Budget 2023 Live Updates: India Moving To Become A $5 Trillion Economy, Says FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman presented her fifth straight budget today. This was also the last the full budget of Modi 2.0 govt before the next parliamentary elections in 2024. India will lose Rs. 35,000 crore of net tax revenue after the Union Budget tweaked direct and indirect taxes to provide relief to the middle-income group, Finance Minister Nirmala Sitharaman said today.

Here are the live updates:

06:40 PM: Samyukt Kisan Morcha on Budget 2023

SKM held, "Union Budget 2023 is the most anti-farmer budget in history of the nation"

"SKM expresses shock and bewilderment at the Union Budget 2023 announced by the Finance Minister in the floor of Parliament today.
While it is universally known that farming and farmers have been economically neglected by the BJP led Union Govt, SKM had expected that after the sustained and determined protest of the farmers at Delhi, the party-in-power would appreciate the importance of the farm sector and the need to secure income and future of the rural farming community, who form the bulk of India¡¯s population. Instead, the Union Budget 2023 is the most anti-farmer budget in history of the nation..." SKM's press release read.

06:39 PM: The budget lays a strong foundation of Amrit Kaal: Amit Shah

Union home minister Amit Shah thanked PM Modi for giving huge tax relief to the middle and salaried class as the budget proposed to increase tax rebate limit from Rs 5 lakh to Rs 7 lakh. "The unprecedented changes in tax slabs will greatly benefit the middle class. Along with this, I also welcome the relief given to government employees," he said.

06:34 PM Centre's 'mitr kaal' budget proves it has no roadmap to build India's future, says Rahul Gandhi

Congress leader Rahul Gandhi on Wednesday slammed the Modi government, claiming that its 'mitr kaal' budget has no vision to create jobs as well as no plan to tackle inflation, and proves that the Centre has no roadmap to build India's future. Gandhi's reaction came after the presentation of the Union budget for 2023-24 by finance minister Nirmala Sitharaman in which the government 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. "'Mitr Kaal' Budget has: NO vision to create Jobs. NO plan to tackle Mehngai. NO intent to stem Inequality. 1% richest own 40% of the wealth, 50% poorest pay 64% of GST, 42% youth are unemployed -- yet, PM doesn't Care!" Gandhi said in a tweet. "This Budget proves Govt has NO roadmap to build India's future," he said.

¡®Mitr Kaal¡¯ Budget has:
NO vision to create Jobs
NO plan to tackle Mehngai
NO intent to stem Inequality

1% richest own 40% wealth, 50% poorest pay 64% of GST, 42% youth are unemployed- yet, PM doesn¡¯t Care!

This Budget proves Govt has NO roadmap to build India¡¯s future.

¡ª Rahul Gandhi (@RahulGandhi) February 1, 2023

06:31 PM: Foreign exchange reserves sufficient to cover 9 months of imports: Ministry of Finance

#UnionBudget2023

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¡ª ?????? ????? (@PIBHindi) February 1, 2023

06:27 PM: This budget is a bonanza for the 140 crore people living in this country, says Union commerce minister Piyush Goyal

This is a budget that thinks about people from all sectors and will be a source of employment. This is a record budget for defence, railways and medical sectors. This budget will touch 140 crore Indians and will impact their lives for a better future and prepare India to enter into Amrit Kaal with great confidence as a country which is working to a plan to make India a nation where everybody grows as the economy grows. There is so much consistency in this budget. Election budgets are those where 'rewris' are distributed. This budget empowers 140 crore people. This budget is preparing India for a brighter future," said Goyal.

06:23 PM: People in villages, women, rich or poor, everyone is going to benefit from this budget: UP CM Yogi Adityanath.

#WATCH | This budget has a vision for growth & development. People in villages, women, rich or poor, everyone is going to benefit from this. This empowers 130 crore Indians. I thank PM Modi & FM Nirmala Sitharaman for creating such a progressive budget: UP CM Yogi Adityanath pic.twitter.com/OEHgb3pSob

¡ª ANI UP/Uttarakhand (@ANINewsUP) February 1, 2023

6:18 PM: Sports budget gets highest ever allocation

• Union Budget allocated Rs 3,397.32 crore to the Sports Ministry for 2023-2024

• The Rs 3,397.32 crore is the highest sports budget allocation ever in the country.

• Khelo India has been allotted Rs 1,045 crore

• Sports Authority of India (SAI) has got Rs 785.52 crore for 2023-24

06:17 PM: Markets end on mixed note on budget day; Sensex climbs 158 points, Nifty slips 46

Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday after finance minister Nirmala Sitharaman 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 in Budget 2023-24. Investors also awaited the US Federal Reserve's interest rate decision for further cues. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to settle at 59,708.08 after it trimmed most of the intra-day gains. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44. In contrast, the broader NSE Nifty declined 45.85 points or 0.26 per cent to end at 17,616.30.

