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
The Cabinet has okayed the Union Budget 2023 and now Finance Minister Nirmala Sitharaman will be presenting the same at 11 am. Budget copies have already arrived at the Parliament.
A shift in tax slabs, expansion of PLI schemes, focus on job creation, GST rationalisation, are some of the things that could make this budget a hit with the countrymen.
Budget copies have arrived at the Parliament. Finance Minister will present the Union Budget 2023 at 11 am. You can catch live streaming of the speech at Sansad TV or keep watching this space with financialexpress.com to get live updates on FM's Union Budget 2023 speech.
#watch | Delhi: Copies of #unionbudget2023 arrive at the Parliament. pic.twitter.com/lkmcKrIRpu
— ANI (@ANI) February 1, 2023
With the country all set for Finance Minister Nirmala Sitharaman to present the Budget 2023 in Lok Sabha at 11 am today, the logistics sector expects that it will not only announce incentives that will further facilitate the growth of the industry but also prioritise the improvement of logistics infrastructure across roads, warehouses and ports among others.
Read More Here: Logistics sector hopes for more incentives towards NLP, focus on digitisation, ESG infrastructure
Prime Minister Narendra Modi has arrived at the Parliament. The Cabinet meeting is expected to begin shortly after which Finance Minister Nirmala Sitharaman will present the Union Budget 2023.
The Cabinet headed by Prime Minister Narendra Modi will approve the Budget for the fiscal year 2023-24 and then the Budget will be presented. As per PTI, the budget copies will be distributed electronically and the documents will be uploaded on the government website as well as made available on a special app developed for the same.
Finance Minister Nirmala Sitharaman has arrived at the Parliament. She will be presenting the budget in paperless format at 11 am. All eyes are on Sitharaman as people are waiting in anticipation to see if she will announce new tax slabs for the FY24.
A rundown List of Business today at the Lok Sabha:
Speaking to the media ahead of the Budget, MoS Finance Pankaj Chaudhary said that the people's expectations would be reflected in the Budget. “UnionBudget2023 will meet the expectations of every section of society. Modi govt has always worked in the favour of the people of the country”, Union minister of state for finance Pankaj Chaudhary told ANI. MoS Finance Dr B Karad on Wednesday morning said that India has made good recovery from COVID and that if we look at Economic Survey, all sectors are making progress. “Compared to other countries, our economy is good. When PM took oath in 2014, India was 10th (in terms of economy), today it is fifth,” Karad said.
Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24. pic.twitter.com/S9GJiDG1aw
— ANI (@ANI) February 1, 2023
Nirmala Sitharaman showcasing her digital tablet wrapped in a traditional bahi-khata style pouch as she headed for Parliament to present the Union Budget 2022-23. (Image: Reuters)
Nirmala Sitharaman has taken permission from the President to present Union Budget 2023 today at 11 am in the Parliament. She will not take Cabinet's permission to go ahead with her budget presentation.
Many business leaders have come forward with their suggestions for Finance Minister Nirmala Sitharaman. Arihant Infrastructures, CMD, Ashok Chhajer told ANI on Monday that the government should focus on reducing home loan rates. Hiranandani Group MD, Niranjan Hiranandani said the Budget should focus on further investments in roads, railways, ports, airports and highways, as well as slum rehabilitation schemes.
The tourism and hospitality sector is expecting a boost from the Union Budget 2023 via tax incentives that will improve overall affordibility, giving a boost to the industry. “We would urge the government to reconsider 12% GST being currently levied on room tariffs below INR 1000 per night. The current rates make it difficult for people to find an affordable stay when traveling, which also negatively impacts the earnings of small hoteliers,” Ritesh Agarwal, Founder and Group CEO, OYO, had earlier told financialexpress.com.
Nirmala Sitharaman will first take permission from the Cabinet to present the budget. All eyes are on Union Finance Minister Nirmala Sitharaman to see if she will announce new tax slabs for the FY24. This budget is expected to be a roadmap for the next 25 years.
At 10 am, a Cabinet meeting will be held under PM Narendra Modi's leadership, MoS Finance Dr Bhagwat Karad told the media on Wednesday morning ahead of the Union Budget 2023 speech.
