Union Budget 2023 LIVE UPDATES: The ultimate aim is to make the new income tax regime more attractive-FM

Union Budget 2023: Precious metals may lose glitter over customs duty

Ghazal Jain, Fund Manager- Alternative Investments , Quantum AMC observed that "while the short-term price distortions prevailing in the market may have been taken care of, the longer-term structural issue remains unaddressed. This has to do with the higher government intervention through higher custom duty which results in large price differentials between international and domestic gold prices.

This hinders efficient functioning of the gold markets in India by encouraging illicit gold imports which in turn lead to price distortions. Price distortions ensure India remains a price taker on the international front and make it difficult to channelize the hoard of India’s gold savings into circulation and thereby integrate the gold market with other financial markets.

While rationalization of custom duty did not make it to the Government’s agenda this year amid concerns around the current account deficit and weaker rupee, we hope it does the needful sooner rather than later.In the precious metals space, custom duty on silver was increased from about 10.75% to 15% to bring it at par with duty on gold. Despite that domestic silver prices saw an up move of only 1.5-2% reflecting lower domestic demand for the metal"

Finance Minister Nirmala Sitharaman: Government has set up an e-marketplace for small businesses to market their own products.

Finance Minister Nirmala Sitharaman: Seek to incentivise scrapping of old vehicles to support eco-friendly measures.

Union Budget 2023 press conference: Threshold of Rs 10,000 or more for TDS on online gaming winnings has been removed.

Union Budget 2023 press conference: Tax and TDS on online gaming will now charged for net winnings withdrawn from accounts not for every single game.

Union Budget 2023 press conference: Confident that interest burden will come down with GDP growth. We are seeing an improvement in the quality of public expenditure.

Union Budget 2023 press conference: Increase in borrowing for the previous year is 8 per cent, the nominal growth of economy was 15 per cent. Incremental crowding out is not a concern.

Finance Minister Nirmala Sitharaman: PM-DevINE will take care of livelihood of artisans in the North East.

Union Budget 2023 press conference: Amendments to banking regulations act have more to do with governance, nothing to do with divestment.

Union Budget 2023 press conference: Petrol, diesel, oil prices do not directly affect budget.

Union Budget 2023 press conference: Before budget, government had decided to release wheat in the open market to bring down prices.

Union Budget 2023 Press conference: Move is towards lower rates but fewer avoidance measures.

Union Budget 2023 Press conference: Railways has enough projects to absorb capex, and highways will utilise added capital as well. Petroleum capex will be used retrofitting.

Union Budget 2023 Press conference: Central capex to exceed expectations, state capital expenditure to fall short.

Union Budget 2023 Press conference: Majority of people will find it attractive to shift towards new tax regimes, despite exemptions in old one.

Union Budget 2023 Press conference: More than 60 per cent of tax is coming form the exemption-free tax regime.

Finance Minister Nirmala Sitharaman: When projects are undertaken and money is utilised, how will they get completed without jobs? Obviously jobs are happening in the ground.

Finance Minister Nirmala Sitharaman: We take inflation related steps in response to developments on the ground. We aren't looking the other way, we have kept attending to it, having respected the gliding path we have given to ourselves.

Finance Minister Nirmala Sitharaman: Have made new tax regime attractive enough for people by reducing the rates to the extent that people won't miss exemptions.

Finance Minister Nirmala Sitharaman: Continuing tradition of investment in infrastructure and focusing on MSMEs at the same time.

Finance Minister Nirmala Sitharaman: This is a budget which has beautifully balanced both growth consideration, as capital investment has never seen double digit capital investments.

Finance Minister Nirmala Sitharaman: New taxation regime has now got greater incentives to attract people from the old to new.

Union Budget 2023: Rs 20 lakh being made available via agricultural credit scheme.

Union Budget 2023: Power sector positive about customs duty reduction to empower storage capacity

The decision to reduce custom duty on lithium ion batteries will promote energy storage to provide round-the-clock renewable power at reduced cost. The amalgamated steps taken will not only help reduce carbon intensity of the economy but will simultaneously help create job opportunities. The ultimate goal is to reduce dependence on fossil fuel inputs and make the country assume technology and market leadership in this sunrise sector: Kush Singh, CEO, Essar Power

Union Budget 2023: Industry reacts positively to measures to fund green growth

The attention and allocation to building a green infrastructure and a decarbonised energy regime is the core of the union budget which puts India on the path of being future proof. The ₹ 35,000 crore allocation for energy transition along with an ambitious target of 5 MMT of hydrogen will unleash new demand impulses across the length and breadth of the country, thereby fielding green growth: Prashant Ruia, Director, Essar Capital

Union Budget 2023: Bond markets jump after announcement

Market participants rejoiced the conservative estimates in the Union Budget with no fine print or hidden negatives. There was something positive for every strata of the society. Broadening of personal tax slabs and nudge for the New Tax Regime is aimed at higher savings which may support personal consumption. FY24 nominal GDP is assumed to grow at 10.5%, which is quite credible. Increase in FY24 net tax receipts at 11.5% suggests modest tax buoyancy. Fiscal deficit is expected to contract by 50 bp to 5.9% of GDP with aim to bring it below 4.5% of GDP by FY26.

Bond and equity markets rebounded sharply after the announcement. For bond market, FY24 net borrowing of Rs. 11.8 trillion and gross borrowing of Rs. 15.4 trillion was on the lower side of market estimates. This should keep benchmark bond yields from rising, in our view. We expect benchmark 10Y sovereign bond yield to trade between 7.25% and 7.5% in the near-term: Dhawal Dalal, CIO – Fixed Income, Edelweiss MF.

