Budget 2023 Live Updates: Substantial changes made in personal income tax in Budget, new tax regime now more attractive, says FM

'National Data Governance policy, expected to be in line with the Data Protection Bill draft'

"National Data Governance policy, expected to be in line with the Data Protection Bill draft, should be the first steps to protecting citizens data and its usage. It Would be interesting to see the timelines of implementation and to what extent the government is willing to go in case of lapses to the policy," Manoj Kumar Shastrula, CEO & Founder, SOCLY.i.

Budget took dramatic bet on capex while continuing path of fiscal consolidation: NITI Aayog VC

The best part of the Budget presented by the finance minister was that it did not contain 'surprises', but took a dramatic bet on capex, while continuing the path of fiscal consolidation, NITI Aayog vice chairman Suman Bery said on Thursday. Describing the Budget for 2023-24 as 'responsible', Bery further said that it has maintained the focus on social sector schemes, especially on those related to women and tribal welfare. "The prime minister's stress on fiscal caution continued to guide the finance. "...the finance minister believed that India is best served by sticking to the profile of the fiscal consolidation that was announced under the FRBM Act and there were no surprises," he told PTI in an interview.

Exemption on ferrous scrap saving grace for stainless steel sector: Jindal Steel MD

The exemption on ferrous scrap and stainless steel scrap is the "saving grace'' for the industry, which is facing issues of raw material unavailability, JSL MD Abhyuday Jindal said on Thursday. Finance minister Nirmala Sitharaman tabled the Union Budget for 2023-24 in Parliament on Wednesday. In her budget speech, the finance minister proposed to continue the exemption from basic customs duty (BCD) on raw materials for manufacturing cold rolled grain oriented (CRGO) steel, ferrous scrap and nickel cathode to facilitate the availability of raw materials to the steel sector. "We are grateful that the Finance Minister has continued the exemption on ferrous scrap and stainless steel scrap. This is a saving grace for industries like ours where input materials are domestically not available/ inadequate, and who still have to compete with duty-free imports of subsidised finished goods in the market," Jindal said.

'Inclusive Budget with focus on most sectors'

"The Union budget was an inclusive one with a focus on most sectors. The allocation on Education has been hiked by 13% to Rs 5.17 Lakh Crore. This will help build new capacity in rural areas, and improve the existing facilities. The outlay will help develop new skills and earning streams via passive means. The announcement under Pradhan Mantri Kaushal Vikas Yojana (PMKVY) for skilling of youths. The 30 new Skill India International Centres across different states will help develop talent and thereby output. The AI centers will help the acceptability of machine learning," said Raunak Karwa, Founder and CEO of FinLearn Academy.

Continuing with its pitch to focus on tribal development, in the run-up to the 2024 Lok Sabha elections, the government has enhanced the Budget of the ministry of tribal affairs for 2023-24 by nearly 70% over the revised estimates for the ongoing financial year.

Finance Minister Nirmala Sitharaman on Wednesday recommended capping the deduction from capital gains on residential property investment under sections 54 and 54F at RS 10 crore.The new provision seeks to prevent huge deductions claimed by high-net-worth assesses after purchasing very expensive residential houses.

The move will not apply to death benefits under the policy. Also, Ulips will remain unaffected by the change, which will be with prospective effect – that is, it will be applicable for policies issued after March 31, 2023.

A Finance Bill amendment to Section 56(2)(viib) of the Income Tax Act -popularly known as angel tax in startup circles- has the potential to impact foreign investments in startups and create more litigations.

Banks, for the very first time, can finance M&A activity within Indian borders at GIFT City. It currently houses the only International Financial Services Centre (IFSC) in the country that provides international banking services from Indian shores.

Capital gains on sale of all listed securities in India mentioned below (other than debt oriented mutual funds or MFs) held for over 12 months are treated as LTCG.

The new income-tax regime has been made more lucrative. Under this, those with income up to 7 lakh a year need not pay tax.