06:04 PM: Budget shows that govt not bothered about the people, says Congress leader P Chidambaram

"Finance minister didn¡¯t mention the words like unemployment, poverty, or inequality anywhere in her speech. Budget shows that the government is not bothered about the people and their concerns about lives and livelihood and growing inequality between the rich and poor. Who has benefited from this Budget? Certainly, not the poor, not the youth looking desperately for jobs, not those who have been laid off, not the bulk of the taxpayers and not the homemakers," said the former FM.

Who has benefited from this Budget? Certainly, not the poor, not the youth looking desperately for jobs, not those who have been laid off, not the bulk of the taxpayers and not the homemakers: Former Finance Minister & Congress leader P Chidambaram pic.twitter.com/QEm1IWVuIs

¡ª ANI (@ANI) February 1, 2023

05:53 PM: Income tax benefits for Startups

• Govt proposed to extend the period of incorporation of eligible startups by one more year till March 31, 2024, for providing tax incentives.

• FM proposed to ease norms for startups by extending the benefit of carrying forward losses to 10 years.

• Eligible startups established before March 31, 2023, have been provided with a tax incentive for three consecutive years out of ten years from incorporation.

• Startups incorporated on or after April 1, 2016, can apply for income tax exemption.

05:48 PM: Rs 2.41 lakh crore allocated for Railways will fulfil passengers' aspirations: Railways Minister Ashwini Vaishnaw

Railways Minister Ashwini Vaishnaw said the money allocated to the department in the Union Budget 2023 will fulfill the aspirations of passengers. Rs 2.41 lakh crore was allocated to Railways. The railways minister said the production of Vande Bharat trains will be revamped.

Rs 2.41 lakh crore allocated for Railways. It's a big change and it will fulfil 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 pic.twitter.com/qEZwNWywPZ

¡ª ANI (@ANI) February 1, 2023

05:25 PM: Health sector gets a hike of around 13 per cent

The health sector has been allocated Rs 89,155 crore in the Budget, a hike of around 13 per cent over Rs 79,145 crore allocated in 2022-23. FM said 157 new nursing colleges will be established in co-location with the existing 157 medical colleges established since 2014.

05:17 PM: Vehicle scrapping policy

Finance Secretary TV Somanathan said the outlay for the vehicle scrapping policy has exceeded Rs 1,000 crore. All central govt vehicles beyond 15 years of age will be scrapped.

05:12 PM: Taxation & online gaming

Revenue Secretary Sanjay Malhotra said taxation will now be on net winnings since the nature of online gaming is such that one plays several games in a series. TDS was previously calculated on every Rs 10,000 in winnings. Malhotra said -- "Some companies were then keeping the winning lower at Rs 10,000, so we have removed that now"

04:58 PM: Border villages to receive boost in tourism

- Under the Vibrant Villages Programme, tourism
infrastructure & amenities will also be facilitated in border villages

- States will be encouraged to set up a Unity Mall for promotion and sale of their own ODOPs#AmritKaalBudget pic.twitter.com/Tw2asvSvUh

¡ª NSitharamanOffice (@nsitharamanoffc) February 1, 2023

04:56 PM: A $5 trillion economy

We are moving along to become a $5 trillion economy, said Finance Minister Nirmala Sitharaman during the post-Budget press conference.

We are moving along to become a $5 trillion economy: Finance Minister Nirmala Sitharaman during the post-Budget press conference #UnionBudget2023 pic.twitter.com/yGSCzkqDhG

¡ª ANI (@ANI) February 1, 2023

04:53 PM: We take inflation-related steps, says FM

You have seen inflation come down, both the CPI and WPI. The government has taken action, we take inflation-related steps when things develop on the ground and in response to it and that has borne results: Union Finance Minister Nirmala Sitharaman

04:46 PM: Rupee falls 2 paise to close at 81.90 against US dollar on Budget day

The rupee settled 2 paise lower at 81.90 (provisional) against the US dollar on Wednesday after Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24.

04:33 PM: New tax regime is attractive, says FM Nirmala Sitharaman

Those who want to remain in Old can still remain there. But the new one is attractive because it gives a greater rebate. It also provides for simplified & smaller slabs, smaller lower rates of taxation & also slabs which are nicely broken down: FM

04:31 PM: There's a lot of increase in agriculture credit availability, says FM

Rs 20 lakhs are being made available for agriculture credit. Also, a sub-scheme under PM Matsya Sampada Yojana makes sure that people living in coastal areas are going to benefit from it: Union FM Nirmala Sitharaman

04:21 PM: Substantial change in income tax will benefit middle class: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said there has been a substantial change in the personal income tax after a very long time and it is meant to benefit the middle class. "This country has been waiting for direct taxation to be simplified," she added.

