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

5:22 PM

Nilanjan Banik, Economist hails Budget for allocating adequately towards infrastructure sector

While commenting on the Uniond Budget 2023, Nilanjan Banik, Economist, Mahindra University said, “It is a fantastic budget. It has elements of unleashing purchasing power both from the perspective of consumers and businesses. For the common man, there has been an increase in tax rebates. For businesses and the economy as a whole, there has been an increase in the allocation of capital expenditure. Capital expenditure is hiked to Rs 10 trillion and this money when used for building roads, ports, and airports will lead to a further round of income and employment generation. Additionally, an all-time high allocation towards the railway sector will complement this connectivity pan-India and will make India a better place to do business. And all of this spending towards capital expenditure is undertaken by taking into consideration that the fiscal deficit is kept under control. Money is being spent judiciously and towards the infrastructure sector, keeping in mind the long-term (amrit kaal) growth”.

 

5:20 PM

"Budget provides measures to bridge skill gap in India," says Yajulu Medury, VC, Mahindra University

''The budget provides a much-needed impetus towards empowering the education sector and youth towards helping them realize their true potential. The setting up of 100 5G enabled labs to develop apps in engineering institutions and 3 centers of excellence in Artificial Intelligence is a major step towards 'Make AI in India and Make AI Work for India' and helps in shaping the new engineer of today. The 30-skill India international centres across states will further promote interdisciplinary research for developing cutting-edge applications to transform critical sectors and provide solutions for sustainable cities. In order to bridge the skill gap in India, the budget is in line with Mahindra University's focus on integrating critical thinking and problem-solving through a dynamic and diverse curriculum.''

 

5:12 PM

We believe we have means and ability to reach that fiscal deficit target by 2025-26: Union Finance Secretary

Revenue estimates in Budget 2023 conservatively assume tax buoyancy of only 1, that the commitment to 4.5 per cent 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, said Union Finance Secretary TV Somanathan during post-budget conference.

5:08 PM

Budget’s ‘Digital India’ push: Digital library for students to digitalising ancient inscriptions

The Union Budget speech by Finance Minister Nirmala Sitharaman on Wednesday highlighted the government’s continuous efforts to push for digitisation in the country. From building a digital library for children and adolescents to formulating a National Data Governance policy, the minister announced a wide range of schemes and proposals during her address.

 

4:53 PM

Actions have been taken by the government to address inflation: FM Sitharaman

"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," said Union Finance Minister Nirmala Sitharaman during post-Budget conference.

 

4:51 PM

We are moving along to become a $5 trillion economy: Finance Minister during the post-Budget press conference

 

 

4:49 PM

Development of Northeast, an important priority in the budget: Nirmala Sitharaman

Government has launched PM-DevINE for the developmen of Northeast, says FM Nirmala Sitharaman

 

4:44 PM

"We had already taken action to ease wheat prices," says FM

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

4:38 PM

'Food subsidy allocation at Rs 1.75 trn, a clear indication that the government is responding to inflation'

'Food subsidy allocation at Rs 1.75 trn, a clear indication that the government is responding to inflation' says finance ministry official during the post budget conference.

4:37 PM

"This country has been waiting for direct taxation to be simplified"

"This country has been waiting for direct taxation to be simplified. Therefore the new taxation regime that we brought in for direct taxation two, three years ago has now got greater incentives & greater attraction so that people can unhesitatingly move from the old to the new," sayd FM.

 

4:34 PM

Rs 20 lakhs are being made available for agriculture credit: FM

"There's a lot of increase in agriculture credit availability. Rs 20 lakhs are being made available for agriculture credit. Also, a sub-scheme under PM Matsya Sampada Yojana makes sure that people living in coastal areas are going to benefit from it," says Union FM Nirmala Sitharaman

 

 

4:31 PM

'Not forcing to shift to new tax regime,' says FM

"We are not compelling anybody. Those who want to remain in Old can still remain there. But the new one is attractive because it gives a greater rebate. It also provides for simplified & smaller slabs, smaller lower rates of taxation & also slabs which are nicely broken down," says FM

 

4:30 PM

Budget 2023 gives a big leg-up to capital investment: Nirmala Sitharaman

"Budget 2023 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 Union Finance Minister during post Budget conference.

4:26 PM

"Some states lacking in meeting conditions for capital expenditure, not the Centre"

"Some states lacking in meeting conditions capital expenditure, but confident that Centre will meet the capex targets," says finance ministry official.

4:21 PM

"The new taxation regime has now got greater incentives," says FM

The new taxation regime has now got greater incentives, and attractions so that people can unhesitatingly move from the old to the new. We are not compelling anyone. But the new one is now attractive as it gives greater rebates, says Union Finance Minister.