Budget 2023 live | Income tax relief, sops for women, scheme for artisans, and more

The Union Finance Minister has presented the Union Budget for Financial Year 2023-24, at a time when nine States will be going to polls this year and the Modi government will be seeking a third term next year.

February 01, 2023 08:45 am | Updated 07:02 pm IST

Finance Minister Nirmala Sitharaman addressing the post Budget press conference at the National Media Centre in New Delhi on February 1, 2023.

Finance Minister Nirmala Sitharaman addressing the post Budget press conference at the National Media Centre in New Delhi on February 1, 2023. | Photo Credit: R.V. Moorthy

Finance Minister Nirmala Sitharaman on February 1 raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.

Ms. Sitharaman’s fifth straight Budget comes at a time when the economy is slowing due to global headwinds and there is a need for increased spending on social sectors as well as ramping up incentives for local manufacturing.

Also Read: Key Highlights from Union Budget 2023-24

Yesterday, following the President’s address to the joint-sitting of the Parliament, Ms. Sitharaman had tabled the Economic Survey for the Financial Year 2022-23. The Economic Survey said that India’s economic recovery from the pandemic is complete and the economy is expected to grow in the range of 6% to 6.8% in the coming financial year 2023-24.

Here are the latest updates:

  • February 01, 2023 17:57
    19.6% increase in allocation to MoAYUSH

    The Ministry of AYUSH (MoAYUSH) has received a nominal increase of 19.6% in the 2022-23 Union Budget, a sum of ₹3,647.5 crore versus the previous Budget estimate of ₹3,050.

    This is far higher than the Ministry’s previous hike of 2.6%.

    Read more

  • February 01, 2023 17:03
    Tax on income from online games

    Taxation on online games will now be done on net winnings, with no cap of Rs. 10,000 for TDS provisions to kick in. The reason is that in online games, no one plays just one game but a series of games simultaneously.

  • February 01, 2023 16:47
    Banking laws amendments not to do with disinvestment: Economic Affairs Secretary

    Economic Affairs Secretary Ajay Seth says the amendments to the banking laws mentioned in the Budget do not have anything to do with disinvestment or privatisation plans for banks, but are aimed at improving the governance structures and investor protection.

  • February 01, 2023 16:36
    Budget proposes hike in TCS on overseas travel, fund remittances out of India to 20%

    The government on Wednesday proposed to hike the TCS rate to 20 per cent from 5 per cent currently on overseas tour packages and a liberalized remittance scheme for remittance of funds out of India.

    The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (TCS) on overseas tour programme packages.

    Also, 20 per cent TCS will be applicable in cases where funds in excess of Rs 7 lakh are sent out of India under the Liberalised Remittance Scheme of the RBI.

    The amendments will come into effect from July 1, 2023.

  • February 01, 2023 16:13
    ‘Personal income tax changes will benefit the middle class’

    Ms. Sitharaman says the new income tax regime is more attractive now as it has been simplified. She says the slab revision was something the middle class and salaried class were waiting for a long time.

  • February 01, 2023 16:10
    Viswakarma in PM-VIKAS stands for artisans, not a caste reference: FM

    FInance Minister Nirmala Sitharaman during a press meet clarified that the term Viswakarma in the PM-VIKAS scheme meant skilled artisans who create handicrafts and products. “Yes, there is a caste by that name... but the scheme is for artisans,” she clarifies.

  • February 01, 2023 15:57
    Allocation for census slashed

    The Ministry of Home Affairs (MHA) has been allocated Rs 1,96,034.94 crore in the Union Budget 2023-24. This is an increase of 5% than Rs 1,85,776.55 crore allotted to it in the current fiscal.

    The budget for Census Survey and Statistics has been slashed to Rs 1564.65 crore from Rs 3676 crore allocated in 2022-23, an indication that the Census exercise that initially to be completed in 2021 is not planned in the 2023-24 fiscal. The Census was last held in 2011.

  • February 01, 2023 15:47
    Govt raises non-tax revenue collection target from telecom by 30% to Rs 89,469 crore

    The government has raised non-tax revenue collection estimate from the telecom sector by 30 per cent to Rs 89,469.17 crore in 2023-24, according to the Union budget document.

