Budget 2023 LIVE updates: FM Sitharaman presents her fifth Union Budget

Catch all latest updates on Union Budget 2023-24 here as Finance Minister Nirmala Sitharaman presents the last full Budget of the government before General Elections 2024

1:34 PM

Some good things in Union Budget 2023-24, says Congress MP Tharoor

There are some good things in Union Budget 2023 but there was no mention of MNREGA, poor rural labour, employment and inflation. Some fundamental questions remained to be answered, says Congress MP Shashi Tharoor

1:34 PM

Budget 2023 : JSA says Budget 2023 will put more money in hands of citizens

The Union Budget 2023-24, Kumarmanglam Vijay, Partner, JSA said that it would work towards putting more money in the hands of citizens in an inflationary environment

“Finance Minister proposed substantial increase in infrastructure spending and proposed extensive relaxations for pensioners, salaried individuals, professionals and MSME’s by reducing the max marginal rate of tax from 42.74% to 39%, revising the tax slabs upwards and enhancing standard deduction. These coupled with the fixed deposit scheme for women and senior citizens, would work towards putting more money in the hands of citizens in an inflationary environment. These are significant steps for ensuring that the economy is fueled when global liquidity is likely to dry up owing to impending recession in developed world," he said. 

Having regard to the importance of SMEs/ MSMEs in the economy and employment generation there is hardly anything substantial for them to survive or grow in the budget as they struggle in their recovery post covid said Nitin Potdar M&A Partner J. Sagar Associates. 

"In 2022 against 31,192 registered complaints accounting for Rs 7,128 crore dues only 1,056 applications involving (dues worth Rs 71 crore) were cleared by the facilitation councils.  The increased credit guarantee scheme of 9000 Cr with 1% cost for SMEs/ MSMEs may not be sufficient considering their actual need for cash. There was an urgent case to provide for an alternate quick fix for recovery ideally digital based along with a legislative changes and for a comprehensive eco-system and improve ease of doing business including business restructuring / consolidation so that they not just sustain but survive and grow via M&As which the FM has just ignored," said Potdar

1:33 PM

Kotak's Lakshmi Iyer calls Union Budget 2023-24 'bull’s-eye budget'

“India budget 2023 has offered a multi-dimensional view. The 3 Cs which stand out are  - Capex increase - consumption boost - capital gains tax status quo. Mindful of the fact that there is hardly any space for fiscal expansion. FY 24 FD is pegged at 5.9% and expected to see progressive reduction by FY 2026. Clearly a bull’s-eye budget satisfying most strata of the society and of course a thumbs up from the market as well,” says Lakshmi Iyer, CEO-Investment Advisory, Kotak Investment Advisors Ltd

1:33 PM

Budget 2023-24: Defence Ministry gets Rs 5.94 trillion for FY24

Defence Ministry has been allocated Rs 5.94 lakh crores for the financial year 2023-24.

1:33 PM

Budget 2023-24: Bid boost air connectivity

"50 additional airports, helipads, water aero drones, and advanced landing grounds will be revived to improve regional air connectivity," FM Sitharaman in Lok Sabha

1:08 PM

Budget: R&D grant announced to encourage indigenous production of lab-grown diamonds

Govt to provide R&D grant to one of the IITs to encourage indigenous production of lab-grown diamonds in a bid to reduce imports: FM

Govt to reduce basic customs duty on seeds used in manufacturing of lab-grown diamonds: FM Sitharaman

1:06 PM

Govt proposes to increase limit for presumptive taxation for MSMEs

Govt proposes to increase limit for presumptive taxation for MSMEs and certain professionals to Rs 3 cr and Rs 75 lakh, respectively

1:05 PM

Budget: Senior citizens savings scheme cap increased, Monthly Income Scheme limit doubled

Senior citizens savings scheme cap increased from Rs 15 lakh to Rs 30 lakh: FM

Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts: FM

The revamped Credit Guarantee Scheme for MSME sector will take effect from April 1, 2023 with an infusion of Rs 9,000 crore: FM

1:05 PM

Mobile phone output rose to 310 million units, says FM

Mobile phone output rose from 5.8 crore units in 2014-15 to 31 crore units last fiscal: FM

FM also announced to extend the custom duty exemption on lithium-ion batteries for a yea

1:01 PM

Indirect tax proposals to boost green mobility and EVs: FM Sitharaman

"Indirect tax proposals to boost green mobility and EVs. Customs duty exemption extended to import of capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles," FM Sitharaman said

1:01 PM

Budget 2023: Startup incorporated till March 2024 to get I-T benefits, says FM

India now 3rd largest ecosystem for startups; firms incorporated till March 2024 to get I-T benefits: FM

Govt proposes to increase benefit of carry forward of losses for startups to 10 years: FM Sitharaman

1:00 PM

Tax portal processed 6.5 cr returns, processing time cut: FM Sitharaman

Tax portal processed 6.5 crore returns, processing time cut; intend to strengthen grievance redressal mechanism: Sitharaman

Govt to enhance grievance redressal mechanism for direct tax payers: FM

12:50 PM

Union Budget 2023: States to be allowed 3.5% of GDP as fiscal deficit, says FM

States to be allowed 3.5 per cent of GDP as fiscal deficit: FM Sitharaman

FM says 50-year interest-free loans to state govts has to be spent on capital expenditure within 2023-24

12:50 PM

Budget '23: Cap deductions on investments in residential houses proposed

Govt proposes to cap deductions from capital gains on investments in residential houses to Rs 10 cr: FM Sitharaman

12:48 PM

Budget 2023-24: To finance fiscal deficit in 2023-24, net market borrowing estimated at Rs 11.8 lakh cr

FM Sitharaman retains fiscal deficit target of 6.4 per cent in the Revised Estimate for FY23; cuts it to 5.9 per cent for FY24.

 

To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at Rs 11.8 lakh cr: FM Sitharaman