Rent a home or buy one, that is a dilemma as complicated as the one Hamlet faced. And he didn’t even have a stiff EMI hanging over head.

PPF is a voluntary tax savings plan available for both salaried and non-salaried individuals where lumpsum payout is available after a specified lock-in period.

Transfer, redemption or maturity of Market Linked Debentures (MLDs) which are currently being taxed as long-term capital gain (after holding period of 1 year) at the rate of 10% without indexation are proposed to be taxed as short-term capital gains at the applicable slab rates.

2023 Budget live: Govt announces 150% hike in outlay of Swachh Bharat Mission-Urban

In a major boost to the Swachh Bharat Mission (Urban), the Centre on Wednesday announced a 150-per cent hike in the outlay of its flagship scheme with an allocation of Rs 5,000 crore in the Union Budget 2023-24. However, there has been a nine-per cent decrease, with an allocation of Rs 2,132 crore, for the construction of non-residential office buildings, including the Central Vista project, Parliament and Supreme Court, as compared to the revised estimates of Rs 2,344.08 crore in the last fiscal.

2023 Union budget live: 'The budget gives boost to govt's focus on Ayush integration in national health ecosystem'

The Union Budget has given a boost to the Centre's focus on integrating the traditional medicine system into the national health ecosystem, the Ayush ministry said on Wednesday. It said the total allocation to the Ayush Ministry has increased by 20 per cent to Rs 3,647 crore, it said. The budget has also emphasized on promoting evidence-based research in Ayush systems through Ayush research councils, the statement said. "Our Prime Minister Narendra Modi had recently talked about the need for evidence-based generation of the database for Ayurveda, which will fulfil the parameters of modern science. "The increasing budget allocation to Ayush research councils and institutes reflected the same commitment," read the statement.

Budget live: 'Message and thrust of budget is job creation'

The message and thrust of this Union Budget is job creation, Senior BJP leader Sushil Modi said on Wednesday, adding his party will hold townhalls and press conferences to spread the word about the pro-people measures announced by the finance minister. In a video interview with PTI, Modi said this budget emphasises on capital expenditure which has a multiplier effect on economy, and not doles which have led to inflation across the globe.

Budget live: 'Pro-farmer budget'

"It is heartening to see a pro-farmer budget and the announcement of Digital Public Infrastructure will bring the farmers, government, lenders, agri-tech players, and agri-market players on one platform. Digital public infrastructure for agriculture will revolutionize the farm sector by giving access to agriculture information and remove the information asymmetries between credit providers and borrowers (farmers), buyers and sellers. This will create a level playing field among producers, traders, procurers, processors and other value-added players in the agri value chain. The digital infrastructure will enable the farmers to get access to better services in a cost-effective manner." - Tharakeswar G, Co-founder & Interim CEO, Dvara E-Registry

Union budget live: The per capita income in India has more than doubled to Rs 1.97 lakh over the past nine years

"The government's efforts since 2014 have ensured for all citizens a better quality of living and a life of dignity. The per capita income in India has more than doubled to Rs 1.97 lakh over the past nine years," Union finance minister Nirmala Sitharaman said in her Budget speech on Wednesday. In these nine years, the size of the Indian economy has increased from being tenth to the fifth largest in the world. "We have significantly improved our position as a well-governed and innovative country with a conducive environment for business as reflected in several global indices," she said.

