Union Budget 2023 LIVE Updates: Income tax rebate extended on income up to Rs 7 lakh

Finance Minister Nirmala Sitharaman has presented the Union Budget for 2023-24 in Parliament today. The FM presented her fifth straight Union Budget today. It was be the last full-fledged budget of Modi government ahead of the crucial 2024 Lok Sabha elections.  

Earlier on Tuesday, Sitharaman presented the Economic Survey 2023 in Parliament. The Budget Session had commenced with the President addressing both Houses of Parliament in a joint session.

New Update
Feb 01, 2023 22:33 IST

Union Budget: Odisha to get Rs 3,261 crore more as its share in Central Taxes and Duties 

Odisha will get Rs3,261.85 crore more under the State’s share in Central Taxes and Duties. Such an estimation has been made in the 2023-24 budget documents.

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Feb 01, 2023 18:16 IST

Budget 2023: Boost of 334.72 cr in highest ever in sports budget ahead of Asian Games, Paris Olympics

With an increase of 334.72 cr, the government on Wednesday in the Union Budget allocated Rs 3,397.32 crore to the Sports Ministry for 2023-2024 -- a cycle in which the Indian athletes will compete at the Asian Games and prepare for 2024 Paris Olympics.

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Feb 01, 2023 17:40 IST

1275 stations are being re-developed under 'Amrit Bharat Station': Ashwini Vaishnaw

Rs 2.41 lakh crore allocated for Railways. It's a big change and it will fulfill the aspirations of passengers. Under 'Amrit Bharat Station' scheme, 1275 stations are being re-developed. Production of Vande Bharat trains will be revamped: Railways Minister Ashwini Vaishnaw 

Feb 01, 2023 17:34 IST

'Saptarishi' in Union Budget 2023-24: Know the Priority No 7- ‘Financial Sector’ 

Finance Minister Nirmala Sitharaman on Wednesday said that reforms in the financial sector and innovative use of technology have led to financial inclusion at scale, better and faster service delivery, ease of access to credit and participation in financial markets.

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Feb 01, 2023 16:42 IST

'Saptarishi' in Union Budget 2023: Centre’s focus on ‘Youth Power’; all you must know

To empower youth and help the ‘Amrit Peedhi’ realize their dreams, the government has formulated the National Education Policy, said Finance Minister Nirmala Sitharaman while presenting the Budget 2023.

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Feb 01, 2023 16:39 IST

'Saptarishi' in Union Budget 2023-24: 'Green Growth' - Know components of this Priority No 5

In her Union Budget address, Finance Minister Nirmala Sitharaman on Wednesday said that Prime Minister Narendra Modi has given a vision for “LIFE”, or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle.

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Feb 01, 2023 16:24 IST

'Saptarishi' in Union Budget 2023-24: Priority No 4- 'Unleashing the potential '

rime Minister Narendra Modi said Good Governance is the key to a nation’s progress. Our government is committed to providing a transparent and accountable administration which works for the betterment and welfare of the common citizen," said Finance Minister Nirmala Sitharaman during the Budget session.

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Feb 01, 2023 16:22 IST

'Saptarishi' in Union Budget 2023-24: Priority No 3- Infrastructure and Investment

After the subdued period of the Covid-19 pandemic, private investments are growing again in the country. Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023 on Wednesday said that investments in infrastructure and productive capacity have a large multiplier impact on growth and employment.

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Feb 01, 2023 16:03 IST

'Saptarishi' in Union Budget 2023-24: Focus on ‘Reaching the Last Mile’

Prime Minister Atal Vajpayee’s government had set up the Ministry of Tribal Affairs and the Department of Development of North-Eastern Region, said Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023 on Wednesday. 

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Feb 01, 2023 16:02 IST

EVs to get cheaper, Centre proposes Customs duty exemption on batteries

The Central government on Wednesday said that to further provide impetus to green mobility, Customs duty exemption is being extended to the import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles -- a move hailed by the EV industry players.

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Feb 01, 2023 15:49 IST

'Saptarishi' in Union Budget 2023-24: Inclusive Development-Know Priority No 1 

The government’s philosophy of Sabka Saath Sabka Vikas has facilitated inclusive development, said Union Finance Minister Nirmala Sitharaman while presenting the Union Budget for 2023-24 in the Parliament on Wednesday. 

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Feb 01, 2023 15:06 IST

Centre extends tax holiday for homegrown startups till March 31, 2024

The Centre on Wednesday announced to extend the tax holiday scheme for startups till March 31, 2024, which means that startups incorporated till the latest date next year can avail tax benefits. Read more...