Union Budget 2023: Startup support ecosystem positive about credit guarantee for small ventures

MSMEs will benefit from steps including continued reduction of unnecessary compliances to promote ease of doing business and additional infusion of 9,000 crores in the Credit Guarantee scheme from April 1, 2023, with reduction in cost of guarantee by 1%. Start-ups have been given extension on tax benefits from date of incorporation and carry forward losses by a year. At a macro level, capital investment outlay is enhanced by 33% to 10 lakh crores, which is 3.3% of the GDP, with a big push on infra, employment and green growth: Karan Desai, Founder at Interface Ventures.

The government has had its ears to the ground and covered a vast gamut of businesses as it reduced the cost of credit to 1%. The newly established infrastructure finance secretariat will assist all stakeholders with more private investment. Investments in Infrastructure will have an enormous multiplier impact on growth and employment: Sanjay Chatrath, Managing Partner, Incuspaze

Union Budget 2023: Banking sector happy about steps to boost consumption and savings

The budget also pays heed to the need for fiscal consolidation reducing its fiscal deficit target to 5.9% of GDP in 2023-24 from 6.4% in 2022-23. The resultant lower than expected market borrowing number is likely to bring some relief for the bond market. We see the 10-year bond yield to moderate towards 7-7.1% in FY24.

The budget also announced adjustments in income tax slabs that is likely to boost consumption and savings in the economy, benefitting taxpayers particularly at the lower brackets of the income pyramid.

Union Budget 2023: Lenders celebrate credit guarantee for small businesses

Focus on capital expenditure, schemes on social and economic upliftment under the narrative on Atmanirbhar Bharat and Saab Ka Saath Saab ka Vikas are major initiatives. Budget 2023 lays down prescription on inclusive development, mechanism for benefits to reach the last mile, infrastructure growth, green growth and vibrant financial sector.

The government has also indicated its willingness to relook at various regulations including BR Act. Further lowering of income tax rates gives greater power to spend or save in the hands of the common man.

In addition, fresh allocation to credit guarantee scheme for MSMEs and push on digital architecture will augur well for access and affordability of funds for small and medium income profile borrowers to continue building their vocation: Govind Singh - MD & CEO of Utkarsh Small Finance Bank

Union Budget 2023: Kotak Mahindra Asset Management calls it a Bahubali budget

This budget is a Bahubali budget. With one arrow multiple targets are shot. Fiscal prudence is achieved with lower deficit and path set till FY 26. Consumption is supported through tax cuts. Investment outlay is enhanced. No’s are realistic or conservative to enhance the credibility: Nilesh Shah, Managing Director, Kotak Mahindra AMC

Union Budget 2023: Provision for digital libraries welcomed by online publishers

Impressive to see that while on one hand we are progressing towards a Digital India, the government has encouraged the habit of reading through the announcement of physical libraries at the Panchayat Level and a digital library at the national level. We hope that this proves to be a great idea to get the kids and youth invested in reading. This is completely inline with Merlinwand’s mission and hopefully will work wonders for our future collective knowledge and wisdom: Sudarshan Vig, Co-founder, Merlinwand

Analysts celebrate all encompassing budget, as market celebrates

Fiscal consolidation with FD target of 5.9 %, massive 33% increase in proposed capital expenditure for FY 24 and tax relief to the middle class while continuing the free food grain distribution for 80 crore people make this an all-encompassing Budget. The market is celebrating the absence of the feared hike in LTCG tax on equities: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

A new fund for UIDF shall catalyse the investments required in urban infrastructure projects specifically in tier 2 and tier 3 cities: Sandeep Upadhyay, MD, Infrastructure Advisory Centrum Capital.

PM Narendra Modi appeals for creation of samrudhh, samarth and sampann bharat by 2047.

PM Narendra Modi: Middle Class have been provided a major relief in taxation.

PM Narendra Modi: MSMEs will be able to grow with hike in presumptive tax limit.

PM Narendra Modi: Never seen before investment of Rs 10 lakh crore on infrastructure, will create jobs and new sources of income.

PM Narendra Modi: Have given stress on technology and modern infrastructure. 

PM Narendra Modi: Small farmers will get financial stability by growing Shree Ann.

PM Narendra Modi: Millets a superfood, have been recognised as Shree Ann.

PM Narendra Modi: Farmers will get better value for their produce.

PM Narendra Modi: Budget has created world's biggest storage infrastructure for food grains.

PM Narendra Modi: Special savings scheme for women will empower homemakers.

PM Narendra Modi: Women's self help groups have acquired a major space in India, can create miracles with right support.

Union Budget 2023: Healthcare sector reacts positively to support for fight against sickle cell anemia

“The mission mode program to eradicate sickle cell anemia can be tremendously impactful. Such programmes are a marathon and not a sprint yet can create a fantastic template for programmes for other diseases like curable blindness in subsequent years. Also glad to see the focus on research and development in the pharma sector which is a much needed push to ensure a local ecosystem of innovation is created in India to make us self-reliant. One of the centres of excellence we would certainly like to see is plug and play GMP manufacturing infrastructure for startups in the biotech space. Overall, very pleased to see a deliberate method to nudge the Indian private and public ecosystem towards innovation and partnership.” - Dr Jogin Desai, CEO & Co-Founder, Eyestem

Union Budget 2023: Real estate body CREDAI welcomes provisions for infrastructure and connectivity

The highest ever railway outlay at Rs 2.4 lakh crore and increased regional connectivity through 50 more additional airports, helipads, water aero drones, advanced landing grounds will also boost affordable regional connectivity and will add impetus for infrastructure development, especially in tier-2 and 3 cities which will help the Indian economy to remain less impacted by a global slowdown: CREDAI National President, Harsh Vardhan Patodia.

