Category: NEW DELHI

• NEW DELHI

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.

Union Finance Minister Nirmala Sitharaman during her Budget speech on Wednesday proposed to reduce the number of Basic Customs Duty (BCD) rates on goods other than textiles and agriculture from 21 per cent to 13 per cent.

Arihant Bardia, CIO and Co Founder, Valtrust said if premium paid on insurance policies (excl. ULIP) exceeds Rs 5 lakh in a year, then the proceeds from those policies will be taxable (except in case of death benefit). 

With an aim of boosting tourism in the country, the Union Budget 2023-24, proposed by Finance Minister Nirmala Sitharaman on Wednesday, promises to award huge opportunities for jobs and entrepreneurship for youth.

As per the Demand for Grants for 2023-24, the Department of Atomic Energy has been allocated a sum of Rs 25,078.49 crore as against the revised estimates (RE) of Rs 25,965.67 crore for 2022-23.

Moving forward on the urban transformation, the Union Budget 2023-24 is set to encourage states to undertake urban planning reforms and actions to transform cities into 'sustainable cities of tomorrow', and Urban Infrastructure Development Fund (UIDF) will be set up.

Nominal GDP is expected to grow at 15.4 per cent year-on-year in 2022-23 as against 19.5 per cent in 2021-22, while the real GDP is projected to grow by 7 per cent in the current fiscal year-on-year against 8.7 per cent in 2021-22, it said.

For investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease, an integrated IT portal is proposed to be established, Finance Minister Nirmala Sitharaman announced in Union Budget 2023-24 on Wednesday.

The allocation is for the Department of Space and other organisations under it like the Indian Space Research Organisation (ISRO) and its centres, Indian National Space Promotion and Authorisation Centre - the regulator for the private sector space players - and others.

S. Ranganathan, Head of Research at LKP Securities said the Budget has put more money in the hands of the people through relief from Income Tax which to our mind is a very positive step.

Paying heed to the consumer electronics industry's demand, the Centre on Wednesday reduced basic Customs duty (BCD) on import of certain mobile phone parts and inputs like camera lens and continued the concessional duty on lithium-ion cells for batteries for another year.

With the 5G roll-out now gaining momentum in India, the Centre on Wednesday announced to set up 100 labs in the top engineering institutions to develop 5G apps and services.

To promote exports and enhance domestic manufacturing, Finance Minister Nirmala Sitharaman during her Budget speech on Wednesday announced a reduction in customs duty rates on various commodities and products.

For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025, Finance Minister Nirmala Sitharaman said while announcing the Union Budget 2023-24 on Wednesday.

The total capex outlay in the Union Budget for 2023-24 has been enhanced by 33 per cent from Rs 7.5 lakh crore to Rs 10 lakh crore which takes it to an all-time high of 3 per cent of GDP.

Finance Minister Nirmala Sitharaman on Wednesday announced that the government will set up Data Embassies in the country to facilitate seamless digital transfers and continuity for other nations.

Finance Minister Nirmala Sitharaman on Wednesday set the fiscal deficit target for 2023-24 at 5.9 per cent of the GDP, while emphasising that the government is committed to bring it below the 5 per cent-mark by 2025-26.

Aiming to empower youth and help them realise their dreams, PMKVY 4.0 will be launched to skill lakhs of youths within the next 3 years, Union Finance Minister Nirmala Sitharaman announced in her Budget speech on Wednesday.

Finance Minister Nirmala Sitharaman made several announcements in the Union Budget 2023-2024 on Wednesday.
Some highlights of the Budget:

The government will launch a programme in a mission mode to eliminate sickle cell anaemia by 2047, announced Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023-24 in the Parliament on Wednesday.

While presenting the Budget on Wednesday, Finance Minister Niramal Sithraman said that the promotion of tourism will be taken up on mission mode with the active participation of states' convergence of government programmes and public-private partnerships.