Page 18 - Budget 2023

Budget: 'Delhi got Rs 325 cr despite paying over Rs 1.75 trn tax', says CM

Delhi Chief Minister Arvind Kejriwal on Wednesday said despite paying more than Rs 1.75 lakh crore income tax last year, the city was allocated only Rs 325 crore in the Union Budget 2023-24. Accusing the Centre of meting out step-motherly treatment to the national capital, he said the budget has offered no respite from the twin problems of inflation and unemployment. "Step-motherly treatment again with the people of Delhi. The people of Delhi paid more than Rs 1.75 lakh crore income tax last year. Out of that only Rs 325 crore was given for the development of Delhi. This is a gross injustice to the people of Delhi," Kejriwal said in a series of tweets. "There is no relief from inflation in this budget. On the contrary, this budget will increase inflation. There is no concrete plan to remove unemployment. Unfortunate to reduce education budget from 2.64 per cent to 2.5 per cent. Reducing health budget from 2.2 per cent to 1.98 per cent is harmful," he said. Finance Minister Nirmala

Union Budget 2023 augments capex without sacrificing fiscal consolidation

The quality of the fiscal deficit is also set to improve in FY24, with capex accounting for a much larger share of the same vis-a-vis FY23

Budget 2023: Centre allocates Rs 946 cr to CBI; increase of over 4.4%

The Centre has allocated Rs 946 crore to the Central Bureau of Investigation in the Union Budget 2023-24 announced on Wednesday, a slight increase of over 4.4 per cent from FY 2023. The country's premier probe agency is over-stretched in terms of human resources to tackle emerging crime scenes, dominated by artificial intelligence, cryptocurrency, darknet, and conventional crimes like bank fraud cases and ongoing high-profile extradition cases in courts abroad, in addition to criminal cases handed over by various states, High Courts and the Supreme Court. The agency received Rs 841.96 crore to manage its affairs in the Budget Estimates for 2022-23, which was later increased to Rs 906.59 crore in the Revised Estimates. The Government has allocated Rs 946.51 crore to the agency for 2023-24, the Budget document presented by Finance Minister Nirmala Sitharaman on Wednesday. "The provision is for the establishment-related expenditure of the Central Bureau of Investigation, which is ...

Budget 2023: Govt extends tax holiday for homegrown start-ups till Mar 2024

The tax holiday scheme was earlier available for startups incorporated till March 31, 2023

Budget 2023: Govt raises farm credit target by 11% to Rs 20 trn for FY24

The government on Wednesday announced an 11 per cent hike in agriculture credit target to Rs 20 lakh crore for the next fiscal with focus on animal husbandry, dairy and fisheries, a moved aimed at providing higher farm loans at a subsidised rates to the farming community. Among other big ticket announcements for agriculture and allied sector, finance minister Nirmala Sitharaman -- in her budget speech -- said the government will launch a new sub-scheme of Pradhan Mantri Matsya Sampada Yojana with an investment of Rs 6,000 crore to improve value chain efficiencies and expand the fishery market. Customs duty on key inputs for domestic manufacturing of shrimp feed will also be reduced to promote export of marine products, she said. For adoption of natural farming, the FM said the government will facilitate 1 crore farmers for this purpose and will also set up 10,000 Bio-Input Resource Centres for creating a national-level distributed micro-fertilizer and pesticide manufacturing ...

Budget 2023: TV, mobile to be cheaper; gold, imported cars to be dearer

Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components but smokers would have to pay more as the government has increased taxes. Fully imported cars, including electric vehicles, and those assembled in India with imported parts will also become costlier with the finance minister increasing customs duty. Following is a list of imported items that will become costlier: *Cigarettes *Kitchen chimney *Imported bicycles and toys *Fully imported cars and Electric Vehicles *Imitation jewellery *Compounded rubber * Silver dores *Naphtha However, certain goods will become cheaper as the government has slashed the customs duty and these are: * Domestically-manufactured TV sets * Shrimp feed * Fish lipid oil used in manufacturing aquatic feed * Seeds for lab-grown diamonds * Capital good *Machinery for manufacturing lithium ion cell to be used in electri

Budget: Initiative to boost lab-grown diamond sector cheers Surat industry

The Union government has announced a package for Research and Development for five years, which will give a jump to lab-grown diamonds

Budget: Atomic energy sector gets lower allocation in FY24 at Rs 25,078 cr

The Indian atomic energy sector is expected to get Rs 25,078.49 crore which is lower than what it got in FY23

Union Budget 2023: Large potential to be tapped in tourism, says FM

With an aim of boosting tourism in the country, the Union Budget 2023-24, proposed by Finance Minister Nirmala Sitharaman, promises to award huge opportunities for jobs and entrepreneurship for youth

