Page 64 - Union Budget

Union Budget 2023: Big push for agri digital infra, co-ops, organic farming

Rural housing gets huge fund outlay for completion of projects ahead of 2024 general elections

A people-centric proposition

The break from giving sops to industry and throwing money at the poor is welcome

A change of heart on taxes and tariffs

There is much to commend in the Budget, especially the substantial increase in capital expenditure

A credible effort

The Budget makes all the right noises and avoids the temptation to be populist

'Reward the rich' politics

With a 10% tax cut for the super-rich, has the Modi government lost it? If this is what we believe, we are still caught in oldthink in our political economy

Investing, not saving

More effort on deficit reduction was needed

Budget: 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. On October 1, 2021, Prime Minister Narendra Modi had launched the second phase of the Swachh Bharat Mission (Urban), which envisions making all cities in the country "garbage-free". In the 2022-23 revised estimates, the SBM(U) was allocated Rs 2,000 crore. The Union Housing and Urban Affairs Ministry, which has been implementing the SBM(U) and the Central Vista redevelopment project, was allocated Rs 76,431.6 crore in the budget. According to the budget presented by Finance Minister Nirm

Budget 2023: FM sticks to fiscal road map, targets deficit of 5.9% in FY24

The fiscal deficit is the difference between the government's expenditure and revenues when the former is higher

Union Budget stands to benefit all sections of society: Anurag Thakur

Union Information and Broadcasting Minister Anurag Thakur described the Union Budget presented on Wednesday as "all encompassing" which benefits every section of the society. He said the budget stands firm on the foundation laid by the previous budgets presented by the Narendra Modi government. Due to the inclusive development and futuristic policies of the Modi government, the Indian economy is on the right track and moving firmly towards a bright future, he said in a statement. Because of the provisions made in the previous budgets of the Modi government, India has become the world's fifth largest economy with the fastest growth rate. Along with giving a boost to the country's economy, the current budget also presents the blueprint of a developed India from the 75th year of independence to the 100th year of independence, he said. Inspired by the prime minister's five vows, the seven pillars of this budget -- inclusive development, preference for the underprivileged, infrastructu

Inclusive, growth-oriented budget: Industry veteran Kiran Mazumdar-Shaw

Biotechnology industry veteran Kiran Mazumdar-Shaw on Wednesday called the budget presented by Union Finance Minister Nirmala Sitharaman "inclusive and growth-oriented". She said the budget, focused on seven priorities, lays the groundwork for inclusive economic growth to enable all citizens to have access to healthcare, education, a cleaner environment and sustainable livelihoods by the 100th year of the country's Independence. "The capex outlay of Rs 10 trillion will help spur higher growth in the backdrop of a weak global economy, while the additional money in the hands of the people due to direct tax revisions will boost consumption. The increase in allocation of funds for pharma and healthcare this year is a step in the right direction," the executive chairperson of Biocon Limited said in a statement. Welcoming the introduction of a new programme for research and innovation in pharma through centres of excellence, she said it would enable the industry invest more in ...

Union Budget 2023-24: Building blocks of a future-ready India

The Budget has laid a strategic framework to make India future ready

Union Budget: Rs 28,138 cr allocated to meet requirements for OROP scheme

The Budget marked an increase in the allotment for Ex-Servicemen Contributory Health Scheme (ECHS) with Budget Estimates of Rs 5,431.56 crore in FY 2023-24 as against Rs 3,582.51 crore in FY 2022-23

Union Budget 2023-24 ready reckoner: A fiscally prudent approach

The Centre stuck with fiscal prudence, project­ing a decline in fiscal deficit to 5.9 per cent of GDP in FY24

ITC cannot be claimed on goods/services used for CSR activities: Budget

The Budget on Wednesday proposed certain amendments in GST Act and said that input tax credit cannot be claimed on goods/ services used or intended to be used for Corporate Social Responsibility (CSR) activities. The amendments in the Central GST Act has been brought through the Finance Bill, 2023. The amendments propose to decriminalise certain offences under the indirect tax law and double the threshold for launching prosecution under the tax law to Rs 2 crore. It, however, retained the limit at Rs 1 crore for fake invoicing cases. KPMG in India Partner, Indirect Tax, Abhishek Jain said the Finance Bill proposes to restrict input tax credit paid on goods and services used for CSR activities. "While this would be slightly disappointing for the industry, this change would clear the air on the issue which was ambiguous and was subject to contrary advance rulings," Jain said. AMRG & Associates Partner Priyanka Sachdeva said disallowance of input tax credit related to CSR activities

Budget 2023: Allocation for IPR ecosystem up by 15% to Rs 329 crore

Allocation in the Budget for the intellectual property ecosystem, including the copyright office and Controller General of Patents, Designs and Trade Marks, has been increased by about 15 per cent to Rs 328.981 crore. In the revised estimate (2022-23), the allocations stood at Rs 285.41 crore. The budgetary allocation for the copyright office and Controller General of Patents, Designs and Trade Marks has been hiked to Rs 281.60 crore as against Rs 232.65 crore in the revised estimate, according to the Budget documents. Similarly, enhanced funds have been allocated to strengthen the Intellectual Property Appellate Board (IPAB), Intellectual Policy Rights (IPR) policy management, and infrastructure development in Controller General of Patents, Designs and Trade Marks. The office of the Controller General of Patents, Designs and Trade Marks is responsible for the administration of laws relating to IPRs -- Patents Act, 1970; the Designs Act, 2000; the Trade Marks Act, 1999; Geographica

Good Budget but sports needed more, says AFI's Anju Bobby George

Anju Bobby George, Vice-president, the Athletics Federation of India, talks about Union Budget 2023-24

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

Budget 2023 gets mixed reactions from politicians and industry experts

Finance Minister Nirmala Sitharaman presented her 5th Budget on Feb 1, 2023. Here's what different political leaders and industry experts think of Budget 2023

The Budget as a new credibility asset

The Budget reflects a solid continuity and even reinforcement of the development orientations and objectives pursued by the PM over quite a few years now

Budget 2023: Govt pegs FY24 disinvestment revenue target at Rs 51,000 crore

The government has scaled down the disinvestment target for the current fiscal to Rs 50,000 crore, from Rs 65,000 crore budgeted last year, a finance ministry official said on Wednesday. For the next fiscal 2023-24, the Budget has pegged disinvestment revenue at Rs 51,000 crore. Further, about Rs 10,000 crore is expected to come from monetisation of government assets in the current year and well as in the next fiscal. The proceeds from disinvestment form part of the miscellaneous receipts in the Capital Receipts Budget. As per the 2023-24 Budget document, the revised estimate for miscellaneous capital receipts for the current fiscal has been pegged at Rs 60,000 crore, lower than the Rs 65,000 crore projected in the Budget estimates for 2022-23. This Rs 60,000 crore includes Rs 50,000 crore from disinvestment proceeds and Rs 10,000 crore on account of asset monetisation, the official said. For the next fiscal beginning April 1, the miscellaneous capital receipts have been pegged a