19:07
India Inc on Wednesday described Union Budget 2023-24 as a road map for nation building, growth-centric and fiscally prudent with continued focus on capex and inclusion. With vision, structure and discipline it puts India on the path to become the world champion, industry leaders...
18:49
The Union Budget 2023-24 on Wednesday allocated Rs 35,581.44 crore to Jammu and Kashmir, the majority of it being central assistance for the union territory. Other union territories -- Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli and Daman and Diu, Ladakh, Lakshadweep,...
14:07
The government on Wednesday proposed an increase in the import duty on silver dore, bars and articles with a view to promoting domestic manufacturing. In her Budget speech, Finance Minister Nirmala Sitharaman also said that customs duties on articles made from dore and bars of gold and...
13:25
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Finance Minister Nirmala Sitharaman on Wednesday announced a cut in customs duty on the import of certain inputs for mobile phone manufacturing. In her Budget 2023-24 speech, she said India's mobile phone output rose from 5.8 crore units in 2014-15 to 31 crore units last fiscal. Her...
13:08
Nirmala Sitharaman announced an increase in income tax rebate limit from Rs 5 lakh to Rs 7 lakh under the new tax regime. Consequently, there will be no income tax on income up to Rs 7 lakh, up from Rs 5 lakh currently, under the new tax regime. Not under the old tax regime.
13:04
The current tax rate in country is 42.74%, among the highest in world. The Budget proposes to reduce the highest surcharge rate from 37% to 25% in the new tax regime. This will result in the reduction of the maximum tax rate to 39%, Sitharaman announced.
12:58
The limit of 3 lakhs for tax exemption on leave encashment limit raised to 25 lakhs, Sitharaman announced in her speech.We are also making the new income tax regime the default tax regime. However, citizens will continue to have the option to avail the benefits of the old tax regime, she said.
12:50
Sensex up over 980 points, currently trading at 60,534; Nifty at 17,919.Obviously the markets have given the thumbs up to Nirmala Sitharaman's fifth Budget.
12:45
Salaried class and pensioners including family pensioners for whom I propose to extend the benefit of standard deduction to the new tax regime Each salaried person with an income of Rs 15.5 lakhs or more will benefit by Rs 52,500, Sitharaman said.
12:36
Here are the new personal Income Tax changes under the new tax regime announced by Finance Minister Nirmala Sitharaman.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% Above 15 lakhs: 30%
12:29
After announcing the income tax under the new regime, Finance Minister Nirmala Sitharman concluded her speech, which lasted almost 90 minutes.
12:21
Over to income tax proposals...
12:21
I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21% to 13%. As a result, there are minor changes in the basic custom duties, cesses and surcharges on some items, including toys, bicycles and automobiles, Sitharaman said. While on...
12:17
Disclosing that the revised fiscal deficit for the current fiscal year is at 6.4% of GDP, Sitharaman said the FY-2024 fiscal deficit target has been fixed at 5.9% of GDP. I reiterate my intention to bring the fiscal deficit below 4.5% of GDP by 2025-26, Sitharaman stated.
12:09
100 labs for developing apps using 5G services will be set up in engineering institutions. To realise the new range of opportunities, business models and employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems and...
12:04
Illustration: Uttam Ghosh/Rediff.com
To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different states, Sitharaman announced. The government will launch the Pradhan Mantri Kaushal Vikas Yojana 4.0, she added.
12:03
The government will bring in another dispute resolution scheme under the Vivad Se Vishwas-2 to settle commercial disputes. If MSMEs fail to execute the contract, 95 pc of performance security will be returned to small business as part of Vivad Se Vishwas, Sitharaman said.
11:58
Illustration: Dominic Xavier/Rediff.com
Government to bring National Data Governance Policy, Sitharaman announced. The National Data Governance Policy will enable anonymised data; and the KYC process will be simplified by adopting risk-based system, she added.A one-stop solution for reconciliation and updating of identity...
11:52
50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity, said Sitharaman. She also said that for business establishments required to have a Permanent Account Number, PAN will be used as a common identifier for all...
11:47
Pic: Parivartan Sharma/Reuters
All cities and towns will be enabled for 100 pc transition of sewers and septic tanks from manhole to machine hole mode, said Sitharaman. 100 critical transport infrastructure projects have been identified for implementation, and states and cities will be encouraged to take up urban...
11:43
Capital investment outlay is being increased by 33% to Rs 10 lakh crores, which would be 3.3% of the GDP, said Sitharaman. 50-year interest free loan to state governments extended for one more year. 157 new nursing colleges will be established in colocation with the existing 157 medical...
11:40
New sub scheme of PM Matsya Sampada Yojana, with targeted investment of Rs 6000 crores, to further enable activities of fishermen, fish vendors and micro and small entrepeneurs, improve value chain efficiences and expand the market, said Sitharaman.
11:38
Illustration: Dominic Xavier/Rediff.com
3 centres of excellence in artificial intelligence to be set up in leading educational institutions in the country, said Sitharaman.
11:35
To improve the social-economic condition of the Particularly Tribal Groups, PMPBTG development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 cr to be made available to implement scheme in next 3 years, says Sitharaman.Eklavya Model Residential Schools: In...
11:32
PM Vishwa Karma Kaushal Samman, a package of assistance for traditional artisans and craftspeople, has been conceptualised, will enable them to improve quality, scale & reach of their products, integrating with MSME value chain, says Sitharaman.
11:31
An agriculture accelerator fund will be set up to encourage agri-startups by young entrepreneurs, and the the agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries, says Sitharaman.
11:26
Pic by Jayanta Dey/Reuters
The country offers immense attraction for domestic as well as foreign tourists. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular, Sitharaman said, adding that promotion of tourism will be taken up on...
11:19
India's per capita income has increased to Rs 1.97 lakh, Sitharaman said in her speech. Government's efforts since 2014 have ensured better quality of life for citizens of the country, she said. We have made significant progress in many Sustainable Development Goals, and the government made...
11:15
Sitharaman spoke of the 7 priorities for Budget, which act as Sapt Rishis in the Amrit Kaal. They are, she said, inclusive development, infrastructure and investment, unleashing potential, green growth, youth power, financial sector.
11:12
Entire expenditure of about Rs 2 lakh crore under PM Garib Kalyan Anna Yojana is being borne by the central government, for supplying free food grains for one year to all Antyodaya and priroity households, says Sitharaman.
11:11
We will enable women's self help groups to reach the next level, with each having several thousand members and run efficiently so they can scale up their operations to serve the large consumer market, says Sitharaman.
11:07
'This is the first budget in Amrit Kaal, this budget hopes to build on the foundation laid in previous budget and the blueprint laid for India@100, we envision a prosperous and inclusive India in which the fruits of development reach all. 'The world has recognised India as a bright star, our...
11:03
This is the first Union Budget in Amrit Kaal, FM Sitharaman says in her speech.
11:01
Finance Minister Nirmala Sitharaman begins her Budget Speech in the Lok Sabha, her fifth consecutive one and the Modi government's last full one before the general elections next year.
11:00
The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved the Budget for the fiscal year 2023-24 (April 2023 to March 2024), sources said. Following this, Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha.
10:54
Ahead of the presentation of Union Budget 2023-24 in the Parliament on Wednesday, Minister of State for Finance Pankaj Chaudhary said that the budget will incorporate the expectations of every section of society and will stand on everyone's expectations. Union Finance Minister Nirmala...
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