    The government has revised the revenue estimate to Rs 68,784 crore for the current fiscal from earlier projection of Rs 52,806 crore in the previous budget.

    The actual revenue of the government in 2021-22 was Rs 85,828 crore.

    The non-tax revenue from the communication sector mainly relate to licence fees from telecom operators and receipts on account of spectrum usage charges. - PTI

  • February 01, 2023 15:32
    No separate mention of disinvestment proceeds

    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 ₹60,000 crore, lower than the ₹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 ₹61,000 crore.

  • February 01, 2023 15:31
    Defence sector gets lion’s share

    As Union Minister Nirmala Sitharaman presented the Union Budget 2023-24, the allocation of money to major Ministries presents a clear picture of the Modi govt.’s focus on revamping the economy.

    Defence Ministry was allocated ₹5,93,537 crore, up from last year’s ₹5.25 lakh crore. while Road Transport and Highways received ₹2,70,434 crore.

    The Education Ministry received ₹1,12,899 crore, marginally higher than the 2022 Budget where ₹1.04-lakh crore was allocated for the education sector.

    Read more

  • February 01, 2023 15:30
    Govt to borrow record ₹15.4 lakh crore in FY24 to bridge revenue gap

    The government plans to borrow a record ₹15.4 lakh crore from dated securities in FY24 to meet its expenditure requirement to prop up the economy.

    This is higher than the total borrowing of ₹14.21 lakh crore for the current financial year ending March 31, 2023.

    Read more

  • February 01, 2023 14:40
    ‘Invite all to make a prosperous India by 2047’

    I once again congratulate the Finance Minister and her team, and with this new budget invite the citizens of India on this journey to help create a prosperous, capable, and thriving India, by 2047.

  • February 01, 2023 14:35
    ‘Taken many decisions to empower the middle class’: PM Modi

    Hailing the middle class of India, the Prime Minsiter said, “In order to empower the middle class, our government has taken many decisions in the past years that have ensured Ease of Living.”

    “We have reduced the tax rate, as well as simplified, the process, making it transparent and fast.”

  • February 01, 2023 14:32
    ‘Increasing the limit of presumptive tax will help MSMEs grow’

    In this budget, along with Ease of Doing Business, the campaign of credit support and reforms for our industries has been taken forward.

    An additional loan guarantee of Rs 2 lakh crore has been arranged for MSMEs. Increasing the limit of presumptive tax will also help MSMEs to grow.

  • February 01, 2023 14:22
    'We have given emphasis on technology and new economy’

    In the budget we have given emphasis on technology and new economy. The aspirational India wants next-gen infrastruture in road, rail, metro, port, waterways. This time’s investment of Rs. 10 lakh crore will give a new infusion and speed to this. It will also provide opportunities for employment for the youth.

  • February 01, 2023 14:20
    ‘Repeat the success of digital payments in the agricultural sector’

    We have to repeat the success of digital payments in the agricultural sector as well. That’s why, in this budget, we have brought in a Digital Agriculture Infrasruture Yojana.

    This Budget will give a new identity to Sustainable Development, Green Growth, Green Economy, Green Infrastructure and Green Jobs.

  • February 01, 2023 14:15
    PM-VIKAS will bring a difference to the lives of many ‘vishwakarmas’

    The budget has brought in many initiatives, which focus on training, technology, credit and market support.

    PM-VIKAS will bring a difference to the lives of many ‘vishwakarmas’.

    The government has made the world’s largest food storage scheme in the co-operative sector. An ambitious scheme to form new primary co-operatives has also been announced in the budget.

    From women who live in the cities to the ones on the rural areas, we have initiated many schemes to help them since 2014. In this budget we also brought in a one-time new small savings scheme, which will also aid women self-help groups.

  • February 01, 2023 14:11
    PM Modi's remarks on the Union Budget

    The first budget of the Amrit Kaal will lay a strong foundation for the the resolutions for a developed India, says PM Modi in his remarks on the budget.

    This budget gives priority to the underprivileged, he says.

    This budget will fulfil the dreams of today’s aspirational society. I congratulate Finance Minister Nirmala Sitharaman on this budget, he adds.

  • February 01, 2023 12:59
    Where does the money from and where does it go?