04:18 PM: FM Nirmala Sitharaman lists 7 key priorities of Budget 2023

Finance Minister Nirmala Sitharaman listed seven key priorities of the Union Budget 2023-24 presented in Parliament today. These seven priorities are inclusive growth, investments in infrastructure, reaching the last mile, futuristic fintech, improving India's industrialization, digital economy and focus on artificial intelligence.

04:12 PM: Budget focused on women, scaling self-help groups, tourism, green growth: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said the Union Budget 2023-24 focused on four key areas - empowering women, scaling up self-help groups in rural areas, enhancing tourism and green growth.

04:08 PM: FM begins her post Budget presser

03:54 PM: Nothing in Budget for poor people, no plan for inflation control: Congress chief Mallikarjun Kharge

The budget was presented by the Modi govt keeping in view the upcoming Assembly polls in 3-4 states. There's nothing in the budget for poor people & to control inflation. No steps for jobs, to fill govt vacancies & MNREGA: Congress president Mallikarjun Kharge on #UnionBudget2023 pic.twitter.com/af8AHZhEhN

¡ª ANI (@ANI) February 1, 2023

03:50 PM: Budget is for welfare of every sector, all states: Madhya Pradesh CM Shivraj Singh Chouhan

#WATCH | Madhya Pradesh CM Shivraj Singh Chouhan speaks on #UnionBudget2023 "This budget is for the welfare of every sector and every state of the country. It's for benefit of the poor, women & middle-class people along with empowering weaker sections & the youth" pic.twitter.com/qPoev9DPzb

¡ª ANI MP/CG/Rajasthan (@ANI_MP_CG_RJ) February 1, 2023

03:38 PM: UP CM Pushkar Dhami thanks PM Modi, FM Nirmala Sitharaman for "spectacular" Budget

#WATCH | On #UnionBudget2023, Uttarakhand CM PS Dhami says, "I want to thank PM Modi & congratulate FM Nirmala Sitharaman for presenting a spectacular budget before the people of the country. This Budget will meet the expectations of people of the country as well as the world..." pic.twitter.com/4gawAohYgt

¡ª ANI UP/Uttarakhand (@ANINewsUP) February 1, 2023

03:35 PM: First budget of Amrit Kaal shows stable economy, power of young India: BJP chief JP Nadda

#WATCH | On #UnionBudget2023, BJP national president JP Nadda says, "First budget of Amrit Kaal shows the visionary and far-sighted leadership of PM Modi. This budget shows our stable economy, power of young India and multicultural work ethics...." pic.twitter.com/lJkR3tmLe9

¡ª ANI (@ANI) February 1, 2023

03:22 PM: Budget only for few states, says KCR's daughter Kavitha Kalvakuntla

Telangana Member of Legislative Council (MLC) and Chief Minister K Chandrashekar Rao¡¯s daughter, Kavitha Kalvakuntla reacted to the Union Budget 2023-24 presented in Parliament today and said, "This budget is the mathematical confirmation of the failure of the Modi government. This seems like a budget for a few states."

Centre announces development projects in either poll-bound states or BJP-governed states. They announced Rs 10,000 crore for infrastructure, which infrastructure? They are not clear. They owe us Rs 1000 cr & I request Finance Min to pay our dues: Kavitha Kalvakuntla, BRS leader pic.twitter.com/mnNCDi8Fn5

¡ª ANI (@ANI) February 1, 2023

She alleged that the development projects announced in the Budget were either in "poll-bound states or BJP-governed states". "They owe us Rs 1000 crore and I request the Finance Minister to pay our dues," added the BRS leader.

02:59 PM: For enhancing ease of doing business

More than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalized. For furthering the trust-based governance, govt introduced the Jan Vishwas Bill to amend 42 Central Acts.

02:46 PM: Aim to eliminate sickle cell anemia by 2047

FM said that the central government aims to eliminate sickle cell anemia by 2047, and a mission will soon be launched in this regard. The mission will create awareness among the common people with universal screening of seven crore people in the age group of 0 to 40 years in the tribal areas and counselling through collaborative efforts of central ministries and state governments.