Feb 01, 2023 15:03 IST

Budget for stipend to 47 lakh youth under apprenticeship scheme

To give impetus to the youth and help the 'Amrit Peedhi' realise their dreams, Finance Minister Nirmala Sitharaman on Wednesday said that the government has formulated the National Education Policy, focused on skilling, adopted economic policies that facilitate job creation at scale and to support business opportunities.

In her Budget 2023-24 speech in Parliament, the Minister also announced the roll-out direct benefit transfer under a pan-India National Apprenticeship Promotion Scheme to provide stipend support to 47 lakh youth in three years.

The Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next three years and emphasise on on-job training, industry partnership, and alignment of courses with needs of industry.

"The scheme will also cover new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills," Sitharaman said.

(IANS)

Feb 01, 2023 14:57 IST

National Green Hydrogen Mission: India sets target of 5 MMT annual production by 2030

"India is moving forward firmly for the 'panchamrit' and net-zero carbon emission by 2070 to usher in green industrial and economic transition", said Union Finance Minister Nirmala Sitharaman while presenting the Union Budget in Parliament on Wednesday. Read more...

Feb 01, 2023 14:50 IST

Economic growth to slide to 7% in 2022-23 against 8.7% in 2021-22: Fiscal policy statement

Economic growth is expected to slide in the current fiscal, even as India is among the bright spots in the prevailing global scenario marred by fluid geopolitical circumstances, as per the Fiscal Policy statement presented by Finance Minister Nirmala Sitharaman along with the Union Budget on Wednesday.

Nominal GDP is expected to grow at 15.4 per cent year-on-year in 2022-23 as against 19.5 per cent in 2021-22, while the real GDP is projected to grow by 7 per cent in the current fiscal year-on-year against 8.7 per cent in 2021-22, it said. Read more...

Feb 01, 2023 14:43 IST

KYC norms to be simplified, PAN to become common identifier

For investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease, an integrated IT portal is proposed to be established, Finance Minister Nirmala Sitharaman announced in Union Budget 2023-24 on Wednesday. Read more...

Feb 01, 2023 14:34 IST

Department of Space to get Rs 12,543.91 crore for FY24

The government has proposed an allocation of Rs 12,543.91 crore to the Department of Space for year 2023-24.

The allocation is for the Department of Space and other organisations under it like the Indian Space Research Organisation (ISRO) and its centres, Indian National Space Promotion and Authorisation Centre - the regulator for the private sector space players - and others. Read more...

Feb 01, 2023 13:48 IST

GOBARdhan scheme to promote circular economy with investment of Rs 10,000 cr: FM

Finance Minister Nirmala Sitharaman on Wednesday said 500 new waste to wealth' plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting circular economy.

These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of Rs 10,000 crore. Read more...

Feb 01, 2023 13:46 IST

New deposit scheme for women, limits for senior citizens increased

For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025, Finance Minister Nirmala Sitharaman said while announcing the Union Budget 2023-24 on Wednesday. Read More...

Feb 01, 2023 13:45 IST

Reduction in customs duty rates on goods

To promote exports and enhance domestic manufacturing, Finance Minister Nirmala Sitharaman during her Budget speech on Wednesday announced a reduction in customs duty rates on various commodities and products. Read more...

Feb 01, 2023 13:29 IST

No tax on income up to Rs 7 lakh, standard deduction allowed under new tax regime

Finance Minister Nirmala Sitharaman on Wednesday tweaked the slabs to provide some relief to the middle class by announcing that no tax would be levied on annual income of up to Rs 7 lakh under the new tax regime.

She also allowed a Rs 50,000 standard deduction to taxpayers under the new regime, where assessees cannot claim deductions or exemptions on their investments. Read more...

Feb 01, 2023 13:28 IST

India to set up data embassies for digital continuity with world: FM

Finance Minister Nirmala Sitharaman on Wednesday announced that the government will set up Data Embassies in the country to facilitate seamless digital transfers and continuity for other nations.

Data embassies create a new approach to securing data by leveraging diplomatic agreements bolstered by cloud technology solutions. Read more...

Feb 01, 2023 13:28 IST

India to set up data embassies for digital continuity with world: FM

Finance Minister Nirmala Sitharaman on Wednesday announced that the government will set up Data Embassies in the country to facilitate seamless digital transfers and continuity for other nations.

