Union Finance Minister Nirmala Sitharaman will today (1 February 2023) present the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections. The plan is expected to boost funds for infrastructure, defense, and logistics, providing windfalls for related companies. The Budget Session of Parliament began on Tuesday and the first part will conclude on 13 February.
The Parliament will reconvene on 12 March for the second part of the Budget Session that will conclude on 6 April.
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12:28 am- Finance Minister Nirmala Sitharaman Commences Budget
12:20 am- 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
12: 19 am- Rebate limit increased to ₹ 7 lakh in the new tax regime, Ms Sitharaman’s big announcement
12: 18 am – Startups
High value insurance policies – returns will now be taxed and capitals gains on sale of property for over ₹ 10 crore will be higher, she announced.
12:16 am- Direct Taxes
Nirmala Sitharaman: Next generation common IT form to be rolled out MSMEs and professionals – if their cash receipts is no more than 5% presumptive tax limits increased to ₹ 3 crore (turnover) and ₹ 75 lakh (income) respectively
12:15 am- 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
12:14 am- “To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at ₹ 11.8 lakh crore, said Nirmala Sitharaman.
12:12 am- Cigarettes duty revised upwards, announced the Finance Minister.
12:11 am- “Tax receipts for next fiscal budgeted at ₹ 23.3 lakh crore,” said Ms Sitharaman.
12:10 am- I reiterate my intention to bring the fiscal deficit below 4.5% of GDP by 2025-26: FM Nirmala Sitharaman
12:06 am- “Relief in customs duty on mobile phone parts extended for another year. Reduce customs duty on TV panel parts,” said the Finance Minister.
12:05 am- Basic customs duty rates to be reduced from 21 to 13 per cent, she announced.
12:04 am- Fiscal deficit expected to be 5.9% of GDP. We aim to reduce it to 4.5% by 2025-26, said Ms Sitharaman.
12:01 am- Fiscal support for digital public infra, FM said. Mahila Samman Savings certificate for a 2-year period. This will offer deposit facility of up to 2 lakh at 7.5 per cent interest.
12:00 am- 100 labs for developing apps using 5G services will be set up in engg institutions. To realise new range of opportunities, business models&employment potential, labs will cover among others, apps like Smart Classrooms,Precision Farming,Intelligent Transports Systems&Healthcare:FM
11: 59 am- 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: FM Sitharaman
11: 58 am- 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: FM Sitharaman
11: 56 am- For efficient administration of justice, Phase 3 of the eCourt’s project will be launched with an outlay of Rs 7000 Crores: FM Nirmala Sitharaman
11:55 am- 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism: FM Nirmala Sitharaman. States will be encouraged to set a ‘Unity Mall’ in 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 handicraft: FM Sitharaman
11:54 am-To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States: FM Nirmala Sitharaman
11:53 am- The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0: FM Nirmala Sitharaman
11: 53 am- To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States: FM Nirmala Sitharaman
11:53 am- The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0: FM Nirmala Sitharaman
11: 50 am- 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
11: 49 am- Rs 35,000 crores priority capital for the energy transition; Battery storage to get viability gap funding: FM Nirmala Sitharaman
11: 47 am- Green credit programme will be notified to encourage companies, individuals, she said.
11: 44 am- Green Growth
“This Budget focuses on green growth. India heading for net zero “Panchamrit” goal by 2070,” she said.
11:41 am-“All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from manhole to machine hole mode. Cities will be encouraged to increase creditworthiness for municipal bonds,” said Ms Sitharaman.
11:37 am-“One stop solution for reconciliation of IDs maintained by various government agencies. PAN will be used as common business identifier,” she said.
11:36 am- Government announces ₹ 2.4 lakh crore for railways.
50 additional airports, heliports, water aerodromes, advanced landing zones to be revitalised
11:35 am- Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP: FM Sitharaman
11:35am- States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources: FM Nirmala Sitharaman
11: 33 am- The outlay for PM Awaas Yojana being enhanced by 66% to over Rs 79,000 crores: FM Nirmala Sitharaman
11: 32 am –“Capex outlay being increased 3.3% to 10 lakh crore. Will make up 33 per cent of GDP,” she said.
11: 31 am- Eklavaya Model Residential Schools -in the next 3 years the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students: FM Nirmala Sitharaman
11: 30 am-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
11:29 am-157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014: FM Nirmala Sitharaman
11:28 am- National Digital Library
“National digital library for children and adolescents will be set up for facilitating quality books,” she said. “The National Book Trust, Children’s Book Trust will replenish non-curricular tirles in regional languages and english to digital libraries,” she added
11: 28 am-“National digital library for children and adolescents will be set up for facilitating quality books,” FM said.
11: 27 am- Agriculture Focus
The government will set up an agriculture accelator fund to encourage startups in rural areas. The Indian Institute to Millet Research will be supported as a centre of excellence, she said.
11: 27 am-New programme to promote research and innovation in pharma through centres of excellence, Ms Sitharaman said.
11: 27 am- Mission to eliminate sickle cell anaemia by 2047, she said.
“Continuing our commitment to food security, we are implementing from January 1. a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana,” the Finance Minister said.
11:26 am- Atmanirbhar Clean Plant Programme
The government will launch the Atmanirbhar Clean Plant Programme to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of ₹ 2,200 crore, Ms Sitharaman said.
11: 25 am-“Indian Institute of Millet Research will be supported as centre of excellence,” said Nirmala Sitharaman.
11:24 am-The government also aims to empower women by way of self-help groups focused on raw material supply, branding and marketing of products, she said.
11: 23 am-“Indian economy has become more formalised as witnessed by significant enhancement in digital payments,” said Ms Sitharaman
11: 22 am- “Agriculture accelerator fund will be set up to fund agri startups,” said Nirmala Sitharaman.
11: 21 am- Nirmala Sitharaman On 7 Priorities of Budget
11:20 am- This budget is focused on job creation, upliftment of youth, says FM
11:19 am- Economy has become a lot more formalised as reflected by doubling of EPFO membership, says FM
11: 18 am- FM on food security
Continuing our commitment to food security, we’re implementing from Jan. 1, 2023, 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.
11: 17 am– Priority 1: Inclusive Development
11:15 am- FM Lists down 7 priorities for Budget 2023
11: 12 am -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
11: 10 am-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: FM Sitharaman
11: 10 am –“G20 presidency gives us unique opportunity to strengthen India’s role in world economic order,” said Ms Sitharaman.
11:09 am– 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: Finance Minister Nirmala Sitharaman
11:08 am- 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 Nirmala Sitharaman presents #UnionBudget2023
11:06 am- Indian economy on the right track, and heading towards a bright future: Finance Minister Nirmala Sitharaman
10:46 am- Rupee gains 12 paise to 81.76 against US dollar ahead of budget
10: 36 am- Sensex recovers 60k level as markets open with Budget expectations
10:25am – #Budget copies brought to Parliament, ahead of Budget presentation at 11am.
10:17 am- Union Cabinet meeting chaired by PM Modi begins at Parliament After the Cabinet approves the Budget 2023, it will be presented in Parliament by FM Sitharaman.
10:16 am – Prime Minister Narendra Modi arrives at the Parliament. A Union Cabinet meeting will be held here shortly. Following this, Union Finance Minister Nirmala Sitharaman will present the #UnionBudget2023 at the Parliament, at 11 am.
10:10 am – Union Home Minister Amit Shah and Defence Minister Rajnath Singh arrive at the Parliament. A Union Cabinet meeting will be held here shortly. Following this, Union Finance Minister Nirmala Sitharaman will present the #UnionBudget2023 at the Parliament, at 11 am.
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