Budget 2023 Live Updates: PM hails Budget as ‘foundation for a stronger India’

In his address to the nation after his government presented its ninth subsequent annual budget (the fourth in the current term), India's Prime Minister Narendra Modi hailed the investment of Rs 10 lakh crore in infrastructure and said it will give speed and new energy to development.

PM Modi praised the incentives for green growth in the budget and said this will provide impetus to green economy, green infrastructure and green jobs for a sustainable future amid global efforts to combat climate change.

The Budget will make cooperatives pivot of development of rural economy, the PM said.

"This budget will fulfil dreams of aspirational society including poor people, middle-class people, farmers. It gives priority to the deprived," India's Prime Minister Narendra Modi said. 

Nirmala Sitharaman made several announcements in the Union Budget 2023-2024. Here's a brief. 

 (lakh crore is a trillion)

Market reaction to the Budget: Sensex up over 980 points, currently trading at 60,534; Nifty at 17,919. 

Income Tax Changes: "The new tax rates are 0 to Rs 3 lakhs - nil, 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 Nirmala Sitharaman

In a major relief for the middle class, an Income tax rebate was extended on income up to Rs 7 lakhs under the new tax regime. The announcement was made by Indian Finance Minister Nirmala Sitharaman as she presents the Union Budget 2023-2024 in Parliament. 

FM Nirmala Sitharaman said, "I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs." 

Personal Income Tax: "The new tax rates are 0 to Rs 3 lakhs - nil, 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 Nirmala Sitharaman

FY-2024 fiscal deficit target at 5.9% of GDP. The revised fiscal deficit is at 6.4% of GDP. Finance Minister Nirmala Sitharaman reiterated their intentions to bring the fiscal deficit below 4.5% of GDP by 2025-26. 

Credit guarantee for MSMEs, Rs 9000 crores infused in the corpus which will allow additional collateral-free credit of Rs 2 lakh crores; to be effective from 1st April 2023: FM Sitharaman.
 

A one-stop solution for reconciliation & updating of identity and address of individuals maintained by various govt agencies, regulators and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity: FM Nirmala Sitharaman
 

The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0. To arm the youth for international opportunities, 30 Skill India International Centres will be set up across different States. 

FM Nirmala Sitharaman told Parliament that in order to unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out. She said that this will enable access to anonymised data. 

States will be supported in replacing old vehicles. FM Nirmala Sitharaman apprised the Parliament that Rs 35,000 crores priority capital for the energy transition; Battery storage to get viability gap funding. 

Capital investment outlay increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP, said FM Sitharaman in Indian Parliament. In aid to state governments, Finance Minister said that a 50-year interest-free loan to them will be provided for one more year. 

The outlay for PM Awaas Yojana being enhanced by 66 pc to over Rs 79,000 crores. Additionally, capital investment outlay being increased by 33 pc to Rs 10 lakh crores, which would be 3.3 pc of GDP, said FM Sitharaman. 

All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode, said FM Nirmala Sitharaman in her remarks as India gets Union Budget 2023-2024. 
 

To improve social-economic condition of the Particularly Tribal Groups, 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, said FM Nirmala Sitharaman. 
 

FM Nirmala Sitharaman during her Budget speech said that a total of 157 new nursing colleges will be established in collocation with the existing 157 medical colleges established since 2014. 

An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs, said Finance Minister Nirmala Sitharaman. India is all set to get its Union Budget 2023. 
 

The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments: Finance Minister Nirmala Sitharaman as she presents Union Budget 2023.
 

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 said as she presents Union Budget 2023. 
 

Finance Minister Nirmala Sitharaman in her remarks while presenting the Union Budget 2023 said that in these times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order:
 

Union Cabinet approves Union Budget 2023. Indian Nirmala Sitharaman to table it soon in Parliament. World recognises Indian economy as "bright star," she said in her opening remarks. 

Cabinet meeting kicked off at Parliament as the Indian FM is all set to present the Budget 2023 soon. Meanwhile Indian Parliamentary Affairs Minister Pralhad Joshi said that the budget will be pro-poor and pro-middle class. 

Indian Union Budget copies have been brought to Parliament as they are soon to be tabled by Finance Minister at 11am. A sniffer dog sniffed the copies of the Union Budget 2023 that have been brought to the Parliament. Indian FM Nirmala Sitharaman along with her team at Parliament will deliver her fifth Budget today. 

Union Cabinet meeting which is being chaired by Indian Prime Minister Narendra Modi kicked off at Parliament. Once the Cabinet approves the Indian Union Budget 2023, it will be presented in Parliament by Indian Finance Minister Sitharaman. 

Indian Prime Minister Narendra Modi arrived at the Parliament as the Union Cabinet meeting will be held shortly. Following this, Union Finance Minister Nirmala Sitharaman will present the Union Budget 2023 at the Parliament at 11 am.

Union Finance Minister Nirmala Sitharaman along with Minister of State (MoS) Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and Ministry of Finance senior officials called on President Droupadi Murmu at Rashtrapati Bhavan. Indian FM to table Union Budget 2022-2023 in Parliament today. 

The Cabinet headed by Prime Minister Narendra Modi will approve the Budget for the fiscal year 2023-24 before it is presented.

While traditionally, copies of the Budget are brought to the Parliament complex before the Finance Minister arrives, this year no document has been printed following the COVID-19 protocol.

The Budget copies will be disseminated electronically, with documents being uploaded on the government website as well as being made available on a special app developed for the same.

Finance Minister Nirmala Sitharaman along with ministers of state Pankaj Chaudhary and Bhagwat Karad and Finance Secretary TV Somanathan met President Droupadi Murmu ahead of tabling the Budget, as per tradition. 

Union Finance Minister Nirmala Sitharaman will present the Union Budget from a digital device instead of the traditional "bahi-khata". Wednesday`s Budget will be Sitharaman`s fifth as Finance Minister. In 2019, she had presented the budget from a traditional "bahi-khata" rather than from a leather briefcase. 

Finance Minister Nirmala Sitharaman has reached the Ministry of Finance in the North Block in the Central Secretariat building ahead of presenting the Budget for the year 2023-24. She is expected to meet President Draupadi Murumu shortly.

Among other sectors, the government's focus on the energy sector will be closely monitored, considering the set targets in green energy, which is expected to play an important role in India's economic growth. 

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Budget 2023 Live Updates: Indian Union Finance Minister Nirmala Sitharaman will present the Budget 2023-24 in Parliament today. The Budget assumes significance by the fact that the country is scheduled to have the next Lok Sabha election in April-May 2024.