Page 2 - Budget 2023

Education infrastructure gets lion's share in Chhattisgarh's Budget

The allocation is about Rs 3,000 crore more than the previous year, also the highest increase for any department

Rajasthan govt comes in the front line of national health spend

State comes in the front line of national health spend

Budget to give new momentum to efforts of women-led development: PM Modi

Prime Minister Narendra Modi on Friday said that this year's budget will give a new momentum to the efforts of women-led development

PM Modi exhorts India Inc to make most of budget, ramp up investments

Urges financial sector to re-engineer processes to pare costs, speed up credit for small businesses; extols India's digital thrust as model for the world, lauds credit schemes for micro entrepreneurs

FinMin holds webinar on services for better implementation of Budget

As part of a post-Budget Webinar, the Finance Ministry on Tuesday hosted virtual discussions on the six chosen subjects following an address by Prime Minister Narendra Modi. The webinar had six breakout sessions on various themes, including creating growth opportunities in GIFT International Financial Services Centre, facilitating seamless credit flow for MSMEs and enhancing customer ease for account opening and digital payments. "As part of post-Budget Webinar on 'Enhancing Efficiency of Financial Services for Creating growth opportunities', a breakout session on "Facilitating Seamless Credit Flow" to #MSMEs was held via virtual mode today," the Finance Ministry said in a tweet. The webinar was the 10th in the series of 12 post-Budget webinars being held to seek ideas and suggestions for effective implementation of the initiatives announced in the Union Budget 2023-24. "As part of post-Budget Webinar on 'Enhancing Efficiency of Financial Services for Creating growth opportunities'

Slowdown in GDP growth late last year temporary: Moody's Analytics

Moody's Analytics on Tuesday said India's domestic economy, rather than trade, is its primary engine of growth and the slowdown in economic activity late last year will only be temporary. The government data released last week showed India's gross domestic product (GDP) growth slowed to a three quarter low of 4.4 per cent in October-December,2022, mainly due to contraction in manufacturing and low private consumption expenditure. While the manufacturing sector contracted by 1.1 per cent, private consumption expenditure slowed to 2.1 per cent in the October-December quarter of current fiscal. In its report on emerging market outlook, Moody's Analytics said growth slowed substantially on a year-ago basis, with private consumption lagging overall GDP for the first time since the Delta wave of Covid-19 struck the economy in the second quarter of 2021. "Our take is that the slowdown late last year will be temporary and even salutary, helping to wring some of the demand-side pressures ou

PM Modi to address webinar on 'Health and Medical Research' on Monday

Prime Minister Narendra Modi will address a post-Budget webinar on 'Health and Medical Research' on Monday via video conferencing.

As Madhya Pradesh election nears, one-third of Budget set aside for women

Women centric-budget in election year

Schemes for farmers, students, MSMEs in Jharkhand's Rs 1.16 trn FY24 budget

The Jharkhand government on Friday presented a Rs 1.16 lakh crore budget for the 2023-24 fiscal, announcing a variety of schemes for all-round development of the state, including programmes for farmers, students and the MSME sector. The budgetary estimates for the financial year starting April were 15 per cent higher than the previous year. Finance Minister Rameshwar Oraon, while tabling the budget in the assembly, said it was formulated after consultation with all stakeholders concerned, and that it will meet aspirations of the poor and the downtrodden. Meanwhile, members of opposition BJP and AJSU Party alleged that the budget had no substance, and staged a walkout. Oraon said the execution of three schemes Guruji Credit Card', CM Education Encouragement' scheme and Eklavya Training' scheme would benefit 37,000 students in getting quality education, including free coaching. The state government aims to make all panchayats zero drop-out ones in the next fiscal, the minister ...

