Page 16 - Budget 2023

Budget 2023: Credit Guarantee Scheme for MSMEs gets Rs 9,000-cr boost

This is expected to reduce the cost of credit by 1 per cent for MSMEs, said Union Finance Minister Nirmala Sitharaman

Union Budget 2023: Govt allocates Rs 35,581 crore to Jammu and Kashmir

The Union Budget 2023-24 on Wednesday allocated Rs 35,581.44 crore to Jammu and Kashmir, the majority of it being central assistance for the union territory. Other union territories -- Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli and Daman and Diu, Ladakh, Lakshadweep, Puducherry and Delhi -- too got their share. According to the Budget papers, Rs 35,581.44 crore has been allocated to Jammu and Kashmir, of which Rs 33,923 crore is central assistance. This allocation is substantially lower than the current fiscal's revised estimate of Rs 44,538.13 crore The central assistance given to the union territory is to meet the resource gap and a special fiscal support of Rs 9,486.13 crore. The Jammu and Kashmir administration will have to spend the amount for mitigation of natural disasters, to meet the expenditure incurred on account of permanent restoration of infrastructure which was damaged due to the 2014 floods, rehabilitation, preservation and restoration of ...

Union Budget 2023: Centre allocates Rs 44,094 crore for higher education

In 2023-24, the grant for the UGC has been increased by 9.37 per cent -- an increase of Rs 459 crore

Budget 2023: GIFT City gets a big boost as govt announces several sops

The Budget provided acquisition financing by units of foreign banks set up at the IFSC-a move that will bring down the cost of financing for outbound mergers and acquisitions (M&A)

Landmark budget of New India that's emerging as economic powerhouse: MoS IT

Country is expanding investments in modern capex, digitalisation, modern cities, and skilling for youth, tax cuts for the middle class and expanding support and opportunities for all, minister said

Union Budget 2023: Govt allocates Rs 5.94 trillion to defence ministry

The defence budget was on Wednesday increased to Rs 5.94 lakh crore for 2023-24 in a modest hike of 13 per cent from last year's allocation of Rs 5.25 lakh crore amid India's continuing border row with China in eastern Ladakh and concerns over rising Chinese forays into the Indian Ocean Region. In the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman, a total of Rs 1,62,600 crore was set aside to the military for capital expenditure that largely includes purchasing new weapons, aircraft, warships and other military hardware. For 2022-23, the budgetary allocation for capital outlay was Rs 1.52 lakh crore but the revised estimate showed the expenditure at Rs 1.50 lakh crore. The capital allocations of Rs 1,62,600 crore marked a hike of Rs 10,230 crore over last year's outlay and it is a 6.7 per cent increase. The capital budget of the Border Roads Organisation (BRO) has been increased to Rs 5,000 crore as against Rs 3,500 crore in 2022-23 which is a hike of 4

Budget: Domestic tourism gets a fillip, overseas travel set to get costlier

Travel industry expressed mixed feelings about the budget as some of the demands for tax concessions or industry status for the sector too were not addressed in the budget

Gems and jewellery industry disappointed with Union Budget for 2023-24

The gems and jewellery industry on Wednesday said it is disappointed with the Union Budget proposed for 2023-24, as the government maintains the customs duty at 10 per cent, saying it will encourage the grey market. All India Gem And Jewellery Domestic Council chairman Saiyam Mehra said that the industry's critical concerns are not addressed in the Union Budget 2023-24. "While the research and development grant will be provided to one of the IITs for the development of Lab Grown Diamond seeds and machines, the other sectors of the industry have been ignored, including the reduction in customs duty on gold. It will severely hamper the industry and encourage the grey market," he stated. GJC has been urging for reduction in customs duty of gold over the past many years, however, the duty on silver dore bars has been increased to be brought at par with the yellow metal and platinum in this budget, he said. "This move will adversely affect the masses. We will continue to urge the ...

Budget ends tax advantage in MLDs, move to impact wealthy investors

Products that invest in fixed-income and derivative instruments enjoyed taxation for bonds

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. Vijayan, reacting to the budget presented by Union Finance Minister Nirmala Sitharaman in the Parliament, said that it only further strengthens the concentration of wealth among corporates. The Chief Minister, in a statement, also expressed the view that the budget has not taken a regionally balanced approach. In the statement, he also said that it was disappointing that the long-sought demand of Kerala for an All India Institute of Medical Sciences (AIIMS) or rail development projects in the state, found no mention in the budget.

Union Budget 2023-24: Centre allocates Rs 11,933 crore to Delhi Police

The Delhi Police has been allocated Rs 11,933.03 crore in the Union Budget for 2023-24, an increase of 15.22 per cent from the last fiscal, according to the official data released on Wednesday. Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for 2023-24. Delhi Police is responsible for maintaining and enforcing law and order in the National Capital Territory of Delhi. The responsibility also includes traffic management in the city. The provision is for routine expenses as well as for various schemes to be implemented by Delhi Police such as developing traffic and communication networks in NCR mega cities and a model traffic system. Upgradation or expansion of communication infrastructure and training, induction of latest technology and installation of traffic signals, are some of the other works which come under the remit of the Delhi Police. For the financial year 2022-2023, the budget allocated to the law enforcement agency was Rs 10,096.29 crore. ...

