Page 7 - Union Budget

Budget 2023 a roadmap for resurgent India; aims to get fiscal house in order

Budget 2023: This budget may galvanize an effective AI ecosystem necessary to nurture buoyancy in GST revenues and improve taxpayer morale and trust in the system

India to see challenges in meeting fiscal glide path, says Fitch analyst

The government is targeting a budget deficit of 5.9% of GDP for 2023/24, while the deficit was 6.4% in 2022/23, according to revised estimates

Union Home Minister Amit Shah welcomes 'all-inclusive and visionary' budget

Union Home Minister Amit Shah on Wednesday said the "all-inclusive and visionary" Budget 2023-24 will give further impetus to the Modi government's resolve for building a self-reliant India, taking every section along. In a series of tweets in Hindi with the hashtag '#AmritKaalBudget', Shah said the target of increasing capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development and keeping the fiscal deficit at 5.9 per cent is commendable. This reflects the foresight of the Modi government to build a new India with strong infrastructure and a strong economy, he said. "The budget-2023 brought by the Modi government is a budget that lays a strong foundation of Amritkal. "I am sure that this all-inclusive and visionary budget will give further impetus to the resolve of the Modi government for a self-reliant India, taking every section along. Congratulations to @narendramodi and (union finance minister) @nsitharaman for this," he said. Shah thanked Prime ...

Union Budget 2023 gives EVs a big charge; boosts vehicle scrappage

Centre and states to provide 25% tax rebate on road tax for vehicles purchased to replace scrapped ones

The Budget is highly pragmatic and growth oriented: PVR's Ajay Bijli

Ajay Bijli, Chairman and Managing Director, PVR Ltd, talks about Union Budget 2023

Union Budget 2023: SCSS, MIP investment limit doubled, new scheme for women

Mahila Samman Saving Certificate to be available for two years till March 2025, offers 7.5% return, with provision for partial withdrawal

Budget 2023: Govt increases allocation to NHAI to Rs 1.62 trillion for FY24

With the government betting big on infrastructure, finance minister Nirmala Sitharaman on Wednesday increased allocation to state-owned National Highways Authority of India (NHAI) to Rs 1.62 lakh crore for 2023-24 from last year's revised allocation of Rs 1.42 lakh crore. The Union Budget 2023-24 has allocated an enhanced outlay of Rs 2.70 lakh crore for the highways sector. An allocation of Rs 1.99 lakh crore was made for the highways sector for 2022-23, which was revised to Rs 2.17 lakh crore. NHAI and National Highways and Infrastructure Development Corporation Ltd (NHIDCL) are primarily responsible for the construction of national highways and expressways in India.

Sensex ends 158 pts up on Budget day after 2000 pts-swing, Nifty near 17600

CLOSING BELL: Broader markets were unable to recover from the intra-day lows with BSE Midcap and Smallcap indices dropping up to 1 per cent

Budget 2023-24: Hospitality will benefit, says Massive Restaurants' Kalra

Zorawar Kalra, Founder & MD, Massive Restaurants, talks about Union Budge 2023

Budget 2023-24: Excited about the focus on tourism, says Paresh Maity

Indian painter Paresh Maity talks about the Union Budget 2023

Budget: Govt to set up National Digital Library for children, adolescents

A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility, Union Finance Minister Nirmala Sitharaman announced Wednesday. In her Budget speech, she said states will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources. To build a culture of reading and to make up for pandemic-time learning loss, the National Book Trust, Children's Book Trust and other sources will be encouraged to provide and replenish non-curricular titles in regional languages and English to these physical libraries. "Collaboration with NGOs that work in literacy will also be a part of this initiative. To inculcate financial literacy, financial sector regulators and organizations will be encouraged to provide age-appropriate reading material to these libraries,"

Budget: Govt proposes to simplify KYC procedure with 'risk-based' approach

The government on Wednesday proposed to simplify the KYC procedure by adopting a 'risk-based' rather than the 'one size fits all' approach currently in practice. In her Budget Speech, finance minister Nirmala Sitharaman also proposed to introduce a 'one stop solution' for identity and address updating through the DigiLocker service. Another significant announcement made by the minister relates to use of PAN as common identifier for business establishments for digital systems of government agencies. "The KYC process will be simplified adopting a 'risk-based' instead of 'one size fits all' approach," Sitharaman said as she presented the last full budget before the 2024 general elections. The financial sector regulators will also be encouraged to have a KYC (Know Your Customer) system fully amenable to meet the needs of Digital India. She also announced a one stop solution, for reconciliation and updating of identity and address of individuals maintained by various government agencie

No separate mention of disinvestment proceeds in Union Budget 2023-24

The Budget for 2023-24 has not separately mentioned the amount that the government plans to raise from disinvestment or privatisation of state-owned companies. Earlier, proceeds from disinvestment were shown separately as 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 Budget estimates for 2022-23. For the next fiscal beginning April 1, the miscellaneous capital receipts have been pegged at Rs 61,000 crore. As per the DIPAM website, the government has so far mopped up over Rs 31,100 crore by way of minority stake sale in CPSEs, as against the full-year Budget target of Rs 65,000 crore. For the next fiscal, companies like Shipping Corporation of India, NMDC Steel Ltd, BEML, HLL Lifecare, Container Corporation of India and Vizag Steel, besides IDBI Bank, are in the ...

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: 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: 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 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