Budget 2023: 'Focus on building knowledge-driven economy'

"We welcome the government's focus on building a knowledge-driven economy to provide all students with equal opportunities and foster inclusive development. Employing more teachers and support staff for the Eklavya model schools will greatly benefit tribal students. The setting up of a national digital library and the creation of other knowledge assets for children (such as new labs) will also provide them with access to quality books, enhancing their learning experience and driving our country's progress." - Ajay Gupta, Founder of Bachpan Play Schools and Academic Heights Public Schools

Budget 2023 live: 'Eligible homeowners can expect interest subvention relief'

"The outlay for PM Awaas Yojana being, which has been enhanced by 66% to over Rs 79,000 crore, is great news in the affordable housing market. Eligible homeowners can expect interest subvention relief on their properties. Meanwhile, the government has proposed to reduce the highest surcharge rate from 37% to 25% in the new tax regime. This would mean lower taxes for anyone earning more than Rs. 5 crore. High net individuals impacted by the surcharge have reasons to be happy. Mid income groups too. Essentially, income up to Rs 7.5 lakh a year is now tax-free. This will boost sentiment at those income levels. Taxes may marginally reduce between Rs. 7 and Rs. 15 lakh on the new regime. Taxpayers now need to evaluate if they still need to be on the old regime. The new regime is going to be the way forward. The old regime with its brackets frozen in 2013 may not be enhanced anytime soon," said Adhil Shetty, CEO of Bankbazaar.com.

Union Budget live: 'Measures will improve the quality of education in Indian schools'

"The Indian education system has always complained of non-availability of quality teachers. The current impetus on recruiting a large number of teachers and creating a sustainable teachers training program equipping them with multilateral skills will go along way in improving the quality of education in Indian schools. Recruiting teachers and providing them with relevant skills such that they can impart the right knowledge and skills will help in building employable youth in India." - Shantanu Rooj, CEO & Founder at TeamLease Edtech

Union budget 2023 live: Punjab completely ignored, says Punjab CM Bhagwant Mann

The Aam Aadmi Party government in Punjab slammed the budget for completely ignoring the state. "It is shameful that going by its myopic mindset, the Union government has completely ignored the state thereby bringing a huge disrespect to countless sacrifices made by the brave and hardworking Punjabis in pre- and post-independent era," said Punjab CM Bhagwant Mann. He added that "first, on Republic Day, the state's tableau was kept out of the parade, now Punjab has been completely ignored in the Budget, which is anti-Punjab, anti-people, anti-farmers and directionless". Punjab Congress chief Amrinder Singh Raja Warring dubbed the budget "anti-poor" and "anti-people" while Shiromani Akali Dal president Sukhbir Singh Badal said it had failed farmers, ruralites, poor, and the youth.

India budget 2023 live: 'Agriculture Accelerator Fund will motivate young entrepreneurs in rural areas'

The FM has taken commendable steps to strengthen our agriculture sector. The new ‘Agriculture Accelerator Fund’ will not only motivate our young entrepreneurs in rural areas towards Agri start-ups but also, benefit the farmer by providing innovative and affordable solutions for the challenges faced by them. Raise in CAPEX by 33% to Rs 10 lakh crore will shore up demand and consumption in the economy. This massive capital expenditure planned will give a boost to the reinsurance sector," said Devesh Srivastava, CMD, General Insurance Corporation of India.

Budget 2023: 'Green growth strategy'

"Finance Minister Nirmala Sitharaman has presented the budget focusing on a "green growth" strategy. The budget prioritizes the adoption of green fuel, energy, and building practices to reduce carbon intensity and create new green job opportunities. The 7 main priorities, referred to as "Saptrishi," aim to drive sustainable and environmentally-friendly economic development. The government's commitment to this "green growth" approach is a step towards building a cleaner and more prosperous future for all Indians. This is in the direction of India seeking a leadership role in mitigating the global climate crisis."- Gaurav Kedia, Chairman, Indian Biogas Association

Budget 2023 live: 'Focus on green growth'

"The Union budget has sent the right signal to investors, businesses, and citizens that green growth is a priority for India. The focus on sustainable agriculture practices, including organic farming initiatives backed with incentives for over 1 crore farmers which will help ensure that chemical-free food ingredients are used in food and related products is encouraging. The Green Credit Programme under the Environment (Protection) Act to incentivize environmentally sustainable and responsive actions by companies, individuals and local bodies will help each and every one of us inculcate sustainable habits and increase investments in the sector."- Abhijit Bhattacharya, Founder & CBO, OneGreen