Union Budget 2023: Electronics manufacturers celebrate boost for domestic manufacturing

Continuing the import duty cuts on Camera Lens and batteries for mobile manufacturing is a welcome step and this will continue to fuel the remarkable growth India has witnessed in domestic manufacturing: A. Gururaj, MD, Optiemus Electronics.

Net borrowing at 12.3 trillion rupees, is higher than the estimate. Need to see how much of that could be raised via green bonds: Anand Rathi, Founder & Chairman, Anand Rathi Group.

Boost to capex before the national polls is an indication Modi is focused on realizing his dream of making India a factory for the world: Anand Rathi, Founder & Chairman, Anand Rathi Group.

A 33% increase in capital expenditure to 10 lac crore rupees, the highest ever will go a long way in building roads, ports, and airports: Anand Rathi, Founder & Chairman, Anand Rathi Group.

No change in Capital Gains, as feared by the market, has been big relief: Mr. Nikunj Doshi, Managing Partner and Co-Founder, Bay Capital.

The extension of the 50-year interest free loans to states is also subject to a caveat that the amount must be used for capex and therefore, will enhance capex at the state level: Aashit Shah, Partner at JSA.

Permitting acquisition financing by units of foreign banks in IFSC is a step in the right direction. Will support Indian corporates looking to do overseas acquisitions: Samir Sheth, Partner and Head - Deal Advisory Services, BDO India.

A lower fiscal deficit will cool bond markets: Satish Menon, Executive Director at Geojit Financial.

Equity indices are in the green so far. But bond markets are getting jittery as expenditure looks elevated so far: Satish Menon, Executive Director at Geojit Financial.

Budget leaving Taxation on Capital Gains untouched is a big positive: S Ranganathan, Head of Research at LKP Securities.

Another update, ‘Public Consultation’, for all financial sector regulations, is the need of the hour with various divergent regulations of several different regulators. This will ensure ease of compliance and business: Lalit Kumar, Partner, JSA.

Big boost to MSME’s with credit guarantee revamp scheme from April 1, 2023, with the allocation of Rs. 9000 crores. Resulting in the cost of the credit to reduce by 1%, a big relief in the current inflationary conditions: Lalit Kumar, Partner, JSA.

Fiscal Deficit estimated at 5.9% of GDP meets street expectations on fiscal prudence: S Ranganathan, Head of Research at LKP Securities.

Increased Outlay towards Energy Transition, Railways, Affordable Housing & Urban Infrastructure indicates GOI resolve on enablers for growth: S Ranganathan, Head of Research at LKP Securities.

Union Budget 2023: Increased outlay of Rs 79,000 cr. Pradhan Mantri Awas Yojana.

Union Budget 2023: Finance Minister speaks for 1 hour 26 minutes, gives major relief to Middle Class with extension to rebate limit.

Union Budget 2023: Making new income tax regime the default tax regime, citizens will have option to use old tax regime.

Union Budget 2023: Highest surcharge reduced from 37 per cent to 25 per cent in new tax regime.

Union Budget 2023: Person with income of Rs 15.5 lakh crore or more will get benefit of up to Rs 52,000

Union Budget 2023: Individual with income of Rs 9 lakh to pay only Rs 45000 as tax. Individual with income of Rs 15 lakh to pay only Rs 1.5 lakh 

Union Budget 2023: Reducing number of slab reduced to five, tax exemption limit increased to Rs 3 lakh.

Union Budget 2023: Propose to increase rebate limit to income of Rs 7 lakh. No income tax for people with income up to Rs 7 lakh per annum.

Union Budget 2023: To limit income tax exemptions on proceeds from insurance.

Union Budget 2023: Propose upper limit of Rs 2 lakh per member for primary agricultural cooperative societies and primary cooperative banks.

Union Budget 2023: Cash payments of Rs 10,000 crore to sugarcane farmers.

Union Budget 2023: Tax relief of up to Rs 3.7 lakh for people with cash receipt of 5 per cent.

Union Budget 2023: Import duty on cigarettes to be increased by 16 per cent.

Union Budget 2023: Gold, silver and diamonds to become expensive.

Union Budget 2023: Propose to increase import duty on silver bars to align them with gold and platinum.

Union Budget 2023: GST exemption given for blended CNG.

Union Budget 2023: Basic customs duty on electric kitchen chimney increased from 7.5 per cent to 10 per cent.

Union Budget 2023: relief in customs duty on import of certain parts such as camera and lens. 

Union Budget 2023: Customs duty exemptions extended to import of capital goods.

Union Budget 2023: Reduce customs duty rates from 21% to 13%.

Union Budget 2023: The net market borrowings from dated securities estimated at Rs 11.8 lakh crores. Gross borrowings estimated at Rs 15.43 lakh crore.

Union Budget 2023: Fiscal deficit estimated to be 5.9 per cent of the GDP.

