Daijiworld Media Network – New Delhi

New Delhi, Feb 1: Finance Minister Nirmala Sitharaman on Wednesday February 1 presented the Union Budget 2023 in Parliament.

During her budget speech, the finance minister said the focus remains on widening the scope of economic growth, boosting key areas like infrastructure and manufacturing and job creation.

Finance Minister Nirmala Sitharaman said the Indian economy is on the right track and, despite challenges, it is heading towards a bright future. "Our focus on wide ranging reforms and sound policies helped us perform well in trying times. India's rising global profile is because of several accomplishments: a unique world-class digital public infrastructure, Covid vaccination drive and a proactive role in frontier areas.

The finance minister said the government has implemented a scheme to supply free food grains to priority households for the next one year, under PM Garib Kalyan Anna Yojana. The entire expenditure of about Rs 2 lac crore will be borne by the government, said the finance minister.

There are seven priorities that will be the focus of the Union Budget, said the finance minister. They are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.

The finance minister said this budget will lay the roadmap for the Amrit Kaal, which will include technology-driven growth and a knowledge-based economy. "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," she said.

As expected earlier, the finance minister made several announcements to boost the overall agricultural sector, including providing affordable solutions for challenges faced by farmers. She announced an agriculture accelerator fund to "transform" the sector.

The agricultural credit target will be increased to Rs 20 lac crore, with focus on animal husbandry, dairy and fisheries. "We will launch a new sub-scheme with targeted investment of Rs 6,000 crore to aid activities of fishermen, fish vendors and MSMSEs," said Nirmala Sitharaman.

The finance minister said 157 new nursing colleges will be established in co-location with the existing 157 medical colleges established since 2014. ICMR labs will be made available for research by public and private medical college faculty and private sector R&D teams, to encourage collaborative research and innovation.

She also announced a new programme to promote research and innovation in pharmaceuticals. The government will also encourage industry to invest in research and development in specific priority areas.

A National Digital Library for children and adolescents will be set up to facilitate the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility, said the finance minister.

The outlay for the Pradhan Mantri Awas Yojana, an initiative by the Government of India in which affordable housing will be provided for the urban poor, is being enhanced by 66 per cent to over Rs 79,000 crore.

Investment and job creation continues to be the government's top priority, as outlined by the finance minister in her budget speech.

During her budget speech, Finance Minister Nirmala Sitharaman said capital investment outlay is being increased by 33 per cent to Rs 10 lac crore, which would be 3.3 per cent of GDP.

She also announced that the provision for 50-year interest-free loans to state governments has been extended by another year. This will be done to spur investment in infrastructure and to incentivise them for complimentary policy actions, with enhanced outlay of Rs. 1.3 lac crore.

The finance minister announced that the total outlay for the Indian Railway budget will be Rs 2.40 lac crore, nine times more than the total outlay in 2013-14.

For business establishments required to have a Permanent Account Number, the PAN will be used as a common identifier for all Digital Systems of specified government agencies, said the finance minister.

The fiscal deficit target for FY24 has been reduced to 5.9 per cent of the GDP, compared to 6.4 per cent for FY23. The finance minister said, "I reiterate my intention to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26."

The finance minister said a number of basic customs duty rates on goods other than textiles and agriculture should be reduced from 21 per cent to 13 per cent. As a result, there will be minor changes in the basic customs duties, cesses and surcharges on some items including toys, bicycles and automobiles. The customs duty on cigarettes has gone up once again.

"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," the finance minister said.

Finance Minister Nirmala Sitharaman said the income tax rebate has been extended on income up to Rs 7 lac, under the new income tax regime.

"Introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lacs. I propose changing the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lacs," she said.

She also proposed to make tax slabs more flexible under the new tax regime. "The new tax rates are 0 to Rs 3 lacs - nil, Rs 3 to 6 lacs - 5%, Rs 6 to 9 Lacs - 10%, Rs 9 to 12 Lacs - 15%, Rs 12 to 15 Lacs - 20% and above 15 Lacs - 30%, " said finance minister Nirmala Sitharaman.