Budget 2023 live: Rs 12,544 crore allocated for space sector

Finance minister Nirmala Sitharaman has allocated nearly Rs 12,544 crore to the Department of Space as India plans a human spaceflight -– Gaganyaan -– next year and sets out to explore the moon and neighbouring planets. The allocation is about 8% lower than the Budget Estimate of Rs 13,700 crore for 2022-23, which was slashed to Rs 10,530.04 crore in the Revised Estimate. The largest chunk of the allocation -- to the tune of Rs 11,669.41 crore -- has gone to central sector schemes or projects such as the human spaceflight centre and various institutions of the department that deal with launch vehicle and satellite projects, including developmental and operational initiatives. Indian National Space Promotion and Authorisation Centre (IN-Space), the government's single-window body to deal with the private sector, received Rs 95 crore allocation against Rs 21 crore in the Revised Estimate. A large portion of the allocation, Rs 53 crore, has been earmarked for capital expenditure for INSPACe.

Budget live: Budget will have a social impact in rural areas, says Odisha CM

"The budget has some good aspects which need to be appreciated including increased capital investment, support for drinking water initiatives and increasing rural housing. These will accelerate growth as well as have a social impact in rural areas ... I welcome PM's trust in millets. Odisha millet mission is a pioneering initiative. I'm happy that millet was given importance in budget. Focus on new-world technologies like artificial intelligence is appreciable. The focus on primitive tribal groups is a welcome step," said Odisha CM Naveen Patnaik.

Union Budget live: 'Well-balanced and forward looking approach'

"We are thrilled to see this budget’s well-balanced and forward looking approach. From basic infrastructure to environment, from fintech to education and upskilling, the budget covers it all and accelerates efforts to achieve inclusive and sustainable development. The establishment of the National Financial Information Registry is a welcome move. PAN as a common identifier will simplify the KYC process and also enhance ease of doing business. For individuals, the increase in the income tax rebate from Rs 5 lakh to Rs 7 lakh under the new tax regime will leave more disposable income in the hands of individuals, and thus higher investment potential. This is India's moment on the global stage and our government is doing a fantastic job seizing this opportunity and realising our country's potential." - Ravi Kumar, Founder & CEO, Upstox

Union Budget 2023: 'Budget has a clear progressive intent'

"The Budget has a clear progressive intent via the 7 Priorities of Budget 2023 as India enters into ‘Amrit Kaal’. The priorities reinforce the support to government’s 'Aatmanirbharta' mission, by focusing on Inclusive development, Youth Power, Infrastructure and investment, Financial Sector, and women empowerment. The raise in CAPEX by 33% is promising news as it accelerates the infrastructural development which will spur further growth in the Real Estate sector. Allocation of Rs 79,000 cr towards Pradhan Mantri Awas Yojana (PMAY) serves well for the ‘Housing for All’ mission. The modification under the new tax regime puts more money in the hands of the common man which will certainly boost consumption. Overall, Budget exudes great optimism to set the stage for very good economic growth.”Y Viswanatha Gowd, MD & CEO of LIC Housing Finance

Budget live: 'The budget will ensure self-reliance and a strong India'

“When India is the lone shining star in the world facing threats of recession, FM Nirmala Sitaraman has delivered a perfectly focused growth-oriented budget with massive capital investment outlays at 4.5% of GDP while staying on track with the fiscal deficit reduction plan. What is remarkable is the holistic, sustainable and inclusive approach taken covering every element of infrastructure and capability building and making the best use of the world-class digital public infrastructure. The budget clearly reflects PM Modi’s long-term vision for India and it aims to engage with and carry every section of society towards the goal of a self-reliant and strong India,” said GP Hinduja, co-chairman of Hinduja Group

Budget 2023 live: 'Budget lays path for sustainable economic growth'

"By recognizing Green growth as an important pillar in the budget, the FM has laid the path towards economic development that is sustainable and in line with global efforts to tackle climate change. Green growth includes initiatives such as the promotion of renewable energy sources and the adoption of more sustainable practices which in turn, will promote broader Environmental, Social and Governance (ESG) initiatives by companies," said Jaya Vaidhyanathan, CEO, BCT Digital.

