Our Finance Minister, Smt Nirmala Sitharaman, has opened the budget with growth undertones & optimism, announced India’s economic outlook is better than pre-pandemic years
The government has announced focus on infrastructure & manufacturing with an incremental welfare spending. Stay Tuned for more updates.
January 31, 2023 06:28 PM
Union Budget 2023 : Key Expectations
The Union Budget 2023 is likely to emphasize on capital expenditure and focus on the manufacturing sector in-lieu with the post-pandemic fiscal consolidation.
The finance minister will attempt to hike capital expenditure from the current 2.9% GDP to nearly 3.5%. She might also rationalize personal income-tax rates to uplift demand.
We have covered this in detail here: Union Budget 2023: Stock Market Expectations
February 1, 2023 09:44 AM
Economic Survey – Highlights
Our Finance Minister, Smt Nirmala Sitharaman will announce Union Budget 2023 by 11 AM today.
The Economic Survey, the perspective & basis document for the budget was released yesterday. Below are few highlights
We will serve you fresh updates for every 15 mins, Stay Tuned.
February 1, 2023 11:21 AM
First budget in 'Amritkaal'
President Droupadi Murmu opened the budget session with Amrit Kaal theme. Amrit Kaal is a period of 100 years of Independence and the making of a developed India.
The Finance Minister has listed welfare achievements of an insurance cover of Rs. 46 Cr, a cash Transfer of Rs. 11.4 Cr to farmers and 11.7 Cr washrooms under Swach Bharath, and 200 Cr vaccinations.
Macroeconomic stability, aspirations of the young population, and job creation have emerged as key focus themes
February 1, 2023 11:25 AM
World has recognized India as a bright star, says FM
The world has recognized India as a bright star for its remarkable growth this year – a 7% growth rate which is the highest among all major economies, even amid the massive global slowdown caused by the pandemic and the war.
India’s remarkable growth serves as a beacon of hope for the world and is a testament to the resilience and strength of our economy.
February 1, 2023 11:26 AM
Agriculture
This union budget focuses on technological development, infrastructure, green growth, and youth power.
Inclusive Development: Improved credit access to farmers and an agricultural start-up fund for encouraging start-up founders.
Sab ka Saath, Sab ka Vikas continues to propel inclusive growth
Collaboration between the public and private sectors for increasing disease-free plants distribution and emerge as millet hub for ensuring food security and the welfare of farmers.
The Centre will provide free grains to all priority households until December ’23 and will take on the entire expenditure of Rs 2 lakh crore.
February 1, 2023 11:32 AM
Nursing colleges at 4 Locations:
FM announced that seven new nursing colleges will be opened in four locations across the country.
February 1, 2023 11:33 AM
Atmanirbhar Clean Plant Program
The Government of India has announced the Atmanirbhar Clean Plant Programme with an outlay of Rs. 2,200 Cr. This initiative will help improve the availability of disease-free and high-quality planting material for high-value horticultural crops, thus boosting India’s agricultural productivity. The program will provide significant support to the farmers, enabling them to produce superior-quality harvests and maximize their income.
February 1, 2023 11:34 AM
7 priorities acting as Saptrishi
February 1, 2023 11:38 AM
Urban Planning & Infra Spends
50 Year interest-free loans for state governments to extended for another year
Drive more private investments into railways & infrastructure and will the finance framework will be reviewed by 3rd parties
Sustainable cities for tomorrow: To undertake urban planning to encourage cities into sustainable cities – enhance availability.
The government projected sharp increase in capital expenditure by 33%, i.e 10 Lakh crores – This will be spent on urban infrastructure to create jobs, will also act us a cushion against the global slowdown
February 1, 2023 11:40 AM
Sub-Scheme under PM Matsya Sampda Yojana
FM announced a major initiative to bolster the fisheries sector, with the launch of the Sub-Scheme under the Prime Minister Matsya Sampada Yojana, with a planned outlay of Rs. 6,000 crore.
