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

4:19 PM

"We have kept attending to the matter of inflation and fiscal consildation," says FM

4:17 PM

'Budget focuses on growth, so India moves ahead': Finance Minister

We are looking at a futuristic fintech sector, people will be trained through Industrial Revolution 4.0, we are trying to unleash digital economy in various walks of life: Union Finance Minister Nirmala Sitharaman 

4:16 PM

FM addresses media post Budget: "Changes will help the middle class," says FM

During her address to medica post Budget announcement, FM said that the government has made new tax regime keeping middle class in mind.

4:13 PM

Budget focuses on inclusive development, growth, job creation: FM

'Our focus on futuristic financial sector. We have seen double digit investment announcement.'

4:12 PM

Post-Budget conference by Union Finance Minister Live now

"Training manpower in AI and enhancing the digital power of India a priority," says FM.

4:10 PM

Budget 2023-24: FM shares remarks during post-Budget conference

FM elaborates on the key areas that the government has identified to focus on during the financial year 2023-24.

The four emphasis points of this budget are on empowering women, action plan for tourism, initiatives for Vishvakarmas (artisans) and green growth: Finance Minister Nirmala Sitharaman

 

 

4:08 PM

Post-Budget conference by Union Finance Minister Live now

Budget focuses on empowering women, giving opporutnities to youth to produce and scale up in professional manner, emphasis on tourism and PM Vikas, says FM.

4:02 PM

Budget 2023: Indian economy size increased to 5th largest from 10th largest in world, says FM

Presenting the Narendra Modi-led government's last full budget before the next general elections, Finance Minister Nirmala Sitharaman in her speech to the Parliament today said Indian economy has grown from 10th to the 5th largest in the world in the last nine years, and per capita income of Indians has more than doubled.

4:00 PM

'A highly pragmatic, growth-oriented budget,' says Amisha Vora, Chairperson and MD, Prabhudas Lilladher Group

Commenting on the Union Budget announced on Wednesday, Amisha Vora, Chairperson and MD, Prabhudas Lilladher Group said, “I believe it is a highly pragmatic and growth-oriented budget which will help India remain amongst fastest growing economies globally. FY23-24 budget is walking the talk and continues Govt focus on 1) bottom end of pyramid with free food grains 2) taxation relief to middle class 3) enhancing Agri credit 4) heightened capex spend with Rs13.7 trillion capex and 5). focus on green energy, energy transition etc. I believe that the budget is targeting inclusive growth with focus on increasing consumption through benefits to middle class and impetus to industry to spur investment for domestic manufacturing and infrastructure development.”

 

3:58 PM

Green growth has been given a major spotlight in Budegt 2023, says Kush Singh, CEO, Essar Power

“The Union Budget 2022-2023 reflects the country’s rapid economic growth whilst projecting a bright future. Honourable FM has based the budget on 7 priorities wherein Green growth has been given a major spotlight which is the current need of the hour for the energy sector. Green hydrogen will emerge as an important instrument to decarbonise the energy value chain, including the corporate sector. The decision to reduce custom duty on lithium ion batteries will promote energy storage to provide round-the-clock renewable power at reduced cost. The amalgamated steps taken will not only help reduce carbon intensity of the economy but will simultaneously help create job opportunities. The ultimate goal is to reduce dependence on fossil fuel inputs and make the country assume technology and market leadership in this sunrise sector. This is a growth oriented budget and the efforts made towards green growth including policies and fund allocations will help us achieve the target of green hydrogen production of 5 mn tonne by 2030,” said Kush Singh, CEO, Essar Power on Budget 2023-24.

 

3:57 PM

It is a progressive budget which integrates key ESG elements into economy: Sambitosh Mohapatra of PwC India

Commenting on the Union Budget 2023, Sambitosh Mohapatra, Partner and Leader- ESG Platform & Energy Utilities and Resources, PwC India said, green growth is a transformative opportunity for the country to lead the world on the sustainable way of living and on energy transition. he added, "The Union Budget will catalyse the movement with thrust on green fuel, green energy, green farming, green mobility, green buildings, green equipment and policies for efficient use of energy across various economic sectors. It will help in reducing carbon intensity of the economy as per our NDCs for 2030. It is a progressive budget which integrates key ESG elements into the economy - enrolling women self groups into larger producer enterprises, prioritising healthy, climate-resilient agricultural products, spearheading the hydrogen economy, supporting oil and gas sector decarbonisation, focus on biodiversity protection and regeneration, and tax exemptions to support green mobility and battery storage. It will provide large- scale job opportunities, focus on innovation and research, enhance skills and will aid inclusive growth for all."

