2023 Union Budget of India

February 01, 2023

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BUDGET - Live Commentary

  • FEB 01, 2023  Finance Minister Nirmala Sitharaman presents the Union Budget 2023
  • 10:31 AM   Union Cabinet meeting chaired by PM Modi underway
  • 10:55 AM  Budget to incorporate every section`s expectations, says MoS Finance
  • 10:59 AM  Cabinet okays Union Budget 2023-24, the last full Budget of Modi 2.0 govt
  • 11:00 AM  First Budget of Amritkaal and blueprint drawn for India at 100 years of Independence : FM
  • 11:01 AM  World recognises Indian economy as a bright spot with current economic growth at 7 per cent
  • 11:02 AM  Massive slowdown has been caused due to Covid and war, Indian economy is on the right path heading for a bright future, world appreciates India’s achievements and successes
  • 11:03 AM  During pandemic govt ensured no one would go hungry, says FM
  • 11:04 AM  We are taking on a people-centric agenda to take on global challenges, says FM
  • 11:05 AM  World recognised India as bright star in 75th year of Independence
  • 11:06 AM  Govt schemes ensured better quality of life for citizens, says FM Sitharaman
  • 11:07 AM  Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments: FM
  • 11:08 AM  We have conducive environment for business and have made significant progress in several sustainable goals: FM
  • 11:09 AM  Entire expenditure of about Rs. 2 lakh crore under PM Garib Kalyan Anna Yojana is being borne by the central government, for supplying free food grains for one year to all Antyodaya and priority households
  • 11:10 AM  Economic opportunities include ample opportunities for citizens
  • 11:11 AM  Economic empowerment of women is key
  • 11:11 AM  81 lakh self help groups, will enable them to reach next level with large producer groups and will be managed professionally led by better marketing, branding of products : FM
  • 11:12 AM  Rural livelihood plan extended to mobilise millions
  • 11:13 AM  Package of assistance for artisans to enable integration with MSME value chain
  • 11:14 AM  Implementing many plans for green growth
  • 11:15 AM  Tourism : Large potential to be tapped in tourism, promotion of tourism to be taken up in mission mode
  • 11:16 AM  Adopt 7 priorities to guide through Amritkal
  • 11:16 AM  Infra, investment, green growth among 7 priorities
  • 11:17 AM  G-20 presidency gives India opportunity to strengthen role in global order, says FM
  • 11:18 AM  `Janbhagidari` through `sabka saath, sabka prayaas` is essential, says FM
  • 11:19 AM  Economy has become a lot more formalised as reflected by doubling of EPFO membership, says FM
  • 11:20 AM  Seven priorities of the budget : Inclusive development, Reaching the last mile, Infra & investment, Unleashing the potential, Green growth, Youth power, Financial sector
  • 11:21 AM  Per capita income has increased to Rs 1.97 lakh, says FM
  • 11:22 AM  National Rural Livelihood Mission a success: FM
  • 11:23 AM  Cash transfer of Rs 2.2 trn under PM-KISAN: FM
  • 11:24 AM  Agriculture Accelerator fund to be set up, it will aim at innovative and economic solutions
  • 11:25 AM  Global Hub for Millets : I acknowldge with pride the huge service done by small farmers by growing millets
  • 11:26 AM  PM Matsya Yojana We will launch a new sub scheme of PM Matsya Yojana at Rs 6000 crore
  • 11:27 AM  157 new nursing colleges to be established in co-location with existing medical colleges
  • 11:28 AM  Facilities in select ICMR labs will be made available for research : FM
  • 11:29 AM  The government’s Aspirational Block programme covering 500 blocks for services in health, agri, financial inclusion, skill development, basic infrastructure.
  • 11:30 AM  PM Primitive Development of Tribal Goods scheme : to provide basic facilities, improved access to health and education and Rs 15000 crore to be made available for the next three years
  • 11:31 AM  PM Awas Yojana outlay increased by 66 per cent to Rs 79,000 crore
  • 11:32 AM  Atmanirbhar Clean Plant Programme : Govt to launch a Rs 2,200 crore Aatmanirbhar clean plan programme, says FM
  • 11:33 AM  This budget is focused on job creation, upliftment of youth, says FM
  • 11:34 AM  Infra Investment : Capital investment outlay to be increased steeply by 33 per cent to Rs 10 lakh crore
  • 11:35 AM  Railways : Capital outlay for Railways Rs 2.40 lakh cr provided, about nine times the outlay made in 2013-14
  • 11:36 AM  Critical transport projects : 100 critical transport projects for last mile connectivity in steel, coal, with investment of Rs 75,000 crore identified
  • 11:37 AM  Infrastructure : 50 airports, heliports, waterdromes to be revived for regional connectivity improvement
  • 11:38 AM  Urban Infra fund : Urban Infrastructure Development Fund to be set up, managed by National Housing Bank, will create public infra in Tier - 2 and 3 cities
  • 11:39 AM  Urban Infra fund : Rs 10,000 crore per annum to be made available for this purpose
  • 11:40 AM  Ease of Doing Business : More than 39,000 compliances have been reduced and more than 3,400 provisions have been decriminalised for ease of doing business
  • 11:41 AM  Artificial Intelligence ecosystem : Three Centres Of Excellence for AI to be set up in top educational institutes
  • 11:42 AM  Data governance policy : National data governance policy will be brought out and will enable access to anonymised data, KYC process to be simplified
  • 11:43 AM  PAN Card : PAN to be common identifier for all government agencies
  • 11:44 AM  Relief for MSMEs : In cases of failure to execute contracts, 95 per cent of the forfeited amount related to bid or performance guarantee will be returned to them, will provide relief if MSMEs
  • 11:45 AM  Result based financing : Financing of select schemes will be changed from input based to result based : FM
  • 11:46 AM  E-Courts : E-Courts phase 3 will be launched at outlay of Rs 7000 crore
  • 11:47 AM  Farm Credit Limit for FY24 raised to Rs 20 Lakh crore
  • 11:48 AM  Digi-Locker : Scope of documents in DigiLocker to be expanded
  • 11:49 AM  5G Services : 100 labs for dev applications based on 5g services will be set up in educational institutions : FM
  • 11:49 AM  LGD Seeds : To promote LGD seeds a R&D funds for five years to be given to an IIT
  • 11:50 AM  Green Hydrogen Mission : Green Hydrogen Mission to facilitate economy on low carbon emissions, target is to achieve annual production of 5MMT
  • 11:51 AM  Agriculture : Union Budget has upped the agriculture credit target of ₹20 lakh crores for FY24, a 8.10 per cent year-on-year increase over FY23 target of ₹18.5 lakh crores. Focus of the agriculture credit will be on animal husbandry, dairy development and fisheries.”
  • 11:52 AM  Urban Infra : All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode
  • 11:53 AM  Green energy : ₹35,000 crore for priority capital investment for energy transition, 4,000 MWh battery storage to be created, Green credit programme will be notified under environment protection act
  • 11:54 AM  Green energy : 5 per cent compressed bio gas (CBG) mandate to be introduced for all organisations
  • 11:55 AM  Govardhan Scheme : for setting up 500 waste to wealth plants to be created: FM
  • 11:56 AM  Natural Farming : Over the next three years, 1 crore farmers to adopt natural farming
  • 11:57 AM  Mangrove mission to be launched
  • 11:58 AM  Coastal shipping : to be promoted as low cost and energy efficient solution / alternative
  • 11:59 AM  Youth : To empower youth and help realise their dreams, National Educational Policy has been formulated
  • 12:00 PM  PM Kaushal Vikas Yojana 2.0 : will be launched in the next three years for skilling of youth
  • 12:01 PM  Skill India Centres : 30 Skill India Centres will be established
  • 12:02 PM  Youth skilling : On job training, new courses for industry including robotics, mechatronics, will be included
  • 12:02 PM  Awas Yojana : The Budget for Pradhan Mantri Awas Yojana has increased by 66% to Rs 69000 crores.
  • 12:03 PM  Youth Skilling : 47 lakh youth in 3 years to have stipends
  • 12:04 PM  Tourism : 50 destinations selected in challenge mode for tourism development
  • 12:05 PM  Bio Gas : Investment of Rs 10,000 crore to set up Compressed natural gas (CBG) plants. 5% CBG would be mandated in due course.
  • 12:05 PM  Dekho Apna Desh : Sector specific skilling and entrepreneurship development to be focussed as a part of Dekho Apna Desh
  • 12:05 PM  Tourism : Integration of theme based tourist circuits has been done, amenities to be upgraded in border villages
  • 12:06 PM  Credit Guarantee Scheme : Payment guarantee for MSMEs. revamped scheme will take be enforced with infusion of Rs 9,000 crore
  • 12:07 PM  Cost of credit : Cost of credit
  • 12:08 PM  Finance Sector Regulators to carry out review of existing regulations
  • 12:08 PM  Special Economic Zones : To enhance biz activities in GIFT , will delegate power under SEZ act
  • 12:09 PM  Central processing centre : will be set up for faster response to companies under Companies Act
  • 12:10 PM  EXIM Bank subsidiary : Establishing a subsidiary fore EXIM Bank in India will bring the much needed relief in augmenting trade finance in India
  • 12:11 PM  Unpaid Dividend : To reclaim unpaid dividend an integrated IT portal to be established
  • 12:12 PM  More for credit guarantee scheme : Rs 9,000 crore infusion in credit guarantee scheme for MSMEs, to enable additional collateral free credit of Rs 2 lakh crore, reduce cost of credit by 1%.
  • 12:13 PM  Mahila Samman Bachat Patra : Savings Certificate one time investment offer available till March 2025
  • 12:14 PM  Mahila Samman Bachat Patra : Max Rs. 200,000 deposit in the name of a woman, Deposit facility with interest rate of 7.5 per cent
  • 12:15 PM  Fiscal Management : Entire 50 year loan to states have to be used for capital expenditure by 2024
  • 12:16 PM  Fiscal Management : Fiscal deficit of states allowed at 3.5 per cent of GSDP, of which 0.5 per cent will be tied to power sector reforms
  • 12:17 PM  Building Unity Malls : Unity Malls in tourist destinations or capital cities is a novel approach to boost local craft and art. This will boost local employment
  • 12:18 PM  Fiscal Deficit : Revised estimate of of Fiscal Deficit at 6.4 per cent of GDP, Net Market borrowings estimated at Rs 11.8 lakh crore
  • 12:19 PM  Budget provides for Rs 35,000 cr for priority capital investment towards energy transition and net zero objective: FM Sitharaman
  • 12:19 PM  Govt launches PM-PRANAM to promote alternative fertilisers
  • 12:20 PM  Fiscal deficit pegged at 5.9% of GDP for FY24
  • 12:21 PM  Govt to take up mangrove plantation under new `MISHTI scheme`
  • 12:22 PM  Agriculture Accelerator Fund : Encouraging agritech startups by young entrepreneurs in rural areas. Fund will focus on bringing innovative solutions for challenges faced by farmers.
  • 12:22 PM  PM Vishwa Karma Kaushal Samman : Assistance for traditional artisans and craftspeople
  • 12:23 PM  Agri push : The government has also initiated computerisation for 63,000 primary agricultural credit societies with an investment of Rs 2,516 crore.
  • 12:24 PM  Income rebate limit increased to Rs 7 lakh from Rs 5 lakh in new tax regime
  • 12:25 PM  Average processing time for income tax returns reduced from 93 days to 16 days
  • 12:26 PM  Income Tax : Reduces highest surcharge rate to 25% from 37% in new regime
  • 12:27 PM  In New tax regime individuals with income upto Rs 7 lakh will not pay tax
  • 12:28 PM  Income Tax : An individual with Annual income of Rs 9 lakh will pay Rs 45,000 only now, 25 per cent reduction from rs 60,000
  • 12:29 PM  Income Tax : New Tax Slabs -- 1)Rs 0-3 lakh - nil; 2) Rs 3-6 lakh - 5%; 3) Rs 6-9 lakh - 10%; 4) Rs 9-12 lakhs- 15%; 5) Rs 12-15 lakh- 20% and 6) Above Rs 15 lakh is 30%
  • 12:30 PM  New income tax regime as default tax regime.
  • 12:31 PM  Minimum Threshold : To remove the minimum threshold of Rs 10,000 on TDS.
