Union Budget 2023: As it Happened

By Lokmat English Desk | Published: February 1, 2023 08:56 AM2023-02-01T08:56:14+5:302023-02-01T12:56:34+5:30

Finance Minister Nirmala Sitharaman will deliver the Union Budget 2023 at 11am today. This will be the last full ...

Union Budget 2023: As it Happened | Union Budget 2023: As it Happened

Union Budget 2023: As it Happened

Finance Minister Nirmala Sitharaman will deliver the Union Budget 2023 at 11am today. This will be the last full Budget of the second Narendra Modi government ahead of general elections in 2024. The Union Budget 2023 might not offer any major relief to households due to fiscal restraints. It would focus on long-term growth instead. Finance Minister Nirmala Sitharaman is expected to announce increase in budget allocations for  health, education and rural projects, helped by a pick up in tax collections. She might tweak tax rules including an alteration to the structure of capital gains tax, which would encourage investments. 
 

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08:57 AM

Ahead of Budget 2023, the Goods and Services Tax (GST) collection in January surged to over Rs 1.55 lakh crore, the second highest-ever mop-up, the finance ministry said on Tuesday. "The gross GST revenue collected in the month of January 2023 till 5:00 PM on 31.01.2023 is Rs 1,55,922 crore of which CGST is Rs 28,963 crore, SGST is Rs 36,730 crore, IGST is Rs 79,599 crore (including Rs 37,118 crore collected on import of goods) and cess is Rs 10,630 crore (including Rs 768 crore collected on import of goods)," the ministry said in a statement.

08:58 AM

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

09:04 AM

Around 73 per cent people believe that the upcoming Union Budget 2023 needs to address ‘reduction in prices of essential items like soap, detergent, cooking oil etc, while 54 per cent believe that it should look into the GST exemption of essential items.

09:04 AM

Experts believe government should revamp the new income tax regime as out of 7 crore income tax return filers, less than 5 lakh tax savers have opted for the new regime.

09:05 AM

Finance Minister Nirmala Sitharaman is expected to announce measures that will give impetus to private sector investment in the economy which is crucial for sustained job creation. According to the Economic Survey, a fundamental principle behind the government’s policy in the post-2014 period has been the engagement with the private sector as a partner in the development process. Significant initiatives have been introduced under Aatmanirbhar Bharat and Make in India programmes to enhance India’s manufacturing capabilities and exports across the industries.

09:15 AM

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.

09:34 AM

Prime Minister Narendra Modi said the Economic Survey 2022-23 presents a comprehensive analysis of India's growth trajectory, including the global optimism towards the country.Modi tweeted, "The Economic Survey presents a comprehensive analysis of India's growth trajectory including the global optimism towards our nation, focus on infra, growth in agriculture, industries and emphasis on futuristic sectors."

09:40 AM

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

09:54 AM

Finance Minister Nirmala Sitharaman meets President Droupadi Murmu at the Rashtrapati Bhavan

 

10:24 AM

Union Budget 2023: Prime Minister Narendra Modi reaches Parliament

10:26 AM

Home Minister Amit Shah reaches Parliament

10:30 AM

BJP to conduct nationwide campaign on Union Budget to highlight pro-people measures

The BJP will start a 12-day nationwide campaign on Wednesday to make people aware of the "pro-people" measures that are to be announced in the Union Budget. The campaign will be coordinated by senior BJP leader Sushil Modi and conclude on February 12.BJP president J P Nadda has formed a task force comprising nine members, including party general secretary Sunil Bansal and heads of its farmer and youth wings, to organise discussions, press conferences or seminars on the Union Budget in all districts of the country
 

 

10:45 AM

Union Budget 2023: 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. Union Finance Minister Nirmala Sitharaman will today (1 February, 2023) present the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections.The plan is expected to boost funds for infrastructure, defense and logistics, providing windfalls for related companies. 
 

 

11:01 AM

Union Cabinet approves Budget 2023-24

The Union Cabinet has approved the Union Budget 2023-24. Finance Minister Nirmala Sitharaman will be presenting it in Parliament shortly. This is this government’s last full-fledged Budget before the Lok Sabha polls early next year.