Union Budget 2023: Revised estimate of expenditure at Rs 41.9 lakh crore. Revised estimate of fiscal deficit 6.4 per cent of GDP.

Union Budget 2023: Deposit limit for senior citizens extended from Rs 15 lakh to Rs 30 lakh.

Union Budget 2023: Azadi ka Amrit Mahotsav a one time new small savings scheme mahila sanman saving certificate for two years up to March 2025, with deposit facility up to Rs 2 lakh with two year tenure, with partial withdrawal option, at an interest rate of 7.5 per cent.

Union Budget 2023: Digital portal to reclaim unpaid shares and dividends from investor education and protection fund with ease.

Union Budget 2023: Central data processing centre to be set up for faster response to companies.

Union Budget 2023: Amendments to the Banking Regulation Act, Banking Companies Act and Reserve Bank of India Act proposed.

Union Budget 2023: Will Delegate power to IFSCA, permit financing by IFSC Bank, avoid dual regulation under SEZ act.

Union Budget 2023: Cost of credit to be reduced by 1 per cent.

Union Budget 2023: Revamped credit guarantee for MSMEs from 1st April 2023, with outlay Rs 9,000 crore in corpus. 

Union Budget 2023: States will be encouraged to set up unity malls in state capitals for GI products and handicrafts of their own and other states.

Union Budget 2023: Dekho Apna Desh initiative, to promote domestic tourism over international tourism.

Union Budget 2023: Direct cash support to 47 lakh youths under apprenticeship programme in three years.

Union Budget 2023: On job training, industry partnership and training for 3D printing, robotics development and other digital skills to be introduced.

Union Budget 2023: National Education Policy to focus on skilling, economic policies for job creation and business opportunities.

Union Budget 2023: Amrit Dharohar will be implemented over 3 years to encourage optimal use of wet lands.

Union Budget 2023: MISHTI: Mangrove Initiative for Shoreline Habitats and Tanginble Income.

Union Budget 2023: To support one crore farmers to adopt natural farming.

Union Budget 2023: Gobardhan scheme introduced to promote biogas plants for a circular economy.

Union Budget 2023: PM PRANAAM launched to incentivise states and UTs to promote alternate fertilisers.

Union Budget 2023: Green credit programme to incentivise eco-friendly measures by companies. 

Union Budget 2023: Rs 35,000 outlay crore for priority capital investment towards energy transition and net zero objectives.

Union Budget 2023: Rs 19,700 crore outlay for green hydrogen generation.

Union Budget 2023: India moving towards Panchamrut to achieve net zero carbon emission target.

Union Budget 2023: 100 labs for developing 5G apps to be set up.

Union Budget 2023: Phase 3 of e-courts projects with outlay of Rs 7,000 crores.

Union Budget 2023: Voluntary settlement scheme to be introduced with graded provisions.

Union Budget: In case of failure by MSMEs to service contracts during pandemic, 90 per cent of forfeited amount will be returned by government.

Union Budget 2023: Unified tax filing process will be set up.

Union Budget 2023: PAN will be used as common identifier for all digital systems by businesses.

Union Budget 2023: One stop solution for updating identities and addresses will be established using Aadhar and digilocker.

Union Budget 2023: National Data Governance Policy will enable access to anonimised data, KYC to be simplified with risk based approach.

Union Budget 2023: Three centres of excellence for AI will be set up in partnership with industry leaders.

Union Budget 2023: Introduced Jan Vishwas Bill to ammend 42 central acts.

Union Budget 2023: Under mission Karmayogi, centre and state implementing capacity building for government employees.

Union Budget 2023: Rs 10,000 core per annum to be made available for cities to become sustainable.

Union Budget 2023: National housing banks to provide priority sector lending to improve urban infrastructure.

Union Budget 2023: Through property tax governance reforms, cities will be incentivised for improving credit worthiness.

Union Budget 2023: 50 additional airports, heliports, aerodromes to be built for air connectivity.

Union Budget 2023: Capital outlay of Rs 2.4 lakh crore for railways, is highest ever.

Union Budget 2023: To continue industrial state loans for another year.

Union Budget 2023: The direct capital investment to be Rs 13.7 lakh crore, 4.5 per cent of GDP.

Union Budget 2023: Capex outlay increased by 33 per cent to Rs 10 lakh crores, which would be 3.3 per cent of GDP. Almost three times the outlay made in FY20.

Union Budget 2023: Financial support for poor people in prisons.

Union Budget 2023: Central assistance of Rs 5,300 crore for drought hit areas of Karnataka.

Union Budget 2023: Will recruit more than 38,000 teachers, and support schools for tribal students.

Union Budget 2023: Clean drinking water, connectivity, housing among basic amenities to be ensured for the scheduled tribes under TBTG scheme.

Union Budget 2023: Pradhan Mantri TBTG for primitive vulnerable tribal groups launched, to improve conditions of particular tribalgroups.

Union Budget 2023: Ministries of Ayush, Fisheries, Animal Husbandary, Skill Development formed by our government.

Union Budget 2023: Collaboration with NGOs that work in literacy to inculcate financial literacy.

Union Budget 2023: Teachers training to be reimagined through professional development and ICT implementation.

Union Budget 2023: Universal screening of 7 crore people in affected tribal areas to end sickle cell anaemia.

Union Budget 2023: 157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2017.

Union Budget 2023: Decentralised storage capacity to help farmers.

Union Budget 2023: Computerisation of 63,000 primary agricultural socities with investment of Rs 2516 crore.