Bengaluru civic agency to present Rs 11,000 cr budget for 2023-24

The Bruhat Bengaluru Mahanagara Palike (BBMP) will present a Rs 11,000 crore budget for 2023-24 on Thursday

Moody's ups India's growth projection for 2023 to 5.5% on higher capex

Moody's Investors Service on Wednesday raised India's economic growth estimate for 2023 to 5.5 per cent from 4.8 per cent pegged earlier, on the back of a sharp increase in capital expenditure in the Budget and a resilient economic momentum. It however revised downwards India's growth estimate for 2022 to 6.8 per cent from 7 per cent pegged in November last year. In its February update to Global Macro Outlook 2023-24, Moody's raised the baseline 2023 real growth projections "meaningfully" for several G20 economies, including the US, Canada, the Euro area, India, Russia, Mexico, and Turkiye, accounting for a stronger end to 2022. "In the case of India, the upward revisions additionally incorporate the sharp increase in capital expenditure budget allocation to Rs 10 trillion (3.3 per cent of GDP) for fiscal year 2023-24, up from Rs 7.5 trillion for the fiscal year ending in March 2023," Moody's said while projecting a 70 basis points increase in 2023 real GDP growth at 5.5 per cent an

How wholelife plans can help transfer tax-free wealth to next generation

The policies provide cover till age 90-100 years; if payout comes as death benefit, it will be tax-free in the hands of nominees

Budget session of Chhattisgarh Assembly to start from Wednesday

The budget session of the Chhattisgarh Assembly will begin from Wednesday and the budget for 2023-24 will be tabled on March 6, Speaker Charan Das Mahant said here on Tuesday. It would be the last budget session of the Bhupesh Baghel-led Congress government before the state goes to polls at the end of 2023. The opposition Bharatiya Janata Party (BJP) said it would corner the government on several issues including the deteriorating law and order situation. The session will commence with Governor Biswa Bhusan Harichandan's address on Wednesday followed by the tabling of the motion of thanks on the Governor's address, Mahant said at a press conference. The debate on the motion of thanks on the Governor's address is proposed to be held on March 3, he said. Chief Minister Baghel, who also holds the finance portfolio, would present the budget on March 6, Mahant said. The session will have 14 sittings and conclude on March 24. As of Tuesday, 1,590 questions were received from the ...

Supplementary demands of Rs 6,383 cr presented in Maharashtra Assembly

The Maharashtra government presented supplementary demands of Rs 6,383.97 crore on Monday on the first day of the state Assembly's Budget session, with the thrust being on rural areas as funds have been marked for village lighting bill payment and farm loan waiver. Supplementary demands are presented in the House to cover additional expenses over and above sums allotted in the annual budget. Of Rs 6,383.97 crore, a sum of 2,224.72 crore is for payment of pending bills to Maharashtra State Electricity Distribution Company Limited for street lights in villages, while an additional provision of Rs 1,014 crore has been made for incentive benefit scheme under Mahatma Jyotirao Phule farmer loan waiver scheme. A sum of Rs 267.73 crore is for financial assistance to loss-making Maharashtra State Road Transport Corporation, whose employees had gone on strike between November 2021 and April 2022 seeking regular salaries and hikes. Supplementary demand of Rs 763.77 crore has been made for ...

Malaysia raises development spending, taxes for rich in 2023 budget

Malaysia will raise development spending and plans new taxes for the wealthy in a smaller budget plan this year, as the new government seeks to balance between spurring economic growth and reining in the budget deficit. Three months after his election victory, Prime Minister Anwar Ibrahim unveiled a 386.1 billion ringgit ($87 billion) national budget in Parliament on Friday that focuses on helping people grappling with the rising cost of living amid an economic slowdown. Fuel and other subsidies, along with cash aid for the poor, farmers and industries are being retained, and new incentives will aim to tackle youth unemployment and bolster foreign investment. Anwar said the income tax system will also be rejigged to lower taxes for some 2.4 million middle-income earners but raise taxes for those in the high-income group. Anwar, who is also finance minister, said the government plans to introduce a luxury goods tax this year and is considering a capital gains tax. The budget also .