Union budget 2023 live: 'Budget provides boost to economic growth'

"The union budget is growth oriented and with a long- term view of social and infrastructure development. The budget is cognizant of the need to empower the different segments of the economy and the society. In doing so, the allocations for the various infrastructure developments are very critical. The massive 33% increase to Rs 10 lakh crore outlay toward infrastructure investment and the 66% increase in the outlay toward affordable housing via the PMAY shows that the budget has planted its foot firmly forward on the growth agenda. This has been attended while providing a fiscal consolidation road map which would cheer the financial markets too," said Shishir Baijal, chairman and managing director, Knight Frank India

"This budget is a budget to fulfil PM Modi's vision of 'Amrit Kaal'. An important announcement was made in this budget for the ministry of health... It has been announced in this budget that work will be done in mission mode to eliminate sickle cell anaemia by 2047," said Union health minister Mansukh Mandaviya. The health sector has been allocated Rs 89,155 crore in the Union Budget 2023-24, a hike of around 13% over Rs 79,145 crore allocated in 2022-23. The FM said 157 new nursing colleges will be established in co-location with the existing 157 medical colleges established since 2014.

Budget live: 'Amrit Kaal Budget infuses new energy to India's growth trajectory'

Union minister Jitendra Singh on Wednesday said the 2023 budget is the outcome of all inclusive people-centric agenda relentlessly pursued by PM Narendra Modi. "Equal focus on women, youth, middle class, farmers, etc. It infuses new energy to India's growth trajectory steering it to stay on track as a global bright star," the minister tweeted.

Budget 2023 live: India's skilling ecosystem to be expanded

India's digital ecosystem for skilling will be further expanded with the launch of a unified Skill India Digital platform, the finance minister announced on Wednesday. The Budget laid the roadmap to train lakhs of youth in the next three years. "Stipend support will be provided to 47 lakh youth in three years via direct benefit transfer through roll out of a pan-India National Apprenticeship Promotion Scheme. Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next three years. On-job training, industry partnership, and alignment of courses with needs of industry will be emphasized," the FM stated.

India budget live: J-K neglected, says Congress

Jammu and Kashmir has been neglected in the Union Budget and it has no roadmap for dealing with rising prices and unemployment, Pradesh Congress Committee said on Wednesday. "The budget has not brought any good news for the poor, unemployed youths and farmers besides small traders who are worst affected by the economic policies of the BJP government," PCC chief spokesperson Ravinder Sharma said in a statement. He said the budget has no roadmap for dealing with rising prices, large scale unemployment and economic crisis faced by farmers.

India budget 2023 live: There is nothing in this budget for youth, says Chhattisgarh CM Bhupesh Baghel

"This can be called Nirmala Sitharaman’s ‘nirmam’ budget. There is nothing in this budget for youth, farmers, women, tribals or scheduled castes. It was made purely focusing on the upcoming elections. There is nothing for Chhattisgarh in the budget," said Baghel.

Budget 2023 live: Budget is anti-people and opportunistic, says Bengal CM Mamata Banerjee

Terming the Union Budget "anti-people", West Bengal chief minister Mamata Banerjee on Wednesday said it will deprive the poor. She claimed that the changes in the income tax slabs will not help anyone. "This budget is not futuristic, it is totally opportunistic, anti-people and anti-poor. It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections," she said. "This Budget is full of lies, falsehoods and fake claims. Give me half an hour and I will show you how to prepare a Budget for the poor," she added.