Budget 2023 a balancing act with focus on prosperity and inclusiveness

Budget 2023: Raising of tax slabs along with reduction in peak surcharge shall result in around Rs 35,000 crore being saved by tax payers and hopefully being spent to boost consumption

Enablers in Budget will perk up economy: FDCI chairman Sunil Sethi

"It is exciting to know about the encouragement to states for setting up Unity Malls for the further promotion and sale of One District One Product scheme, GI and handicraft products"

Automobile industry terms Union Budget 2023-24 as 'growth-oriented'

The automobile industry on Wednesday termed the Budget for 2023-24 as growth-oriented, saying the proposed measures will drive sustainable yet inclusive growth at a rapid pace. Automobile industry body Society of Indian Automobile Manufacturers President Vinod Aggarwal said a 33 per cent increase in capital outlay with an effective provision of Rs 13.7 lakh crore will spur growth in the economy, resulting in a positive impact on the domestic automobile industry. "Another appreciable feature of the budget is putting more money in the hands of the individuals by lowering effective personal income tax rates that should increase consumption and consequently lead to more demand," he added. All in all, this is a growth-oriented budget with a positive impact on the auto sector, Aggarwal said. Automotive Component Manufacturers Association President Sunjay J Kapur said the budget is a blueprint of a digitally enabled Aatmanirbhar Bharat, coupled with measures that will drive sustainable ye

Budget lays roadmap to train lakhs of youth in the next three years: FM

India's digital ecosystem for skilling will be further expanded with the launch of a unified Skill India Digital platform, Finance Minister Nirmala Sitharaman announced on Wednesday, with the Budget laying the roadmap to train lakhs of youth in the next three years. Presenting the Union Budget for 2023-24, Sitharaman said stipend support will be provided to 47 lakh youth in three years via direct benefit transfer through roll out of a pan-India National Apprenticeship Promotion Scheme. "Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next three years. On-job training, industry partnership, and alignment of courses with needs of industry will be emphasized," the Finance Minister stated. She shared that the scheme will also cover new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills. Moreover, to skill youth for international opportunities, 30 Skill India International Centres wi

Budget: Govt to enhance presumptive taxation limit for MSMEs, professionals

The government on Wednesday proposed to enhance the limit for presumptive taxation for MSMEs and certain professionals provided their cash receipts are less than 5 per cent of the total turnover or gross receipts. The move is aimed at promoting non-cash transactions, as per the Budget document. The existing provisions of the Income Tax Act provide for a presumptive income scheme for small businesses and certain professionals. Micro enterprises with a turnover of up to Rs 2 crore and certain professionals with a turnover of up to Rs 50 lakh can avail of the benefit of presumptive taxation. In her Budget Speech in the Lok Sabha, Finance Minister Nirmala Sitharaman said MSMEs are growth engines of the Indian economy. "I propose to provide enhanced limits of Rs 3 crore and Rs 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent," she said. Moreover, to support MSMEs in timely receipt of payments, "I propose to allow deduction for expenditure incurred

Budget 2023: Oil companies will spend Rs 1.06 trn in next financial year

Nearly half of overall expenditure would be for refineries expansion and upgrade while about 44% will be used for exploration and production of hydrocarbons, the data provided in the budget documents

Union Budget 2023: Govt allocates Rs 1.23 trn for postal, telecom projects

The government on Wednesday allocated Rs 1.23 lakh crore for postal and telecom projects including Rs 52,937 crore capital infusion in state-run BSNL. Total allocation includes Rs 97,579.05 crore for the Department of Telecom and Rs 25,814 crore for Postal projects, the Budget document presented by Finance Minister Nirmala Sitharaman said on Wednesday. State-run BSNL, which is expected to roll out 4G and 5G services this year, will get Rs 52,937 crore capital infusion from the government in 2023-24. The government has allocated Rs 2,158 crore for Optical Fibre Cable based network for Defence Services and Rs 715.8 crore for telecom projects in the North Eastern states. The Department of Posts has been allocated Rs 25,814 crore and includes Rs 250 crore capital infusion in the India Post Payments Bank.

Budget 2023 aims at providing a stable direct tax regime

At the domestic front, the government presented its last full budget wherein it had to maintain a balance in fueling growth trajectory, while being on the path of fiscal prudence, say analysts

Budget 2023 a roadmap for resurgent India; aims to get fiscal house in order

Budget 2023: This budget may galvanize an effective AI ecosystem necessary to nurture buoyancy in GST revenues and improve taxpayer morale and trust in the system