Budget LIVE: Rs 35,000 cr for net-zero carbon emission goals, says FM

Finance Minister Nirmala Sitharaman presented the last full Budget of the Modi government before general elections 2024 on February 1. Catch all latest updates on Union Budget 2023-24 here

BS Web Team |Business Standard | New Delhi
Budget LIVE: Rs 35,000 cr for net-zero carbon emission goals, says FM

2 min read Last Updated : Feb 01 2023 | 9:59 PM IST

Finance Minister Nirmala Sitharaman is presenting her fifth Union Budget in Parliament. This Budget, the last full one before the 2024 general elections, had been widely expected to be a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net while also firing the engines of the economy.

Budget 2023-24 is going to be in paperless form, as in the past two years. It will be available on the India Budget website and 'Union Budget Mobile App'.

This year's Budget session will have 27 sittings until April 6, with a month-long recess to examine the Budget papers. The first part of the session will conclude on February 13 and Parliament will reconvene on March 12 for a second part, which will conclude on April 6.

Union Finance Minister Nirmala Sitharaman had on Tuesday tabled the Economic Survey for the Financial Year 2022-23. The Survey said India's economic recovery from the Covid pandemic was complete and the economy was expected to grow in the range of 6 per cent to 6.8 per cent in 2023-24. By comparison, the Indian GDP is expected to grow 7 per cent this year after it grew 8.7 per cent in 2021-22.
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9:55 PM Feb 23

Union Minister Anurag Thakur praises the government for increasing sports budget

"There has been an 11% increase in the Sports budget which has now become a total of Rs 3,397 cores. Around Rs 1,000 crores will be spent only on 'Khelo India Games'," says Union Minister Anurag Thakur.

9:53 PM Feb 23

This is just a ceremonial budget, says Himachal Pradesh CM SS Sukhu

"This is just a ceremonial budget. There should have been more schemes, there should have been schemes related to unemployment, MNREGA. If the government wanted, it would have given a special grant as Himachal Pradesh has a debt of 75,000 crores," says Himachal Pradesh CM SS Sukhu.

9:34 PM Feb 23

'More money in the pockets, more spending!', says Sajjan Jindal, JSW Group Chairman on Union Budget

Sajjan Jindal, JSW Group Chairman on Union Budget said, "A 40 per cent increase in the income tax rebate limit from 5 lakhs to 7 Lakhs is a huge comfort that this budget has given to our middle-income group and is a great step to strengthen their finances. More money in the pockets, more spending! The scheme to support central & state govt and municipalities in replacing their old polluting vehicles is another master stroke. This will give a boost to the manufacturing sector which is largely driven by the auto industry & will bring more efficient machines onto the road. This govt has been giving a huge push to the infrastructure upgradation of our nation & an increase in spending on road & rail infrastructure is a testament to their philosophy. This will help maintain the momentum of our economic growth, contrary to the world scenario. Overall I believe it's a great budget and will complement India's growth story. We are the only bright spot in the world economy and this budget ensures that we continue to shine in the time to come!"

8:59 PM Feb 23

"Increased capital investment with have social impact in rural areas," says Odisha CM Naveen Patnaik

"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," Odisha CM Naveen Patnaik on Union Budget 2023-24.

8:37 PM Feb 23

India is shining like a star, says Union Minister of Finance to DD News

"Even when there are global challenges, India is shining like a star and is the fastest growing economy in the world according to IMF report', says Union Minister of Finace in an interview with DD News. 

8:34 PM Feb 23

Union Budget 2023: PAN to be used as common business identifier, says Centre on ease of business

The 10-digit Permanent Account N​umber, popularly known as PAN, will be used as a common business identifier, announced Finance Minister Nirmala Sitharaman in her Budget speech in a big move for ease of doing business. PAN is allotted by the income tax department to a person, firm or entity. On the need for separate submission of same information to different government agencies, a system of 'Unified Filing Process' will be set-up, the Minister added.
"Such filing of information or return in simplified forms on a common portal will be shared with other agencies as per filer's choice," she said.
More than 39,000 compliances have been reduced and over 3,400 legal provisions decriminalised to enhancing ease of doing business, Nirmala Sitharaman said presenting her fifth consecutive budget.

8:29 PM Feb 23

Give me half an hour and I will show you how to prepare a Budget for the poor: Mamata Banerjee on Budget 2023

"This Union Budget is not futuristic; [it’s] 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. The changes in the income tax slabs will not help anyone. There is no ray of hope in this Budget – it is a dark Budget. Give me half an hour and I will show you how to prepare a Budget for the poor," said West Bengal Chief Minister Mamata Banerjee on Union Budget 2023-24.

