Page 6 - Union Budget

Budget 2023: Allocation for IPR ecosystem up by 15% to Rs 329 crore

Allocation in the Budget for the intellectual property ecosystem, including the copyright office and Controller General of Patents, Designs and Trade Marks, has been increased by about 15 per cent to Rs 328.981 crore. In the revised estimate (2022-23), the allocations stood at Rs 285.41 crore. The budgetary allocation for the copyright office and Controller General of Patents, Designs and Trade Marks has been hiked to Rs 281.60 crore as against Rs 232.65 crore in the revised estimate, according to the Budget documents. Similarly, enhanced funds have been allocated to strengthen the Intellectual Property Appellate Board (IPAB), Intellectual Policy Rights (IPR) policy management, and infrastructure development in Controller General of Patents, Designs and Trade Marks. The office of the Controller General of Patents, Designs and Trade Marks is responsible for the administration of laws relating to IPRs -- Patents Act, 1970; the Designs Act, 2000; the Trade Marks Act, 1999; Geographica

Good Budget but sports needed more, says AFI's Anju Bobby George

Anju Bobby George, Vice-president, the Athletics Federation of India, talks about Union Budget 2023-24

The Budget as a new credibility asset

The Budget reflects a solid continuity and even reinforcement of the development orientations and objectives pursued by the PM over quite a few years now

Budget 2023: Govt pegs FY24 disinvestment revenue target at Rs 51,000 crore

The government has scaled down the disinvestment target for the current fiscal to Rs 50,000 crore, from Rs 65,000 crore budgeted last year, a finance ministry official said on Wednesday. For the next fiscal 2023-24, the Budget has pegged disinvestment revenue at Rs 51,000 crore. Further, about Rs 10,000 crore is expected to come from monetisation of government assets in the current year and well as in the next fiscal. The proceeds from disinvestment form part of the miscellaneous receipts in the Capital Receipts Budget. As per the 2023-24 Budget document, the revised estimate for miscellaneous capital receipts for the current fiscal has been pegged at Rs 60,000 crore, lower than the Rs 65,000 crore projected in the Budget estimates for 2022-23. This Rs 60,000 crore includes Rs 50,000 crore from disinvestment proceeds and Rs 10,000 crore on account of asset monetisation, the official said. For the next fiscal beginning April 1, the miscellaneous capital receipts have been pegged a

Govt projects 10.5% growth in revenue from taxes to Rs 18.23 trn in FY24

The government on Wednesday projected a 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 lakh crore in the next fiscal. The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimates of Rs 14.20 lakh crore. In the current fiscal (2022-23), the revenues from direct tax (which includes income and corporate taxes) are projected to grow by over 17 per cent compared to 2021-22 fiscal when the collection was Rs 14.08 lakh crore. In the current fiscal, the revenue from corporate tax is expected to come in at Rs 8.35 lakh crore. This is projected to rise by 10.4 per cent to over Rs 9.22 lakh crore in the next fiscal. Personal income tax collections this fiscal are estimated at Rs 8.15 lakh crore and are projected to rise by 10.4 per cent to over Rs 9 lakh crore next year. Collections from Customs duty are expected to rise by 11 per cent to Rs 2.33 lakh crore, from Rs 2.10 lakh crore in t

Budget 'progressive'; ticks all boxes, powers India's growth drive: Scindia

The Union Budget is "progressive" and ticks all the boxes and powers the country's growth drive, Civil Aviation Minister Jyotiraditya Scindia said on Wednesday. In a series of tweets, Scindia said the Budget is rightly focused on consumption and investment stimulus, and more money in the hands of the growing middle class. On Wednesday, finance minister Nirmala Sitharaman presented the Budget for 2023-24, which is also the last full-fledged budget of the current government before the general elections next year. Among other announcements, Sitharaman said the capital investment outlay is being increased steeply for the third year in a row by 33 per cent to Rs 10 lakh crore, which would be in 2023-24. "#AmritKaalBudget strikes a fine balance b/w uplifting women,youth, Kisan & the middle class, unleashing of animal spirits of MSMEs, and fiscal consolidation. A "progressive" budget that ticks all the boxes & powers India's growth drive. A budget for all! @nsitharaman," Scindia ...

Hero MotoCorp Chairman Munjal hails Budget; seeks GST cut on two-wheelers

Hero MotoCorp Chairman Pawan Munjal has called for a reduction in GST on two-wheelers to 18 per cent from current 28 per cent, while lauding the Union Budget 2023-24 as the dawn of a new high-growth economy, ensuring India's increased contribution to the global economy. The veteran auto industry leader noted that the two-wheeler segment, which has been witnessing subdued sales over the last few years, needs government support in terms of taxation. "There is a clear case for reducing the GST slab from 28 per cent to 18 per cent for the two-wheeler category, which has been adversely impacted over the past few years. This category is a means of mass mobility and should not be clubbed along with the luxury and sin goods category for GST slabs," Munjal said in a statement. He also said: "Further, now that the GST collections are buoyant, I urge the GST council to take this up since this segment is an income multiplier and its growth will boost the economy." Hero MotoCorp, the country's

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: Rs 19,518 crore allocated to metro projects across India

The government has allocated a total of Rs 19,518 crore to all metro projects across India in the Union Budget 2023-24, officials said on Wednesday. Finance Minister Nirmala Sitharaman in her speech in Lok Sabha said, "Our vision for the 'Amrit Kaal' includes technology-driven and knowledge-based economy with strong public finances, and a robust financial sector. To achieve this, Jan Bhagidari through Sabka Saath Sabka Prayas is essential". A senior official said the total budgetary outlay for year 2023-24 for all metro projects stands at Rs 19,518 crore. The allocation in 2022-23 was Rs 19,130 crore. However, the revised budget estimates for the same for 2022-23 was 15,628 crore, according to budget documents. In recent years, the Union Ministry of Finance has been allocating budget for all metro projects in India, instead of the Delhi Metro's alone, a senior official at the DMRC said. The outlay for this year includes equity investment of Rs 4,471 crore, subordinate debt of Rs 1

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

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

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 ...

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

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 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