Data embassies create a new approach to securing data by leveraging diplomatic agreements bolstered by cloud technology solutions. Read more...

Feb 01, 2023 13:14 IST

Union Budget sets capex outlay at all-time high

The total capex outlay in the Union Budget for 2023-24 has been enhanced by 33 per cent from Rs 7.5 lakh crore to Rs 10 lakh crore which takes it to an all-time high of 3 per cent of GDP. Read more...

Feb 01, 2023 13:09 IST

Youth Empowerment: PMKVY 4.0 to be launched, 30 Skill IICs to be set up

Aiming to empower youth and help them realise their dreams, PMKVY 4.0 will be launched to skill lakhs of youths within the next 3 years, Union Finance Minister Nirmala Sitharaman announced in her Budget speech on Wednesday.

She said that the government will launch Prime Minister Kaushal Vikas Yojana 4.0 (PMKVY 4.0) to skill youth over the period of next three years. Read more...

Feb 01, 2023 12:50 IST

Programme to eliminate sickle cell anaemia by 2047 to be launched: Finance Minister

The government will launch a programme in a mission mode to eliminate sickle cell anaemia by 2047, announced Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023-24 in the Parliament on Wednesday. Read more...

Feb 01, 2023 12:48 IST

FM announces 15,000 cr development fund for tribal, marginalised section

The Centre has launched a 15,000 crore development fund for the tribal and marginalised section, Finance Minister Nirmala Sitharaman announced on Wednesday.

"Pradhan Mantri PVTG(particularly vulnerable tribal groups) Development Mission is being launched to improve the socio-economic condition of the vulnerable groups. A total of Rs 15,000 crore will be made available to implement the scheme in the next three years." the FM announced in her Union Budget 2023 speech. Read more...

Feb 01, 2023 12:47 IST

Railways gets Rs 2.40L cr capital outlay, the highest ever

Indian Railways received a major boost from the Union Budget 2023-24 being presented by Union Finance Minister Nirmala Sitharaman in the Parliament on Wednesday.

The Finance Minister in her Budget speech announced that Indian Railways will get a capital outlay of Rs 2.40 lakh crore, the highest ever till date, which will help roll out major projects, including new Vande Bharat trains, electrification of railway lines and others. Read more...

Feb 01, 2023 12:44 IST

Three centres of excellences on AI soon at top educational institutions: FM

In the ChatGPT era, Finance Minister Nirmala Sitharaman on Wednesday announced the government will open three centres of excellence for artificial intelligence (AI) at top educational institutions. Read More...

Feb 01, 2023 12:43 IST

Pradhan Mantri Aawas Yojana outlay hiked by 66% to Rs 79,000 cr

Finance Minister Nirmala Sitharaman on Wednesday announced a 66 per cent hike in the outlay for the Pradhan Mantri Aawas Yojana (PMAY) to Rs 79,000 crore. Read More...

Feb 01, 2023 12:38 IST

Tax exemption raised to Rs 3 lakh in the new regime

Union Budget 2023

Feb 01, 2023 12:32 IST

Revised fiscal deficit is at 6.4% of GDP

The revised fiscal deficit is at 6.4% of GDP, said FM Nirmala Sitharaman.

- Direct Benefit Transfer under a pan India national apprenticeship scheme will be rolled out to provide support to 47 lakh youths in 3 years

- 100 critical transport infrastructure projects for last and first mile connectivity for ports, coal, steel, fertilizer and food grain sectors to be taken up on priority with investment of Rs. 75000 crores, including Rs. 15000 crores from pvt. sources

- To bring the fiscal deficit below 4.5% of GDP by 2025-26 

- Promotion of tourism will be taken up on mission mode. Sickle cell anaemia to be eliminated by 2047. 157 new nursing colleges will be set up in the country in co-location with the medical colleges established since 2014

- Mahila Samman Saving Certificate to be available till March 2025

Feb 01, 2023 12:27 IST

PM Kaushal Vikas Yojana 4.0 to skill youths

Budget 2023

Feb 01, 2023 12:24 IST

100 critical transport infrastructure projects

A total of 100 critical transport infrastructure projects for last and first mile connectivity for ports, coal, steel, fertilizer and food grain sectors will be taken up on priority with investment of Rs. 75000 crore, including Rs 15000 crores from private sources.

Feb 01, 2023 12:23 IST

157 new nursing colleges to be established in core locations

A mission to eliminate sickle cell Anemia by 2047 will be launched entailing awareness creation & universal screening of 7 crore people in affected tribal areas, says Finance Minister.

