New Delhi, 1st February 2023:
Indian Union Budget 2023 Highlights
Revised #taxslabs under the new tax regime: #NirmalaSitaraman #Budget2023 #UnionBudget #UnionBudget2023 #BudgetWithBS #incometax
Here are the remarks from PM @narendramodi on the #Budget2023
Indian Union Budget 2023 Highlights
#Budget2023 No tax will have to be paid for income up to Rs 3 lakh. Rs 3 to 6 lakhs – 5% Rs 6 to 9 Lakhs – 10% Rs 9 to 12 Lakhs – 15% Rs 12 to 15 Lakhs – 20% and above 15 Lakhs – 30%, says Union Finance Minister #NirmalaSitaraman #BudgetSession
1/4: The Union Budget for 2023-24 presented today by Hon’ble FM Smti @nsitharaman
Ji under the guidance of Hon’ble PM Shri @narendramodi Ji truly reflects the government’s commitment to growth and welfare-oriented policies that will benefit all sections of society! #Budget2023
2/4: #Budget2023 prioritises farmers, women, marginalised, and the middle class. With increased investments in infrastructure projects, agriculture, housing, healthcare, and manufacturing sectors, the government aims to create more job opportunities and drive the economy forward.
3/4: The increase in the Income Tax exemption limit to Rs 7 lakhs and other tax-related reforms are a huge relief to the middle class, including salaried individuals and retired people. The #Budget2023 is farsighted and is set to bring about positive changes in the country.
Indian Union Budget 2023 Highlights
FM’s Post-Budget Briefing: Key Highlights
-Fiscal Consolidation Not Put On The Back Burner
-Budget Balances Govt Capex, Push To Private Sector
-Plan To Augment Strategic Petroleum Reserves
-Allocated Rs 30,000 Crore For OMC Capex In FY24
-FY24 Tax Target Assumption Conservative
Steps for legal migration to Kuwait for Private Sector, Company workers
Budget 2023 Key Highlights LIVE: From new income tax slabs, costlier cigarettes to PAN Card, everything you need to know
Union Budget 2023 Key Highlights: Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on February 1 which had a greater emphasis on the rural sector, social sector schemes, infrastructure creation, and the middle class.
Budget 2023 key highlights: The Budget for 2023-24 kept its focus on expanding Capex showing that the Modi government’s priorities are building roads, highways, and railway lines. The middle class has been given some relief in terms of tweaks in the new income tax regime clearly pointing out that the government wants a shift towards the new regime from the older one. The FM stuck to the fiscal deficit roadmap in the Budget with a target of 5.9% in FY 24 and adhering to the target for the current
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The middle class has been given some relief in terms of tweaks in the new income tax regime clearly pointing out that the government wants a shift towards the new regime from the older one.MONEYCONTROL.COM
FM’s Post-Budget Briefing: Key Highlights
-Fiscal Consolidation Not Put On The Back Burner
-Budget Balances Govt Capex, Push To Private Sector
-Plan To Augment Strategic Petroleum Reserves
-Allocated Rs 30,000 Crore For OMC Capex In FY24
-FY24 Tax Target Assumption Conservative
Budget 2023 highlights for aviation
– Finance Minister Nirmala Sitharaman on Wednesday announced hiking the capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3 percent of the GDP.
– Presenting the Budget, she said the newly established infrastructure finance secretariat will assist in attracting more private investment.
– With an aim to further improve regional air connectivity, she said the government will revive 50 additional airports, helipads, water aero drones and advanced landing grounds.
– The Budget also allocated Rs 3,113.36 crore to the union civil aviation ministry.
Budget 2023: Big bonanza for senior citizens
– Budget 2023 has increased the maximum permissible investment in the senior citizen savings scheme, a popular investment among the elderly. The post office monthly income scheme, too, has been made more attractive.
– Finance minister Nirmala Sitharaman doubled the maximum limit under the Senior Citizen Savings Scheme (SCSS) to Rs 30 lakh from Rs 15 lakh. The scheme offers assured interest of Rs 8 percent per annum. The interest is paid quarterly.
– Additionally, the investment limit under the popular Post Office Monthly Income Scheme (POMIS) has been raised to Rs 9 lakh from Rs 4.5 lakh. In case of joint accounts held in POMIS, the investment limit has been hiked to Rs 15 lakh from Rs 9 lakh. The scheme pays monthly interest at the rate of 7.1 percent per annum.