Budget live: Home minister thanks PM for keeping co-operative societies in manufacturing sector in ambit of 15% tax slab.

"The decision to increase the maximum limit of TDS on cash withdrawal to Rs 3 crore, to provide a limit of Rs 2 lakh per member for cash deposits and loans by PACS and PCARDBs is commendable. Another important decision has been taken for the cooperative sector, in which sugar cooperatives have been given the facility to reflect the payments made to farmers before 2016-17 in their expenses. Due to this, cooperative sugar mills will get a relief of about Rs 10,000 crore. I welcome this proposal," he said.

Union budget 2023 live: 'The budget lays a strong foundation of Amrit Kaal'

Union home minister Amit Shah thanked PM Modi for giving huge tax relief to the middle and salaried class as the budget proposed to increase tax rebate limit from Rs 5 lakh to Rs 7 lakh. "The unprecedented changes in tax slabs will greatly benefit the middle class. Along with this, I also welcome the relief given to government employees," he said.

Budget 2023 live: Centre's 'mitr kaal' budget proves it has no roadmap to build India's future, says Rahul Gandhi

Congress leader Rahul Gandhi on Wednesday slammed the Modi government, claiming that its 'mitr kaal' budget has no vision to create jobs as well as no plan to tackle inflation, and proves that the Centre has no roadmap to build India's future. Gandhi's reaction came after the presentation of the Union budget for 2023-24 by finance minister Nirmala Sitharaman in which the government raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade. "'Mitr Kaal' Budget has: NO vision to create Jobs. NO plan to tackle Mehngai. NO intent to stem Inequality. 1% richest own 40% of the wealth, 50% poorest pay 64% of GST, 42% youth are unemployed -- yet, PM doesn't Care!" Gandhi said in a tweet. "This Budget proves Govt has NO roadmap to build India's future," he said.

Budget live: 'This budget will lead to inclusive growth'

The world believes that India will give a big push to the global economy. Almost every sector has widely acclaimed this budget as a very balanced one. Therefore economists are happy with this budget. They beauty of this budget is that it will lead to inclusive growth: Union commerce minister Piyush Goyal

Budget live: 'Government’s pro-digital outlook is really promising for the technology sector'

"The government’s pro-digital outlook is really promising for the technology sector and the tech-startup economy of India. The government's provision to include AI in the Indian education system will help prepare the next-gen workforce. Emphasis on building public digital goods for the agriculture sector, expanded use of Digi Locker and simplified e-KYC will promote digital use in everyday life," said Kapil Makhija, CEO of Unicommerce.

India budget live: This budget is a bonanza for the 140 crore people living in this country, says Union commerce minister Piyush Goyal

This is a budget that thinks about people from all sectors and will be a source of employment. This is a record budget for defence, railways and medical sectors. This budget will touch 140 crore Indians and will impact their lives for a better future and prepare India to enter into Amrit Kaal with great confidence as a country which is working to a plan to make India a nation where everybody grows as the economy grows. There is so much consistency in this budget. Election budgets are those where 'rewris' are distributed. This budget empowers 140 crore people. This budget is preparing India for a brighter future," said Goyal.

Budget 2023 live: 'People in villages, women, rich or poor, everyone is going to benefit from this budget'

"This budget has a vision for growth and development. People in villages, women, rich or poor, everyone is going to benefit from this. This empowers 130 crore Indians. I thank PM Modi and FM Nirmala Sitharaman for creating such a progressive budget," said UP CM Yogi Adityanath.

Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday after finance minister Nirmala Sitharaman raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade in Budget 2023-24. Investors also awaited the US Federal Reserve's interest rate decision for further cues. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to settle at 59,708.08 after it trimmed most of the intra-day gains. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44. In contrast, the broader NSE Nifty declined 45.85 points or 0.26 per cent to end at 17,616.30.