Page 31 - Budget 2023

Need to create specialised SME digital bank: Co-founder of Biz2Credit

Ahead of the Union Budget, Rohit Arora, CEO and Co-Founder of Biz2X, has suggested the government needs to come out with a specialised SME digital bank to cater to the funding needs of small businesses. Finance Minister Nirmala Sitharaman will present the last full Budget before the 2024 general elections in the Lok Sabha on February 1, wherein she is expected to announce slew of measures to boost economic growth. Arora said that small and medium businesses perennially face credit shortage and it is time that the government should come out with a specialised bank to cater their requirements. "SME digital bank can provide a bouquet of services to MSMEs, such as business CASA accounts for transaction banking, invoice and payments processing, correspondent banking, SME credit and trade finance, and other business financial services," he said. Biz2X is a turnkey global SaaS platform that enables financial institutions to provide a customised online lending experience for their small an

Sensex rises 320 pts, Nifty ends atop 18100; IT index up 2%, YES Bk down 8%

Closing Bell: Sectorally, Nifty IT clocked around a 2 per cent gain, followed by nearly 1 per cent upmove in bank, auto, FMCG and pharma indices. Metals and realty were the only pockets to close lower

Top headlines: Non-BFSI cos lag in Q3, El Nino & India's climate crisis

Business Standard brings you the top headlines at this hour

Realistic approach: Budget 2023 likely to steer clear of populist measures

Top policymakers comfortable with 6-6.5% growth in FY24

Street Signs: Budget may provide breakout trigger, electronics stock & more

The markets on a technical basis are poised to break out in either direction

Govt may not announce capital infusion for PSU banks in Budget: Sources

The government is unlikely to announce capital infusion for public sector banks (PSBs) in the upcoming Budget as their financial health has improved significantly and they are on track to earn a combined profit of Rs 1 lakh crore, sources said. Their capital adequacy ratio is much above the regulatory requirement and varies between 14-20 per cent. To augment their resources, banks are raising growth funds from the market and also by selling their non-core assets, they added. The government last provided capital support to banks in 2021-22. It had earmarked Rs 20,000 crore for recapitalisation of PSBs through supplementary demands for grants. The government infused Rs 3,10,997 crore to recapitalise banks during the last five financial years i.e., from 2016-17 to 2020-21, out of which Rs 34,997 crore were sourced through budgetary allocation and Rs 2,76,000 crore through issuance of recapitalisation bonds to these banks. Finance Minister Nirmala Sitharaman is scheduled to present th

Rationalised TDS framework, concessional I-T regime expected in Budget: EY

The government is expected provide a more rationalised TDS framework to reduce the compliance burden for taxpayers, besides a revamped new concessional tax regime by providing additional benefits like standard deduction, EY said on Sunday. The Budget wishlist of EY also highlights that the government should provide some respite to low- and mid-income taxpayers with annual income up to Rs 20 lakh on the personal income tax side. Also, possibility of 'green' incentives to be introduced such as tax exemption to interest from green bonds and rationalisation of capital gains rates and holding periods could be expected in the Budget, to be unveiled in Parliament on February 1. With regard to Tax Deducted at Source (TDS), the EY said that currently, 31 sections under the Income tax Act deal with different types of payments to residents, where the withholding tax rates vary from 0.1 - 30 per cent. "The government may provide a more rationalised TDS framework to reduce the complexity and ..

Statsguru: States' finances are improving, debt likely to shoot up

When the Union government announced Budget for 2022-23, it had projected revenue to be 8.5% of GDP. A Business Standard analysis of latest report on state finances showed that states are catching up

Budget 2023: Railway Ministry sets in motion Rs 2-trillion budgetary push

Railways has also been focusing on building better domestic infrastructure for manufacturing trains

Before last pre-general election Budget, PM convenes Council of Ministers

In 2023, this will be the first meeting of the Council of Ministers of the Modi government

Budget session: President's address to be held in old Parliament building

The Budget Session of Parliament is likely to begin on January 31 and is expected to conclude on April 6 with a recess in between

Budget must focus on lowering fiscal deficit: EY India's Rajiv Memani

In an interview with Ruchika Chitravanshi, Rajiv Memani, chairman and managing director of EY India, said that there is a strong enabling environment for private sector investment

Budget should make infra projects investor friendly: IIFCL MD PR Jaishankar

In an interview with Nikesh Singh, IIFCL managing director PR Jaishankar talks about the way ahead for the key infra financier

Budget 2023: HR industry expects labour codes, focus on formal job creation

The Human Resource industry anticipates various measures from the upcoming Budget 2023, that will be beneficial for employees, the employment process, for job development and will address the skill-gap challenge in the country. The Indian economy is on the road to recovery after the Covid-19 pandemic significantly affected the country's economic growth. Industry players are hoping that the ensuing budget will provide a much-needed boost to the HR sector that will help the industry to get back on track. According to leading HR services provider Randstad India, the broad industry asks for the HR sector is the roll out of labour codes, focus on formal job creation, industry Status for Staffing Industry and enhancing skilling initiatives for the youth. It would help if the central and state governments set up help desks in the initial phases of rolling out the labour codes to ease the implementation by the industry, it said. "The union budget 2023 should aim at further enhancing the ..

Budget 2023: Salaried class wants higher tax-free slab as inflation bites

From a tax-free slab of Rs 5 lakh to a higher exemption limit under Section 80C, here is what experts are hoping for in Budget 2023

2023 to be tough on trade as global economies will slow down: GTRI to Govt

Announcement of measures like quick refund of duties, resolving inverted duty issues and bringing exports through post and courier at par with standard customs clearances in the forthcoming Budget

Budget 2023: Centre likely to announce PLI scheme for more sectors

The government is likely to extend fiscal incentives for production of toys, bicycles and leather and footwear in the forthcoming budget as it looks to expand production linked incentive (PLI) scheme

Union Budget 2023: MSME sector seeks access to credit at affordable rates

PLI schemes, quick access to funding, and expansion of exports are some of the key areas that the sector is looking forward to

Best of BS Opinion: Learning curves, Internet blues for media, and more

Here is the best of Business Standard's opinion pieces for today

Govt may not amend FRBM Act again, but aims for 5.5-6% deficit in FY24

The Finance Ministry is likely to stick to its internal fiscal consolidation roadmap