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Budget 2023 Highlights for the defence sector
– While the Ministry of Defence has received the highest allocation among all ministries at Rs 5.94 lakh crore, it is not a significant jump from Rs 5.25 lakh crore for this FY
– Shares of Bharat Electronics, Bharat Dynamics, Hindustan Aeronautics, Paras Defence and BEML tumbled 5-9 percent after Finance Minister Nirmala Sitharaman completed her Budget speech.
– Under its ambitious Atmanirbhar Bharat scheme, the government has banned imports of several items, including crucial parts used in defence equipment. Which means they are being manufactured in India now.
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Budget 2023 Highlights: What industry experts have to say
– Radhika Gupta, the Managing Director and Chief Executive Officer, Edelweiss Mutual Fund, says that the thrust of tourism in the Budget is great. “I am most happy to see the thrust on tourism in the budget. India has huge untapped potential as a destination and tourism can make a significant contribution to GDP, in addition to its soft power. Looking forward to seeing and supporting action on the grounds,” she tweeted.
– Nilesh Shah, MD, Kotak Mahindra, said the tax exemption going away is a clear negative for the insurance sector, and there will be impact on the business, which is reflected into the prices.
– Colonel Sanjeev Govila, CEO of Hum Fauji Initiatives, said that the new tax regime has been made better, slowly making exemptions of the old tax regime redundant.
– Harsh Goenka, Chairman of RPG Enterprises, said that it was an intelligent budget that focuses on key areas of infrastructure, employment and consumption led demand while keeping fiscal deficit on track. “Builds on strengths of manufacturing, digital talent and the middle class,” he tweeted.
– Former NITI Aayog CEO Amitabh Kant said this is a Budget that will drive the consumption story in India. He adds that the real highlight of the Budget was going digital across the economy.
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Budget 2023 Highlights for renewable energy sector
– There is a 48% rise in allocation towards renewable energy sector in this budget.
– This year’s allocation is Rs 6,900.68 crore (budget estimate) and 45.3% over the revised estimate (RE) of Rs 7,033 crore.
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Budget 2023 Highlights
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Budget 2023 highlights
– Fully imported cars, including electric vehicles to cost more now.
– Customs duty on vehicles in completely built units (CBUs) costing less than USD 40,000 or with engine capacity less than 3,000 cc for petrol-run vehicles and less than 2,500 cc for diesel-run vehicles has been increased from 60% to 70%.
– Similarly, customs duty on electrically operated vehicles in CBU form, other than with cost, insurance and freight (CIF) value of more than USD 40,000, has also been raised to 70% from the previous 60%.
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Budget 2023 Highlights for IT ministry
– The budget estimate for the Ministry of Electronics and Information Technology has been increased to Rs 16, 549.04 crore from the Rs 11,719.95 crore.
– The allocation for the period of 2021-22 stood at Rs 8,118.65 crore, making this year’s budget estimate nearly double of what it was two years back.
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Budget 2023 Key Updates
– The budget reduced the tax burden for individuals opting for the new tax regime.
– The Government also proposed to cap deduction from capital gains on investment in residential house under sections 54 and 54F to Rs 10 crore.
– Another proposal with similar intent is that of limiting the income tax exemption from proceeds of insurance policies with very high value.
- Budget 2023 Key Highlights
– Government to double the deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh.
– The government also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
– FM also announced that an integrated IT portal will be established for investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority.
- Budget 2023 Highlights for Road ministry
– Allocation for the road transport and highways ministry (MoRTH) has been increase by 36% to around Rs 2.7 lakh crore for 2023-24 in the Budget.
– National Highways Authority of India (NHAI) has been allocated around Rs 1.62 lakh crore as part of MoRTH’s capital expenditure plan for 2023-24
– As per the government’s revised estimates the NHAI will spend Rs 798 crore as IEBR in 2022-23.
