Union Budget 2023 was presented by Finance Minister Nirmala Sitharaman today. This year’s Budget holds much significance as this is the last full Budget before the 2024 general elections. This is the Finance Minister’s fifth Budget presentation since 2019.
The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved the Budget for the fiscal year 2023-24 (April 2023 to March 2024).
Since taking charge in 2014, Prime Minister Narendra Modi has ramped up capital spending including on roads and energy, while attracting investors through lower tax rates and labour reforms, and offering subsidies to poor households to clinch their political support.
Nirmala Sitharaman on Tuesday tabled the Economic Survey for this financial year. It said that India’s economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22.
Live Updates of Union Budget 2023:
“To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at ₹ 11.8 lakh crore, said Nirmala Sitharaman.
Cigarettes duty revised upwards, announced the Finance Minister.
“Tax receipts for next fiscal budgeted at ₹ 23.3 lakh crore,” said Ms Sitharaman.
“Relief in customs duty on mobile phone parts extended for another year. Reduce customs duty on TV panel parts,” said the Finance Minister.
Basic customs duty rates to be reduced from 21 to 13 per cent, she announced.
Fiscal deficit expected to be 5.9% of GDP. We aim to Aim to reduce it to 4.5% by 2025-26, said Ms Sitharaman.
Maximum investment for senior citizens – from ₹ 15 lakh to ₹ 30 lakh in small savings, she announced.
Mahila Samman Savings certificate for a 2-year period. This will offer deposit facility of up to 2 lakh at 7.5 per cent interest.
Fiscal support for digital public infra, she said.
Budget 2023: Financial Sector
Credit guarantee for MSMEs – ₹ 9000 crore infused in corpus. National financial information registry to be set up – facilitate credit flow and boost availability of information, announced Nirmala Sitharaman.
Budget 2023: Tourism
“50 destinations to be selected in challenge mode . Every destination to be developed at a complete package under ‘Dekho Apna Desh’ initiative,” she said.
“30 skill india international centres across different states will be set up,” the Finance Minister said.
The government will launch Pradhan mantri Kaushal vikas yojana 4.0, she said.
Budget: On old, polluting vehicles
“Vehicle replacement programme for old polluting vehicles,” said Ms Sitharaman.
Coastal shipping will be promoted, said Ms Sitharaman
The government announces MISHTI schemes for mangroves, said Ms Sitharaman.
1 crore farmers will get assistance to adopt natural farming, she said.
Green credit programme will be notified to encourage companies, individuals, she said.
Budget: Green Growth
“This Budget focuses on green growth. India heading for net zero “Panchamrit” goal by 2070. 35000 crore for priority capital investment for green energy transition. Battery energy storage systems of 4000 MWH will be supported,” she said.
“All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from manhole to machine hole mode. Cities will be encouraged to increase creditworthiness for municipal bonds,” said Ms Sitharaman.
“One stop solution for reconciliation of IDs maintained by various government agencies. PAN will be used as common business identifier,” she said.
Government announces ₹ 2.4 lakh crore for railways.
50 additional airports, heliports, water aerodromes, advanced landing zones to be revitalised
66 per cent increase in PM Awas Yojana to 79,000 crore, said Ms Sitharaman
“Capex outlay being increased 33% to 10 lakh crore. Will make up 3.3 per cent of GDP,” she said.
Budget 2023: National Digital Library
“National digital library for children and adolescents will be set up for facilitating quality books,” she said. “The National Book Trust, Children’s Book Trust will replenish non-curricular tirles in regional languages and english to digital libraries,” she added/
Budget 2023: Agriculture Focus
The government will set up an agriculture accelator fund to encourage startups in rural areas. The Indian Institute to Millet Research will be supported as a centre of excellence, she said.
New programme to promote research and innovation in pharma through centres of excellence, Ms Sitharaman said.
Mission to eliminate sickle cell anaemia by 2047, she said.
Budget 2023: Food Security Scheme
“Continuing our commitment to food security, we are implementing from January 1. a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana,” the Finance Minister said.
Will set up several cooperative societies for farmers, she said.
Blog 2023: 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 ₹ 2,200 crore, Ms Sitharaman said.
“Indian Institute of Millet Research will be supported as centre of excellence,” said Nirmala Sitharaman.
The government also aims to empower women by way of self-help groups focused on raw material supply, branding and marketing of products, she said.
“Indian economy has become more formalised as witnessed by significant enhancement in digital payments,” said Ms Sitharaman
“Agriculture accelerator fund will be set up to fund agri startups,” said Nirmala Sitharaman.
Budget 2023: Nirmala Sitharaman On 7 Priorities of Budget
Reaching last mile
Infrastructure and investment
“Promotion of tourism will be taken up on mission mode,” she said.
“Government implementing scheme to supply free grains to poor under PMGKAY with expenditure of ₹ 2 lakh crore from Jan 1,” said the Finance Minister.
“We ensured that no one went hungry during pandemic by providing free foodgrains to 80 crore poor people,” said Ms Sitharaman.
“India’s growth at 7 per cent in current fiscal highest among major economies; Indian economy on right track,” said Nirmala Sitharaman.
“The world appreciates India’s achievements,” said Finance Minister.
Economy has growth from tenth to fifth largest in the world, said Nirmala Sitharaman.
“G20 presidency gives us unique opportunity to strengthen India’s role in world economic order,” said Ms Sitharaman.
“Indian economy is on the right track, heading towards a bright future,” said the Finance Minister.
Just In: Nirmala Sitharaman presented Budget 2023 in Parliament. “First Budget of Amrit Kaal,” she said.
Budget 2023: Parliamentary Affairs Minister Pralhad Joshi on Budget
“This will be the best budget. This will be a pro-poor, pro-middle class budget,” said Parliamentary Affairs Minister Pralhad Joshi.
Budget 2023: Karnataka Chief Minister On Budget
“India’s economy is expected to grow at 6.8 per cent. It will be a pro-people Budget that will support the growth of the economy,” said Karnataka Chief Minister Basavaraj Bommai
Budget copies brought to Parliament ahead of Budget presentation