Budget LIVE: Rs 35,000 cr for net-zero carbon emission goals, says FM

Finance Minister Nirmala Sitharaman presented the last full Budget of the Modi government before general elections 2024 on February 1. Catch all latest updates on Union Budget 2023-24 here

9:55 PM

Union Minister Anurag Thakur praises the government for increasing sports budget

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

9:53 PM

This is just a ceremonial budget, says Himachal Pradesh CM SS Sukhu

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

9:34 PM

'More money in the pockets, more spending!', says Sajjan Jindal, JSW Group Chairman on Union Budget

Sajjan Jindal, JSW Group Chairman on Union Budget said, "A 40 per cent increase in the income tax rebate limit from 5 lakhs to 7 Lakhs is a huge comfort that this budget has given to our middle-income group and is a great step to strengthen their finances. More money in the pockets, more spending! The scheme to support central & state govt and municipalities in replacing their old polluting vehicles is another master stroke. This will give a boost to the manufacturing sector which is largely driven by the auto industry & will bring more efficient machines onto the road. This govt has been giving a huge push to the infrastructure upgradation of our nation & an increase in spending on road & rail infrastructure is a testament to their philosophy. This will help maintain the momentum of our economic growth, contrary to the world scenario. Overall I believe it's a great budget and will complement India's growth story. We are the only bright spot in the world economy and this budget ensures that we continue to shine in the time to come!"

 

8:59 PM

"Increased capital investment with have social impact in rural areas," says Odisha CM Naveen Patnaik

"The budget has some good aspects which need to be appreciated including increased capital investment, support for drinking water initiatives and increasing rural housing. These will accelerate growth as well as have a social impact in rural areas," Odisha CM Naveen Patnaik on Union Budget 2023-24.

8:37 PM

India is shining like a star, says Union Minister of Finance to DD News

"Even when there are global challenges, India is shining like a star and is the fastest growing economy in the world according to IMF report', says Union Minister of Finace in an interview with DD News. 

 

8:34 PM

Union Budget 2023: PAN to be used as common business identifier, says Centre on ease of business

The 10-digit Permanent Account N​umber, 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.

 

"Such filing of information or return in simplified forms on a common portal will be shared with other agencies as per filer's choice," she said.

 

More than 39,000 compliances have been reduced and over 3,400 legal provisions decriminalised to enhancing ease of doing business, Nirmala Sitharaman said presenting her fifth consecutive budget.

8:29 PM

Give me half an hour and I will show you how to prepare a Budget for the poor: Mamata Banerjee on Budget 2023

"This Union Budget is not futuristic; [it’s] totally opportunistic, anti-people and anti-poor. It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections. The changes in the income tax slabs will not help anyone. There is no ray of hope in this Budget – it is a dark Budget. Give me half an hour and I will show you how to prepare a Budget for the poor," said West Bengal Chief Minister Mamata Banerjee on Union Budget 2023-24.

 

 

 

 

 

8:27 PM

Punjab Chief Minister Bhagwant Mann on Union Budget 2023

“Earlier, Punjab was missing from the Republic Day. Now, Punjab is missing from the Budget. As a border state, we demanded Rs 1,000 crore for BSF’s upgradation, modernisation, anti-drone system, but nothing has been talked about [that] in the Budget," said Punjab Chief Minister Bhagwant Mann.

 

 

7:44 PM

Union Budget 2023: Key provisions towards environment

• Green Hydrogen Mission for reduced dependence on fossil fuel
• Rs 35,000 crore for energy transition to net-zero emission goals
• New "green credit" programme under Environment Protection Act

7:43 PM

Enhanced focus will be provided for scientific management of dry and wet waste: Nirmala Sitharaman

In a step towards eradicating manual scavenging in India finance minister Nirmala Sitharaman said in her Budget speech on Wednesday that all cities and towns will be enabled for 100 per cent mechanical desludging of septic tanks and sewers to transition from manhole to machine-hole mode. “Enhanced focus will be provided for scientific management of dry and wet waste,” she said. The budget allocation for Swachh Bharat Mission - urban has seen a jump of 150 per cent from revised estimate of Rs 2,000 crore in 2022-23 to Rs 5,000 crore in the next financial year.  