- Budget 2023 Highlights: Here’s what the 7 priorities or ‘Saptrishi’ mean
– Inclusive development
The government’s Sabka Saath Sabka Vikas policy has benefitted many sections, including women, SCs, STs, OBCs, and other underprivileged groups.– Reaching the last mile
Building on the huge success of Aspirational District program, we have recently launched the Aspirational Blocks program, covering 500 blocks for saturation of government services.– Infrastructure and investment
The capex outlay is being increased steeply by 33% to Rs 10 lakh crore, which would be 3.3% of the GDP.– Unleashing the potential
A National Data Governance Policy will be brought up enabling access to anonimised data to unleash innovation and research by startups and academia.– Financial sector
The revamp schemes will take effect from 2023 through an infusion of Rs 9,000 crore in the corpus.– Green growth
This budget provides for Rs 35,000 crore capital investment towards energy transition and net zero objective and energy security by the Ministry of petroleum and natural gas.– Youth power
There will be a launch of the PM Kaushal Vikas Yojana 4.0 to skill lakhs of youth. The scheme will cover new age courses. - Budget 2023 Highlights
– The government announced an 11% hike in agriculture credit target to Rs 20 lakh crore for next fiscal year.
– The government has also announced to provide a 2% interest subsidy to ensure farmers get short-term loans of up to Rs 3 lakh at effective rate of 7% per annum.
– The RBI has decided to raise the limit for collateral-free agriculture loans from the previous ampunt of Rs 1 lakh to Rs 1.6 lakh.
- Budget 2023 Highlights for Fintech Sector
– Digital payments rose 76% in transaction and 91% in value terms in 2022
– 7,400 crore digital payments of Rs 126 lakh crore through UPI in 2022.
– Fiscal support for digital public infrastructure (DPI) will continue in 2023-2024
– The scope of documents available in DigiLocker for individuals will be expanded
– An entity DigiLocker will be set up for use by MSMEs and large businesses
– PM VIKAS scheme will now include access to digital payments and social security.
– Subsidy for UPI expected to jump two-folds to Rs 2,137 crore in FY23 over previous fiscal.
– Allocation for digital payments promotion remains stagnant at Rs 1500 crore for last three years
- Union Budget 2023 Highlights: Cheaper and Expensive
– What is cheaper?
Aero planes and other aircrafts; Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form; Base metals or silver, clad with gold, not further worked than semimanufactured; New or retreaded pneumatic tyres, of rubber, of a kind used on aircraft of heading; Platinum, unwrought or in semimanufactured form, or in powder form; Waste and scrap of precious metal or of metal clad with precious metal; several aquaculture inputs; Some TV, camera parts.
– Which imports are more expensive
Vehicle (including electric vehicles); Silver Dore; Naphtha; styrene, Vinyl Chloride Monomer, Compounded Rubber, Articles of precious metals, Imitation Jewellery, Electric Kitchen Chimney, Bicycles, Toys and parts of toys (other than parts of electronic toys) - Budget 2023 Highlights: New budget tax slab
Under the new personal tax regime, six income slabs have been reduced to six. The government has also increased the tax exemption limits in some of these categories.
0-3 lakh- nil
3-6 lakh -5%
6-9 lakh – 10%
9-12 lakh-15%
12-15 lakh -20%
Above 15 lakh – 30%People who are earning an income of Rs 9 lakh a year will have to pay only Rs 45,000 a year as tax. That is 5% of their income or a reduction of 25 percent from the Rs 60,000 they were paying earlier.
- Budget 2023 Highlights: Health and family welfare ministry
– The Union health and family welfare ministry has been allocated Rs 89, 155 crore in the Union budget FY24 marking a rise of a meagre 12% when compared to the revised budget estimated for FY 23.
– For the upcoming financial year, Rs 86,175 crore has been allocated to the department of health and family welfare while Rs 2,980 crore has been allocated for the department of health research.