    Budget 2023 Rupee Comes From.png

    Budget 2023 Rupee goes to.png

  • February 01, 2023 12:33
    Lok Sabha proceedings adjourned

    Lok Sabha adjourned till 11.00 A.M. February 2, 2023

  • February 01, 2023 12:31
    New tax slabs

    Screenshot (131).png

    New tax rates are as follows:

    • Rs. 0-Rs 3 lakh-NIL,
    • Rs. 3-6 lakhs- 5%
    • Rs. 6-9 lakhs- 10%,
    • Rs. 9-12 lakhs- 15%
    • Rs. 12-15 lakhs- 20%
    • Above Rs. 15 lakhs- 30%
  • February 01, 2023 12:30
    New income tax regime will now become the default option

    Revenue of about Rs. 37,000 crore in direct taxes and Rs. 1,000 crore will be foregone while Rs. 3,000 crore will be gained.

    The new income tax regime will now become the default option, but people will still have the option to go for earlier regime.

    With these words, I commend the Budget to the House.

  • February 01, 2023 12:22
    Personal Income tax
    • Rebate: Limit increased to Rs. 7 lakhs from Rs. 5 lakhs in new tax regime
    • Six income slabs reduced to five slabs. New tax rates: Rs. 0-Rs 3 lakh-NIL, Rs. 3-6 lakhs- 5%, Rs. 6-9 lakhs- 10%, Rs. 9-12 lakhs- 15%, Rs. 12-15 lakhs- 20% and above Rs. 15 lakhs- 30%
    • A person earning Rs. 9 lakh a year will now be paying just Rs. 45,000 instead of Rs. 60,000 currently. Similarly, a person earning Rs. 15 lakh will now pay only 10% of this as tax.

    • The highest tax rate in our country is 42.74%, it is among the highest in the world. I propose to reduce the highest surcharge rate from 37% to 25% in the new tax regime. This will result in the reduction of the maximum tax rate to 39%.

    • Pensioners: I propose to extend the benefit of standard deduction to new tax regime. Each salaried person with income of Rs. 15.5 lakh or more will benefit by Rs. 52,500.

    • The limit of Rs. 3 lakh for tax exemption on leave encashment on government salaried employees was set in 2002 when government salaries were lower. It is now being raised to Rs. 25 lakh.

  • February 01, 2023 12:22
    Proceeds of insurance policies

    The income tax exemption on proceeds of insurance policies with very high value will be dropped.

    Other steps include removing the minimum threshold of Rs. 10,000 on TDS, not treating gold into electronic gold receipts will not be taxed as capital gains.

  • February 01, 2023 12:21

    Entrepreneurship is vital for a country’s economic development and India is now the third largest ecosystem for startups globally.

    The tax benefits on their incorporation is being extended by another year and the carry forward of losses to set off against future profits will now be allowed for 10 years instead of 7 years.

  • February 01, 2023 12:18
    Proposals for co-operative sector

    I have a slew of proposals for the co-operative sector. New co-operatives that commence manufacturing by March 31, 2024 will get a lower tax rate of 15% just like manufacturing companies.

  • February 01, 2023 12:17
    MSMEs and Professionals

    MSMEs (with turnover of upto Rs. 2 crore) and Professionals (with turnover of upto Rs. 50 lakh) can avail benefit of presumptive taxation. I propose to allow deductions for expenditure incurred on payments made to them only when the payment is made.

  • February 01, 2023 12:17
    Cities, towns to transition from manhole to machine-hole mode: FM Sitharaman

    File picture of a manual scavenger at work. Image for representation

    Finance Minister Nirmala Sitharaman has indicated the Union government’s intent to eliminate manual scavenging with a plan to enable mechanical desludging in all cities and towns, which she announced during her presentation of the Union Budget for 2023-24.

    “All cities and towns will be enabled for 100% mechanical desludging of septic tanks and sewers to transition from manhole to machine-hole mode,” she said.

    Read more

  • February 01, 2023 12:16
    India has made significant progress in many SDGs: Finance Minister

    India has made significant progress in many Sustainable Development Goals (SDGs) and the per capita income has increased to ₹1.97 lahks, Finance Minister Nirmala Sitharaman said on February 1.

    She also said the Indian economy has increased in size from being the 10th largest to fifth largest in the world in the last nine years.

    According to the Center for Science and Environment’s ‘State of India’s Environment Report 2022’, the country’s overall SDG score was 66 out of 100.

