With Lok Sabha polls just a year away, the Narendra Modi-led government on Wednesday unveiled its last full union budget for 2023-24, which came loaded with tax relief for taxpayers, significant push towards capital spending and infrastructure as well as agriculture and defence.
Mindful of the 2024 Lok Sabha elections, the Union Budget on Wednesday enhanced allocation to the government's ambitious Jal Jeevan Mission by 27 per cent to Rs 69,684 crore for 2023-24, from Rs 54,808 crore in the current fiscal.
Nakul Anand, Chairman of FAITH, the apex body of tourism and hospitality industry associations, said the Union Budget could have announced more direct support measures for the two sectors.
The Education Ministry has been allocated the highest ever Rs 112899.47 crore in the budget. Due to this rise the budgetary allocation for higher education has also gone up at Rs 44,094.62 crore compared to Rs 40,828.35 crore in 2022-23.
The government has steered clear of a populist Budget in what is the last full Budget before the general elections scheduled next year, analysts said on Wednesday.
Cigarettes are set to become costlier as the National Calamity Contingent Duty (NCCD) on specified cigarettes has been revised in the Union Budget 2023-24.
Union Finance Minister Nirmala Sitharaman presented the Union Budget (2023-24) on Wednesday, which was her fifth consecutive budget and the last full budget in this government's tenure.
Finance Minister Nirmala Sitharaman on Wednesday said that the focus of the Union Budget 2023-24 is on women empowerment, green growth and artisans as well as the tourism sector.
The Central Armed Police Forces (CAPF) has got the lion's share from Rs 1.96 lakh crore allotted to the Ministry of Home Affairs (MHA) in the Union budget 2023-24, which was presented on Wednesday.
The Federation of Indian Chambers of Commerce and Industry (FICCI) on Wednesday said the Budget 2023-24 presented by Union Finance Minister Nirmala Sitharaman will strengthen the fundamental pillars and ensure resilience, inclusivity and sustainability.
With aim to promote domestic manufacturing, Union Finance Minister Niramala Sitharaman, in Budget 2023-24, provided relief in customs duty on import of certain parts and inputs like camera lens and lithium-ion cells for batteries for mobile phones for another year.
Prime Minister Narendra Modi on Wednesday described the Union Budget as the "first Budget of Amrit Kaal" (the 25-year period from 2022 till 2047, when the country will celebrate 100 years of Independence), which would lay a strong foundation for a developed India.
On BSE, LIC was down more than 8 per cent, HDFC Life was down more than 10 per cent, Max Financial was down more than 9 per cent, SBI Life Insurance was down more than 9 per cent while ICICI Prudential Life Insurance was down more than 10 per cent.
A one stop solution for reconciliation and updating of identity and address of individuals maintained by various government agencies, regulators and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity, said the government.
According to the Budget presented by Finance Minister Nirmala Sitharaman on Wednesday, the budgetary estimate for 2023-24 is Rs 2,05,513 crore, which is 30 per cent less than the revised estimate of Rs 2,96,303 crore for 2022-23.
For better targeting of tax concessions and exemptions, Finance Minister Nirmala Sitharaman capped deduction from capital gains on investment in residential houses under sections 54 and 54F to Rs 10 crore.
The Centre will appoint 38,800 teachers and staff for 740 Eklavya Model Schools, Union Finance Minister Nirmala Sitharaman announced this while presenting the Union budget in Parliament on Wednesday.
Preeti Sharma, Partner, Tax and Regulatory Services, BDO India, said that Finance Minister Nirmala Sitharaman has made conscious efforts to make the NTR more attractive for the taxpayers.
In good news for online gamers, the government on Wednesday proposed to remove the minimum threshold for TDS and clarify taxability relating to online gaming.
It is the second straight cut in the scheme's budgetary allocation, as in the 2022-23 budget also, the MGNREGA's budgetary allocation had been cut by 25 per cent to Rs 73,000 crore from the revised estimate of Rs 98,000 crore.
Navin M. Raheja, Chairman and Managing Director of Raheja Developers, said that the budget also nudges the states and cities to take up urban planning, and we expect this to lead to planned real estate development in the country.
Finance Minister Nirmala Sitharaman in her Union Budget 2023-24 speech said that the subsidies on EV batteries will be extended for one more year, hence making EVs cheaper in the country.
Giving significant boost to MSMEs, the Union Budget 2023-24 has proposed to continue the financial sector reforms and innovative use of technology which have led to ease of access to credit and participation in financial markets.
The Centre on Wednesday announced to extend the tax holiday scheme for startups till March 31, 2024, which means that startups incorporated till the latest date next year can avail tax benefits.
In her Budget 2023-24 speech in Parliament, the Minister also announced the roll-out direct benefit transfer under a pan-India National Apprenticeship Promotion Scheme to provide stipend support to 47 lakh youth in three years.