February 1, 2023 11:46 AM
Technology & Innovation
Unleash start-up ecosystem to accelerate reconciliation of accounts & identity establishments
Academia & startups will be encouraged to pursue Artificial intelligence and Make AI in India to create governance data
FM Nirmala Sitaraman announced that to stimulate indigenous production of LGD seeds and machines and reduce import dependency, a research and development grant of five years duration will be provided to one of the IITs. In addition, to lower the cost of production of these seeds, a proposal will be presented in Part B of her speech to review the rate of the custom duty of these LGD seeds. This important move is aimed at reducing overall dependence on imports and boosting domestic production.
February 1, 2023 11:47 AM
Unlock Limitless Knowledge with the National Digital Library
The Government of India, in an effort to make up for the learning loss caused by the pandemic, is proposing to set up a national digital library for children and adolescents. This ambitious project, proposed by Finance Minister Nirmala Sitharaman, will provide an opportunity to bridge the digital divide and provide access to world-class learning content for all.
February 1, 2023 11:50 AM
Ease of Doing business
February 1, 2023 12:02 PM
Inclusive Growth & Learning
The Eklavaya Model Residential Schools will be taking giant leaps towards bridging the education gap in India in the next three years. By recruiting 38,800 teachers and support staff for 740 schools, this Centre will serve more than 3.5 lakh tribal students. This is a commendable effort by FM Nirmala Sitharaman to empower the tribal communities and provide access to quality education for all.
February 1, 2023 12:05 PM
Transport Infra Projects
Finance Minister Nirmala Sitharaman today announced an investment of Rs 75,000 crore to modernize and revitalize 50 additional airports, heliports, water aerodromes, and advanced landing zones across the country. 100 crucial projects of transport infrastructure for the steel, ports, fertilizer, coal, and foodgrain sectors have been identified with private sources contributing Rs 15,000 crore. The projects are expected to unlock immense economic opportunities and provide a massive boost to the transportation sector.
February 1, 2023 12:07 PM
Tourism updates
50 destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism.
February 1, 2023 12:12 PM
Sustainable Farming & bio-inputs
1 crore farmers to get support from 10000 bio input centers to accelerate natural farming
February 1, 2023 12:27 PM
National Data Governance Policy
The government has announced the launch of a National Data Governance Policy. This policy will enable Startups and Academia to gain access to anonymized data to drive creative insights and initiatives. This policy, in the words of FM Nirmala Sitharaman, will unleash innovation and research from New India’s start ups.
February 1, 2023 12:34 PM
5G-Powered Labs for Developing the Next Generation of Apps
FM announced the launch of 100 labs, designed to facilitate the development of apps using 5G services in engineering institutions. These labs will unlock a vast range of opportunities, including new business models and employment potential. Specifically, the labs will focus on developing apps such as Smart Classrooms, Precision Farming, Intelligent Transportation Systems, and Healthcare.
February 1, 2023 12:47 PM
Income Tax & Personal Finance
Tax slab rationalisation is announced under new regime with new slabs as shown below:
| Total Income (in Rs) | Rate (in %) |
| Upto 3,00,000 | Nil |
| 3,00,001 to 6,00,000 | 5 |
| 6,00,001 to 9,00,000 | 10 |
| 9,00,001 to 12,00,000 | 15 |
| 12,00,001 to 15,00,000 | 20 |
| Above 15,00,000 | 30 |
Processing time for ITR reduced from 93 days to 60 days.
Integrated IT portal will be established for to reclaim unclaimed shares and unpaid dividends.
For more than a decade, Union Budget Day has seen bullish sentiments most of the time. Having said that, it is important for investors to evaluate the impact of policy reforms and drill down their impact on Capital Markets. Do not miss out on India’s growth story – Take your first step and open your demat account with Angel One – it’s paperless and easy!
Read entire budget Here
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