Not a people-friendly Union Budget, says PDP chief Mehbooba Mufti

The Union Budget is not people-friendly as it has been prepared keeping in mind the interests of a few businessmen, People's Democratic Party (PDP) chief Mehbooba Mufti alleged on Wednesday. Talking to reporters here, the former Jammu and Kashmir chief minister said the budget presented by Union Finance Minister Nirmala Sitharaman is the same as the ones presented by the BJP-led government over the last eight-nine years. "Taxes have increased and money is not being spent on welfare schemes or subsidies. Taxes are being amassed for their crony capitalists. The taxes imposed should have benefitted the people, but they have broken their backs. "Rather than benefitting people, welfare schemes and subsidies are being done away with. The situation in the country is such that those who had risen above the poverty line have again fallen below it," Mufti said. She alleged that the budget has been prepared for "a few businessmen". "This is not for the people of India, not for the poor," the

Budget 2023: Full text of the speech by Finance Minister Nirmala Sitharaman

Here is the full text of the speech given by Finance Minister Nirmala Sitharaman in the Parliament

Budget has taken care of every section of society, says Chirag Paswan

Lok Janshakti Party (Ram Vilas) MP Chirag Paswan on Wednesday welcomed the Budget presented by Finance Minister Nirmala Sitharaman, and said it has taken care of every section of the society. In an exclusive video interview to PTI, the Lok Sabha MP said the government has ensured that the "economic structure" of the country remains "strong and stable", while giving relaxation to those who need it. "I welcome the budget. Given the conditions that not only our country but the world has faced during COVID-19, I really welcome the Budget that the central government has presented," Paswan said. "On one hand the government is making sure that the economic structure of the country remains stable and strong, yet at the same time giving relaxation to the ones who need," he said. Paswan said the government has taken care of every section of society in the Budget. "The kind of rebates that have been given to taxpayers in personal tax, from Rs 5 lakh to Rs 7 lakh... and even after that the sl

Full text of Memorandum explaining the provisions in Finance Bill

Budget 2023: Read the full text of the Memorandum explaining the provisions in Finance Bill here

Budget 2023: Read full text of Finance Bill as tabled in the Parliament

Here is the full text of the Finance Bill as tabled in the Parliament by finance minister Nirmala Sitharaman

Budget 2023: Govt allocates Rs 1.96 trillion to Ministry of Home Affairs

Sending a clear message about its internal security priorities, the Modi government on Wednesday allocated Rs 1.96 lakh crore to the Ministry of Home Affairs (MHA) with a majority of the spending on Central Armed Police Forces such as CRPF and intelligence gathering. The 2023-24 budget allocation to the MHA, helmed by Union Home Minister Amit Shah, is Rs 1,96,034.94 crore. The budget 2022-23 had earmarked Rs 1,85,776.55 crore. A substantial amount has also been allocated for improving infrastructure along the international border, police infrastructure and modernisation of police forces. Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24 in Lok Sabha on Wednesday. The bulk of the amount of the MHA, Rs 1,27,756.74 crore, has been allocated to the Central Armed Police Forces (CAPFs) in comparison to Rs 1,19,070.36 crore in 2022-23. Among the CAPFs, the Central Reserve Police Force (CRPF), mostly responsible for internal security duties and fighting militancy

Budget 2023: Income tax slabs changed under new tax regime. Details here

Income Tax Rates and Slabs: Under the new tax regime, the highest tax rate of 30% will be levied on income above Rs 15 lakh

Budget 2023: Govt expects Rs 48,000-cr dividend from RBI, PSU banks in FY24

The government expects 17 per cent higher dividend at Rs 48,000 crore from the Reserve Bank of India (RBI), public sector banks and financial institutions in 2023-24. In current financial year ending March, it aims to garner Rs 40,953 crore from RBI and public sector financial institutions. This is much lower compared to Budget Estimate of Rs 73,948 crore for FY23. It is to be noted that RBI approved a dividend payment of Rs 30,307 crore to the government post its board meeting in May 2022. As per the Budget document, dividends from public sector enterprises and other investments have been pegged at Rs 43,000 crore for FY24 as well. As per the Revised Estimate for FY23, the dividend from public sector enterprises and other investments was higher at Rs 43,000 crore from the Budget Estimate of Rs 40,000 crore. Total dividend collection of the next financial year would be Rs 1,15,820 crore as against the RE of Rs 1,08,592 crore, as per the RE of 2022-23.

Union Budget cuts MGNREGA allocation by 30% to Rs 61,032 cr for 2023-24

During the Coronavirus-induced lockdown, lakhs of migrant workers had found work under it when they were forced to return to their native places

First budget of 'amrit kaal' lays foundation for developed India: PM Modi

Prime Minister Narendra Modi on Wednesday said the first budget of the "amrit kaal" provides foundation to fulfil the resolve for a developed India while giving priority to deprived sections of the society as well. In his first reaction to the Budget presented by Finance Minister Nirmala Sitharaman, Modi said it will fulfil dreams of the aspirational society, farmers and middle class. The middle class is a big force to fulfil dreams of a prosperous and developed India and our government has taken many decisions to empower it, the prime minister said. Touching on various aspects of the budget, he said success of digital payments has to be replicated in the agriculture sector and a scheme has been brought for laying down digital infrastructure for it It will make cooperatives pivot of development of rural economy, he said. "An unprecedented investment of Rs 10 lakh crore in infrastructure will give speed and new energy to development," he said.

Govt to launch Atmanirbhar Clean Plant Programme with outlay of Rs 2,200 cr

The Finance Minister said that the agriculture credit target will be increased to Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries