India Budget 2023 Highlights: The Union Budget 2023-24 put forth several proposals for the benefit of taxpayers which came as a huge relief to the middle-class, salaried people of India. Finance Minister Nirmala Sitharaman on February 1 presented the budget for this fiscal beginning April 1, 2023 in which one of the major takeaways was the announcement of simplified tax slabs and tax rebate hike.
The simplified tax slabs, however, fall under the new tax regime, which the FM said has been intentionally designed that way so that more and more people opt for it. Although people have been rejoicing over the decision, many are yet to navigate their way through the new regime. And since it will be the default tax regime, one has to be prepared well in advance. This budget also focused on raising capital expenditure, fiscal consolidation, and green growth.
The capital investment outlay has been increased by 33 per cent to Rs 10 lakh crore, which will account for 3.3 per cent of the GDP, the FM said in her budget speech. She added that the government remains committed to bringing the fiscal deficit down to 4.5 per cent of the GDP by 2025-26. The Budget also focussed on seven priorities, which Sitharaman called the “Saptrishis guiding us through Amrit Kaal”. Stay tuned with financialexpress.com as we bring you all the updates on Budget speech 2023.
Watch FM Sitharaman’s Budget 2023 speech from Parliament
Union Budget 2023 Highlights Live News: FM Nirmala Sitharaman Budget 2023 Top Announcements Live Updates
Madhya Pradesh CM Shivraj Singh Chouhan told ANI, “This budget is for the welfare of every sector and every state of the country. It's for benefit of the poor, women & middle-class people along with empowering weaker sections & the youth.”
Adani Enterprises shares tumbled 15% while Adani Ports and Special Economic Zone dropped 10% on a broader selloff in Adani Group firms, which has now swelled to $82 billion since the Hindenburg report, reported Reuters.
I want to thank PM Modi & congratulate FM Nirmala Sitharaman for presenting a spectacular budget before the people of the country. This Budget will meet the expectations of the people of the country as well as the world: Uttarakhand CM PS Dhami told ANI
With an aim to acquire weapon systems like submarines, fighetr aircraft and tanks, the defence sector today got a hike of around 13% in the Union Budget 2023-24. Rs 5.94 lakh crore were allocated to the defence services today, up from Rs 5.25 lakh crore which was given last year.
– Capital investment outlay increase by 33% to 10 lakh crores will boost the economy, lead to job creation and will up the infrastructure sector. Without going into fine print, one can rate the budget at 9 given the thrust on capital expenditure and relief to middle class individual taxpayers: Maulik Doshi, Deputy Managing Director, Direct Tax, International Tax, Transfer Pricing, Nexdigm
– We are thrilled to see the government's focus on the green growth of the automobile sector in the latest financial budget. The allocation of funds towards the development of electric vehicles by reducing taxes on machinery needed to produce lithium ion batteries and the incentives provided to the purchase of electric two-wheelers will not only benefit the environment but also encourage more people to shift towards sustainable modes of transportation: Aalesh Avlani Founder, Credit Wise Capital
This budget isn't addressing real sentiment of country that's unemployment & price rise. It only had fancy announcements that were made earlier too but what about implementation? Only insurance companies were benefited from PM Kisan Yojana not farmers: Cong Gen Secy KC Venugopal
First budget of Amrit Kaal shows the visionary & far-sighted leadership of PM Modi. This budget shows our stable economy, power of young India & multicultural work ethics. This budget highlights core vision of PM Modi as it brings schemes for people at bottom of pyramid: BJP chief Amit Shah
ACHIEVEMENTS SINCE 2014: LEAVING NO ONE BEHIND
— PIB India (@PIB_India) February 1, 2023
Government has ensured all citizens a better quality of life with dignity and the per capita income has more than doubled to Rs. 1.97 lakh: Union Minister @nsitharaman
🔗https://t.co/dkWupkOQaG #amritkaalbudget #unionbudget2023 pic.twitter.com/dGhOUEPgEp
PM Modi in his address to the people of India said that this budget is for a sustainable future further encouraging green energy, green growth, green infrastructure, and green jobs. He added that the government has focussed on technology & new economy in the budget.
Prime Minister Modi addressed the countrymen post budget presentation. He congratulated the people for a 'historic budget', saying that the first budget of Amrit Kaal will build a strong foundation for building a developed India. This budget will fulfill dreams of aspirational society including poor people, middle-class people, farmers.