Union Budget 2023: New subscheme of PM Matsya Yojana worth Rs 6000 crore to enable activities of fishermen and fish vendors.

Union Budget 2023: The agriculture credit target to be increased to Rs 20 lakh crore.

Union Budget 2023: Millets to be categorised as Shree Anna.

Union Budget 2023: Atmanirbhar clean plant program for high quality crops.

Union Budget 2023: Fund for development of agritech startups by young entrepreneurs in the pipeline.

Union Budget 2023: Open source, open standard and interoperable public platform for farmers, to ensure credit, help for crop estimation, and support for agritech.

Union Budget 2023: Vanchito ko variyata, focus on the underprivileged a priority.

Union Budget 2023: Priorities of budget act as Saptarishi to guide us through Amrit Kaal.

Union Budget 2023: Implementing programs for green mobility, green farming, green construction and efficient use of resources.

Union Budget 2023: SC, ST, OBC and women to benefit from PM Vishwakarma Kaushal Sanman.

Union Budget 2023: A package of assistance has been conceptualised for artisans under PM Vishwakarma Kaushal Sanman.

Union Budget 2023: Deendayal Antyoday Yojana has achieved success by mobilising women under 81 lakh self help groups.

Union Budget 2023: 11.7 crore household toilets, 9.6 crore LPG connections under ujwala, 220 crore vaccine doses administered, insurance cover for 44.6 crore, cash transfer to 11.4 crore farmers under PM Kisan Nidhi.

Union Budget 2023: EPFO membership has more than doubled.

Union Budget 2023: Have made significant progress in sustainable development gold

Union Budget 2023: In these nine years, the Indian economy has increased in size from 10th to 5th largest.

Union Budget 2023: Free food grains to be supplied to antyodya families for one year.

Union Budget 2023: We ensured no one goes to bed hungry, supplied free food grains during pandemic.

Union Budget 2023: India's rising global profile is because of world class digital infrastructure and covid vaccination drive.

Union Budget 2023: Our economy is expected to grow at 7 per cent despite global slowdown

Union Budget 2023: Nirmala Sitharaman starts presenting the Union Budget 2023. Calls it first budget in Amrut Kaal.

This will be the best budget. This will be a pro-poor, pro-middle class budget: Parliamentary Affairs Minister Pralhad Joshi

The Union Budget of 2023 is going to be a decisive one ahead of the Lok Sabha polls in 2024, and has sparked positive market sentiment triggering a surge for Sensex and Nifty.

Union Budget 2023: To be available for downloading through mobile app and website

The final full Union Budget of the 17th Lok Sabha can be downloaded from the Union Budget smartphone app and indiabudget.gov.in.

Union Budget 2023: Copies of the budget to be distributed in the parliament arrive under tight security

Sniffer dogs have been used to examine the document of the Union Budget to be distributed in the parliament ahead of the presentation by Finance Minister Nirmala Sitharaman.

Union Budget 2023: Cabinet approves Union Budget, copy arrives at parliament

The Union Budget has been passed after the cabinet meeting chaired by PM Narendra Modi. The approved budget is expected to peg borrowing under Rs 16 lakh for FY24. The final copy has arrived at the parliament.

Union Budget 2023: Rupee jumps by 12 paise against US dollar to hit 81.76

Rupee has surged to 81.76 against the US dollar in early trade on Wednesday ahead of the Union Budget presentation, registering a rise of 12 paise over its previous close.

Union Budget 2023: Sensex surges to touch 60,000 level ahead of budget announcement.

Sensex has gained 517 points, while Nifty added 153 points to cross the 17,800 mark, reflecting a positive sentiment in the market about the Union Budget.

Union Budget 2023: Cabinet meeting chaired by PM Narendra Modi underway to approve union budget.

Union Budget 2023: Home Minister Amit Shah and Defence Minister Rajnath Singh arrive in parliament.

Union Ministers Anurag Thakur and G Kishan Reddy are also at the parliament for the meeting to go through and approve provisions about defence, healthcare and taxation among other key sectors in the Union Budget.

Union Budget 2023: PM Narendra Modi arrives in parliament ahead of presentation.

Union Cabinet meeting to start shortly.Before the actual presentation, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for the fiscal year 2023-24.

Union Finance Minister Nirmala Sitharaman arrives at the Parliament

Union Budget 2023: India's growth outlook- After expanding 8.7% in 2021–2022, when it was aided by a recovery from a 6.6% pandemic-related recession, the economy has declined.

Concerned about the growth of the public debt, officials told that the government is expected to reduce its budget deficit from 6.4% of GDP in 2022–2023 to between 5.8% and 5.9% of GDP in 2023–2024. The government has already discontinued the free food programme that it had in place during the pandemic, and it plans to reduce food and fertiliser subsidies by about $17 billion.

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24

"The annual budget will continue economic reforms," said Gopal Krishna Agarwal, economic affairs spokesman of Bharatiya Janata Party

"The easing of retail inflation, higher state spending and growing bank credit would help the economic recovery ahead of the national elections," he said.

Indices open green ahead of Budget

Sensex opens up by 397.66 points and trading at 59947.56 and Nifty around 17770

Finance Minister Nirmala Sitharaman reaches Rashtrapati Bhavan to call on President Murmu. FM present Union Budget 2023-24 after attending the Union Cabinet meeting.

This is the BJP government's last full Budget before the 2024 general elections.