    Read more

  • February 01, 2023 12:15
    Direct taxes

    It has been constant endeavour of the Income Tax Department to make compliance smooth and easy.

    We intend to roll out a new Income Tax form and improve grievance redressal mechanism.

  • February 01, 2023 12:14
    Customs duty relief to support mobile phone manufacturing

    Customs duty relief will be extended to support mobile phone manufacturing. India’s mobile phone priducttion went up to 31 crore units

  • February 01, 2023 12:13
    Duty relating to Marine products

    Marine products recorded the highest export growth in the past year. To further enhance exports, especially shrimp, the import duty on their feed is being reduced.

    This will benefit coastal communities across the country.

  • February 01, 2023 12:12
    Import duty on Electric Kitchen Chimney

    To rectify inversion of duty structure and encourage manufacture of electric kitchen chimneys, the import duty is being raised from 7.5% to 15%, while that on chimneys’ heat coil is being reduced from 20% to 15%.

    The basic customs duty on crude glycerine for use and manufacture of epicholorohydrine is being reduced

  • February 01, 2023 12:10
    Relief in customs duties on import of certain parts and inputs like camera lens and batteries

    I propose to provide relief in customs duties on import of certain parts and inputs like camera lens and batteries for another year to encourage mobile phone manufacturing.

  • February 01, 2023 12:09
    Indirect Taxes

    My indirect tax proposals will aim to promote exports, enhance domestic manufacturing and mobility, the Finance Minister says.

    I propose to reduce the number of customs duty rates on goods except textiles, from 21 to 13. As a result, there are minor changes in cess and levies on products such as toys, naphtha and automobiles.

    To further provide impetus for green mobility, customs duties are being reduced for batteries used in EV including lithium ion.

  • February 01, 2023 12:08
    Estimates for 2023-24

    In 2023-24, the fiscal deficit is estimated to be 5.9% of the GDP. In my Budget speech for 2021-22, I had announced that we plan to continue the path of fiscal consolidation reaching a fiscal deficit of below 4.5% by 2025-26. We will adhere to this.

    Net market borrowings are estimated at Rs. 11.8 lakh crore and the balance is expected to come from small savings and other sources.

    Read More
  • February 01, 2023 12:07
    Revised Estimates of 2022-23
    • Total receipts (other than borrowings): Rs. 24.3 lakh crores of which Net tax receipts are 20.9 lakh crores.
    • Total Expenditure: Rs. 41.9 lakh crores of which capital expenditure is Rs. 7.3 lakh crore
    • Fiscal Deficit: 6.4% of GDP
  • February 01, 2023 12:04
    Senior Citizens’ Savings Scheme deposit limit raised

    Senior Citizens’ Savings Scheme deposit limit will be raised from Rs. 15 lakh to Rs. 30 lakh.

  • February 01, 2023 12:04
    Azadi ka Amrit Mahotsav Mahila Sammaan Bachat Patra

    A one-time new small savings scheme will be made available for a two-year period upto March 2025. This will offer deposit facility of upto Rs. 2 lakh for a tenure of two years with an interest rate of 7.5% with partial withdrawal allowed.

    Read More
  • February 01, 2023 12:03
    Banking laws being amended

    To improve banks’ governance, certain amendments to the Banking Regulation Act and the RBI Act are proposed.

  • February 01, 2023 12:02
    Capacity building in Securities market

    SEBI will be empowered to develop, regulate, maintain and impose norms and standards, for education in the National Institute of Securities Market, and to recognise award of Degrees, Diplomas and Certificates

  • February 01, 2023 12:00
    Data Embassy

    For countries looking for digital continuity solutions, we will encourage setting up data embassies in the IFSC Gift City

  • February 01, 2023 11:57
    Financial Sector

    A revamped credit guarantee scheme is being launched for MSMEs through infusion of Rs 9,000 crore from April 1. This will enable collateral-free borrowings worth Rs. 2 lakh crore

    The cost of credit will be reduced by about 1%.

    National Financial Information repository to be set up.

    Financial sectors regulators will be requested to carry review of existing regulations.

    To meet the needs of Amrit Kaal and facilitate optimal regulation of financial sector, public consultation process will be introduced. A comprehensive review of existing regulations will be done and time limits to decide on applications will also be laid down.