– In the ongoing fiscal, the budget spent on the department of health and family welfare is Rs 76, 370 while Rs 2,775 crore had been marked for the department of health research. - Union Budget 2023 Highlights:Key Numbers
FY24 food subsidy seen at 1.97 lakh crore
FY24 fertilizer subsidy seen at 1.75 lakh crore
FY24 divestment target at Rs 51000 crore
FY23 growth estimated at 7%
FY23 divestment target revised to Rs 50,000 crore
FY24 capital expenditure proposed at Rs 10 lk cr, up 33%
Agri credit target increased to Rs 20 lk cr
To spend Rs 2200 crore for high value horticulture
FM raises PM Awas Yojana outlay by 66% to Rs 79,000 crore
Plan to spend Rs 15000 cr vulnerable tribal group (PVTG) over 3 years
Outlay for 3rd phase of e-courts at Rs 7000 crore
Rs 35000 crore investment planned in energy security, energy transition
Green Hydrogen Mission aims for output of 5MMT by 2030
Sugar cooperatives to get benefit of Rs 10,000 crore
Import tax on compounded rubber upped to 25% from 10%
Calamity related duty on cigarettes raised by 16% -
Budget highlights: Key takeaways on tax regime– New tax regime a default regime; will have option to choose old regime– No tax for income up to Rs 3 lakh/year– Will cut personal income tax slabs to 5 From 6– Tax Exemtion up to Rs 7 lakh/year is under new tax regime– To remove minimum Threshold of Rs 10,000 on TDS– Exempt tax on income of boards for housing, other activities– Reduce highest surcharge rate to 25% from 37% in new tax regime
- Union Budget 2023 Highlights: Nirmala Sitharaman lists 7 priorities
Inclusive development
Reaching the last mile
Infrastructure and investment
Unleashing the potential
Green growth
Youth power
Financial sector - Union Budget 2023 Highlights: New tax regime
The new tax regime is now the default tax regime. The government has taken a slew of measures to make the voluntary tax regime more attractive and will forego revenue in the process. - Budget 2023 Highlights: Direct Taxes
Processed more than 6.54 cr Returns this year on the tax portal, average processing period of 93 days in FY13-14 reduced to 16 days now; 45% Returns processed within 24 hours - Budget key update: Cigarettes
National calamity contingent duty increased by 16% on specified cigarettes. Cigarettes will get more expensive, says FM
- Budget 2023 Highlights: Income tax rate
Currently, the highest rate is 42.74% income tax under the new regime. The FM has proposed to reduce the highest surcharge from 37% to 25% in the new tax regime, max rate of 39%.
- Budget key highlights: Personal income tax
0-3 lakh- nil
3-6 lakh -5%
6-9 lakh – 10%
9-12 lakh-15%
12-15 lakh -20%
Above 15 lakh – 30%
Major relief to all tax payers in new regime: FM - Union Budget 2023 Highlights: “Green Growth”
– Green hydrogen, clean energy storage and transmission are the key drivers of the government’s “Green Growth” priority sector.
– Battery energy storage systems with capacity of 4,000 MWh will be supported with viability gap funding.
– A detailed framework for pumped storage will also be formulated.
– The inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be constructed with an investment of Rs 20,700 crore including Central support of Rs 8,300 crore.
– A green credit programme for encouraging behavioural change will be notified under the Environment Protection Act. - Budget 2023 Highlights: Custom duty
– Mobile phone production in India increased from 5.8 crore units valued at about Rs 18,900 crore in 2014-15 to 31 crore units valued at Rs 2,75,000 crore in last fiscal year.
– Relief in custom duty on import of certain parts of mobile phones like camera lens and batteries by another year. - Budget 2023 Key Highlights: Digilocker
– FM Nirmala Sitharaman has announced the expansion of the Government digital certificate depository Digilocker services for the fintech sector.
– “Documentation availability will be the focus for the DigitLocker expansion for the fintech sector, The fintech sector has been facilitated by digital services, PM Jan Dhan Yojana, Indian Stack and UPI,” Sitharaman said. - Budget 2023 Key Updates
– The Centre will borrow Rs 15.43 lakh crore via bonds in 2023-24 on a gross basis – a new all-time high.
– In net terms, the borrowing programme has been fixed at Rs 11.8 lakh crore. These numbers are broadly in line with market expectations of Rs 15.5 lakh crore and Rs 11.7 lakh crore, respectively. - Budget 2023 Key Highlights: DBT scheme for youths
To provide support to 47 lakh youths in 3 years, a Direct Benefit Transfer under a pan India national apprenticeship scheme will be rolled out: FM Sitharaman
- Budget 2023 Key Highlights: Banking on construction
From unity malls to roads and highways to affordable houses -the budget is banking on fueling domestic demand and public investments to propel growth as the world braces for a recession
- Budget 2023 Highlights: FM Sitharaman on MSMEs
– The revamp schemes will take effect from 2023 through an infusion of Rs 9,000 crore in the corpus.