Finance Minister Nirmala Sitharaman all set to present the Union Budget 2023 at 11am today

"You will come to know at 11 am what will the common public get. I would not like to make any comments at this point", said MoS Finance Dr Bhagwat Karad

Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance, ahead of the Budget presentation

Union Budget 2023: According to reports, defence budget may see some sizable increase as border tensions with China continue to needle India

"Union Budget 2023 will meet the expectations of every section of society. Modi govt has always worked in the favour of the people of the country", MoS Finance Pankaj Chaudhary

Image: ANI

MoS Finance Dr B Karad said, "Country has made good recovery from COVID. If we look at Economic Survey, all sectors are making progress. Compared to other countries, our economy is good. When PM took oath in 2014, India was 10th (in terms of economy), today it is 5th"

Here's a breakdown of the Economic Survey of India to understand India's performance in the past year

Economic Survey 2023: Investment under PLI schemes reached 106 per cent of designated target at ₹47,500 crores.

Economic Survey 2023: PM KISAN covered 11.3 crore farmers in its April-July 2022-23 payment cycle.

Economic Survey 2023: 81.4 crore beneficiaries received free grains for a year under the National Food Security Act.

Economic Survey 2023: Private sector's investment in agriculture went up to 9.3% in FY21.

Economic survey 2023: Government expenditure on healthcare hikes to 2.1% of GDP in FY23 and 2.2% in FY22 against 1.6% in FY21.

Economic Survey 2023: Non-performing assets ratio at scheduled commercial banks falls to 5.0, lowest in seven years.

Economic Survey 2023: Higher credit offtake and private capex can boost investment cycle.

Economic Survey 2023: Cleaner balance sheets allowed financial institutions to increase lending.

Economic Survey 2023: Employment generation improved, leading to a decline in urban unemployment and faster registration for Employee Provident Fund.

Economic Survey 2023: Forecast for growth in global trade cut down from 3 per cent in FY22 to 1 per cent in FY23 by WTO.

Economic Survey 2023: Private consumption remained at 58.4 per cent of GDP in Q2 FY23.

Economic Survey 2023: Inventory overhang for housing market went down from 42 months in Q3 FY22 to 33 months in same period for FY23.

Economic Survey 2023: RBI has predicted headline inflation at 6.8 per cent for FY23.

Economic Survey 2023: Credit growth for MSMEs was high at 305 per cent in FY23

Economic Survey 2023: Capex by government increased by 63.4 per cent in first eight months of FY23.

CEA: Government ensured growth of economic activity to support lower income households by providing disposable income.

CEA: Direct taxes were rationalised in past couple of years. Government has created enough safety nets for lower income households.

CEA: Origins of digitisation in India can be traced back to demonetisation.

CEA: Time has come for private sector to leadership of economic growth from government.

CEA: Private consumption in the first of FY23 is healthy and picking up further.

CEA: Geopolitical developments that affect commodity prices will be primary headwinds for growth projections.

Public capex has reached a level of equilibrium.

Public investment spending by government could support domestic demand and employment activity.

First half of FY23 showed strong growth for services sector, could improve current account deficit.

CEA: If global economy does better and India's export growth kicks in, growth could rise from 7 per cent to 8 per cent.

CEA: Haven't given up hope for growth beyond 8 per cent. Can be achieved if additional dimensions can be addressed.

CEA: Multiple shocks have kept employment generation below expectations in last couple of years.

CEA: Employment generation remains an important policy goal.

CEA: Will respond to global slowdown as ably as we did in 2022.

CEA: Emerging market currencies including Indian Rupee will do relatively well in the coming year.

CEA: Rupee in general has performed reasonably well in comparison to other emerging economies.

CEA: For first half of FY21, FY22 and FY23, private listed companies have increased capital investment despite subsequent shocks.

CEA: IMF has increased China's growth forecast, may have implications for our output and inflation management.

CEA: Borrowing costs in India will depend on our domestic monetary policy.

Wholesale price index has come below 5 per cent, will help retail inflation ease further.

CEA: The baseline assumption is that inflation won't be as big a problem as it was in FY23.

CEA: Inflation will be lower than the 5 per cent range according to RBI.

CEA: Participation of women needs to be increased by ensuring work from home, child care and security.

CEA: Elder care, mental health and green living need to be ensured through education sector.

CEA: Need to ensure that MSME sector becomes more formalised.

CEA: Affordable, reliable and economically viable power supply crucial for growth.

CEA: India has the potential to enhance its GDP growth to beyond 7 per cent despite moderation in growth globally.

CEA: GDP forecast band kept at 6 per cent to 6.8 per cent, base line at 6.5 per cent.

CEA: NPAs for NBFCs went down from 7.2 per cent to 5.9 per cent.

CEA: Credit growth picking up across MSME and large industries.

CEA: Investments by private firms in all sectors higher in FY23 compared to FY22.

CEA: RBI sold green bonds worth Rs 4000 crore.

CEA: India has eight missions addressing climate concerns.

CEA: GST paid by MSMEs registered gradual increase from FY19 to FY21.

CEA: National career service has registered 2.8 crore job seekers and 6.8 lakh employers.

CEA: FDI has gone up to 2.4 per cent of the GDP.

CEA: Foreign investment licensing norms have been liberalised.

CEA: Production Linked Incentive schemes makes payments after units perform and deliver excess production.

CEA: Institutional births have gone up from 79 per cent to 89 per cent.

CEA: Child mortality has dropped from 45 to 32.