  • February 01, 2023 11:55
    Youth Power

    We have formulated the National Education Policy, the Finance Minister says coming to the next priority of the Union Budget.

    PM Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth. The scheme will also cover new age courses like drones and 3D printing.

    30 Skill India International centres will be system across States.

    Launch of a Unified Skill India Platform is annoucned by Ms. Sitharaman.

    To provide stipend to 47 lakh youth in three years, direct benefit transfer under a Pan-India national apprenticeship scheme will be rolled out

  • February 01, 2023 11:52
    Vehicle Replacement

    Replacing old polluting vehicles is an important part of greening our economy. I have allocated adequate funds to scrap old vehicles of Centre and State governments

    The Ministry of Road Transport and Highway had in Sept 2021 instituted final rules for setting up automated fitness testing stations and registered scrapping facilities. The idea was to enable a digital and user-friendly implementation of the scrapping scheme meant to phase out unfit and polluting vehicles in an eco-friendly manner.

  • February 01, 2023 11:49
    'Natural Farming’

    Over the next three years, we will facilitate 1 crore farmers to adopt natural farming. For this 10,000 bio-input resource centres will be set up.

    ‘Mishti’ scheme for mangrove and wetland conversation, and ‘Ámrit Dharohar’ for wetlands, announced by the Finance Minister

  • February 01, 2023 11:47
    ‘Green Growth’

    National Green Hydrogen Mission will facilitate transition of economy to low-carbon intensity. Our target is to reach annual production of 5MMT by 2030

    Budget provides Rs. 35,000 crore towards energy Transformation and achieving net zero goals.

    Green credit programme introduced to encourage sustainable living

    The Government had previously stated that investments towards renewables in the last seven years stood at $78.1 billion.

    As per Govt estimates, the likely installed capacity from non-fossil fuels is expected to be more than 500 GW by 2030 translating to a fall in average emission rate by around 29% by 2029-30, in comparison to 2014-15.

  • February 01, 2023 11:44
    Lab-grown diamonds

    Lab-grown diamonds is an emerging sector. To encourage production an dreduce import dependency, a R&D grant will be provided to one IIT for five years.

  • February 01, 2023 11:43
    ‘System of unified filing process will be set up’

    The PAN will be used as a common business identifier for all digital systems of government agencies. This will facilitate ease of doing business and will be implemented with a legal mandate.

    A system of unified filing process will be set up so that agencies can get data from a common portal as per the choice of those filing returns.

  • February 01, 2023 11:42
    Vivaad se Vishwas 1: Relief for MSME

    In cases of failures by MSME to execute contract during COVID, 95% of the forfeited amount, relating to the bid or performance security will be returned to them by govt and undertakings.

  • February 01, 2023 11:41
    Highlights | 11:40 a.m.
    1. Capital expenditure outlay increased 33% to Rs 10 lakh in FY 2023-24, 3.3% of GDP
    2. Capital expenditure of the centre budgeted at Rs 13.5 lakh crore
    3. Outlay PM-Awas Yojna increased 66% to Rs 79,000 crore
    4. Agriculture credit target raised to Rs 20 lakh crore
    5. Vishwakarma Kaushal Samman introduced for traditional artisans and craftspeople
  • February 01, 2023 11:40
    National Data Governance Policy

    To unleash innovation and research by startups and academia a National Data Governance Policy will be brought up, enabling access to anonymised data.

  • February 01, 2023 11:38
    Centres of excellence for Artificial Intelligence to be set up

    For furthering the trust-based governance, we have introduced the Jan Vishwas Bill to amend 42 Central Act. This budget proposes a series of measures.

    For realising a mission of Make AI work for India three centres of excellence for Artificial Intelligence to be set up in top educational educational institutions.

  • February 01, 2023 11:36
    Mission Karmayogi

    Under Mission Karmayogi, Centre and States are making and implementing capacity-building plans for civil servants. The government has also launched an integrated online training platform, iGOT Karmayogi, to provide continuous learning opportunities for lakhs of government employees to upgrade their skills.

  • February 01, 2023 11:33
    Capital expenditure of the Centre budgeted at Rs. 13.5 lakh crore

    The effective capital expenditure of the Centre is budgeted at Rs. 13.5 lakh crore, 4.5% of GDP, Ms. Sitharaman says.