 

Government had told Lok Sabha in December 2022 that 188 persons died due to accidents while undertaking hazardous cleaning of sewer and septic tanks between 2019 and 2022. Surveys conducted in the year 2013 and 2018 identified 58,098 eligible manual scavengers. 

7:42 PM

We warmly embrace the Union budget 2023: Nalin Negi, CEO (Interim) & CFO, BharatPe

Nalin Negi, CEO (Interim) & CFO, BharatPe said, "We warmly embrace the Union budget 2023. Fintechs have come a long way over the last few years, and the Government’s initiatives to drive financial inclusion and enable digital payments have been one of the key drivers of the growth journey of this sector. Fintech services in India have been facilitated by India's digital public infrastructure including Aadhaar, PM Jandhan Yojna, video KYC, India Stack and UPI, and digital payments have grown by 76% in transactions in 2022. In this budget, FM Nirmala Sitharaman has reimagined the government's Digilocker services for the fintech sector. This will further aid the growth of the sector, along with the Government’s continued support to drive digital payments. Also, the government’s plans for encouraging countries looking for digital continuity solutions to set up data embassies at the GIFT City will further help position India as a global leader in the fintech industry. Technological advancements can give us the edge as we strive to become a US$ 5 trillion economy. The announcement of setting up of Centres of Excellence for AI will fuel the focus on technology and innovation. Also, the National Data Governance Policy that will bring in innovation and research by startups and academia will enable access to anonymized data.”

7:28 PM

33% growth in capex will result in balanced development: Rajeev Sharma, CSO, Mitsubishi Electric India

Rajeev Sharma, Chief Strategy Officer, Mitsubishi Electric India Pvt. Ltd said,"The budget 2023 is oriented to economic growth of the country. I am sure that 33 per cent growth in capital expenditure will result in balanced development. This is a smart move since it will help the country achieve its goal of becoming a 5 trillion-dollar economy and a global powerhouse. I believe that the announcement of setting up 100 labs to effectively develop 5G services and the vision to promote Artificial Intelligence in overall industries is a strong step by the government. This will further lead to automation in the industries which will help in propelling India’s growth and promoting smart cities. The union budget 2023 has come up with positive announcements for different sectors to support

the Make In India initiative and can result in balanced growth in the near future.

7:26 PM

Union Budget 2023: Key announcement for excise/customs duty

• Basic customs duty cut from 21 per cent to 13 per cent
• Customs duty relief on mobile phone parts extended for another year
• Reduced customs duty on TV panel parts, cigarettes duty revised upwards

7:24 PM

'Disciplined, growth-oriented, inclusive', says Anish Shah, MD & CEO, Mahindra Group on Budget 2023

While commenting on the Union Budget 2023-24 announced on Wednesday, Anish Shah, Managing Director & CEO, Mahindra Group said, “This is an outstanding budget as it is disciplined, growth-oriented, inclusive and sustainable. The Finance Minister has done a commendable job by tabling a budget that is big on consistency and driven majorly by capex. The steep increase in capex, to the tune of Rs 10 lakh crore, will ensure the continuum of cyclical recovery. Capex spending is good because it has a higher multiplier effect: every rupee spent on capex has a multiplier of Rs 3 as compared to just about Rs 0.9 for revenue expenditure. That apart, higher capex also creates jobs in the hinterland. The focus on core infrastructure, including increased funding for railways and clean energy, as well as the government's ambitious plans for the agricultural sector, will help to improve rural incomes. Above all, it is encouraging to see the government setting the pace for climate action by announcing a "green budget" that will pave the way for a greener, cleaner planet.”

