilitating quality books," she said. "The National Book Trust, Children's Book Trust will replenish non-curricular tirles in regional languages and english to digital libraries," she added/
Budget 2023: Agriculture Focus
The government will set up an agriculture accelator fund to encourage startups in rural areas. The Indian Institute to Millet Research will be supported as a centre of excellence, she said.
New programme to promote research and innovation in pharma through centres of excellence, Ms Sitharaman said.
Mission to eliminate sickle cell anaemia by 2047, she said.
Budget 2023: Food Security Scheme
"Continuing our commitment to food security, we are implementing from January 1. a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana," the Finance Minister said.
Will set up several cooperative societies for farmers, she said.
Blog 2023: Atmanirbhar Clean Plant Programme
The government will launch the Atmanirbhar Clean Plant Programme to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore, Ms Sitharaman said.
"Indian Institute of Millet Research will be supported as centre of excellence," said Nirmala Sitharaman.
The government also aims to empower women by way of self-help groups focused on raw material supply, branding and marketing of products, she said.