    I have decided to continue the 50-year interest-free loan to State governments for one year, to incentivise them, with a significantly enhanced outlay of Rs. 1.3 lakh crore.

    Rs 2.40 lakh crore outlay for railways is highest ever, 9 times more than 2013-14 outlay, says FM.

  • February 01, 2023 11:32
    ‘Infrastructure and Investment’

    After subdued period of COVID, private investments are growing again.

    The Budget takes the lead again to ramp up the virtuous cycle of capex. The capital expenditure outlay is being raised again for the third year in a row, by 33% to Rs. 10 lakh crore, which would be 3.3% of GDP.

    The outlay was increased 35.4% to Rs 7.50 lakh crore in FY 2022-23. It stood at Rs 5.54 lakh crore in the prior year.

    This will almost be three times the outlay made in 2019-20.

    Lok Sabha erupts in chants of “Modi Modi”

  • February 01, 2023 11:30
    PM Awas Yojana outlay enhanced by 66% to over Rs. 79,000 crore

    Outlay for PM Awas Yojana is being enhanced by 66% to over Rs. 79,000 crore.

    In the Union Budget 2022-23, the FM had proposed an allocation of ₹48,000 crore towards the government initiative of Housing for All. The Government had promised 80 lakh houses will be completed for the identified eligible beneficiaries of PMAY, both rural and urban.

    Read more

  • February 01, 2023 11:27
    'Reaching the last mile’

    Building on success of Aspirational District program, we have recently launched the Aspirational Blocks program, covering 500 blocks for saturation of government services.

    PM-Primitive Vulnerable Tribal Group development Mission is being launched to improve economic conditions of particularly vulnerable groups. Safe housing, clean water, road and telecom connectivity will be provided. An Amount of Rs. 15,000 crores allocated to implement this across three years.

    38,800 teachers and support staff will be recruited for the 740 Eklavya residential, Ms. Sitharaman says, to schools which are serving 3.5 lakh tribal students.

  • February 01, 2023 11:24
    National Digital Library for Children and Adolescence

    A National Digital Library for children and adolescentswill be set-up for facilitating availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility. 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.

  • February 01, 2023 11:21
    ‘Health, Education and Skilling’

    157 new nursing colleges will be established in co-location with 157 medical colleges established since 2014.

    Elimination of sickle cell anaemia targeted for 2047

    New program to promote research and innovation in pharma will be taken up through Centres of Excellence. Will also encourage industry to invest.

  • February 01, 2023 11:20
    Agriculture credit target will be raised to Rs. 20 lakh crore

    Now, to make India a global hub for Shree Anna Research, the Indian Institute of Millet Research in Hyderabad will be made into a centre of excellence.

    The agriculture credit target will be raised to Rs. 20 lakh crore with a focus on animal husbandry and fisheries.

    The Budget allocation for Ministry of Agriculture and FW was increased to Rs 1.24 lakh crore in FY 2022-23. Further, institutional credit for the agriculture sector scaled Rs 18.5 lakh crore in December 2022, up from Rs 16.5 lakh crore in January 2022.

    The Govt had also extended the concessional institutional credit availed through Kisan Credit Cards at 4% interest per annum to animal husbandry and fisheries sector as well in order to help them meet their capital needs.

    Read more

  • February 01, 2023 11:14
    ‘Inclusive Development’

    The Finance Minister speaks on the first priority: The governent’s policy of Sabka Saath Sabka Vikas has helped many sections including women, SCs, STs, OBCs and other underprivileged sections.

    Digital public infrastructure for agriculture will be built as an open source, open standard and interoperable public good.

    An agriculture accelarator fund will be setup to encourage agricultural startups. It will also bring in modern technology to transform agro practices. The idea is to offer innovative and affordable solutions to present-day challenges of farmers.

    We will launch an Atmanirbhar Clean Plant program to boost availabiltiy of disease-free, quality planting material, she says.

    India is at the forefront of popularising millets, whose consumption improves food security and the well-being of farmers, the Minister says.

    We grow several types of Shree Anna, such as Jowar, Raagi, Bajra, Ramdana, Cheena and Saama… These have a number of health benefits and have been an integral part of our food for centuries.