7:20 PM

Union Budget 2023: Key announcement for education sector

• 157 new nursing colleges to be set up
• Institutes of Excellence for mass teacher training
• New national digital library for children

6:59 PM

Rise in capex will have incremental effect on economic growth: Nikhil Agarwal, President, CJ Darcl Logistics

Commenting on the Union Budegt 2023 announced on Wednesday, Nikhil Agarwal, President-CJ Darcl Logistics said, “This is the first Budget of Amrit Kaal, and we believe that this is a budget aimed at fostering growth. We are sure that the huge rise in capital expenditure by 33% will have an incremental effect on the overall growth of the economy. Infrastructure sector is the backbone of any economy, and the government has been pushing for the sector’s growth for its multiplier effect and linkage effects in terms of job creation. Infrastructure and development are among the seven priorities of the Budget 2023. The newly announced one hundred critical transport infrastructure projects will help the country to ensure energy and food security as these are critical for India as it targets to become the third largest economy in the world in the next 6-8 years. The government has also decided to inject 2.40 lakh crore in railways in order to derive the positive outcome on environment sustainability."

 

He further added, "As Budget 2023 focuses on promoting coastal shipping, it will play a critical role in the economy's competitiveness, expansion, and long-term sustainability, which is an under tapped sector at the moment. Also, the announcement of 100 Labs for developing applications using 5G services will bring in changes across the transport sector including increasingly smart and efficient logistics and improved urban transportation with the implementation of Mobility as a Service (MaaS) platforms. The Budget 2023 has demonstrated a good balance between today’s needs and the future’s demand."

6:56 PM

Union Budget 2023: Key announcement for startups

• Agriculture accelerator funds for startups in rural areas
• Carry forward of losses from 7 to 10 years since date of incorporation
• 100 joint commissioners for disposal of small appeals

6:38 PM

The 66% rise in allocation to PMAY is a boost for affordable housing: Samir Jasuja- Founder & CEO- PropEquity

“The 66 per cent increase in the allocation to Prime Minister Awaas Yojana to Rs 79,000 crores is a sure boost for affordable housing. This is another step towards the government's 'Housing for All' mandate. The Budget lays much emphasis on building the infrastructure of the country, with emphasis on last-mile connectivity. The unwavering focus on infrastructure will indirectly drive real estate growth over the next one year,” said Samir Jasuja, Founder & CEO- PropEquity.
 

He further said, "Changes in income tax rates, including exempting income up to INR 7 lakh under the new tax system and rates, will undoubtedly benefit the middle class. However, it remains to be seen whether the real estate sector will have a collateral boost.”

6:15 PM

A smart budget in challenging times, says N Chandrasekaran, Chairman, Tata Sons on Union Budget 2023-24

"Given the challenging macro backdrop of slowing global growth and tightened financial conditions, Finance Minister has aptly prioritized growth. I welcome the move to more productive expenditure, budgeting capital spending of Rs 10 lakh crore—a 33 per cent over the previous year and the highest in the past two decades as a share of GDP. At the same time, the revision of income tax slabs under the new tax regime should increase purchasing power for many. Loan guarantees and other assistance toward MSMEs, a focus on tourism, and measures announced for the care economy (like new nursing colleges) will boost job creation. The budget also remains committed to shared prosperity by extending the free food scheme for one more year. This budget shows not only the kind of policy support that is necessary for the economy at this moment but also strengthens the strategic foundations for our long-term growth. We are witnessing three major transformations globally: rapid digital adoption, the rebalancing of supply chains, and environmental sustainability.  This budget helps position India to play a leading role in all three transformations," said N Chandrasekaran, Chairman, Tata Sons.

6:11 PM

Significant and sustained push on Infrastructure spend: Baba Kalyani, Chairman and MD, Bharat Forge Ltd

Baba Kalyani, Chairman and Managing Director, Bharat Forge Ltd. said, "Government policy formulation is a consultative process and the successive budgets including todays is a strong reflection of this process, aimed at promoting a virtuous cycle of growth and employment. Significant and sustained push on Infrastructure spend, Railways, Green Technologies and Defence is a welcome measure. Overall direction to take India on the trajectory of a technology-driven and knowledge-based economy coupled with productive capital investments will have long-standing benefits in driving inclusive financial growth and enhancing per-capita income levels."