8:27 PM Feb 23

Punjab Chief Minister Bhagwant Mann on Union Budget 2023

“Earlier, Punjab was missing from the Republic Day. Now, Punjab is missing from the Budget. As a border state, we demanded Rs 1,000 crore for BSF’s upgradation, modernisation, anti-drone system, but nothing has been talked about [that] in the Budget," said Punjab Chief Minister Bhagwant Mann.

7:44 PM Feb 23

Union Budget 2023: Key provisions towards environment

  • Green Hydrogen Mission for reduced dependence on fossil fuel
  • Rs 35,000 crore for energy transition to net-zero emission goals
  • New "green credit" programme under Environment Protection Act

7:43 PM Feb 23

Enhanced focus will be provided for scientific management of dry and wet waste: Nirmala Sitharaman

In a step towards eradicating manual scavenging in India finance minister Nirmala Sitharaman said in her Budget speech on Wednesday that all cities and towns will be enabled for 100 per cent mechanical desludging of septic tanks and sewers to transition from manhole to machine-hole mode. “Enhanced focus will be provided for scientific management of dry and wet waste,” she said. The budget allocation for Swachh Bharat Mission - urban has seen a jump of 150 per cent from revised estimate of Rs 2,000 crore in 2022-23 to Rs 5,000 crore in the next financial year.  
Government had told Lok Sabha in December 2022 that 188 persons died due to accidents while undertaking hazardous cleaning of sewer and septic tanks between 2019 and 2022. Surveys conducted in the year 2013 and 2018 identified 58,098 eligible manual scavengers. 

7:42 PM Feb 23

We warmly embrace the Union budget 2023: Nalin Negi, CEO (Interim) & CFO, BharatPe

Nalin Negi, CEO (Interim) & CFO, BharatPe said, "We warmly embrace the Union budget 2023. Fintechs have come a long way over the last few years, and the Government’s initiatives to drive financial inclusion and enable digital payments have been one of the key drivers of the growth journey of this sector. Fintech services in India have been facilitated by India's digital public infrastructure including Aadhaar, PM Jandhan Yojna, video KYC, India Stack and UPI, and digital payments have grown by 76% in transactions in 2022. In this budget, FM Nirmala Sitharaman has reimagined the government's Digilocker services for the fintech sector. This will further aid the growth of the sector, along with the Government’s continued support to drive digital payments. Also, the government’s plans for encouraging countries looking for digital continuity solutions to set up data embassies at the GIFT City will further help position India as a global leader in the fintech industry. Technological advancements can give us the edge as we strive to become a US$ 5 trillion economy. The announcement of setting up of Centres of Excellence for AI will fuel the focus on technology and innovation. Also, the National Data Governance Policy that will bring in innovation and research by startups and academia will enable access to anonymized data.”

7:28 PM Feb 23

33% growth in capex will result in balanced development: Rajeev Sharma, CSO, Mitsubishi Electric India

Rajeev Sharma, Chief Strategy Officer, Mitsubishi Electric India Pvt. Ltd said,"The budget 2023 is oriented to economic growth of the country. I am sure that 33 per cent growth in capital expenditure will result in balanced development. This is a smart move since it will help the country achieve its goal of becoming a 5 trillion-dollar economy and a global powerhouse. I believe that the announcement of setting up 100 labs to effectively develop 5G services and the vision to promote Artificial Intelligence in overall industries is a strong step by the government. This will further lead to automation in the industries which will help in propelling India’s growth and promoting smart cities. The union budget 2023 has come up with positive announcements for different sectors to support
the Make In India initiative and can result in balanced growth in the near future.

7:26 PM Feb 23

Union Budget 2023: Key announcement for excise/customs duty

  • Basic customs duty cut from 21 per cent to 13 per cent
  • Customs duty relief on mobile phone parts extended for another year
  • Reduced customs duty on TV panel parts, cigarettes duty revised upwards

7:24 PM Feb 23

'Disciplined, growth-oriented, inclusive', says Anish Shah, MD & CEO, Mahindra Group on Budget 2023

While commenting on the Union Budget 2023-24 announced on Wednesday, Anish Shah, Managing Director & CEO, Mahindra Group said, “This is an outstanding budget as it is disciplined, growth-oriented, inclusive and sustainable. The Finance Minister has done a commendable job by tabling a budget that is big on consistency and driven majorly by capex. The steep increase in capex, to the tune of Rs 10 lakh crore, will ensure the continuum of cyclical recovery. Capex spending is good because it has a higher multiplier effect: every rupee spent on capex has a multiplier of Rs 3 as compared to just about Rs 0.9 for revenue expenditure. That apart, higher capex also creates jobs in the hinterland. The focus on core infrastructure, including increased funding for railways and clean energy, as well as the government's ambitious plans for the agricultural sector, will help to improve rural incomes. Above all, it is encouraging to see the government setting the pace for climate action by announcing a "green budget" that will pave the way for a greener, cleaner planet.”