CEA: Successful vaccination programme played a role in turning around the Indian economy.

CEA: Student to teacher ratio has improved.

CEA: General government spending on healthcare has doubled.

CEA: General government spending on education gone up to Rs 7.6 lakh crore.

CEA: In the coming decade, the potential GDP growth rate could be 6.5 to 7 per cent.

CEA: Digital public infra and improving balance sheet together will add 60-100 basis points to India's potential GDP growth.

CEA: Digital public infrastructure pave the way for new age reforms, enabling access for small players to international markets.

CEA: National logistics policy will halve logistics costs down to international level.

CEA: Synergy between various departments achieved via PM Gatishakti avoids delays in infra projects.

CEA: Growth rate 80 per cent or double in last decade for highways, other infra projects.

CEA: Cost of capital in Inddia lower than nominal GDP growth.

CEA: Government has become more transparent with fiscal and public expenditure management.

CEA: Decriminalisation of economic offences restores trust. Public not threatened by legislatures.

CEA: Borrowers and lenders have exit option under IBC, giving confidence to both.

CEA: National agricultural market, agricultural infrastructure funds, among steps to increase participation of private players in the sector.

CEA: Share of private sector investment in agriculture has reached a level higher than past 12 years.

CEA: Labour markets have gone beyond pre-covid levels.

CEA: Unemployment rate went down from 8.3 per cent to 7.2 per cent.

CEA: Fiscal glide path shows the way for policy to navigate glonal uncertainties.

CEA: Sustainable debt levels to be attained via capex led growth.

CEA: Minimum government and maximum governance holds key to inclusive economic growth.

Commodity price shock and monetary policy tightening affected India in 2022.

Through recapitalisation and rising provisions, banks have reduced NPAs.

India went through a classic financial cycle of credit boom and credit bust.

Economic Survey 2023: FY 23 real GDP growth is seen at 7%

The pandemic response and recovery phase is over.

Economic Survey 2023:  FY24 Nominal Base-Line growth seen at 11%

Economic Survey 2023: FY24 base-line real GDP growth seenat 6.5%

The Economic Survey observes that the production of masks by SHGs has been a noteworthy contribution, enabling access to and use of masks by communities in remote rural areas and providing vital protection against the COVID-19 virus. As of January 4, 2023, more than 16.9 crore masks were produced by SHGs under DAY-NRLM.

Economic Survey 2023: Labour markets recovered beyond pre-COVID levels in rural and urban areas

Economic Survey 2023: Quarterly urban employment data shows progress beyond pre-pandemic levels

Economic Survey 2023: Current account deficit may widen

Economic Survey 2023: Borrowing cost to remain high

Economic Survey 2023: Unemployement rate declined from 8.3 per cent in Jul-Sep 2019 to 7.2 per cent in Jul-Sep 2022

Economic Survey 2023: Inflation challenge in FY24 to be less stiff and won't affect consumption

Economic Survey 2023: The economy recovery post COVID-drop is complete

Economic Survey 2023: Credit growth to MSMEs remarkably high over 30.6 per cent in Jan-Nov 2022

Economic Survey 2023: Rupee may fall under depreciation pressure, if CAD widens further

According to the Economic Survey 2023, doemstic demand, capital expenditure pick up to aid growth

According to the Economic Survey tabled by the Finance Minsiter- FY23 real GDP Growth at 7 per cent

According to the Economic Survey tabled by the Finance Minsiter- FY24 baseline real GDP Growth seen at 6.5 per cent

According to the Economic Survey tabled by the Finance Minsiter- FY24 nominal GDP Growth seen at 11 per cent

According to the Economic Survey 2023- FY24 GDP Growth is estimated at 6-6.8%

Finance Minister Nirmala Sitharaman tables Economic Survey

President Droupadi Murmu departs from the Parliament for Rashtrapati Bhavan.

The first budget session concludes. Finance Minister Nirmala Sitharaman will table the Economic Survey soon.

Vice President Jagdeep Dhankhar addresses the Parliament

President Murmu: With the mantra of One Earth, One Family, One Future, India is trying its best to find collective solutions to the current global challenges together with the G-20 member countries.

President Murmu: India's knowledge-science and spirituality has been guiding the world for centuries, and will continue to do so in the coming centuries.

President Murmu: Today, the world understands the tough stand taken against terrorism by India. This is the reason why today India's being heard seriously by the world on the issue of terrorism

President Murmu: India holds the G20 presidency this year. Along with all member states of G20, India aims to find solutions to world problems.

President Murmu: On one hand, India is taking its ancient knowledge of Yoga and Ayurveda to the world. On the other hand, it is enhancing its new identity as 'pharmacy of the world'

President Murmu: Before 2014, there were a total of 725 universities in the country; now more than 300 new universities have been formed in the last eight years alone.

President Murmu: The speed and scale at which my government is working for the development of the country are unprecedented, incomparable.

President Murmu: In the last eight years, my government has increased its solar energy potential by close to 20 per cent.

President Murmu: India has also changed the way it thinks, which used to consider progress and nature as the opposite. My government is focusing on green growth and giving emphasis to connecting the whole world with Mission LiFE.

President Murmu: Indian Railways is emerging in its modern avatar and many inaccessible areas are also being added to the railway map of the country. Indian Railways is fast moving towards becoming the largest electric railway network in the world.

President Murmu: Today, India has become the third largest aviation market in the world. Flight planning also plays a big role in this.