6:10 PM

A growth oriented Budget with focus on capital expenditure, consumption: Ajay Piramal, Chairman, Piramal Group

Ajay Piramal, Chairman, Piramal Group said, "The Union Budget FY 24 should be seen in the light of the potential global economic headwinds in the time to come. Towards that, a growth oriented Budget with focus on capital expenditure, consumption with an eye on fiscal consolidation is commendable. I believe the Budget spells out measures that will help steer India’s economy. The steep increase in capital expenditure by 33% to INR 10 lakh crore is a welcome move as it will create additional job opportunities and enable sustained economic growth. The Government’s projection of fiscal deficit at 5.9 per cent of GDP for 2023-24 will strengthen public finances and make the financial sector more robust."

 

He further said, "Skilling of youth is pivotal for a developing economy. Initiatives such as The National Education Policy, formulated to provide youth with employable skills will create more jobs. The budget has strongly focused on education to make up for the learning losses incurred during COVID-19. Announcements of setting up a new national digital library for children and recruitment of teachers and support staff are welcome steps towards strengthening the sector. We will continue to assist the Government in the Aspirational Districts Programme as well as the Aspirational Blocks Programme which will focus on 500 blocks and further help in accessibility of essential government services. We welcome the launch of the PMPVTG Development Mission, aimed at improving socio-economic conditions of tribal groups, and would like to collaborate with the government at every step to achieve our overall SDG Goals.”

 

 

6:02 PM

A balanced budget focusing on consumption and capital expenditure: Raghav Swaminathan, CFO, Wipro Enterprises

Raghav Swaminathan, CFO, Wipro Enterprises said that the company believes this is a balanced budget focusing on consumption and capital expenditure, the two pillars driving economic recovery. He said that this will give a positive impetus to equity and Debt market participants and the economy at large.

He said, "The thrust on Capital Expenditure continues to be the key focus area of government which is the need of the hour, and it has a domino impact on all ancillary industries. The total Capital Expenditure projected for FY24 is ~ INR 13.7 Trillion vs. INR. 10.5 Trillion in FY23. The Capex expenditure has grown @ 17 per cent CAGR for the last eight years, reflecting the government's commitment. There is also a significant increase in the allocation towards the transportation Sector which sees a significant jump in excess of 32 per cent for FY24 (Rs. 5.17 Trillion in FY24 vs. INR. 3.9 Trillion in FY23). The focus on the rural sector, with increases in agriculture credit,  allocation of funds towards agri-based startups, and building up the supply chain on Sri Ann, augurs well for the FMCG industry, which could potentially boost rural consumption."

5:58 PM

Union Health Minister Dr Mansukh Mandaviya hails Budget 2023 for provisions towards ending sickle cell anaemia

Union Health Minister Dr Mansukh Mandaviya said that an important announcement was made in this budget for the Ministry of Health on Wednesday. He said, "A govt lab will be opened for those doing research in the health sector. The country should be free from sickle cell anaemia when it is celebrating 100 years of independence. Sickle cell anaemia is a very common disease in our tribal population. It has been announced in this budget that work will be done in mission mode to eliminate sickle cell anaemia and it will be eliminated by 2047."

5:41 PM

The Budget has persisted on responsible and progressive path: DP Singh Deputy MD & CBO, SBI MF

In his comments on the Union Budget announced Wednesday, DP Singh Deputy Managing Director & Chief Business Officer , SBI MF said, the Budget has persisted on the responsible and progressive path adopted in the last few Budgets. He said, "The focus on infrastructure was expected, but the quantum of allocation for capital expenditure has come as a reassuring and positive surprise. Moreover, the relief in personal income taxes across all levels of taxpayers is likely to act as a sentiment- and consumption-booster for the economy. The budget speech also laid the required emphasis on the financial sector and its contribution to nation building. These measures will positively influence the behavior of investors. Important capacity-building initiatives ranging from financial inclusion to artificial intelligence are long-term positives for the economy. All of this has been done without any compromise on fiscal prudence. Such a balancing act is praiseworthy."