02:32 PM: Budget 2023 infuses new energy to India's development trajectory: PM Modi

Hailing the Budget presented by Finance Minister Nirmala Sitharaman today, Prime Minister Narendra Modi said it will build a strong foundation for building a developed India. The "first budget of Amrit Kaal" will fulfil dreams of aspirational society including poor people, middle-class people, farmers, PM Modi added.

Watch - PM Modi's full statement on the Budget:

This year's Budget infuses new energy to India's development trajectory. #AmritKaalBudget https://t.co/lyV2SMgvvs

¡ª Narendra Modi (@narendramodi) February 1, 2023

02:11 PM: A look at Defence budget

• Defence budget was increased to Rs 5.94 lakh crore for 2023-24 from last year's allocation of Rs 5.25 lakh crore.
• A total of Rs 1.62 lakh crore has been set aside for capital expenditure
• It includes purchasing new weapons, aircraft, warships and other military hardware
• .For 2022-23, the budgetary allocation for capital outlay was Rs 1.52 lakh crore but the revised estimate showed the expenditure at Rs 1.50 lakh crore.

02:09 PM: Govt doubles deposit limit for Senior Citizen Savings Scheme

FM proposed to double the deposit limit for Senior Citizen Savings Scheme to Rs 30 lakh and Monthly Income Account Scheme to Rs 9 lakh. "The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh," the she said.

02:09 PM: Nothing new in Budget 2023: PDP chief Mehbooba Mufti

PDP chief Mehbooba Mufti has panned the Union Budget 2023-24 presented in Parliament today, alleging that it only benefits ¡°crony capitalists and big businessmen¡±.

¡°This Budget is the same that had been coming in for last 8-9 years. Taxes increased, money not being spent on welfare schemes and& subsidies. Tax being collected for some crony capitalists and big businessmen. Public should benefit from taxes but it's breaking their back,¡± Mufti said, as quoted by ANI.

02:05 PM: New savings scheme for women with 7.5% fixed interest rate for 2 years

FM announced a 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years. The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well.

02:00 PM: Budget gives 'nirasha' instead of 'asha' to people: Akhilesh Yadav

Samajwadi Party chief Akhilesh Yadav on Wednesday said the Union Budget for 2023-24 has given "nirasha" (despair) instead of "asha" (hope) to people of the country. He also claimed that the budget further increases inflation and unemployment.

01:54 PM: Tax cuts are welcome, says Congress MP Karti Chidambaram

I am a believer in a low tax regime. So, any tax cuts are welcome because giving more money into the hands of the people is the best way to boost the economy: Karti Chidambaram, Congress MP pic.twitter.com/0Ea0vQGonb

¡ª ANI (@ANI) February 1, 2023

01:51 PM: What gets costlier

• Taxes on cigarettes hiked by 16%

• Basic import duty on compounded rubber increased to 25% from 10%

• Basic customs duty hiked on articles made from gold bars

• Customs duty on kitchen electric chimney increased to 15% from 7.5%Fully imported luxury cars and EVs to cost more as govt raises custom duty from 60 pc to 70 pc in Budget

01:50 PM: What gets cheaper

• Customs duty cut on import of certain inputs will make mobile phones cheaper

• Customs duty on parts of open cells of TV panels cut to 2.5%

• Basic customs duty on seeds used in manufacturing of lab-grown diamonds to be reduced

• Customs duty on shrimp feed to be reduced to promote exports

01:47 PM: Govt cuts funding on rural jobs scheme

The government cut back the spending on the rural jobs guarantee scheme for the next fiscal year to 600 billion rupees ($7.34 billion). The allocation is lower than the revised 894 billion rupees spending outlay for 2022/23, and the smallest since 2017/18.Under the Mahatma Gandhi National Rural Employment Guarantee Act, introduced over 15 years ago, citizens can enroll for work such as building roads, digging wells, or creating other rural infrastructure and receive a minimum wage for at least 100 days each year.

01:42: PM: A middle-class bonanza budget: Union minister Smriti Irani

I'd like to extend gratitude to PM Modi. I won't look at the Budget minutely. Going by today's pronouncements, I believe that in the budget, respect for women increased. I also welcome the announcement of National Digital Library for children & adolescents: Union Min Smriti Irani pic.twitter.com/cmjPcV1XTB

¡ª ANI (@ANI) February 1, 2023

01:40 PM: 'Budget ticks all the expected boxes'

¡°The Union Budget ticks all the expected boxes viz. pump priming the economy with 33% higher CapEx allocation; pushing consumption by encouraging taxpayers to adopt the new tax regime with lower taxes and consume the additional money in hand rather than using savings to lower the tax burden in the old regime; and sticking to the fiscal consolidation path with the fiscal deficit target being brought down to 5.9%. The highest tax rate on personal income has also been brought down to address concerns on flight of HNIs,¡± said Ranen Banerjee - Partner and Leader, Economic Advisory Services, PwC India.

