Morning digest | Jobs get highest mention in last Budget before elections; Adani Group calls off ₹20,000 crore FPO, and more

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February 02, 2023 07:28 am | Updated 07:28 am IST

Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24  in the Lok Sabha on the second day of Budget Session of Parliament, in New Delhi on Wednesday even as Prime Minister Narendra Modi, Union Home Minister Amit Shah and Defence Minister Rajnath Singh along with other MPs attend the session.

Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24 in the Lok Sabha on the second day of Budget Session of Parliament, in New Delhi on Wednesday even as Prime Minister Narendra Modi, Union Home Minister Amit Shah and Defence Minister Rajnath Singh along with other MPs attend the session. | Photo Credit: ANI

Jobs get highest mention in last Budget before elections

In a bid to soothe several votebanks before the 2024 polls, the FM promises tax relief for the salaried middle class, schemes for artisans and tribal groups, sops for women and MSMEs, and jobs for youth.

Adani Group calls off ₹20,000 crore FPO, says will return money to investors

The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed Follow-on Public Offer (FPO), the company announced on Februray 1.

Budget 2023 | PM Awas Yojana allocation rises by 66%

Giving a huge boost to affordable housing, the Union Budget presented on February 1 increased the allocation for the PM Awas Yojana (PMAY) by 66%. Finance Minister Nirmala Sitharaman also announced an Urban Infrastructure Development Fund (UIDF) which will be used to create urban infrastructure in Tier 2 and Tier 3 cities.

Defence budget up by 13%; hike in allocation for pension

The Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman on Wednesday allocated ₹5.94 lakh crore for the Defence Ministry, a 13% increase year-on-year from last year’s budget estimates.

U.K. govt. defends BBC’s independence, ties with India

The U.K. government on Wednesday, February 1, 2023, defended the independence of the BBC, and the relationship the U.K. had with India, after supporters of Prime Minister Narendra Modi and the Modi government in India and the U.K. raised strong objections to a BBC documentary that was deeply critical of Mr. Modi’s relationship with India’s Muslims and Mr. Modi’s role in the 2002 Gujarat riots.

Budget 2023 | Mobile phones, TVs to get cheaper; toys, bicycles, automobiles dearer

With an eye on promoting exports, boosting domestic manufacturing and enhancing value addition, Union Budget 2023-24 has proposed number of changes to Customs Duty regime that is likely to make mobile phones and televisions cheaper and certain class of automobiles, including EVs, as well as toys and bicycles dearer.

A slew of schemes to promote green energy, sustainable living dots Budget speech

Underlining a commitment to accelerate the Indian economy’s transition to one powered by green energy, Union Finance Minister Nirmala Sitharaman in her Budget speech on Wednesday mentioned a slew of schemes aimed at promoting clean energy and sustainable living.

Budget 2023 | Income tax rejig signals BJP’s return to core middle class support base close to 2024 polls

The Budget, the last full one before the General Elections of 2024, shows that the core constituency of the BJP, the middle class, especially the neo middle class, has been addressed, after years of pro-poor policies and programmes as the BJP sought to improve its political footprint.

Railway budget outlay at ₹2.4 lakh crore, nine times higher than FY2013-14

With an outlay of ₹2.40 lakh crore for the financial year 2023-24 compared to ₹1.40 lakh crore in the FY22-23, Finance Minister Nirmala Sitharaman said that the outlay for the railways is nine times the amount provided in 2013-2014.

Budget 2023 | 100 labs to create 5G apps that will herald a new pool of specialised tech talent in India

The Government proposes to set up 100 labs for developing applications using 5G services in various engineering institutions across the country. Three Centres of Excellence for AI will also be set up.

Congress calls Union Budget ‘callous,’ says it betrays the hopes of the vast majority

The Union Budget for 2023-24 is “callous” and has betrayed the hopes of a vast majority of Indians, former Finance Minister P. Chidambaram said on Wednesday while putting forward the Congress party’s response to the last full Budget of the Narendra Modi government before the 2024 Lok Sabha polls.

Budget 2023 | Budget gives thrust to handicrafts, ELS cotton

Production of Extra Long Staple (ELS) cotton, which is largely imported now, is all set to get an impetus as the government proposes a cluster-based and value chain approach through public private partnerships.

Budget 2023 | Decrease in allocations to agricultural schemes, food subsidy draws flak from farmers’ organisations

The Union Budget, presented by Finance Minister Nirmala Sitharaman here on Wednesday, announced a number of measures for the agriculture sector, including an increase in the credit target to ₹20 lakh crore, with focus on animal husbandry, dairy and fisheries. 

Real money gaming industry welcomes TDS clarification in Budget 2023

The real money gaming industry — which runs games where users can stake money for winnings on apps — welcomed the Union Budget’s clarification on Tax Deducted at Source (TDS) for money won on their platforms. These platforms, referred to as “online gaming” by the government, are required to deduct 1% TDS from users when the latter withdraw their winnings and deposits.

Budget 2023 | Much-needed boost to agriculture, allied sectors: Kumar Mangalam Birla 

Union Budget 2023-24 is a bold step towards envisioning a prosperous and inclusive India. One of the key pillars of the Indian economy remains agriculture. And the Budget has provided a much-needed boost to agriculture and allied sectors. 

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