Finance Minister Nirmala Sitharaman along with her team posed for pictures outside the new Parliament building along with her team and showcased the Budget 2023 wrapped in a customised red cover with a golden three-lion emblem.
Keeping in mind the rising interest rates, it is expected that the budget will increase the deduction limit for house loans from Rs 2 lakh to Rs 3-4 lakh. To give the middle-class population some tax relief, the standard deduction of Rs 50,000 is also expected to be enhanced to at leats Rs 75,000.
The new tax regime system did not find many takers when it was introduced. The budget this time is expected to take a hybrid approach combining the new and old tax systems. The highest slab of income tax of 30% which starts at Rs 10 lakh is also expected to be raised to at least Rs 15 lakh.
Finance Minister Nirmala Sitharaman has arrived at the Ministry of Finance to present the Budget 2023 at 11 am. All eyes are set on Sitharaman's budget speech as it is expected to be a balanced one and not a populist one, even though the year 2024 is set to witness Lok Sabha polls.
Delhi | MoS Finance Dr Bhagwat Kishanrao Karad offers prayers before the presentation of the Modi government's Union Budget 2023
— ANI (@ANI) February 1, 2023
This is the BJP government's last full budget before the 2024 general elections pic.twitter.com/UoxQm24gRP
With 100+ unicorns and over 80,000 startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) across India, the start-up ecosystem in the country is booming. Keeping in line with Modi's vision of 'Atmanirbhar Bharat', the budget this year is expected to do a lot more to build up the startup sector and realise the vision of a five trillion-dollar economy. Many are expecting a single-window approval mechanism to claim tax and regulatory incentives. Could this budget finally lead the way? Stay tuned to find out.
The Economic Survey 2022-23 was tabled by Finance Minister Nirmala Sitharaman in Parliament on January 31, 2023. The survey said that the government may meet its fiscal deficit target for the current year (at 6.4 per cent of GDP) and further keep a modest target of under 6 per cent for 2023-24.
The real estate sector had taken a massive hit during the pandemic, so naturally, the expectations from this year's budget are high. The Finance Minister is expected to announce favourable schemes and tax breaks to give real estate a revival. In the year 2019, the GST council had cut the tax rate on affordable houses from 8% to 1%. The real estate sector expects similar announcements in this Budget too.
It has been the year of mass layoffs. Unemployment has been at a 16-month high of 8.3% in December, the government is likely expected to focus more on employment generation. The budget may go for more funds to spend on MNREGS and other rural job creation schemes.
Since this is going to be Modi government's second last budget before the 2024 Lok Sabha polls, Finance Minister Nirmala Sitharaman is expected to present a balanced and not a populist, Budget. However, with BJP striving to win for a third consecutive term, massive welfare programmes for farmers and the rural population cannot be ruled out.
Ahead of the budget session on Tuesday, Prime Minister Narendra Modi had said that the Budget for 2023-24 will not only try to fulfill the hopes and dreams of the common man in the country but it will be a ray of hope for the world.He also said that it is not just the countrymen that are looking forward to the budget, but the whole world is keen amid global economic uncertainty.
One of the obvious and predominant expectations from this budget is some tax relief for the salaried class. Taxpayers are rooting for favourable tax slabs, and a waiver of long-term capital gains from equities. Reducing their burden and levying hefty fines on defaulters is going to be the way forward. Stay tuned to know if this budget is going to be a boon or bane for the salaried class.
The Budget 2023 speech by Finance Minister Nirmala Sitharaman will be broadcast by public broadcaster Sansad TV from the Parliament. Viewers can also tune into multiple news and digital channels to get the latest updates on Sitharaman's speech. You can also stay tuned here with financialexpress.com to get live updates on Budget 2023.
While many industries in the MSME sector have managed to achieve their pre-pandemic level targets, there are still several that are struggling to have a turnaround. A lot rides on this budget as these businesses are hoping for a bounceback with government interventions like extending the Emergency Credit Line Guarantee Scheme. For online sellers, if the GST rates are lowered, it will definitely give a boost to their finances.