Union Budget 2023-24 Live Updates

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

Personal income-tax | Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime: FM Sitharaman

To promote value addition in the manufacturing of TVs, I propose to reduce the Basic Customs Duty on parts of open cells of TV panels to 2.5%: FM Nirmala Sitharaman 

Average processing time for income tax returns reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism: FM Sitharaman

I propose to provide relief on Customs Duty on import of certain parts & inputs like camera lens & continue the concessional duty on lithium-ion cells for batteries for another year: FM Nirmala Sitharaman

PM VIKAS (Pradhan Mantri Vishwakarma Kaushal Samman), which was announced in Budget 2023, will include skilled people who are engaged in various traditional and skilled professions.

Budget: Govt raises capital expenditure outlay by 33 pc to Rs 10 lakh crore

Budget: Govt raises capital expenditure outlay by 33 pc to Rs 10 lakh crore

Custom duty on cigarettes increased: FM Nirmala Sitharaman

I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, automobiles: FM Nirmala Sitharaman

Budget: Capital outlay for railways pegged at Rs 2.40 lakh cr, highest ever

FY-2024 fiscal deficit target at 5.9% of GDP: FM Sitharaman

The revised fiscal deficit is at 6.4% of GDP: FM Sitharaman

FM Sitharaman announces 7 priorities of Budget

100 labs for developing apps using 5G services will be set up in engg 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  

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

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

The Pradhan Mantri Kaushal Vikas Yojna 4.0 will be launched to skill lakhs of youth within 3 years. The scheme will cover new-age courses for industry 4.0 like coding, AI, Robotics, mechatronics, IOT, 3D printing, drones and other soft skills.

Coastal shipping will be promoted as the energy efficient and lower cost mode of transport for both passengers and freight: FM

30 Skill India International Centres will be set up across different states to skill the youth for international opportunities : FM

PAN will be used as common identifier for all digital systems used by government agencies #BudgetWithBW

All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode: FM Nirmala Sitharaman

50-year interest free loan to State governments extended for one more year: FM Sitharaman

Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP: FM Sitharaman

The outlay for PM Awaas Yojana being enhanced by 66% to over Rs 79,000 crores: FM Nirmala Sitharaman

States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources: FM Nirmala Sitharaman

A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility: FM Nirmala Sitharaman

Eklavaya Model Residential Schools: The Center will hire 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students over the next three years: FM Nirmala Sitharaman

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: FM Nirmala Sitharaman

157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014: FM Nirmala Sitharaman

157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014: FM Nirmala Sitharaman

PM Vishwa Karma Kaushal Samman-package of assistance for traditional artisans and craftspeople has been conceptualised, will enable them to improve quality, scale & reach of their products, integrating with MSME value chain: FM Nirmala Sitharaman in Parliament

Indian Institute of Millet Research will be supported as a centre of excellence: FM Nirmala Sitharaman in Parliament

Teachers Training will be upgraded to serve contemporary expectations

Proposal to establish 157 new nursing colleges in co-location with 157 hospitals established recently

Green with E.N.V.Y is another focus on the budget.

E - Entrepreneurship

N- Nation building

V - Values based

Y - Young India 

Digital, Skilling, Market access, inclusiveness seems to be the trend setter in the budget announcements so far. Stakeholders to benefit are women, youth, rural India.

The country offers immense attraction for domestic as well as foreign tourists. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular: FM Nirmala Sitharaman

The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries: FM Sitharaman

Priorities of Budget 2023-24 - inclusive development, reaching the last mile, infra & investment, unleashing the potential, green growth, youth and financial sector:  Finance Minister Nirmala Sitharaman

"Promotion of tourism will be taken up on mission mode," says Finance Minister Nirmala Sitharaman during Budget 2023-24 presentation.

Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this 'janbhagidari' through 'sabka saath, sabka prayaas' is essential: FM Nirmala Sitharaman

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

Govt's efforts since 2014 have ensured for all citizens, a better quality of life & life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world: FM Sitharaman

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: Finance Minister Nirmala Sitharaman

We have a conducive ecosystem on the country, as reflected in global indices, says FM

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 presents #UnionBudget2023

FM gives credit to the digital backbone that India has credibly developed.

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

"This is the first Budget in Amrit Kaal," FM says.