7:20 PM Feb 23

Union Budget 2023: Key announcement for education sector

  • 157 new nursing colleges to be set up
  • Institutes of Excellence for mass teacher training
  • New national digital library for children

6:59 PM Feb 23

Rise in capex will have incremental effect on economic growth: Nikhil Agarwal, President, CJ Darcl Logistics

Commenting on the Union Budegt 2023 announced on Wednesday, Nikhil Agarwal, President-CJ Darcl Logistics said, “This is the first Budget of Amrit Kaal, and we believe that this is a budget aimed at fostering growth. We are sure that the huge rise in capital expenditure by 33% will have an incremental effect on the overall growth of the economy. Infrastructure sector is the backbone of any economy, and the government has been pushing for the sector’s growth for its multiplier effect and linkage effects in terms of job creation. Infrastructure and development are among the seven priorities of the Budget 2023. The newly announced one hundred critical transport infrastructure projects will help the country to ensure energy and food security as these are critical for India as it targets to become the third largest economy in the world in the next 6-8 years. The government has also decided to inject 2.40 lakh crore in railways in order to derive the positive outcome on environment sustainability."
He further added, "As Budget 2023 focuses on promoting coastal shipping, it will play a critical role in the economy's competitiveness, expansion, and long-term sustainability, which is an under tapped sector at the moment. Also, the announcement of 100 Labs for developing applications using 5G services will bring in changes across the transport sector including increasingly smart and efficient logistics and improved urban transportation with the implementation of Mobility as a Service (MaaS) platforms. The Budget 2023 has demonstrated a good balance between today’s needs and the future’s demand."

6:56 PM Feb 23

Union Budget 2023: Key announcement for startups

  • Agriculture accelerator funds for startups in rural areas
  • Carry forward of losses from 7 to 10 years since date of incorporation
  • 100 joint commissioners for disposal of small appeals

6:38 PM Feb 23

The 66% rise in allocation to PMAY is a boost for affordable housing: Samir Jasuja- Founder & CEO- PropEquity

“The 66 per cent increase in the allocation to Prime Minister Awaas Yojana to Rs 79,000 crores is a sure boost for affordable housing. This is another step towards the government's 'Housing for All' mandate. The Budget lays much emphasis on building the infrastructure of the country, with emphasis on last-mile connectivity. The unwavering focus on infrastructure will indirectly drive real estate growth over the next one year,” said Samir Jasuja, Founder & CEO- PropEquity.
He further said, "Changes in income tax rates, including exempting income up to INR 7 lakh under the new tax system and rates, will undoubtedly benefit the middle class. However, it remains to be seen whether the real estate sector will have a collateral boost.”

6:15 PM Feb 23

A smart budget in challenging times, says N Chandrasekaran, Chairman, Tata Sons on Union Budget 2023-24

"Given the challenging macro backdrop of slowing global growth and tightened financial conditions, Finance Minister has aptly prioritized growth. I welcome the move to more productive expenditure, budgeting capital spending of Rs 10 lakh crore—a 33 per cent over the previous year and the highest in the past two decades as a share of GDP. At the same time, the revision of income tax slabs under the new tax regime should increase purchasing power for many. Loan guarantees and other assistance toward MSMEs, a focus on tourism, and measures announced for the care economy (like new nursing colleges) will boost job creation. The budget also remains committed to shared prosperity by extending the free food scheme for one more year. This budget shows not only the kind of policy support that is necessary for the economy at this moment but also strengthens the strategic foundations for our long-term growth. We are witnessing three major transformations globally: rapid digital adoption, the rebalancing of supply chains, and environmental sustainability.  This budget helps position India to play a leading role in all three transformations," said N Chandrasekaran, Chairman, Tata Sons.

6:11 PM Feb 23

Significant and sustained push on Infrastructure spend: Baba Kalyani, Chairman and MD, Bharat Forge Ltd

Baba Kalyani, Chairman and Managing Director, Bharat Forge Ltd. said, "Government policy formulation is a consultative process and the successive budgets including todays is a strong reflection of this process, aimed at promoting a virtuous cycle of growth and employment. Significant and sustained push on Infrastructure spend, Railways, Green Technologies and Defence is a welcome measure. Overall direction to take India on the trajectory of a technology-driven and knowledge-based economy coupled with productive capital investments will have long-standing benefits in driving inclusive financial growth and enhancing per-capita income levels."

Topics :Nirmala SitharamanEconomic SurveyUnion BudgetBudget 2023Modi govtIndian Economyfinancial year

First Published: Feb 01 2023 | 6:31 AM IST

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