Some highlights of the Budget:

* Railways get Rs 2.4 lakh crore, which is the highest ever allocation to it

* Agricultural credit target increased to Rs 20 lakh crore

* Mobility Infra -- 50 additional airports, heliports

* 50 destinations to be selected through challenge mode for tourism

* Mahila Samman Savings Certificate will be made available for two years, deposits of up to Rs 2 lakh at 7.5 per cent interest

* Senior Citizens' Savings Scheme deposit limit raised to Rs 30 lakh from Rs 15 lakh

* Income tax rebate limit increased from Rs 5 lakh to Rs 7 lakh under new tax regime

* Allocation for PM Awas Yojna increased by 66 per cent to over Rs 79,000 crore

* Capital investment outlay to be raised by 33 per cent to Rs 10 lakh crore, which will be 3.3 per cent of GDP in fiscal 2024

* Effective capital expenditure of centre to be - Rs 13.7 lakh crore

* 157 new nursing colleges in major locations

* Mission to eliminate sickle cell anaemia by 2047

* Tribals to get Rs 15,000 crore over next three years for safe housing, sanitation, drinking water, and electricity .

* Manhole to machine-hole mode -- All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks .

* Eklavya Model Residential Schools - 38,800 teachers will be hired

* Goal 'Make AI in India', 'Make AI Work For India' -- three centres for excellence for AI will be set up in top educational institutes

* Rs 2,516 crore for Computerisation of 63,000 credit societies

* 100 labs to develop apps using 5g services to be set up in engineering institutions

* Rs 35,000 crore for energy transition to net-zero emission goals

* Green Hydrogen Mission for reduced dependence on fossil fuel

* Battery energy storage systems of 4000 MWh will be supported

* 39,000 compliances reduced for ease of doing business,

* 30 Skill India international centres to be set up

* Natural Farming - one crore farmers will get assistance

LIVE UPDATES

12.28 - The new regime is the default tax regime, says FM

12.26 - New tax slabs - Rs 3L-6L- 5%, Rs 9L-Rs 12L- 15%, Rs 15L+ - 30% - A benefit of Rs 52,000 for those earning above Rs 15.5 lakh.

12.22 - Currently those earning under Rs 5 lakh do not pay any tax. I propose to increase the rebate to Rs 7 lakh: FM

12.18 - FM Sitharaman announces a low tax rate of 15 per cent for new co-ops.

12.09 - Revisedfiscal deficit target for FY24 is 5.9 per cent of GDP, fiscal deficit for FY23 retained at 6.4 per cent. Fiscal deficit will be below 4.5 per cent of GDP by 2025: FM

12.05 - The maximum deposit limit for senior citizens hiked from Rs 15 lakh to Rs 30 lakh: FM Sitharaman

12.01 - 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: Sitharaman

11.59 - Rs 9,000 cr more in credit guarentee scheme for MSMEs, a comprehensive review of regulations: FM

11.53 - For 'Amrit Peedhi', we developed the National Education Policy. The government aims to skill lakhs of youths over the next three years. New age courses on AI and technology will be brought. 30 skilling centres to be set up. Stipend support will be given to 47 lakh youths: FM

11.50 - The government announced a Rs 20,700 cr outlay for renewable energy plan in Ladakh: FM

11.49 - Rs 10,000 cr for Govardhan scheme; FM announces PM Pranam Yojana for environment goals of the Centre

11.47 - Rs 35,000 crore investment for the government's net zero objectives: FM

11.45 - To further India's goal of zero carbon emissions by 2070, the government's outlay is Rs 19,700 crore for green growth: FM

11.44 - 100 labs will be set up for developing 5G service applications in India: Sitharaman

11.43 - The government will bring in a National Data Governance policy soon: FM

11.42 - More relief to MSMEs through Vivad se Vishwas Act. This will help settle contractual disputes: FM

