#BudgetOnNewsX Live: Union FM begins Budget 2023 speech, govt revises income tax regime

1 February, 2023 | Vaishali Sharma

budget speech National

Live updates on Nirmala Sitharaman's Budget speech.

Feb 1 12:29 (IST): Personal Income Tax: “The new tax rates are 0 to ₹3 lakhs – nil; ₹3 to 6 lakhs – 5%; ₹6 to 9 Lakhs – 10%; ₹9 to 12 Lakhs – 15%; ₹12 to 15 Lakhs – 20% and above ₹15 Lakhs – 30%,” says Union Finance Minister Nirmala Sitharaman

Feb 1 12:23 (IST): I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs: FM Nirmala Sitharaman

Feb 1 12:22 (IST): To promote value addition in the manufacturing of TVs, I propose to reduce the Basic Customs Duty on parts of open cells of TV panels to 2.5%: FM Nirmala Sitharaman

Feb 1 12:22 (IST): Income rebate limit increased to Rs 7 lakh from Rs 5 lakh.

Feb 1 12:21 (IST): Average processing time for income tax returns reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism: FM Sitharaman

Feb 1 12:20 (IST): I propose to provide 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: FM Nirmala Sitharaman.

Feb 1 12:18 (IST): 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 & surcharges on some items including toys, bicycles, automobiles: FM Nirmala Sitharaman.

Feb 1 12:11 (IST): Total Expenditure at 27.2 Lakh Cr. Net Market Borrowings at ₹11.8 lakh cr while gross market borrowings at 15.4 lakh cr, says FM Sitharaman.

Feb 1 12:07 (IST): FM fixes fiscal deficit for 2023-24 at 5.9%: The revised fiscal deficit is at 6.4% of GDP: FM Sitharaman

Feb 1 12:07 (IST): Special Savings Scheme For Women: Mahila Samman Savings Certificate to be provided to women for two years at an interest rate of 7.5%, in line with the sentiment of Azaadi Ka Amrit Mahotsav, FM Sitharaman said. This is a one-time saving scheme, where up to Rs 2 lakh can be deposited. Maximum Deposit Limit for Senior Citizens will also be increased to ₹30 Lakhs, said FM Sitharaman.

Feb 1 12:05 (IST): National Data Governance Policy: A National Data Governance Policy will be introduced to unleash Innovation and research by Startups and Academia. This will enable access to anonymized data: FM Nirmala Sitharaman.

Feb 1 12:05 (IST): There’s a 76% increase in Digital payments in 2022. Fiscal Support for digital infrastructure will continue.

Feb 1 12:00(IST): Revamped credit guarantee scheme for MSMEs: Revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs.

Feb 1 11:59 (IST): A one-stop solution for reconciliation & updating of identity and address of individuals maintained by various govt agencies, regulators and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity: FM Nirmala Sitharaman

Feb 1 11:57 (IST): Unity Malls To Be Set Up To Promote Indigenous Products: A Unity Mall should be set up in the capital city of each state where the sale and purchase of products from each district can take place, FM Sitharaman said.

Feb 1 11:55 (IST): Pradhan Mantri Kaushal Vikas Yojana 4.0: The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0, said FM Nirmala Sitharaman. To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States, she added.

Feb 1 11:54 (IST): Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up: FM Nirmala Sitharaman

Feb 1 11:51 (IST): To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data: FM Nirmala Sitharaman

Feb 1 11:48 (IST): 50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity: FM Nirmala Sitharaman

Feb 1 11:47 (IST): Target to Reach annual Production of 5MMT Green Hydrogen by 2030. ₹35,000 Cr for capital investment towards Net Zero Objective: FM

Feb 1 11:47 (IST): Focus on Green growth: India is moving forward firmly for Net Zero Carbon Emmission. The bvudget builds on our focus on Green Growth. National Green Hydrogen Mission will Facilitate transition, said FM Sitharaman.

Feb 1 11:43 (IST): Entity Digilocker will be setup for MSMEs & Businesses. 100 Labs for developments apps will be set up in engineering colleges, says FM Nirmala Sitharaman.

Feb 1 11:41 (IST): Booster for Railways: The capital outlay of Rs 2.40 lakh crore will be provided for railways, 9x over FY14.

Feb 1 11:40 (IST): Capital investment outlay increased by 33%: Capital investment outlay is being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP, said Finance Minister Nirmala Sitharaman in her budget speech.