Read More Here: PM Modi congratulates FM Sitharaman, says Budget 2023 adds new energy to India’s development trajectory
– Taxes on cigarettes hiked by 16%
– Basic customs duty hiked on articles made from gold bars
– Customs duty on kitchen electric chimney increased to 15%
– Basic import duty on compounded rubber increased to 25%
– Fully imported luxury cars and EVs to cost more as govt raises custom duty from 60 pc to 70 pc in Budget
Due to unavoidable exigencies, the press conference by Union Finance Minister Smt. @nsitharaman, after presentation of Union Budget 2023-24 in Parliament, is now tentatively scheduled to be held at 04.00 PM, National Media Centre, on 1st Feb. 2023. https://t.co/rIljT3xPKo
— Ministry of Finance (@FinMinIndia) February 1, 2023
PDP chief Mehbooba Mufti told ANI that instead of benefitting the common people, welfare schemes and subsidies have been scrapped. So, the people who had risen above the poverty level have fallen below the poverty level again. She said this Budget is the same that had been coming in for the last 8-9 yrs, adding, that taxes increased, money was not being spent on welfare schemes & subsidies.
There is nothing in Budget 2023. It is like ‘Sapno Ka Saudagar’ – nothing comes true when you wake up after a dream. Also, nothing was mentioned about how to control inflation and unemployment: Rajiv Ranjan, JD(U) MP told ANI
Focus was made on technology, health sector, sickle cell and its need for treatment. Development of ICMR labs & new tech has also been focused upon. All sectors are taken into consideration in the Union Budget 2023: Union MoS for Health Bharati Pravin Pawar
Finance Minister in her speech said that customs duty on lab-grown diamoind manufacturing will be reduced. Lab-grown diamonds L(LGD) is a technology and innovation driven emerging sector with high employment potential. These environemnt-friendly diamonds have optically and chemically the same properties as natural diamonds.
Congress MP Gaurav Gogoi was not happy with the new budget. “No solution to price-rise, inflation, unemployment. Poor got just words & rhetoric. Budget benefits only the big industrialists,” Gogoi told ANI. He said that the Tax rebate up to Rs 7 Lakhs is insignificant considering the inflation & price-rise and is like drop in the ocean forthe middle class.
It was a revolutionary budget that will give relief to every section of society. New income-tax rates give relief to individuals. The outlay for PM Awaas Yojana has been enhanced by 66% in this budget, I welcome this: Haryana CM ML Khattar
For realizing the vision of “Make AI in India and Make AI work for India”, three centres of excellence for Artificial Intelligence will be set-up in top educational institutions. Leading industry players will partner in conducting interdisciplinary research, develop cutting-edge applications and scalable problem solutions in the areas of agriculture, health, and sustainable cities. This will galvanize an effective AI ecosystem and nurture quality human resources in the field.
Finance Minister Nirmala Sitharaman announced that for poor people in prisons who are unable to afford the penalty or the bail amount, required financial support will be provided by the government.
Congress MP Karti Chidambaram says that he is a believer in a low tax regime. He welcomed any tax cuts as he said that giving more money into the hands of the people is the best way to boost the economy.
I'd like to extend gratitude to PM Modi. I won't look at the Budget minutely. Going by today's pronouncements, I believe that in the budget, respect for women increased. I also welcome the announcement of National Digital Library for children & adolescents: Union Minister Smriti Irani
“The Budget adopts the following seven priorities. They complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal,” FM Sitharaman said during her speech. There priorities are listed as below:
1) Inclusive Development
2) Reaching the Last Mile
3) Infrastructure and Investment
4) Unleashing the Potential
5) Green Growth
6) Youth Power
7) Financial Sector
There are some good things in the Union Budget 2023 but there was no mention of MNREGA, poor rural labour, employment & inflation. Some fundamental questions remained to be answered: Congress MP Shashi Tharoor
Finance Minister Nirmala Sitharaman announced a scheme in her budget speech to support the states and municipalities in replacing their old polluting vehicles. This will definitely give a push to automobile sales in the country, including of electric vehicles.
I want to thank PM Modi and FM Sitharaman for the announcement of the over Rs 5,000 cr irrigation project for the Upper Bhadra region of Karnataka. This project will be a game changer for the state: BJP MP Tejashvi Surya
The four opportunities that may be transformative during Amrit Kaal, as mentioned in the budget 2023, include:
1) Economic Empowerment of Women
2) PM Vishwakarma Kaushal Samman (PM VIKAS)
3)Tourism
4) Green Growth
Sitharaman in her budghet 2023 speech 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.”
Finance Minister Nirmala Sitharaman announced that Karnataka's Bhadra Upland Project has been allocated Rs 5,200 crore. This allocation has been done keeping in mind the aim to irrigate 2.25 lakh hectares in Chikkamagaluru, Tumakuru, Chitradurga and Davangree districts of Karnataka. The CM took to Twitter to thank the Finance Minister and PM Modi for the grant.