– This will enable another collateral-free credit of Rs 2 lakh crore.
– Further the cost of credit will be reduced by around 1%. - PAN Card – Budget 2023 Highlights:
Union Budget 2023-24 has announced the legalisation of the permanent account number (PAN) as a single business identification. The move is to allow businesses to use PAN instead of other data as a unique identifier for entering into the national single-window system
- Budget 2023 Key Highlights:Pradhan Mantri Awas Yojana
The Budget 2023-24 allocated Rs 79,000 crore for the Pradhan Mantri Awas Yojana (PMAY), giving a further boost to the government’s programme to provide housing to the urban poor.
Presenting the Union Budget on February 1, finance minister Nirmala Sitharaman said that the outlay of PMAY is being enhanced by 66 percent to over Rs 79,000 crore.
- Budget 2023 Key Highlights: Key Numbers
FY23 growth estimated at 7%
To spend Rs 2200 crore for high value horticulture
Agri credit target incresed to Rs 20 lk cr
To spend Rs 2200 crore for high value horticulture
Proposed capital expenditure of Rs 10 lk cr for FY24, up 33%
Plan to increase PM Housing outlay to Rs 79000 crore
Plan to spend Rs 15000 cr vulnerable tribal group (PVTG) over 3 years - Budget 2023 Key Highlights: Another year of big jump in capex
At Rs 10 lakh crore, the Centre’s capex target for 2023-24 is 33 percent higher than the budget estimate of Rs 7.5 lakh crore for 2022-23.
- Budget 2023 Key Highlights: FM Sitharaman on educational infra
– Eklavya Modern Schools in next three years
– 157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014 - Budget Key Highlights on Health:
Union finance minister Nirmala Sitharaman announced in the Budget 2023 that a mission to eliminate sickle cell anaemia by 2047 will be launched by the government. This will entail awareness creation, universal screening of 7 crore people in the age group of 0-40 years in tribal areas and collaborations between central institutions and state governments.
- Budget 2023 Highlights: Agri Sector- Key numbers
– The target for agricultural credit has been set at Rs 20 lakh crore for 2023-24.
– Overall bank credit surged in 2022, with latest RBI data showing non-food bank credit was up 15.3% in December, up from 9.4% a year ago.
– However, credit to agriculture and allied activities was up 11.5% in December, down from 14.2% a year ago.
– The total outstanding bank loans to agriculture and allied activities stood at Rs 16.3 lakh crore as on December 30, up Rs 1.69 lakh crore from the end of 2021-22. - Budget 2023 Highlights: Key numbers announced in Budget 2023 so far
– Government to spend Rs 2200 crore for high-value horticulture
– Government also increased agri credit target to Rs 20 lakh crore - Budget 2023 Highlights: Agri sector – Key takes
– The Union Government’s focus on reforming the agriculture sector continues, after its legal reforms had to be repealed.
– The Budget envisages an open-source digital infrastructure for agriculture and an agriculture accelerator fund focused on youth in rural areas.
– These steps will help the nascent agri-tech industry and could help boost the sector which still employs nearly half of the country’s workforce. - Budget 2023 Key Updates: FM Sitharaman on Green Growth
– Green growth would be one of the priorities of the budget.
– We are implementing many programmes for green growth across various economic sectors…They will help reduce carbon intensity and create green jobs. - Top Budget Highlights till 11.12 am
World recognises India as a bright star, GDP highest among major economies
Economy on the right track, heading towards a bright future
Rising profile due to digital infra, pandemic control, climate efforts
Ensured no one went hungry during the Covid years
From Jan 2023, free food grains scheme for another year
India is aiming for Tech and knowledge driven economy
Economic agenda includes strengthening maro stability - Budget 2023 Key Updates: FM Sitharaman on govt’s efforts since 2014
– The government efforts since 2014 have ensured better quality of life
– The government has made a significant progress in many development goals - Budget 2023 Key Highlights: Rural focus
– FM announces that the centre will spend Rs 2lakh cr on free food grains for all priority households under PM Garib Kalyan Yojana– The Centre will provide free food grains to all antyodaya and priority households until December 2023.
Simple Steps for legal migration to Kuwait for Domestic Sector workers