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

2:07 PM

Tax being collected for crony capitalists, big businessmen: Mehbooba Mufti on Budget 2023

"This Budget is the same that had been coming in for last 8-9 yrs. Taxes increased, money not being spent on welfare schemes and subsidies. Tax being collected for some crony capitalists and big businessmen. Public should benefit from taxes but it's breaking their back," says Mehbooba Mufti

 

Instead of benefitting them (common people), welfare schemes and subsidies are being scrapped. People who had risen above the poverty level have fallen below the poverty level again, she added.

 

 

 

2:04 PM

Budget presented keeping elections in mind: Dimple Yadav

It's a Budget presented keeping the elections in mind, while some relaxations given to the middle class. Govt hasn't said anything about MSP for farmers, employment and youth. Railways also ignored in this budget. It has been a disappointing budget: Dimple Yadav, Samajwadi Party MP

 

1:58 PM

Budget 2023 will assist manufacturing to take center stage: Bain & Company

"The finance minister in the Budget 2023 announced the highest ever proposed capex of Rs 10 lakh crore in FY24 (3.3% of GDP); this push for infrastructure development will have a cascading impact on industrial sectors including Electrical & Electronics, Automotive, Industrial Machines, Pharma, Chemicals, Textiles and Apparels. This would further propel employment and assist in manufacturing taking center stage in the Indian economy," said Sushil Pasricha, Partner at Bain & Company

 

“The Agriculture Accelerator Fund is a welcome and innovative step by the Indian government, which will help accelerate the development of new technologies and innovative solutions addressing India’s specific agricultural issues ranging from supply chain to credit availability and inclusion,” said Parijat Jain, Partner at Bain & Company

1:47 PM

JD(U) MP calls Budget 2023-24 'Sapno Ka Saudagar'

There is nothing in #Budget2023. It is like ‘Sapno Ka Saudagar’ - nothing comes true when you wake up after a dream. Also, nothing was mentioned about how to control inflation and unemployment: Rajiv Ranjan, JD(U) MP

1:46 PM

Union Budget 2023: All sectors are taken into consideration, says MoS Health

Focus was made on technology, health sector, sickle cell and its need for treatment. Development of ICMR labs and new tech has also been focused upon. All sectors are taken into consideration in the Union Budget 2023: Union MoS for Health Bharati Pravin Pawar

1:42 PM

No solution to price-rise, inflation, unemployment: Congress MP on Budget 2023-24

"No solution to price-rise, inflation, unemployment. Poor got just words & rhetoric. Budget benefits only the big industrialists. Tax rebate up to Rs 7 Lakhs is insignificant considering the inflation and price-rise, it’s like drop in ocean for middle class," Gaurav Gogoi, Congress MP

1:33 PM

Gazette of country's inclusive development: Naqvi on Budget 2023-24

Senior BJP leader Mukhtar Abbas Naqvi on Wednesday hailed the Union budget, saying it has beaten the global economic slowdown and the "Bharat bashing brigade's propaganda".

 

"The Union budget 2023-24 has beaten the global economic slowdown and the Bharat bashing brigade's propaganda, and is committed to the country's inclusive development. This is not just a budget, but a gazette of the country's inclusive development and empowerment," Naqvi said.

 

 

1:29 PM

JSA says Budget 2023 will put more money in hands of citizens

Lauding the Union Budget 2023-24, Kumarmanglam Vijay, Partner, JSA said that it would work towards putting more money in the hands of citizens in an inflationary environment

“Finance Minister proposed substantial increase in infrastructure spending and proposed extensive relaxations for pensioners, salaried individuals, professionals and MSME’s by reducing the max marginal rate of tax from 42.74% to 39%, revising the tax slabs upwards and enhancing standard deduction. These coupled with the fixed deposit scheme for women and senior citizens, would work towards putting more money in the hands of citizens in an inflationary environment. These are significant steps for ensuring that the economy is fueled when global liquidity is likely to dry up owing to impending recession in developed world," he said. 

Having regard to the importance of SMEs/ MSMEs in the economy and employment generation there is hardly anything substantial for them to survive or grow in the budget as they struggle in their recovery post covid said Nitin Potdar M&A Partner J. Sagar Associates. 

"In 2022 against 31,192 registered complaints accounting for Rs 7,128 crore dues only 1,056 applications involving (dues worth Rs 71 crore) were cleared by the facilitation councils.  The increased credit guarantee scheme of 9000 Cr with 1% cost for SMEs/ MSMEs may not be sufficient considering their actual need for cash. There was an urgent case to provide for an alternate quick fix for recovery ideally digital based along with a legislative changes and for a comprehensive eco-system and improve ease of doing business including business restructuring / consolidation so that they not just sustain but survive and grow via M&As which the FM has just ignored," said Potdar

 

1:26 PM

Some good things in Union Budget 2023-24, says Congress MP Tharoor

There are some good things in Union Budget 2023 but there was no mention of MNREGA, poor rural labour, employment and inflation. Some fundamental questions remained to be answered, says Congress MP Shashi Tharoor

1:25 PM

Kotak's Lakshmi Iyer calls Union Budget 2023-24 'bull’s-eye budget'

“India budget 2023 has offered a multi-dimensional view. The 3 Cs which stand out are  - Capex increase - consumption boost - capital gains tax status quo. Mindful of the fact that there is hardly any space for fiscal expansion. FY 24 FD is pegged at 5.9% and expected to see progressive reduction by FY 2026. Clearly a bull’s-eye budget satisfying most strata of the society and of course a thumbs up from the market as well,” says Lakshmi Iyer, CEO-Investment Advisory, Kotak Investment Advisors Ltd

1:17 PM

Budget 2023-24: Defence Ministry gets Rs 5.94 trillion for FY24

Defence Ministry has been allocated Rs 5.94 lakh crores for the financial year 2023-24.

1:11 PM

Budget 2023-24: Bid boost air connectivity

"50 additional airports, helipads, water aero drones, and advanced landing grounds will be revived to improve regional air connectivity," FM Sitharaman in Lok Sabha

1:06 PM

Budget: R&D grant announced to encourage indigenous production of lab-grown diamonds

Govt to provide R&D grant to one of the IITs to encourage indigenous production of lab-grown diamonds in a bid to reduce imports: FM

Govt to reduce basic customs duty on seeds used in manufacturing of lab-grown diamonds: FM Sitharaman

1:05 PM

Govt proposes to increase limit for presumptive taxation for MSMEs

Govt proposes to increase limit for presumptive taxation for MSMEs and certain professionals to Rs 3 cr and Rs 75 lakh, respectively

1:04 PM

Budget: Senior citizens savings scheme cap increased, Monthly Income Scheme limit doubled

Senior citizens savings scheme cap increased from Rs 15 lakh to Rs 30 lakh: FM

Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts: FM

The revamped Credit Guarantee Scheme for MSME sector will take effect from April 1, 2023 with an infusion of Rs 9,000 crore: FM