Page 18 - Budget 2023

Union Budget 2023: Govt allocates Rs 1.23 trn for postal, telecom projects

The government on Wednesday allocated Rs 1.23 lakh crore for postal and telecom projects including Rs 52,937 crore capital infusion in state-run BSNL. Total allocation includes Rs 97,579.05 crore for the Department of Telecom and Rs 25,814 crore for Postal projects, the Budget document presented by Finance Minister Nirmala Sitharaman said on Wednesday. State-run BSNL, which is expected to roll out 4G and 5G services this year, will get Rs 52,937 crore capital infusion from the government in 2023-24. The government has allocated Rs 2,158 crore for Optical Fibre Cable based network for Defence Services and Rs 715.8 crore for telecom projects in the North Eastern states. The Department of Posts has been allocated Rs 25,814 crore and includes Rs 250 crore capital infusion in the India Post Payments Bank.

Budget 2023 aims at providing a stable direct tax regime

At the domestic front, the government presented its last full budget wherein it had to maintain a balance in fueling growth trajectory, while being on the path of fiscal prudence, say analysts

Budget 2023 a roadmap for resurgent India; aims to get fiscal house in order

Budget 2023: This budget may galvanize an effective AI ecosystem necessary to nurture buoyancy in GST revenues and improve taxpayer morale and trust in the system

India to see challenges in meeting fiscal glide path, says Fitch analyst

The government is targeting a budget deficit of 5.9% of GDP for 2023/24, while the deficit was 6.4% in 2022/23, according to revised estimates

Union Home Minister Amit Shah welcomes 'all-inclusive and visionary' budget

Union Home Minister Amit Shah on Wednesday said the "all-inclusive and visionary" Budget 2023-24 will give further impetus to the Modi government's resolve for building a self-reliant India, taking every section along. In a series of tweets in Hindi with the hashtag '#AmritKaalBudget', Shah said the target of increasing capital expenditure by 33 per cent to Rs 10 lakh crore for infrastructure development and keeping the fiscal deficit at 5.9 per cent is commendable. This reflects the foresight of the Modi government to build a new India with strong infrastructure and a strong economy, he said. "The budget-2023 brought by the Modi government is a budget that lays a strong foundation of Amritkal. "I am sure that this all-inclusive and visionary budget will give further impetus to the resolve of the Modi government for a self-reliant India, taking every section along. Congratulations to @narendramodi and (union finance minister) @nsitharaman for this," he said. Shah thanked Prime ...

Union Budget 2023 gives EVs a big charge; boosts vehicle scrappage

Centre and states to provide 25% tax rebate on road tax for vehicles purchased to replace scrapped ones

The Budget is highly pragmatic and growth oriented: PVR's Ajay Bijli

Ajay Bijli, Chairman and Managing Director, PVR Ltd, talks about Union Budget 2023

Women in Budget: Marginal rise in allocation; new savings scheme announced

The budget allocated to the Women and Child Development Ministry, the nodal department of the government for the welfare of women and children, stood at Rs 25,448.75 crore in 2023-24, an increase of Rs 267 crore from Rs 25,172.28 crore allotted in 2022-23. The most significant announcement for women in Finance Minister Nirmala Sitharaman's Budget speech was the proposal for the 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years. The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well. "One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced. She also said that for the economic empowerment of women under the Deendayal Antyodaya Yojana National Rural Livelihood Mission, 81 la

India earmarks $3.7 billion for state oil companies' energy transition

"This Budget builds on our focus on green growth," finance minister Nirmala Sitharaman said in her budget speech

Budget: FM proposes case management system to reduce litigation by I-T dept

In a bid to lessen litigation in tax disputes, Finance Minister Nirmala Sitharaman on Wednesday proposed a case management system where the Income Tax department would defer filing a lawsuit if an identical question of law is pending adjudication in high courts or the Supreme Court. Presenting the Union Budget for 2023-24 in the Lok Sabha, Sitharaman said a lot of time and resources are consumed in filing appeals involving identical legal issues pertaining to income tax. "Taking forward our policy of sound litigation management, I propose to provide that if a question of law in the case of an assessee is identical to a question of law which is pending in appeal before the jurisdictional high court or the Supreme Court, the filing of a further appeal in the case of this assessee by the department shall be deferred till such a question of law is decided by the jurisdictional high court or the Supreme Court," the minister said in her budget speech. She said litigation management is ...