Rajasthan approves Rs 1,745 cr for improving roads, bridges in rural area

The Rajasthan government has approved Rs 1,745.73 crore for the construction, upgradation and strengthening of rural roads and bridges, according to an official statement. Chief Minister Ashok Gehlot has okayed a proposal to this effect, it said. A total 266 roads and 35 bridges will be covered under the project. As many as 301 works will be undertaken, covering 2,369 kilometer rural road length and 3,369 metre bridges. The project will be carried out by the Public Works Department.

Odisha's economy to grow by 7.8 % during 2022-23: Economic Survey Report

Odisha's economy is estimated to grow by 7.8 per cent in real terms against the national rate of 7 per cent during the current financial year 2022-23, the state's economic survey report said. The state is also poised to register a growth in the range of 8 to 8.5 per cent in 2023-24 in real terms, the Odisha Economics Survey Report for the year 2022-23, tabled by Finance minister Niranjan Pujari in the Assembly said. Assuming a normal monsoon, no further disruption to global supply chains and moderation in inflation, Odisha can grow in the range of 8 to 8.5 per cent in 2023-24 in real terms, the report said, adding that the state is expected to grow at a rate higher than All-India average growth. The industry and service sectors have been the major engines of economic growth in the state, the report said. "During the pre-COVID period (2012-13 to 2019-20), the average growth rate of Odisha's economy was 7.1 per cent. The decade of 2021-30 is expected to work in favour of India given

Not sufficient emphasis on jobs in FY24 budget, Ex-RBI Governor Subbarao

Former RBI governor D Subbarao on Thursday said there was not 'sufficient emphasis' on jobs in the Budget for 2023-24 and it failed to grapple with the unemployment problem head on, except to believe that growth itself will generate jobs. Subbarao noted that the unemployment problem was quite bad even before the Covid and it has become alarming as a result of the pandemic. "I was disappointed that there was not sufficient emphasis on jobs (in the Budget for 2023-24) ...mere growth will not do; we need job intensive growth," he told PTI in an interview. The former RBI governor was asked what was his biggest disappointment with the Budget. According to Subbarao, roughly a million people join the labour force every month and India is not able to create even half as many jobs. "As a result, the unemployment problem is not just growing but is becoming a crisis," he pointed out. While noting that there is no single or simple solution to problem as big and complex as unemployment, Subba

Measures announced in Budget to promote jobs, spur economic growth: FinMin

The measures like increased capex, boosting the green economy and initiatives for strengthening financial markets announced in the Budget 2023-24 are expected to promote job creation and spur economic growth, the finance ministry said on Thursday. In its Monthly Economic Review, the ministry said during the December 2022 quarter, various High-Frequency Indicators (HFIs) pointed towards a slowdown in general, as monetary tightening appeared to have started weakening global demand. "This may continue in 2023 as various agencies have forecasted a decline in global growth. Apart from the lagged impact of monetary tightening, the uncertainties emanating from the lingering pandemic and relentless conflict in Europe may further dampen global growth," it noted. Even as global output is expected to slow, the IMF and World Bank project India to be the fastest-growing major economy in 2023. "As in 2022-23, India faces the coming financial year with confidence imparted by underlying and overal

Measures announced in Budget will boost jobs, spur economic growth: FinMin

Expelled AIADMK leader O Panneerselvam could not have expected the unkindest cut in his acrimonious power struggle with interim general secretary K Palaniswami through Thursday's Supreme Court verdict, which was a huge setback to his narrative for dual leadership in the party. The ruling, upholding the order of the Madras High Court allowing Palaniswami to continue as the interim general secretary of the AIADMK, cast a shadow on the political career of OPS, a three-time Chief Minister. His few handful supporters claim he would rise again like the phoenix while those in the rival camp insist that its curtain down on his political career. Panneerselvam's house wore a deserted look, leaving the leader too dazed to publicly react to the court's ruling and contrastingly the AIADMK workers at party headquarters here and other parts in the State are on cloud nine celebrating the verdict. "This is only a temporary setback to Panneerselvam, who is an old friend of mine. This three-time chief