Page 3 - Budget 2023

No fresh tax proposed in Haryana budget for 2023-24, says CM Khattar

Haryana Chief Minister Manohar Lal Khattar on Thursday said no fresh tax will be imposed, as he presented the state budget for the financial year 2023-24. Khattar, who also holds the finance portfolio, proposed Rs 1,83,950 crore state budget for the year 2023-24, an increase of 11.6 per cent over the revised estimates of Rs 1,64,808 crore. There is no proposal for imposing any fresh tax in the state budget for 2023-24, said Khattar in the state assembly here. Khattar said it is the fourth budget of the second term of the BJP-JJP government. He said feedback of MLAs and different sections of the society were taken and were incorporated in the budget.

ITC up 2%, hits record high; stock gallops over 19% from Budget Day low

The FMCG index too was seen outperforming the BSE benchmark in Thursday trade with a gain of nearly 1 per cent.

Long road to fiscal consolidation

Even though India needs large infrastructure investments, the government should have prioritised fiscal consolidation

BSE Capital Goods index nears record high; Siemens, L&T gain up to 3%

Analysts at Emkay Global Financial Services uphold their constructive view on the sector, driven by its strong tender pipeline, softening commodity prices and expectation of good order inflow growth.

Finance ministry looking into life insurers' tax relaxation plea

Officials say Budget's proposal to tax high-value policies of Rs 5 lakh and above is unlikely to have significant impact on the industry

Budget and the growth process

The government's command over household savings needs to be reduced for stimulating demand and private credit

Indians spent nearly $10 billion on foreign travel in April-December

Before this, the highest spend on overseas travel in an entire financial year was $7 billion in 2019-20

Not REITs to riches for investors as the near-term headwinds blow

Budget proposals, delayed DESH Bill, hiring slowdown, and rising interest rates present a wall of short-term worry

Missing link in UGC's foreign university plans to set up campuses in India

Educational emigration will remain high unless India strengthens the skill development ecosystem in higher education, say students and teachers

Budget's focus on capex to crowd-in pvt investment, push growth to 7%: RBI

The Union Budget's focus on capital expenditure is expected to crowd-in private investment and push the GDP growth rate close to 7 per cent in the next financial year beginning April 1, said a Reserve Bank article on 'State of the Economy'. In 2023-24, capital expenditure is budgeted at Rs 10 lakh crore which will constitute 3.3 per cent of GDP. "We believe that India will decouple from macroeconomic projections of current vintage and also from the rest of the world. "In our view, the instrument of decoupling will be the Union Budget by raising India's growth prospects over the period 2023-27; and raising India's potential growth," said the article 'State of the Economy' published in the RBI's February 2023 Bulletin. It further said the Union Budget's tax, capex and fiscal consolidation proposals can take India's real GDP growth close to 7 per cent in 2023-24 if they are effectively implemented. "The Union Budget 2023-24's emphasis on capital expenditure is expected to crowd-in ..

Cement shares in focus; UltraTech, Dalmia Bharat hit 52-week highs

Most managements continue to be positive on the cement demand, led by the government's thrust on infrastructure projects, pick-up in urban real estate, and likely recovery in the rural segment.

New tax norm to hurt insurers; stocks attractive for the long run: Analysts

Analysts expect stocks to remain under pressure in the near-term as the government's new tax regime push, with no tax saving deductions, could hurt demand for insurance products

Centre aims to mop up Rs 75,000 cr from senior citizen savings scheme

Not to overshoot FY24 net borrowing target of Rs 11.8 trillion

The long run vs the short run

There are no easy solutions to two important debates of our times-sustainable development and the basic structure of the Constitution, but the guiding principles are clear

Government affirms its number, says no 'overestimation' in retail inflation

A number of economists had pointed out that January's retail inflation data may have been overestimated by 23 basis points owing to a variation in the price index for cereals

Old vs new: Soon, I-T portal may show which tax regime's best for you

The system will also compare the two schemes in an easy-to-understand format, said another source

Kerala may not meet fiscal target for FY24 due to high debt: India Ratings

Kerala, which is a highly-indebted state, may find it challenging to meet the fiscal deficit target set for FY24 in the annual budget, a rating agency said. The Left Democratic Front (LDF) government in Kerala presented its annual budget last week projecting revenue and fiscal deficit at Rs 23,942 crore or 2.1 per cent of GSDP (Gross State Domestic Product) and at Rs 39,662 crore or 3.5 per cent of GSDP, respectively, for FY24. At this rate, the fiscal deficit would be just about touching the limits, 3 per cent of GSDP, and additional 0.5 per cent subject to the central government conditions, according to India Ratings, which sees revenue and fiscal deficits to be higher at 2.4 per cent and 3.9 per cent, respectively, of GSDP in FY24. This, according to the rating agency, is mainly due to a shortfall in revenue receipts and the overstated nominal GSDP growth. The state's revised revenue deficit for FY23 came in at Rs 19,916 crore or 2 per cent of GSDP, compared to the FY23 budget .

Budget slow on fiscal consolidation, ambitious on revenue target: S&P

According to the monthly Asia-Pacific Credit Focus, the govt will also look to cap subsidy expenditure in the upcoming year, against a surprise rise in FY23 owing to surging fertilizer and food prices

Part 1 of Budget session concludes, Lok Sabha to meet again on March 13

Lok Sabha was adjourned on Monday for a month-long recess and will meet again on March 13. The first part of the Budget session saw Prime Minister Narendra Modi responding to a debate on the 'Motion of Thanks to the President's Address' and Finance Minister Nirmala Sitharaman tabling the Union Budget. The session began on January 31 with the address of President Droupadi Murmu to a joint sitting of Lok Sabha and Rajya Sabha. During the first part of the session, Sitharaman also replied to the general discussion on the Union Budget.

An idea whose time has come: Will NFIR be a game-changer for India?

The proposed financial registry will kill information asymmetry, and change the dynamics for every stakeholder in the economy for the better, reports Raghu Mohan