Union Budget 2023-24 Live Updates: Finance Minister Nirmala Sitharaman on February 1 announced hikes in capital spending in the past decade, raised the personal income tax rebate limit and concluded the 2023 Budget Presentation. Check below the key highlights, schemes, allotment of budget for the various sections and tax payer benefits proposed for the 2023-24 fiscal year here.
The Economic Survey was released yesterday - January 31, 2023. According to the Economic Survey 2023 report, India’s GDP is expected to grow between 6 to 6.8% making it the fastest-growing economy in the world.
PM Narendra Modi on the first day of the Parliament Budget Session said that the 2023 Budget by Finance Minister Nirmala Sitharaman will aim to fulfil the aspirations of the common man. He further pointed out that every year the common man has expectations from the budget and this budget will include changes in the income tax rates and even possibly the income tax slabs.
Education Budget 2023
As per budget documents, the centre's allocation for the Ministry of Education for the next financial year is Rs. 1,12,898.97 crore. For the education sector, the Finance Minister has put an emphasis on the setting up of National Digital Libraries that will facilitate access to quality books for children and adolescents across geographies, languages, genres, and levels.
Where to Watch Budget 2023 Live?
The Union Budget 2023 will be presented by Finance Nirmala Sitharaman today at 11 AM. Click on the below-given links to watch the live session of Budget 2023.
Keep watching this space to get Budget 2023 Live Updates
Budget 2023: Major announcements for Income Taxpayer:
- New tax regime to become the default tax regime
- No tax on income up to Rs 7 lakh a year in the new tax regime
- Govt increases in the tax rebate from Rs 5 lakh to 7.5 lahks in new tax regime
- Four new slabs in the new tax regime
Update February 1, 2023, 12:44 PM
Union Budget 2023: Check new Tax Rates Here
#UnionBudget2023 | Personal Income Tax: "The new tax rates are 0 to Rs 3 lakhs - nil, Rs 3 to 6 lakhs - 5%, Rs 6 to 9 Lakhs - 10%, Rs 9 to 12 Lakhs - 15%, Rs 12 to 15 Lakhs - 20% and above 15 Lakhs - 30%, " says Union Finance Minister Nirmala Sitharaman pic.twitter.com/li3dXsHGfA— ANI (@ANI) February 1, 2023
Update February 1, 2023 at 12:38 PM
Budget 2023: Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime: FM Sitharaman
Personal income-tax | Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime: FM Sitharaman pic.twitter.com/X8rmVH7Gh2— ANI (@ANI) February 1, 2023
Budget 2023: Key Highlights
- Reduce number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13.
- Minor changes in the basic customs duties, cesses & surcharges on some items including toys, bicycles, automobiles
- Custom duty on cigarettes increased
- Intention to being fiscal deficit below 4.5% of GDP by 2025-26
- Relief on Customs Duty on import of certain parts & inputs like camera lens & continue the concessional duty on lithium-ion cells for batteries for another year.
Update 12: 23 PM, February 1, 2023
Budget 2023: The revised fiscal deficit is at 6.4% of GDP: FM Sitharaman
The revised fiscal deficit is at 6.4% of GDP: FM Sitharaman pic.twitter.com/C8yNAHaA7y— ANI (@ANI) February 1, 2023
Budget Speech 2023: Highlights
- For efficient administration of justice, Phase 3 of the eCourt's project will be launched with an outlay of Rs 7000 Crores
- States will be encouraged to set a ‘Unity Mall’ in the State capital or the most popular tourist destination in the state for the promotion and sale of ‘One District, One product’ and GI products and other handicrafts
- 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism
- Credit guarantee for MSMEs - Rs 9000 crores infused in the corpus which will allow additional collateral-free credit of Rs 2 lakh crores; to be effective from 1st April 2023
- 100 labs for developing apps using 5G services will be set up in Engineering institutions. To realise a new range of opportunities, and business models&employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems&Healthcare
- To provide support to 47 lakh youths in 3 years, a Direct Benefit Transfer under a pan India national apprenticeship scheme will be rolled out
Updated at 12:10 PM, February 1, 2023
Budget 2023: The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0: FM Nirmala Sitharaman
The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0: FM Nirmala Sitharaman https://t.co/YI4OVrKJyu— ANI (@ANI) February 1, 2023
Budget 2023: Rs. 2,200 crore Atmanirbhar Clean Plant Programme to improve the availability of disease-free, quality planting material for high-value horticultural crops improving cultivation area from a low 15%.