  • February 01, 2023 11:14
    Priorities of the budget

    The budget adopts seven priorities:

    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
  • February 01, 2023 11:12
    ‘PM Vishwakarma Kaushal Samman’

    Ms. Sitharaman speaks about the PM-VIKAS in her budget speech

    PM Vishwakarma Kaushal Samman - PM Vikas - For centuries, traditional artisans and craftspeople who work with their hands and tools have brought great renown for India and represent the true spirit of Atmanirbhar Bharat.

  • February 01, 2023 11:11
    'Focus of the economic agenda‘

    Finance Minister highlights the focus of the economic agenda

    Facilitating ample opportunities for citizens, especially the youth to fulfil their aspirations

    Providing strong impetus to growth and job creation

    Strengthening macro-economic stability

  • February 01, 2023 11:09
    ‘Vision for Amrit Kaal’

    Our vision for the Amrit Kaal includes technology-driven, and knowledge-based economy with strong public finances and robust financial sector

    The Finance Minister stated India’s rising global profile is because of several accomplishments such as unique world class digital infrastructure, COVID vaccination drive in unprecedented scale and speed, National Hydrogen Mission, Mission Life.

  • February 01, 2023 11:08
    ‘Made significant progress on Sustainable Development Goals’

    We have made a significant progress on many sustainable development goals. The economy has been formalised as reflected in EPFO payrolls and digital payments through UPI.

  • February 01, 2023 11:06
    ‘G20 presidency gives us an unique opportunity to strengthen India’s role’

    In these times of global challenges, the G20 presidency gives us an unique opportunity to strengthen India’s role in the world economic order. We are steering an ambitious people-centric agenda to address global challenges and sustain development.

  • February 01, 2023 11:05
    'Scheme to supply free foodgrains‘

    During the COVID pandemic, we ensured that no one goes to bed hungry with the scheme to supply foodgrains. We are implementing from January 1, 2023, a scheme to supply free foodgrains to prirority households for one years.

    The entire expenditure of Rs 2 lakh crore towards PM-GAY would be borne by the government.

  • February 01, 2023 11:04
    Opposition raises slogan

    As the Minister speaks, the Opposition raises slogans of Bharat Jodo

  • February 01, 2023 11:02
    'The first budget in Amrit Kaal‘

    This is the first budget in Amrit Kaal. We enviosion a prosperous and inclusive India, Ms. Sitharaman says starting the budget speech.

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    Despite a time of challenges, the Indian economy heading towards a bright future, she says.

  • February 01, 2023 11:00
    Lok Sabha proceedings begin

    The second day of Budget Session 2023 is under way in the Lok Sabha, where Nirmala Sitharaman will present the Union Budget today.

  • February 01, 2023 11:00
    Cabinet approves Union Budget for 2023-24

    The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved the Budget for the fiscal year 2023-24 (April 2023 to March 2024), sources said.

    Following this, Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha.- PTI

  • February 01, 2023 10:41
    Cabinet meeting held ahead of Finance Minister’s speech

    Just ahead of the Budget 2023 presentation by Finance Minister Nirmala Sitharaman, a Union Cabinet meeting was held in Parliament chaired by Prime Minister Narendra Modi.

    Ms. Sitharaman will start her Budget speech at 11 AM, the last full Budget of the Modi government in its second term. Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form.

    Finance Minister Nirmala Sitharaman along with ministers of state Pankaj Chaudhary and Bhagwat Karad and Finance Secretary TV Somanathan called on President Droupadi Murmu.- ANI

  • February 01, 2023 10:17
    PM Modi reaches Parliament

    Screenshot (129).png

    Prime Minister Narendra Modi has reached the Parliament to take part in the Cabinet meeting ahead of the Union Budget presentation.

  • February 01, 2023 09:56
    Finance Minister reaches Parliament

    Finance Minister Nirmala Sitharaman holds up a folder with the Government of India's logo as she leaves her office to present the Union Budget in the parliament, in New Delhi.

    Following her meeting with the President, the Union Finance Minister Nirmala Sitharaman has reached the Parliament.

    Shortly after, the Cabinet will hold a meeting ahead of the budget presentation today.

