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Union Budget 2023 Live Updates: Finance Minister to present Union Budget today

Union Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 on Wednesday in Lok Sabha.

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New Delhi: 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.

 

LIVE UPDATES

  • Centre will provide Rs 5,300 crore assistance to the drought-prone regions of Karnataka for irrigation purposes, announces Union finance minister Nirmala Sitaraman
  • Mahila samman saving certificate for 2 years period to be launched, announces FM
  • Deposit limit for ‘senior citizen saving scheme’ will be enhanced from 15 lakh to 30 lakh,” announces FM
  • I propose to increase the rebate limit from 5lakhs to 7-lakhs, says the FM Nirmala Sitaraman.
  • 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
  • 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%
  • Average processing time for income tax returns reduced from 93 days to 16 days
  • 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, says 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
  • States will be encouraged to set a ‘Unity Mall’ in State capital or the most popular tourist destination in the state for the promotion and sale of ‘One District, One product’ and GI products and other handicrafts.
  • 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
  • Custom duty on cigarettes increased: FM Nirmala Sitharaman
  • 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.
  • 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism.
  • Phase 3 of the eCourt’s project will be launched with an outlay of Rs 7000 Crores
  • 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.
  • The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0: FM Nirmala Sitharaman
  • To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States
  • Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up
  • To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out.
  • 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: FM Nirmala Sitharaman.
  • FM Nirmala Sitharaman announces Rs 35,000 crore for priority capex for energy transmission, net zero emission.
  • FM announces Capital outlay of ₹2.40 lakh crore for railways.”This highest-ever outlay is about 9 times the outlay made in 2013-14,” says FM.
  • Three centres of excellence for Artificial intelligence will be set up.” says FM.
  • 100 labs for for developing 5G services will be set up, says FM.
  • All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode
  • 50-year interest free loan to State governments extended for one more year: FM Sitharaman
  • FM Nirmala Sitharaman says capital expenditure outlay increased by 33%.
  • Pradhan Mantri PVTG (Primitive Vulnerable Tribal Groups) development mission is being launched, says FM.
  • 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.
  • 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.
  • The outlay for PM Awaas Yojana being enhanced by 66% to over Rs 79,000 crores: FM Nirmala Sitharaman.
  • Eklavaya Model Residential Schools -in the next 3 years the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students:FM
  • 50 new airports, heliports to be established for improving regional connectivity: FM
  • 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.
  • 157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014.
  • 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
  • Indian Institute of Millet Research will be supported as a centre of excellence: 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
  • 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.
  • Promotion of tourism will be taken up on mission mode with active participation of states, the convergence of Govt programs & public-private partnerships: FM
  • The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments: Finance Minister.
  • India to supply free food grains to all antyodaya and priority households for the next 1 year, we are implementing from Jan 1, 2023, says FM.
  • An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs
  • Priorities of Budget 2023-24 – inclusive development, reaching the last mile, infra & investment, unleashing the potential, green growth, youth and financial sector.
  • 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
  • Promotion of tourism will be taken up on mission mode.
  • 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.
  • 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
  • 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.
  • 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: Finance Minister Nirmala Sitharaman.
  • Indian economy on the right track, and heading towards a bright future: Finance Minister Nirmala Sitharaman.
  • Finance Minister Nirmala Sitharaman presents Union Budget 2023-24. This is the first Budget in Amrit Kaal,” FM says.
  • Union Cabinet meeting chaired by PM Modi begins at Parliament After the Cabinet approves the Budget 2023, it will be presented in Parliament by FM Sitharaman.
  • Prime Minister Narendra Modi arrives at the Parliament.
  • Union Ministers Anurag Thakur and G Kishan Reddy arrive at the Parliament.
  • Union Home Minister Amit Shah and Defence Minister Rajnath Singh arrive at the Parliament.
  • Union Finance Minister Nirmala Sitharaman arrives at the Parliament. A Union Cabinet meeting will be held here at 10 am following which the Finance Minister will present the Union Budget 2023 in the Parliament at 11 am.
  • Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS 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.
  • Finance Minister Nirmala Sitharaman reaches Rashtrapati Bhavan to call on President Murmu.
  • Finance Minister Nirmala Sitharaman all set to present the Union Budget 2023 at 11am today.
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