01:32 PM: Five big things you can't miss

• FM announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime. She also proposed to change the tax structure in this regime by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.

• FM proposed to raise the capital expenditure target by 33% to Rs. 10 lakh crore for the next fiscal year starting April 1, which is 3.3% of the country's economic output.

• Finance minister Nirmala Sitharaman provided an outlay of Rs 35,000 crore to achieve energy transition and net zero objectives and listed green growth among seven priorities of the government.

• Government said that a capital outlay of Rs 2.4 lakh crore has been provided for railways, which is highest-ever allocation since 2013-14. Finance minister Nirmala Sitharaman said that the capital outlay was fixed for 2023-24.

• Government will target a budget deficit of 5.9% of GDP for 2023/24, compared to 6.4% for the current fiscal year.

01:31 PM: Fundamental questions remain unanswered: Congress MP Shashi Tharoor on Budget

Acknowledging that there were "some good things" in Union Budget 2023, Congress MP Shashi Tharoor pointed out that it made no mention of MNREGA, poor rural labour, employment and inflation. "Some fundamental questions remained to be answered," Tharoor said, as quoted by ANI.

01:27 PM: Budget 2023 will help India become $5 trillion economy: Rajnath Singh

The Union Budget for 2023-24 presented by FM Smt. @nsitharaman under the guidance of PM Shri @narendramodi is focused on growth and welfare, with a priority to provide support to farmers, women, marginalised sections and the middle class.#VanchitonKoVariyata

¡ª Rajnath Singh (@rajnathsingh) February 1, 2023

01:23 PM: Better targeting of tax concessions

For better targeting of tax concessions and exemptions, FM proposed to cap deduction from capital gains on investment in residential house under sections 54 and 54F to Rs 10 crore. Another proposal is to limit income tax exemption from proceeds of insurance policies with very high value.

01:19 PM: Other announcements

• Extension of period of tax benefits to funds relocating to IFSC, GIFT City till 31.03.2025;

• Decriminalisation under section 276A of the Income Tax Act

• Allowing carry forward of losses on strategic disinvestment including that of IDBI Bank

• Providing EEE status to Agniveer Fund.

01:16 PM: On leave encashments

Lastly, the limit of Rs 3 lakh for tax exemption on leave encashment on the retirement of non-government salaried employees was last fixed in the year 2002, when the highest basic pay in the government was Rs 30,000/-pm. In line with the increase in government salaries, I am proposing to increase this limit to Rs 25 lakh.

01:13 PM: Reducing the highest surcharge rate

FM proposed to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime. This would result in reduction of the maximum tax rate to 39 per cent.

01:08 PM: More on tax front

For the salaried class and the pensioners including family pensioners, FM extended the benefit of the standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500.

01:06 PM: Sensex surges 1,200 points, Nifty near 17,900

01:04 PM: FM explains the 'relief' to all tax payers in the new regime

"An individual with an annual income of Rs 9 lakh will be required to pay only Rs 45,000/-. This is only 5 per cent of his or her income. It is a reduction of 25 per cent on what he or she is required to pay now, ie, Rs 60,000/-. Similarly, an individual with an income of Rs 15 lakh would be required to pay only Rs 1.5 lakh or 10 per cent of his or her income, a reduction of 20 per cent from the existing liability of Rs 1,87,500/." -- FM explained in her Budget speech.

01:00 PM: How much India stands to lose after tax tweaks

India will lose Rs. 35,000 crores of net tax revenue after the Union Budget tweaked direct and indirect taxes to provide relief to the middle-income group, Finance Minister Nirmala Sitharaman said today."Revenue of about Rs. 38,000 crore ¨C Rs. 37,000 crore in direct taxes and Rs. 1,000 crore in indirect taxes ¨C will be forgone while revenue of about Rs. 3,000 crore will be additionally mobilized. Thus, the total revenue forgone is about Rs. 35,000 crore annually," Sitharaman said while announcing the Union Budget for the next fiscal year that starts April 1.

12:49 PM: Entity DigiLocker

An Entity DigiLocker will be set up for use by MSMEs, large business and charitable trusts. This will be towards storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities.

12:47 PM: Lab Grown Diamond

Lab Grown Diamonds (LGD) is a technology-and innovation-driven emerging sector with high employment potential. These environment-friendly diamonds which have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years. 75. To reduce the cost of production, a proposal to review the custom duty rate on LGD seeds will be indicated in Part B of the speech

12:38 PM:

The new tax regime will now be the default tax regime, but citizens can still avail of benefits under old tax regime on opt-out basis - Finance Minister Nirmala Sitharaman

12:29 PM: Revised tax slabs under new tax regime

• Under new tax regime, income of Rs 0-3 lakh is nil.