11.40 - 50-year interest free loan to state governments extended for one more year: Sitharaman

11.36 - Rs 75,000 cr for 100 critical transport infrastructure projects: Sitharaman

11.35 - 50 airports to be developed for better air connectivity: FM Sitharaman

11.33 - Capital outlay of Rs 2.4 lakh crore for Railways in FY24. This is a 9x increase over FY14, highest ever for Railways: Sitharaman

11.32 - Capital investment outlay to be 3.3% of GDP in FY24 at Rs 10lakh crore, 3 times more than that in 2019: FM

11.29 - PM AWAS Yojana outlay is being increased 66% to Rs 79,000 cr: Sitharaman

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

11.21 - The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments: FM Nirmala Sitharaman

11.20 - India is at the forefront of popularising millets. Our government aims to make India a global hub for millets: Sitharaman

11.18 - The government, in a bid to increase digital infrastructure in the rural areas and boost rural startups, will set up an accelerator fund for agri startups - FM

11.16 - Promotion of tourism will be taken up on mission mode: Sitharaman

11.14 - Priorities of this Budget are Inclusive development, Infra and investment, Unleashing the potential, Green growth, Youth power and Financial sector - FM

11:13 - Under our govt, per capita income doubled to Rs 1.97 lakh: FM

11:11 - During the Covid-19 pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months: Nirmala Sitharaman

11:10 - Our government has achieved Covid vaccination of 102 crore people, 48 crore PM Jan Dhan acocunts, insurance cover for 46 crore persons, cash transfer of Rs 11.4 crore farmers under PM Kisan: FM

11:06 - 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: Nirmala Sitharaman

11.03 - The Indian economy is on the right track despite the time of challenges presented by Covid-19, heading towards a bright future: FM 

Updated 

New Delhi, Feb 1 (IANS): The Union Cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday approved the Budget 2023-24 ahead of it being tabled by Finance Minister Nirmala Sitharaman in Parliament. 

Before the cabinet meeting, Sitharaman along with Minister of States Pankaj Chaudhary and Bhagwat Karad met President Droupadi Murmu. 

"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," the President tweeted.

This is the fifth Budget presentation by the Union Finance Minister. 

She will lay a statement of the estimated receipts and expenditure of the government for 2023-24 in Parliament. 

The Finance Minister will also lay out statements of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, on medium-term fiscal policy cum fiscal policy strategy and on macro-economic framework. 

Sitharaman will further introduce the Finance Bill 2023 in the Lower House.

Earlier reports

FM Sitharaman meets Prez Murmu ahead of presenting Budget 2023-24

New Delhi, Feb 1 (IANS): Finance Minister Nirmala Sitharaman met President Droupadi Murmu at the Rashtrapati Bhavan ahead of presenting the Budget 2023-24 in Parliament on Wednesday.

Finance Minister Sitharaman will present the last budget of the Modi 2.0 government at 11 a.m.

On the first day of the Budget session which got underway on Tuesday, Prime Minister Narendra Modi said that Budget 2023-24 will aim to fulfill the aspirations of the common man.

He also said that the world is looking at the Indian economy as a bright spot.

The same day, the Economic Survey 2022-23 was tabled in Parliament which projected the Indian economy to grow 6-6.8 per cent in 2023-24 with a baseline growth rate of 6.5 per cent.

Though the survey presents an optimistic growth outlook for next year, it also highlights the risk of an "entrenched inflation" and hence "higher and longer" interest rates, and a "depreciating rupee" leading to higher current account deficit, both on account of global headwinds.

Finance minister Nirmala Sitharaman to present Union Budget for 2023-24

New Delhi, Feb 1 (IANS): Union Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 on Wednesday in Lok Sabha.

She will lay a statement of the estimated receipts and expenditure of the government for 2023-24.

The Finance Minister will also lay statements of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, on medium-term fiscal policy cum fiscal policy strategy and on macro-economic framework.

Sitharaman will further introduce the Finance Bill 2023 in the Lower House.