5:39 PM

This is a balanced and inclusive budget, says Anil G Verma, Executive Director and CEO, Godrej & Boyce

According to Anil G Verma, Executive Director and CEO, Godrej & Boyce, it is a balanced and inclusive budget which will provide further impetus to growth. He said, "The renewed thrust on investment in infrastructure will drive the productivity of our economy and generate employment. Our competitiveness in the global economy will also be improved through the thrust on research in fields like 5G services, AI and agriculture. Together with the initiatives to reduce the compliance burden and de-criminalise several regulatory provisions, it will improve the ease of doing business in India and attract fresh investments."

5:33 PM

Budegt focuses on inclusive development, says Samantak Das, Chief Economist at JLL

Samantak Das, Chief Economist, and Head of Research and REIS, India, JLL said, “The 2023 Budget, in a pre-election year, sought to build on the roadmap laid down by previous budgets, focusing on inclusive development, fostering growth and job creation while keeping the macro-economy in a stable yet growth-oriented mode. It has given more money into the hands of individuals and households which would, to a large extent, ease out the increasing pressure on account of home loan EMIs and rising home prices. The increase in allocation for PMAY by a significant 66% would help continue capital flow under CLSS and other related schemes. Addressing the need for creating sustainable cities of tomorrow through urban planning, ease of land availability and promoting TOD schemes will be key towards sustainable development moving forward. Focus on overall infrastructure development and on Tier 2 and 3 cities will be key to overall economic development. The Budget is a balanced one for the economy while missing out on key real estate sector demands.”

5:32 PM

A well-rounded progressive and inclusive budget, says Chandra Shekhar Ghosh, MD & CEO of Bandhan Bank

According to Chandra Shekhar Ghosh, MD & CEO of Bandhan Bank, Budget 2023-24 is a well-rounded progressive and inclusive budget. He said, "The focus on important parameters like boosting consumption and inclusion is a welcome measure for our growing economy. The government has laid an important thrust on Capital Investment which will enhance consumption and create employment, both of which have been important areas of attention, especially post the pandemic. Allocation of the Budget to PM Awaas Yojana will further boost the housing sector. Support to  MSME sector along with enhancement of credit guarantee scheme will provide much needed relief to the sector. The new slabs of taxes will further help boost economic parameters like consumption, thus providing more impetus to economic growth."

5:31 PM

Budget is growth oriented and yet prudent and responsible: Ajay Singh, Chairman & Managing Director, SpiceJet

Ajay Singh, Chairman & Managing Director, SpiceJet said that the budget is growth oriented and yet prudent and responsible. He added, "Coming as it does in a year when India has assumed the presidency of the G20, it is an object lesson in how an economy should be managed in a crisis. Today, our economy is growing at the fastest pace in the world, inflation is reducing, fiscal deficit is under control and the country continues to increase spending on infrastructure. Truly, India is the bright spot in an uncertain world."

5:30 PM

Budget provides a strong guard against global headwinds: Rajiv Sabharwal, MD & CEO, Tata Capital Ltd

While commenting on the Union Budget 2023, Rajiv Sabharwal, MD & CEO, Tata Capital Ltd said, "Budget 2023 has included a series of measures for inclusive socio – economic development. The Indian government with its 7-priorities and a greater focus on Financial Sector and infrastructure & Investment have stepped in the right direction. The Capex increase of 33 per cent and a capital outlay of Rs 2.40 trillion for railways is a bold move to create jobs and improve the infrastructure development in the country. The overall quality of expenditure outlay provides a strong guard against global headwinds and will create impetus for private investments. This will also offer a vast scope for domestic consumption. Strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy."

5:27 PM

Budget good for youth: Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital

"The budget will help in maximising the advantage we have due to the demographic dividend by skilling our youth in AI, Industry 4.0,  green energy & other futuristic technologies. The focus on job creation and skilling in this budget is a step in the right direction to completely rebrand India from a hub for price arbitrage to talent arbitrage. Further, the initiatives mentioned in the budget will not only strengthen India as global office but also as global manufacturing & design destination," said Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital in his remarks on the Union Budget 2023.