• Income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5% under new regime.

• Income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10% under new regime.

• Income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20% under new regime.

• Income above Rs 15 lakh to be taxed at Rs 30%.

12:25 PM: Income rebate limit increased to Rs 7 lakh from Rs 5 lakh in new tax regime

12:22 PM: Five major announcements for Income tax

12:19 PM: Cigarettes to get costlier as Budget proposes 16% hike in duty

Finance Minister Nirmala Sitharaman on Wednesday announced a 16% increase in NCCD on certain cigarettes.

12:18 PM: Customs duty

The govt proposed Customs duty exemptions on the import of capital goods and machinery required for lithium-ion batteries. The government also proposes to increase customs duty on silver to align with duty on gold and platinum.

12:15 PM: I reiterate my intention to bring the fiscal deficit below 4.5% of GDP by 2025-26, says FM

12:13 PM: 100 labs for developing apps using 5G services

100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models & employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems & Healthcare: FM

12:07 PM: FM Sitharaman fixes fiscal deficit for 2023-24 at 5.9%

12:07 PM: National Financial Information Registry

The government will set up a National Financial Information Registry to serve as a central repository of financial and ancillary information, said Finance Minister Nirmala Sitharaman.

12:05 PM: Bio input resource centres

Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up: FM Nirmala Sitharaman

12:04 PM: National Data Governance Policy

To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data: FM Nirmala Sitharaman

12:01 PM: Revamped credit guarantee scheme for MSMEs

Revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs.

11:59 AM: Push for tourism - 50 tourist destinations to be developed

50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism: FM Nirmala Sitharaman

11:58 AM: Pradhan Mantri Kaushal Vikas Yojana 4.0

The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0, said FM Nirmala Sitharaman. In order to skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States, she added.

11:55 AM: National Hydrogen Mission

FM allocated Rs 19,700 crore to the National Hydrogen Mission. The objective is to reach hydrogen production capacity of 5 metric million tonnes by 2030.

11:51 AM: Rs 35,000 crores priority capital for energy transition Battery storage to get viability gap funding: FM Nirmala Sitharaman

11:47 AM: Digilocker- One stop KYC maintenance system

For business establishments required to have Permanent Account Number, the PAN will be used as a common identifier for all Digital Systems of specified government agencies: FM Nirmala Sitharaman

11:46 AM: Pushing for transport infra projects

50 additional airports, heliports, water aerodromes, and advanced landing zones to be revitalised. 100 critical transport infra projects for steel, ports, fertiliser, coal, foodgrain sectors have been identified with an investment of Rs75,000 crore including Rs 15,000 crore from private sources.

11:42 AM: 50-year interest free loan to State governments extended for one more year

11:41 AM Booster for Railways - 9x over FY14

Capital outlay of Rs 2.40 lakh crore will be provided for railways; 9x over FY14

11:40 AM: Capital investment outlay increased by 33%

Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP, said Finance Minister Nirmala Sitharaman in her budget speech.

11:36 AM: The outlay for PM Awaas Yojana being enhanced by 66% to over Rs 79,000 crores, says FM

11:35 AM: Focus on education with Eklavaya Model Residential Schools

Eklavaya Model Residential Schools -in the next 3 years the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students: FM Nirmala Sitharaman

11:34 AM: Rs 15,000 cr for PM Primitive Vulnerable Tribal Groups Mission

PMPBTG Development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 cr to be made available to implement scheme in next 3 years: FM Nirmala Sitharaman

11:31 AM: Proposal to set National Digital Library

The government proposes to set up a national digital library for children and adolescents to make up for the learning loss during the pandemic, said Finance Minister Nirmala Sitharaman.

11:29 AM: Push for fisheries with Rs 6,000 crore outlay

The government will launch a sub-scheme under PM Matsya Sampada Yojana with an outlay of Rs 6,000 crore to further enable those involved in fisheries, said Finance Minister Nirmala Sitharaman.

11:28 AM: Agri push - computerisation for primary agricultural credit societies

The government has also initiated computerisation for 63,000 primary agricultural credit societies with an investment of Rs 2,516 crore.