Feb 01, 2023 12:06 IST

Capital investment outlay increased to 10 lakh crores

Capital investment outlay is being increased steeply for the third year in a row, by 33%, to Rs. 10 lakh crores, which would be 3.3% of GDP, this will almost be 3 times outlay made in 2019-20, announced Finance Minister.  

Feb 01, 2023 11:58 IST

Green fuel, green energy for efficient use of energy

We are implementing programs like green fuel, green energy etc. for efficient use of energy across economic sectors These green growth efforts help in reducing carbon intensity of economy & provide large-scale job opportunities, said Finance Minister.  

Feb 01, 2023 11:47 IST

FM announces PM Matsya Sampada Yojana

New sub scheme of PM Matsya Sampada Yojana, with targeted investment of Rs. 6000 crores, to further enable activities of fishermen, fish vendors and micro and small entrepeneurs, improve value chain efficiences and expand the market, said FM Nirmala Sitharaman.

Feb 01, 2023 11:43 IST

38,800 teachers, support staff recruitment in Eklavaya Model Residential Schools

In the next 3 years, the Centre will recruit 38,800 teachers and support staff for 740 Eklavaya Model Residential Schools which are serving 3.5 lakh tribal students, said FM Nirmala Sitharaman. 

Feb 01, 2023 11:40 IST

PM Awaas outlay being hiked to Rs 79,000 crores

The outlay for PM Awaas Yojana is being enhanced by 66% to over Rs 79,000 crores, informed Finance Minister Nirmala Sitharaman.  

Feb 01, 2023 11:36 IST

PM Vishwa Karma Kaushal Samman for artisans

FM Nirmala Sitharaman said PM Vishwa Karma Kaushal Samman - package of assistance for traditional artisans and craftspeople has been conceptualized. It will enable them to improve quality, scale and reach of their products, integrating with MSME value chain.

Feb 01, 2023 11:33 IST

Agriculture Accelerator Fund to encourage agri startups

Finance Minister Nirmala Sitharaman said Agriculture Accelerator Fund will be set up to encourage agri startups by young entrepreneurs in rural areas. It will bring innovative and affordable solutions for farmers' challenges and will also enhance profitability and bring modern tech. 

Feb 01, 2023 11:26 IST

Tourism promotion on mission mode

Promotion of tourism will be taken up on mission mode with active participation of states, the convergence of Govt programs and public-private partnerships, informed Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023. 

Feb 01, 2023 11:23 IST

Priorities of Budget 2023-24

Finance Minister Nirmala Sitharaman declared that the priorities of Budget 2023-24 are inclusive development, reaching the last mile, infra & investment, unleashing the potential, green growth, youth and financial sector.  

Feb 01, 2023 11:19 IST

FM stresses 'janbhagidari' through 'sabka saath, sabka prayaas'

Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this 'janbhagidari' through 'sabka saath, sabka prayaas' is essential, said Finance Minister Nirmala Sitharaman.

Feb 01, 2023 11:16 IST

Per capita income has more than doubled to Rs 1.97 lakh, says FM

While presenting the Union Budget, Finance Minister said the government's efforts since 2014 have ensured for all citizens, a better quality of life and life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world.

Feb 01, 2023 11:14 IST

India's economic growth estimated at 7 pc: FM

This budget hopes to build on the foundation laid in the previous budget and the blueprint drawn for India at 100. The current year’s economic growth is estimated to be at 7%. The economy is on the right track despite challenges and our focus on wide-ranging reforms helped us perform well in these trying times, the Finance Minister said.

Feb 01, 2023 11:03 IST

Finance Minister Nirmala Sitharaman presents Union Budget 2023-24

Union Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24 financial year. 

Feb 01, 2023 11:02 IST

Union Cabinet approves Budget 2023-24

The Union Cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday approved the Budget 2023-24 ahead of it being tabled by Finance Minister Nirmala Sitharaman in Parliament.

Before the cabinet meeting, Sitharaman along with Minister of States Pankaj Chaudhary and Bhagwat Karad met President Droupadi Murmu.

"Union Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Shri 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," the President tweeted.

Feb 01, 2023 10:39 IST

Copies of Union Budget 2023 arrive at Parliament

The copies of the Union Budget 2023 were brought to the Parliament ahead of the presentation of the budget by the Finance Minister.  A sniffer dog sniffed the copies of Budget documents.