  • 12:32 PM  Nirmala Sitharaman proposes to increases tax exemption limit to Rs 3 lakh
  • 12:33 PM  Deductions from capital gains on investments in residential houses : Govt proposes to cap deductions from capital gains on investments in residential houses to Rs 10 cr: FM Sitharaman.
  • 12:34 PM   Taxes for new cooperatives that start manufacturing activity till March `24 to attract lower tax rate of 15 per cent: FM
  • 12:35 PM  The new tax regime will now be the default tax regime, but citizens can still avail of benefits under old tax regime on opt-out basis
  • 12:36 PM  Grievance redressal for direct tax payers : Govt to enhance grievance redressal mechanism for direct tax payers:
  • 12:37 PM  National Hydrogen Mission : The FM allocated Rs.19,700 crore for the National Hydrogen mission.
  • 12:38 PM  FM on customs duty : Govt proposes to reduce customs duty on import of certain inputs for mobile phone manufacturing: FM
  • 12:39 PM  Customs : FM says govt to continue with concessional basic customs duty of 2.5 per cent on copper scrap
  • 12:40 PM  Customs duty on kitchen electric chimney increased to 15 pc from 7.5 per cent: FM Sitharaman
  • 12:40 PM  Customs duty on parts of open cells of TV panels cut to 2.5 per cent: FM Sitharaman
  • 12:41 PM  Govt to reduce customs duty on shrimp feed to promote exports: FM Sitharaman
  • 12:42 PM  Basic customs duty hiked on articles made from gold bars: Sitharaman
  • 12:43 PM  Basic import duty on compounded rubber increased to 25 per cent from 10 per cent
  • 12:44 PM  Govt hikes taxes on cigarettes : Taxes on cigarettes hiked by 16 per cent: FM Sitharaman
  • 12:45 PM  Customs : The government also proposes to increase customs duty on silver to align with duty on gold and platinum.
  • 12:46 PM  Customs duty exemption for capital goods used to manufacture lithium ion battery will further support PLI-linked investments.
  • 12:47 PM  FM Sitharaman retains fiscal deficit target of 6.4 per cent in the Revised Estimate for FY23; cuts it to 5.9 per cent for FY24.
  • 12:48 PM  To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at Rs 11.8 trillion: FM Sitharaman
  • 12:49 PM  India now 3rd largest ecosystem for startups; firms incorporated till March 2024 to get I-T benefits: FM
  • 12:50 PM  Govt proposes to increase benefit of carry forward of losses for startups to 10 years: FM Sitharaman
  • 12:51 PM  Indirect tax proposals to boost green mobility and EVs: FM Sitharaman
  • 12:52 PM  Entity DigiLocker : An Entity DigiLocker will be set up for use by MSMEs, large business and charitable trusts. This will be towards storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities.
  • 12:53 PM  Senior citizens savings scheme cap increased, Monthly Income Scheme limit doubled
  • 12:54 PM  Senior citizens savings scheme cap increased from Rs 15 lakh to Rs 30 lakh: FM
  • 12:55 PM  Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts: FM
  • 12:56 PM  The revamped Credit Guarantee Scheme for MSME sector will take effect from April 1, 2023 with an infusion of Rs 9,000 crore: FM
  • 12:57 PM  Govt proposes to increase limit for presumptive taxation for MSMEs and certain professionals to Rs 3 cr and Rs 75 lakh, respectively
  • 12:58 PM  R&D grant announced to encourage indigenous production of lab-grown diamonds
  • 12:59 PM  Govt to reduce basic customs duty on seeds used in manufacturing of lab-grown diamonds: FM Sitharaman
  • 01:00 PM  Standard Deduction : For the salaried class and the pensioners including family pensioners, FM extended the benefit of the standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500.
  • 01:01 PM  Bid boost air connectivity : "50 additional airports, helipads, water aero drones, and advanced landing grounds will be revived to improve regional air connectivity," FM Sitharaman in Lok Sabha
  • 01:01 PM  Leave encashments : Limit of Rs 3 lakh for tax exemption on leave encashment on the retirement of non-government salaried employees increased to Rs 25 lakh.

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