11:24 AM: Assistance for traditional artisans and craftspeople

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

PM Vishwa Karma Kaushal Samman

For the first time package of assistance for traditional artisans and craftspeople has been conceptualized, which will enable them to improve the quality, scale, and reach of their products, integrating with the MSME value chain#AmritKaalBudget pic.twitter.com/u2m4k6wAls

¡ª PIB India (@PIB_India) February 1, 2023

11:22 AM: Encouraging agritech startups

An agriculture accelerator fund to encourage agritech startups by young entrepreneurs in rural areas. Fund will focus on bringing innovative solutions for challenges faced by farmers.

11:20 AM: Atmanirbhar Clean Plant Programme

The government will launch the Atmanirbhar Clean Plant Programme to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore: Finance Minister Nirmala Sitharaman

11:19 AM: Seven priorities of the budget

• Inclusive development

• Reaching the last mile

• Infra & investment

• Unleashing the potential

• Green growth

• Youth power

• Financial sector

11:17 AM: This budget is focused on job creation, upliftment of youth, says FM

11:15 AM: FM on food security

Continuing our commitment to food security, we¡¯re implementing from Jan. 1, 2023, a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana," said Finance Minister Nirmala Sitharaman.

11:14 AM: Economy has become a lot more formalised as reflected by doubling of EPFO membership, says FM

11:13 AM: World has recognized India as a bright star, says FM

The world has recognized India as a bright star, our growth for the current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war

The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war: FM Sitharaman pic.twitter.com/QpZbCmj9si

¡ª ANI (@ANI) February 1, 2023

11:10 AM: Budget Speech live updates: Focus on three things

Economic agenda focuses on three things - facilitating ample opportunity for citizens, especially the youth, providing a strong impetus to growth and job creation and third stabilising the macro economy.

11:08 AM: Sensex surges 600 pts, Nifty above 17,800 as Budget speech begins

11:08 AM:

During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months -FM Nirmala Sitharaman

11:06 AM: We are taking on a people-centric agenda to take on global challenges, says FM

Budget hopes to build on foundation laid in previous Budget. Envision a prosperous, inclusive India in which the fruits of development reach all sections: FM

11:04 AM: Indian economy on the right track, and heading towards a bright future, says Finance Minister Nirmala Sitharaman

11:01 AM: Budget 2023 speech starts

Finance Minister Nirmala Sitharaman is presenting the Narendra Modi government's 11th Union Budget in Parliament. This is the fifth budget presentation by the FM.

10:59 AM: Railway-related stocks in limelight ahead of Union Budget

Shares of railway-related companies, including Rail Vikas Nigam Ltd and IRCON International, witnessed an up-trend on Wednesday, ahead of the Union Budget presentation in Parliament.

10:50 AM: Union Cabinet approves the Budget 2023

Union Cabinet has approved the Budget 2023; the meeting underway at the Parliament has now concluded. Union Finance Minister Nirmala Sitharaman will present the Budget shortly.

10:37 AM: Sniffer dog sniffs copies of Union Budget 2023

A sniffer dog sniffs copies of Union Budget 2023 that have been brought to the Parliament.

#WATCH | Delhi: Copies of #UnionBudget2023 arrive at the Parliament. pic.twitter.com/lkmcKrIRpu

¡ª ANI (@ANI) February 1, 2023

10:36 AM: Physical copies of Budget 2023 arrive at ParliamentAhead of the presentation of the Union Budget 2023-24, budget copies arrived at Parliament on Wedneday.

10:18 AM: Cabinet meeting chaired by PM Modi begins

Union Cabinet meeting chaired by PM Modi begins at the Parliament. After the Cabinet approves the Budget 2023, it will be presented in Parliament by FM Sitharaman.

10:16 AM: Prime Minister Narendra Modi arrives at the Parliament ahead of the Budget 2023 presentation

Prime Minister Narendra Modi arrives at the Parliament.

A Union Cabinet meeting will be held here shortly. Following this, Union Finance Minister Nirmala Sitharaman will present the #UnionBudget2023 at the Parliament, at 11 am. pic.twitter.com/t8pD8LsNfN

¡ª ANI (@ANI) February 1, 2023

10:16 AM: Anurag Thakur, G Kishan Reddy arrive at Parliament

Union Ministers Anurag Thakur and G Kishan Reddy arrive at the Parliament

10:12 AM: Amit Shah, Rajnath Singh arrive at the Parliament

Union Home Minister Amit Shah and Defence Minister Rajnath Singh arrive at the Parliament.

Delhi | Union Home Minister Amit Shah and Defence Minister Rajnath Singh arrive at the Parliament. A Union Cabinet meeting will be held here shortly. Following this, Union Finance Minister Nirmala Sitharaman will present the #UnionBudget2023 at the Parliament, at 11 am. pic.twitter.com/2YifN3a3Zf

¡ª ANI (@ANI) February 1, 2023

09:55 AM: About Budget Architect Sanjay Malhotra

A Rajasthan cadre IAS officer of the 1990 batch, Malhotra joined the Department of Revenue in October last year. He has a tough task ¡ª a clamour for tax relief amid high inflation against the demand for revenues to fund additional spending ahead of the elections.