Budget 2023 announces host of measures to enhance business in GIFT IFSC

To enhance business activities in GIFT IFSC, Finance Minister Nirmala Sitharaman on Wednesday announced a host of measures, including establishing a subsidiary of EXIM Bank for trade re-financing and allowing acquisition financing by IFSC Banking Units of foreign banks. Besides, she proposed an amendment to International Financial Services Centres Authority (IFSCA) Act for statutory provisions for arbitration, ancillary services, and avoiding dual regulation under the Special Economic Zone (SEZ) Act. The Budget also announced delegating powers under the SEZ Act to IFSCA to avoid dual regulation and setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GST Network, RBI, SEBI and IRDAI. The Budget 2023-24 proposes an extension of tax benefits to funds relocating to IFSC, GIFT City till March 31, 2025. "For countries looking for digital continuity solutions, we will facilitate setting up of their Data Embassies in GIFT IFSC," she said during .

Budget 2023: What is 'Amrit Kaal' mentioned by FM Sitharaman in her speech?

The Bharatiya Janata Party (BJP) government has increased its emphasis on 'Amrit Kaal' and said that the coming period would be very prosperous for India with economic growth and social justice

Union Budget 2023: SCSS, MIP investment limit doubled, new scheme for women

Mahila Samman Saving Certificate to be available for two years till March 2025, offers 7.5% return, with provision for partial withdrawal

Budget 2023: Govt increases allocation to NHAI to Rs 1.62 trillion for FY24

With the government betting big on infrastructure, finance minister Nirmala Sitharaman on Wednesday increased allocation to state-owned National Highways Authority of India (NHAI) to Rs 1.62 lakh crore for 2023-24 from last year's revised allocation of Rs 1.42 lakh crore. The Union Budget 2023-24 has allocated an enhanced outlay of Rs 2.70 lakh crore for the highways sector. An allocation of Rs 1.99 lakh crore was made for the highways sector for 2022-23, which was revised to Rs 2.17 lakh crore. NHAI and National Highways and Infrastructure Development Corporation Ltd (NHIDCL) are primarily responsible for the construction of national highways and expressways in India.

Sensex ends 158 pts up on Budget day after 2000 pts-swing, Nifty near 17600

CLOSING BELL: Broader markets were unable to recover from the intra-day lows with BSE Midcap and Smallcap indices dropping up to 1 per cent

I-T benefits in union budget to propel deposit growth: Bandhan Bank MD

The income tax concessions proposed in the Union budget will promote more savings and propel growth in deposits, which in turn, will help the banking industry, Bandhan Bank Managing Director and Chief Executive Officer Chandra Shekhar Ghosh said on Wednesday. In her budget speech, Union Finance Minister Nirmala Sitharaman announced no tax for those with an annual income of up to Rs 7 lakh under the new tax regime but made no changes for those who continue in the old regime that provides for tax exemptions and deductions on investments and expenses such as HRA. "For the last year, we have witnessed that the deposit growth is less than normal. The new tax norms proposed in the budget will encourage people to save more, and in turn, it will normalise the growth in deposits. It indeed will help the banking industry. When the deposit growth increases, the credit flow also increases," he said. In what is being seen as a push for the salaried class taxpayer to switch to the new tax regime

Budget 2023-24: Hospitality will benefit, says Massive Restaurants' Kalra

Zorawar Kalra, Founder & MD, Massive Restaurants, talks about Union Budge 2023

Budget 2023-24: Excited about the focus on tourism, says Paresh Maity

Indian painter Paresh Maity talks about the Union Budget 2023

Budget: Govt to set up National Digital Library for children, adolescents

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, Union Finance Minister Nirmala Sitharaman announced Wednesday. In her Budget speech, she said 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. To build a culture of reading and to make up for pandemic-time learning loss, the National Book Trust, Children's Book Trust and other sources will be encouraged to provide and replenish non-curricular titles in regional languages and English to these physical libraries. "Collaboration with NGOs that work in literacy will also be a part of this initiative. To inculcate financial literacy, financial sector regulators and organizations will be encouraged to provide age-appropriate reading material to these libraries,"

Budget: Govt proposes to simplify KYC procedure with 'risk-based' approach

The government on Wednesday proposed to simplify the KYC procedure by adopting a 'risk-based' rather than the 'one size fits all' approach currently in practice. In her Budget Speech, finance minister Nirmala Sitharaman also proposed to introduce a 'one stop solution' for identity and address updating through the DigiLocker service. Another significant announcement made by the minister relates to use of PAN as common identifier for business establishments for digital systems of government agencies. "The KYC process will be simplified adopting a 'risk-based' instead of 'one size fits all' approach," Sitharaman said as she presented the last full budget before the 2024 general elections. The financial sector regulators will also be encouraged to have a KYC (Know Your Customer) system fully amenable to meet the needs of Digital India. She also announced a one stop solution, for reconciliation and updating of identity and address of individuals maintained by various government agencie