 

3:54 PM

Anuj Puri, Chairman, ANAROCK Group hails Budegt 2023, says it will help unleash Indian economy’s potential

According to Anuj Puri, Chairman, ANAROCK Group, the new measures announced in the Union Budget 2023-24 may certainly help unleash Indian economy’s potential. However, he highlighted that from a real estate point of view, there were no major direct announcements that could be seen as immediate booster shots. 

 

He said, "The enhanced allocation for PM Awaas Yojana by 66 per cent to over Rs 79,000 crores is certainly a boost for affordable housing, which was flagging due to increased input costs and also because the buyers in this segment, mostly from the unorganized sector, were still reeling under the impact of the pandemic. It is another step towards the government's Housing for All mission."

 

The Budget lays much emphasis on building the infrastructure of the country, with emphasis on last-mile connectivity. Improved urban infrastructure will provide further impetus to Tier 2 and 3 cities, he added. The unwavering focus on infrastructure will indirectly drive real estate growth over the next one year. The tourism sector also has something to cheer for as the budget aims to boost domestic and international tourism, he further said.

 

3:43 PM

Budget gives measures to enhance scope of Gold-loan NBFCs, says George Alexander Muthoot, MD, Muthoot Finance

“The Budget 2023 presented by our Honourable Finance Minister today has touched upon all the right chords of the economy, and it will go a long way to boost capital expenditure, infrastructure, housing, along with consumption. The capex expenditure outlay of Rs 10 lakh crore will pave the way to boost economic growth, along with job creation. The enhanced outlay by 66% to Rs. 79,000 crore under the PM Awaz Yojna will boost India’s housing sector, especially in the rural and semi-urban areas. FM’s focus on sustainable cities, creating infrastructure in Tier 2 and Tier 3 cities and Fifty additional airports, heliports, water aerodromes will further boost rural connectivity thereby supporting regional economy," said George Alexander Muthoot, MD, Muthoot Finance.
 

He further added, "During the pandemic MSMEs relied heavily on gold loans to meet their credit needs and the budget further has offered a big relief to MSMEs, which have been one of the most impacted sectors during the pandemic. In order to reduce the stress on the segment and increase the flow of funds, the Government revamped the ECLGS scheme via the infusion of Rs 9000 crores in the corpus. This will enable collateral for Rs 2 lakh crore loans to the small and medium-sized businesses. Further, 95% of the forfeited amount relating to bid or performance security will be returned to the MSMEs by the government and other undertakings. We also believe that the reforms announced with respect to the growth and development of the agricultural sector, animal husbandry and fisheries will further boost these sectors and support the economy. All these measures will positively enhance the scope of Gold-loan NBFCs like us, which are catering to the underbanked sectors of the society.”

3:39 PM

Union Budget 2023: SCOPE hails a ‘growth-oriented inclusive budget for all’

SCOPE (Standing Conference of Public Enterprises), apex body of Public Sector Enterprises compliments the Hon’ble Finance Minister in presenting a “growth-oriented inclusive budget for all” with impetus on infrastructure strengthening, green environment and skill development, while maintaining fiscal consolidation. While appreciating the Budget, Mr Atul Sobti, Director General, SCOPE said that the Budget is likely to have a multiplier effect in both social and economic sectors. “Overall, a positive budget which is likely to give the necessary push to the country for a global role through landmark outlay for infrastructure strengthening, new schemes, incentivizing domestic industries, focusing on inclusive development, impetus on skill development, moving towards simplifying regulations for ease of doing business and green initiatives leading to a net zero economy”, he added.

 

3:20 PM

Union Budget 2023-24: No tax on income up to Rs 7 lakh, five Slabs In New Tax Regime

Rebate limit increased from Rs 5 lakh to Rs 7 lakh a year

Rs 0-3 lakh - no tax

Rs 3-6 lakh - taxed at 5%

Rs 6-9 lakh - taxed at 10%

Rs 9-12 lakh - taxed at 15%

Rs 12-15 lakh- taxed at 20%

Above Rs 15 lakh - taxed at 30%