Updated at 12:04 PM, February 1, 2023
Budget 2023: Allocations for Education Sector
- Eklavaya Model Residential Schools to recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students
- A National Digital Library for children and adolescents to be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility
- 157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014
- States to be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources
- Indian Institute of Millet Research will be supported as a centre of excellence
- 3 Centres of Excellence for Artificial Intelligence will be set up in top educational institutions as part of Make AI in India and Make AI work for India,
Also Read: Get Live Updates on Allocations for Education Section
Budget 2023: All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode: FM Nirmala Sitharaman
New Scheme Launched - Pradhan Mantri PVTG - Primitive Vulnerable Tribal Groups development mission
- Launched to saturate PVTG families with safe housing, clean drinking water, sanitation improved access to education, health nutrition, road and telecom connectivity, and sustainable livelihood opportunities.
- Rs. 15,000 Cr. allotted to implement the mission in the next three years under the Development Action Plan for the Scheduled Tribe
Updated at February 1, 2023, 11:40 PM
Budget Speech 2023: Highlights
- FM states that in next 3 years, the government will employ 38,800 teachers and support staff for 740 Eklavya model schools supporting tribal students.
- PM Azaz Yojana to be increased by 66% to over Rs 79,000 crore.
- Teachers Training to be re-envisioned
- National Digital Library for Children and Adolescents
Updated at 11:34 AM, February 1, 2023
Budget Updates LIVE 2023: Priority of Government include Green Growth
Green Fuel, Green Energy, Green Farming, Green Mobility, Green Buildings and Green Equipment, and Policies for efficient use of Energy across various economic sectors.
Budget 2023: The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries: FM Sitharaman
Indian Institute of Millet Research will be supported as a centre of excellence: FM Nirmala Sitharaman in Parliament— ANI (@ANI) February 1, 2023
Budget 2023 LIVE: India @ 100
The priority of the government for the 2023 Financial year include
- Inclusive development
- Reaching last mile
- Infrastructure and investment
- Unleashing potential
- Green growth
- Youth power
- Financial sector
Updated at 11:20 AM, February 1, 2023
Budget 2023: Finance Minister Budget Speech
Finance Minister Nirmala Sitharaman in her budget speech has highlighted the performance of various schemes introduced. These include
- 11.7 Cr. Household Toilets under Swatch Bharat
- 9.7 Cr. LPG Connections under Ujwala
- 220 Cr COVID Vaccinations to 102 Cr. People
- 47.8 Cr. PM Jandhan Bank Accounts
- Insurance Cover to 44.6 Cr. Persons under PL Suraksha Bhima and PM Jeevan Jyothi Yojana
- Cash Transfer of 2.2 Cr. to 11.4 Cr Farmers under PM Kisan Samman Nidhi
Updated at 11:14 AM, February 1, 2023
Budget 2023: Finance Minister Addresses Parliament
Finance Minister Nirmala Sitharaman has started presenting the Union Budget 2023 at the Parliament.
Updated at 11: 04 AM, February 1, 2023
Budget 2023 LIVE Update: Prime Minister Narendra Modi conducts Cabinet Meeting
PM Narendra Modi has arrived at the Parliament for the Union Cabinet meeting ahead of Finance Minister Nirmala Sitharaman delivering the last Union Budget 2023 of the government.
Updated at 10:30 AM, February 1, 2023
Budget 2023: Watch FM Nirmala Sitharaman deliver the Union Budget 2023 Live
Finance Minister Nirmala Sitharaman will be delivering the Union Budget 2023 live at 11 AM. Watch the budget proceedings here.
📡LIVE at 11 am— PIB India (@PIB_India) February 1, 2023
Union Finance Minister @nsitharaman to present the #UnionBudget 2023-24 in Parliament
Watch on #PIB's📺
Updated at 10:15 AM, February 1, 2023
Budget 2023: What was the Budget in 2022?
In 2022, the total budget allocation for the Education Ministry was Rs. 1,04,277.72 Crore which was divided into the Department of Higher Education and Department of School Education and Literacy with Rs 40,828.35 and Rs 63,449.37 crore respectively.
Updates at 10:00 AM, February 1, 2023
Union Budget 2023: Budget to consider Expectations from Every Sector
Minister of State for Finance - Pankaj Chaudhary ahead of the presentation of the Union Budget 2023 has stated that the budget will incorporate the expectations put on by every sector and section of society. He further added that the expectations of the people will be reflected in the budget.
Updated as on February 1, 2023, at 9:29 AM
Union Budget 2023: Finance Minister Reaches Rashtrapati Bhavan
Finance Minister Nirmala Sitharaman has reached Rashtrapati Bhavan to call on President Droupadi Murmu.
Updated @ 9:220 AM February 1, 2023