  • February 01, 2023 09:48
    Nirmala Sitharaman, sixth Finance Minister to present budget 5 times in a row

    Finance Minister Nirmala Sitharaman is the sixth Minister in independent India to present five consecutive budget, joining a select league of legends likes of Manmohan Singh, Arun Jaitley and P. Chidambaram.

    Ms. Sitharaman’s budget for the fiscal year starting April 2023 is her fifth straight since 2019.

    Other Ministers who have presented five straight annual financial statements include Arun Jaitley, P. Chidambaram, Yashwant Sinha, Manmohan Singh and Morarji Desai.- PTI

  • February 01, 2023 09:39
    Rupee rises 10 paise in early trade ahead of the Union Budget presentation today

    Rupee rises 10 paise to 81.78 against U.S. dollar in early trade- PTI

  • February 01, 2023 09:35
    Sensex jumps 516.97 points ahead of the Union Budget speech today

    Sensex jumps 516.97 points to 60,066.87 in early trade; Nifty climbs 153.15 points to 17,815.30.- PTI

  • February 01, 2023 09:29
    Nirmala Sitharaman meets President Droupadi Murmu at the Rashtrapati Bhavan ahead of the Union Budget presentation in the Parliament

  • February 01, 2023 09:20
    Union Budget to incorporate every section’s expectations: MoS Finance

    Ahead of the presentation of Union Budget 2023-24 in the Parliament on Wednesday, Minister of State for Finance Pankaj Chaudhary said that the budget will incorporate the expectations of every section of society and will stand on everyone’s expectations.

    “This is the budget incorporating the expectations of every section of society. Indian economy is on track due to the leadership of PM Modi and the supervision of Nirmala Sitharaman. The Economic Survey also suggests the same. The budget has been made keeping in view all sections of society and it will stand on everyone’s expectations,” Mr. Chaudhary said. MoS Finance Dr B Karad told reporters that all making are making progress, and cited the Economic Survey.“Country has made good recovery from COVID. 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 5th,” he said.- ANI

  • February 01, 2023 09:04
    Nirmala Sitharaman leaves for the Rashtrapati Bhavan to meet President Murmu

    Nirmala Sitharaman ahead of the presentation of the Union Budget 2023-24. Photo: Screenshot via YouTube/Sansad TV

  • February 01, 2023 08:56
    Watch | Union Budget expectations from the automobile industry

    Union Budget 2023 | Expectations from the automobile industry

    A video on the key expectations of the automobile sector from the Union budget 2023

  • February 01, 2023 08:41
    Nirmala Sitharaman reaches Finance Ministry

    Ahead of the presentation of the Union Budget, Finance Minister Nirmala Sitharaman, has reached the Ministry of Finance. From here, she will later proceed to the Rashtrapati Bhavan.

  • February 01, 2023 08:32
    Where does the banking sector stand today? Pre-Budget Analysis | In Focus podcast

    Where does the banking sector stand today? Pre-Budget Analysis | In Focus podcast

    Anil Gupta speaks to us on the state of the banking sector in India as we approach the Budget day, and the post pandemic effects on this sector. 

  • February 01, 2023 08:29
    BJP plans nationwide campaign on Union Budget to highlight pro-people measures

    The BJP will start a 12-day nationwide campaign on February 1 to make people aware of the “pro-people” measures that are to be announced in the Union Budget, party leaders said.

    The campaign will be coordinated by senior BJP leader Sushil Modi and conclude on February 12, they said.

    BJP president J.P. Nadda has formed a task force comprising nine members, including party general secretary Sunil Bansal and heads of its farmer and youth wings, to organise discussions, press conferences or seminars on the Union Budget in all districts of the country, they said.

    A day after the Union Budget is presented in Parliament, Chief Ministers of all BJP-ruled States, as part of the campaign, will hold press conferences, party leaders said, adding that in States where the party is not in power, BJP unit heads and leaders of opposition in the Assembly will hold press conferences.- PTI

  • February 01, 2023 08:27
    India to remain the fastest growing major economy in the world: Economic Survey

    The Economic Survey said that India remains the fastest growing major economy in the world.

    GDP in nominal terms has been projected at 11% in next fiscal.

    Meanwhile, RBI projects 6.8% inflation this fiscal outside the upper target limit, which the Economic Survey says is “not high enough to deter private consumption, also not too low to weaken inducement to invest.”

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