President Murmu: On one side, Ayodhya Dham is being developed, and on the other side, a modern Parliament is being constructed. While the redevelopment of Kedarnath Dham and the development of the Kashi Vishwanath Dham corridor and Mahakal project are completed. Simultaneously we are building medical college in every dist

President Murmu: My government is linking the power of the youth of the country with the respect of the country through sports with the help of Khelo India Khelo. Today our youth are showing the power of their innovation to the world.

President Murmu: My government has continuously placed unprecedented emphasis on innovation and entrepreneurship. Today our youth are showing the power of their innovation to the world.

President Murmu: As a result of new initiatives by my government, our defence exports have increased six times. I am proud that the first indigenous aircraft carrier has also joined our army today in the form of INS Vikrant.

President Murmu: The country has started reaping the benefits of the success of the Made in India campaign and the Atmanirbhar Bharat campaign. Today, India's own manufacturing capacity is also increasing, and manufacturing companies from all over the world are coming to India.

Presdient Murmu: In the golden age of independence, the country is moving ahead with the inspiration of five souls. My government is constantly trying to get rid of every sign of slavery, every mentality. What was once the Rajpath has now become the Kartipath.

President Murmu: I feel proud to see that today our sisters and daughters are hoisting their laurels at the world level according to the dreams of Utkal Bharti.

President Murmu: My government has also ensured that there is no restriction for women in any work, in any field of work. We have also increased the maternity leave from 12 weeks to 26 weeks.

President Murmu: To provide better facilities to the border villages, my government has started work on the Vibrant Villages Programme. From the point of view of national security, unprecedented infrastructure has been created in the border areas in the past years. Moreover, development in these areas is gaining momentum.

President Murmu: Today we are seeing the success of 'Beti Bachao, Beti Padhao' campaign. For the first time in the country, the number of women is more than men and the health of women has also improved more than before.

President Murmu: With complete transparency, more than Rs 27 lakh crores have been provided to crores of people.

President Murmu: My government has taken unprecedented decisions for tribal pride.

President Murmu: My government has awakened the aspirations of the Scheduled Castes, Scheduled Tribes, and Other Backward Classes. This is the same class that was most deprived of the benefits of development. Now that basic facilities are reaching this class, these people are able to dream new dreams.

President Murmu: The priority of my government is the 11 crore small farmers of the country. These small farmers were, for decades, deprived of the priority of the government. Now every kind of effort is being made to make them strong and prosperous.

President Murmu: Wherever there is political instability anywhere in the world, those countries are surrounded by a massive crisis. But due to the decisions my govt took in the national interest, India is in a better position as compared to other countries

President Murmu: My government has fulfilled the wishes of every society that has been deprived for centuries. The poor, dalits, backward, tribals have fulfilled their wishes and given them the courage to dream.

President Murmu: The government has decided to run the PM Garib Kalyan Anna Yojana further as per the new circumstances. This is the hallmark of a sensitive and pro-poor government.

President Murmu: My government is of the clear opinion that corruption is the biggest enemy of democracy and social justice. That's why a continuous fight against corruption has been going on for the past few years. We have ensured that the honest will be respected in the system.

President Murmu: My government has worked for every class without any discrimination. As a result of my government's efforts in the last few years, many basic facilities have either reached 100 per cent population or are very close to that target.

President Murmu says, "Ayushman Bharat Yojana has saved crores of poor people of the country from becoming poorer, they have saved 80 thousand crore rupees from being spent."

"About 11 crore families have been connected with piped water supply in three years under the Jal Jeevan Mission. Poor families are getting maximum benefit from this," says President Murmu

President Murmu in her address to the joint Parliament says, that her government has made huge reforms as have removed fake beneficiaries from Jan Dhan-Aadhaar-Mobile and implemented One Nation One Ration Card.

We will have to make an India which is self reliant, says President Murmu in her address to Parliament

President Muurmu: That should be an India that will not have poverty, whose middle class will also be prosperous, an India whose youth and women will stand at the front to show a path to society & the country, an India whose youth stays two steps ahead of time.

President Murmu, in her first address to the Joint Parliament Session, says "Today, India's self-confidence is at its highest and the world is looking at her from a different perspective. India is a one-stop solution for the world.

President Murmu says, "By 2047, we have to build a nation that will be connected to the pride of the past and which will have all the golden chapters of modernity."

President Murmu in the Parliament says, need to make India Aatmanirbhar

President Murmu begins her address to joint session at the Parliament

President Droupadi Murmu arrives at the parliament

BJP national president and MP JP Nadda arrives at the Parliament for Budget Session

Congress Parliamentary Party Chairperson and MP Sonia Gandhi arrives at the Parliament for the Budget Session

President Droupadi Murmu's cavalcade on its way to the Parliament

Rajya Sabha Business Advisory Council meeting to be held at 2:30 pm today

Prime Minister Modi says, "Amid the unstable global economic situation, India's budget will attempt to meet the hopes and aspirations of the common citizens."

In today's global circumstances, not only India but the entire world is looking at India's budget, says Prime Minister Narendra Modi

PM Narendra Modi says with the budget session beginning today, credible voices from the world of economics have brought in a positive message, a ray of hope, and a beginning of enthusiasm.

Modi addresses press before Economic Survey presentation

Finance Minister Nirmala Sitharaman is all set to present the Economic Survey 2022-23 today in the Parliament, after President Droupadi Murmu’s address to the joint sitting of the Lok Sabha and the Rajya Sabha.