Malhotra, an IIT Kanpur alumnus, is expected to focus on tax rationalisation and direct tax regime simplification. The upcoming budget is also expected to continue with the push to ease compliances and offer relief to all categories of taxpayers. It will also be watched for capital gains tax regime simplification.

09:54 AM: 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. 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.

09:51 AM: FM takes tablet in red pouch to present Budget

Finance Minister Nirmala Sitharaman on Wednesday again took a digital tablet wrapped in a traditional 'bahi-khata' style pouch as she headed for Parliament to present Union Budget 2023-24 in a paperless format just like the previous two years. She posed for the traditional 'briefcase' picture outside her office along with her team of officials before heading to meet the President. She, however, was holding a tablet instead of a briefcase to present the Budget in a digital format.

09:47 AM: Budget 2023 insight : A look at India's growth

Economy has slowed after growing 8.7% in 2021/22, when it was helped by the economic rebound after a 6.6% contraction during the pandemic. Worried over rising public debt, the government is likely to cut its fiscal deficit to between 5.8% and 5.9% of GDP in 2023/24 from the 6.4% of 2022/23, officials told Reuters. The government has already stopped the pandemic-era free food programme and is expected to cut subsidies for food and fertiliser by nearly $17 billion.

09:41 AM: Budget 2023 insight: Risk from global slowdown

Like many other economies, India is facing a risk from the global slowdown, which would impact domestic manufacturing and exports. And higher global prices for fuel and commodities caused a surge in inflation higher, and led to higher interest rates, which has also dampened economic growth. The Reserve Bank of India bank has raised its benchmark policy rate by 225 basis points since May 2022 to tame retail inflation - which accelerated to over 7% after a surge in food and energy prices following the Ukraine war.

09:39 AM: Finance minister Nirmala Sitharaman meet President Draupadi Murmu ahead of Budget presentation

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. pic.twitter.com/Nun9hhaVyi

¡ª President of India (@rashtrapatibhvn) February 1, 2023

09:27 AM: Bond yields seen little changed ahead of budget announcement

Government bond yields are expected to remain largely unchanged in early trading on Wednesday as market participants await the federal budget announcement due later in the day. The benchmark 10-year yield could move in the 7.26%-7.45% range, a trader with a private bank said, after closing six basis points lower at 7.3438% on Tuesday, and posting its biggest single-session fall in two months.

09:21 AM: Stock markets open higher ahead of Budget presentation

The benchmark BSE sensex started on a positive note, rising over 400 points; NSE Nifty is up 106 points at 17,768

09:13 AM: Union Budget 2023 to incorporate every section's expectations, says MoS Finance

Ahead of the presentation of Union Budget 2023-24 in the Parliament on Wednesday, Minister of state (MoS) for finance Pankaj Chaudhary said that the budget will incorporate the expectations of every section of society and will stand on everyone's expectations. Speaking to ANI ahead of the Budget, MoS Finance said that the people's expectations would be reflected in the Budget which will be presented later today.

09:07 AM: Union Budget 2023 live: Nirmala Sitharaman reaches Rashtrapati Bhavan, to call on President Draupadi Murmu

Delhi | Finance Minister Nirmala Sitharaman all set to present the Union Budget 2023 at 11am today

This is the BJP government's last full Budget before the 2024 general elections. pic.twitter.com/m2NRMHW7Ut

¡ª ANI (@ANI) February 1, 2023

08:56 AM: Budget live: Employment generation to be in focus

• Finance Minister Nirmala Sitharaman is expected to further give impetus to employment generation and job creation in the economy.

• The Economic Survey showed net addition to EPFO payroll is steadily moving upward, with the majority share coming from the youth.

• Employment in nine major sectors has increased by 10 lakh over the year 2021-22 as per the QES.

• Employment in the organised manufacturing sector has also been rising over the years, as per the ASI 2019-20 data.

• The steady increase in employment levels can be attributed to multiple measures taken to cushion the impact of Covid-19 on MSMEs, 158 Economic Survey 2022-23 street vendors, and manufacturing units and provide job opportunities through various targeted schemes and measures as detailed in later in the chapter, Economic Survey noted.

08:43 AM: Finance minister Nirmala Sitharaman reaches finance ministry

Nirmala Sitharaman has reached ministry of finance ahead of Budget presentation. She is expected to meet President Draupadi Murumu shortly.