11:04 AM

FM Nirmala Sitharaman begins Union Budget speech, says this is the first budget in Amrit Kaal

 

11:05 AM

We hope to build on the foundation laid in the previous budget: FM

 

11:05 AM

The world has recognized Indian economy as the bright star. Our economic growth is expected to be at 7%, highest among major economies: FM

 

11:06 AM

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

 

11:07 AM

During the pandemic, we ensured that no one goes to bed hungry with a scheme to supply free foodgrains: FM

 

11:07 AM

The G20 presidency will give India a unique opportunity to help strengthen a new world order: FM

 

11:07 AM

Union budget live: During the pandemic, we ensured that no one goes to bed hungry with a scheme to supply free foodgrains: FM

 

11:11 AM

Indian economy has become a lot more formalized with EPFO membership doubling: FM

 

11:12 AM

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11:33 AM

Union Budget 2023: Finance Minister announces measures for health front

157 new nursing colleges to be established in co-location with existing 157 med colleges established since 2015

Mission to eliminate sickle cell anemia by 2047

Facilities in select ICMR labs will be made available for research by public & pvt medical facilities

A new programme to promote research & innovation in pharmaceuticals will be taken up by Centres of Excellence

 

11:44 AM

Union Budget 2023; Finance Minister announces agriculture accelerator fund for agritech startups

In a bid to promote agriculture among youth, the Finance Minister said: "An agriculture accelerator fund to be set up to encourage agri startups by young entrepreneurs. A digital public infra for agriculture will be built as an open-source, interoperable public good."The fund will focus on bringing innovative solutions for challenges faced by farmers. According to the Economic Survey 2022-23 tabled in Parliament on Tuesday, agritech startups have raised around Rs 6,600 crore over the last four years from private equity investors, witnessing a growth of over 50% per annum.
 

 

11:53 AM

National digital library for children and adolescents to be set up

National digital library for children and adolescents will be set up for facilitating availability of quality books across geographies, languages genres and levels and device agnostic, accessibility. States will be urged to setup physical libraries for them at Panchayat and all level to provide infrastructure for accessing the National Digital Library resources.

11:55 AM

Regional languages to be promoted

To build a culture of reading and to make up for pandemic time learning loss, the National Book Trust, the Children's Book Trust, and other sources will be encouraged to provide and books and other material in regional languages, and in English to these physical libraries.

11:55 AM

100 labs for developing applications using 5G services to be set up in engineering institutions

A total of 100 labs will be set up in engineering institution with various authorities, regulators, banks and other business for developing applications using 5G services. To realise the new range of opportunities, business models and employment potential, the labs will cover, among others, applications such as smart classrooms, precision farming, intelligent transport systems and healthcare applications

11:56 AM

38,800 teachers to be recruited in next 3 years

In the next 3 years, Centre will recruit 38,800 teachers and support staff for the 740 model Eklavya Model Residential Schools which are serving  3.5 lakh tribal students.

12:04 PM

Sitharaman proposes launch of unified skill India digital platform

The digital ecosystem for skilling will be further expanded with the launch of a unified skill India digital platform for enabling demand based formal skilling, linking with employers including MSMEs and facilitating access to entrepreneurship schemes to provide stipend support to 47 lakh youths in three years. Direct benefit transfer under pan India National Apprenticeship promotion scheme will be rolled out.
 

12:15 PM

Centre announces Capital outlay of ₹2.4 lakh crore for Railways

India's government will raise its capital expenditure by 33% to 10 trillion rupees ($122.29 billion) in the next fiscal year,  finance minister Nirmala Sitharaman said on Wednesday. "The Indian Railways capital outlay has been set at 2.40 lakh crore, highest ever; 9x of what was in 2013," Finance Minister Nirmala Sitharaman said in her Budget speech on February 1. The railways was allocated Rs 1.4 trillion in the Union Budget 2022-23, of which Rs 1.37 trillion is earmarked for capital expenditure and Rs 3,267 crore for revenue expenditure. The funds will be spent on building railway tracks, wagons, trains, electrification, signalling, and developing facilities at stations while focusing on safety.

12:35 PM

Union Budget 2022: Tax rebate limit raised from ₹5 lakh to ₹7 lakh

In a major announcement, Govt hiked income tax rebate limit to ₹7 lakh under the new tax regime. “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,” the Finance Minister announced. 

12:46 PM

Union Budget 2023: Individuals with Income Up To 7 Lakh no need to pay tax 

Finance Minister Nirmala Sitharaman has proposed to increase the tax rebate to Rs 7 lakh under New Tax Regime. This means no tax will be levied on income up to Rs 7 lakh under New Regime. FM Nirmala Sitharaman says that the New Tax Regime will be the default tax regime. However, citizens will continue to reap the benefits of Old Regime. 

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