Feb 1 11:39 (IST): Financial system regulators will have KYC system. PAN will be common identifies for all digital systems.

Feb 1 11:39 (IST): Centers of Excellence for Artificial Intelligence To Be Set Up: To realising the vision of Make AI in India and Make AI work for India, 3 Centres of Excellence for Artificial Intelligence will be set up in top educational institutions, FM Sitharaman added. She added that leading industry players would partner in conducting inter-disciplinary research and develop cutting-edge applications & scalable problem solutions in agriculture, health and sustainable cities.

Feb 1 11:38 (IST): FM launches integrated online training ‘I Got Karmayogi’.

Feb 1 11:38 (IST): A national data governance policy will be implemented, allowing access to anonymized data: FM

Feb 1 11:35 (IST): 50-year interest free loan to State governments extended for one more year: FM Sitharaman.

Feb 1 11:34 (IST): The outlay for PM Awaas Yojana being enhanced by 66% to over Rs 79,000 crores: FM Nirmala Sitharaman.

Feb 1 11:31 (IST): National Digital Library: The government proposes to set up a national digital library for children and adolescents to compensate for the learning loss during the pandemic, said Finance Minister Nirmala Sitharaman.

Feb 1 11:33 (IST): Focus on education: Eklavaya Model Residential Schools, in the next three years, the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students: FM Nirmala Sitharaman.

Feb 1 11:30 (IST): To improve 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: FM Nirmala Sitharaman

Feb 1 11:29 (IST): 157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014: FM Nirmala Sitharaman

Feb 1 11:29(IST): Push for fisheries: The government will launch a sub-scheme under PM Matsya Sampada Yojana with an outlay of Rs 6,000 crore to further enable those involved in fisheries, said Finance Minister Nirmala Sitharaman.

Feb 1 11:28 (IST): Agri push: The government has also initiated computerisation for 63,000 primary agricultural credit societies with an investment of Rs 2,516 crore

Feb 1 11:24 (IST): Assistance for traditional artisans and craftspeople: PM Vishwa Karma Kaushal Samman – package of assistance for traditional artisans and craftspeople has been conceptualized; it will enable them to improve the quality, scale and reach of their products, integrating with the MSME value chain.

Feb 1 11:22 (IST): Encouraging agritech startups: An agriculture accelerator fund to encourage agritech startups by young entrepreneurs in rural areas. The fund will focus on bringing innovative solutions to challenges faced by farmers, says FM Nirmala Sitharaman.

Feb 1 11:20 (IST): The government will launch the Atmanirbhar Clean Plant Programme to improve the availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore: Finance Minister Nirmala Sitharaman

Feb 1 11:19 (IST): 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: FM Nirmala Sitharaman

Feb 1 11:19 (IST): This budget is focused on job creation and upliftment of youth: FM

We made significant progress in sustainable goals. Also achieved many milestones in Swachh Bharat, PM Suraksha Bima Yojana, Direct benefit transfer, and Jan Dhan account

Feb 1 11:15 (IST): FM On food security: Continuing our commitment to food security, from Jan. 1, 2023, we’re implementing a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana,” said Finance Minister Nirmala Sitharaman.

Feb 1 11:13 (IST): Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this ‘janbhagidari’ through ‘sabka saath, sabka prayaas’ is essential: FM Nirmala Sitharaman

Feb 1 11:10 (IST): Focus on three things: FM

The economic agenda focuses on three things:

  • Facilitating ample opportunity for citizens, especially the youth
  • Providing a solid impetus for growth and job creation
  • Stabilising the macro economy

Feb 1 11:12 (IST): “Promotion of tourism will be taken up on mission mode,” says Finance Minister Nirmala Sitharaman during Budget 2023-24 presentation.

Feb 1 11:09 (IST): The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war: Union Finance Minister.

Feb 1 11:07 (IST): Govt’s efforts since 2014 have ensured for all citizens, a better quality of life & life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world, said Nirmala Sitharaman.

Feb 1 11:06 (IST): In these times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order: Nirmala Sitharaman.

Feb 1 11:05 (IST): During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months: FM Sitharaman.

Feb 1 11:03 (IST): Indian economy on the right track, and heading towards a bright future, says FM Sitharaman.

Feb 1 11:02 (IST): Union Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2023-24 in Parliament on Wednesday. “This is the first budget in Amrit Kaal,” she said.