Budget 2023 Highlights: PM Modi lauds Sitharamans historic budget; Congress terms it Naam Bade Aur Darshan Chhote
Budget 2023 Highlights: PM Modi lauds Sitharamans historic budget; Congress terms it Naam Bade Aur Darshan Chhote
Union Budget 2023 LIVE Updates, Budget 2023, Union Budget 2023-24, Budget Live: Union Finance Minister Nirmala Sitharaman on Wednesday surprised the salaried middle class with major rejig in income tax slabs, raising rebate from Rs 5 lakh to Rs 7 under both old and new tax regimes. The FM also proposed to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to Rs 3 lakh.
The FM also proposed to extend the benefit of standard deduction to the new tax regime. Additionally, the FM proposed to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime. This would result in reduction of the maximum tax rate to 39 per cent. The FM has made the new income tax regime as the default tax regime with an option for citizens to avail the benefit of the old tax regime.
The new slabs under the new Income Tax regime are:
Rs 0-3 Lakhs - Nil
Rs 3-6 Lakhs - 5%
Rs 6-9 Lakhs - 10%
Rs 9-12 Lakhs - 15%
Rs 12-15 Lakhs - 20%
Above Rs 15 Lakhs - 30%
This was the last full budget of the Narendra Modi government before the General Elections 2024 and several state assembly elections. FM Sitharaman had her task cut out as she had to carefully balance populist expectations along with fiscal prudence in a challenging global macro environment with signs of slowdown already seen in the tech sector across the world with job layoffs et al. The Finance Minister presented the Union Budget 2023-24 speech through a tab, in paperless form, like the previous two Budgets.
Catch all the live updates from Finance Minister Nirmala Sitharaman’s Union Budget Speech today with ZeeBiz here:
Latest Updates
Union Budget 2023: Reactions
"Overall, the Budget has been very positive with fiscal prudence and with a clear focus on overall growth. As India continues to strengthen its economy, this Budget has laid the foundation for long-term growth across all sectors – for agriculture, fintech, infrastructure, social welfare, tourism and so on. It is balanced well with both Capex and consumption push. The Fiscal Deficit consolidation to continue from 6.4% of GDP for FY 23 to 5.9% in FY24. From the financial services perspective, initiatives such as KYC simplification and the larger push within the digital eco-system will benefit us. The new tax regime has been made more attractive by introducing standard deduction of INR 50,000 that was earlier available only under the old tax regime (for salaried individuals) and changing the income tax slabs. Further, under the new tax regime, rebate limit has been increased from INR 5L to 7L (implying that individuals with income of up to INR 7L will not have to pay personal income tax).
The budget announced that for non-ULIP (traditional) insurance policies issued from the new fiscal year, income from only those policies with aggregate premium up to Rs 5 lakh shall be exempt. This is bit of a dampener for the insurance industry and for increasing penetration of insurance and household financial savings in India. India still has quite low insurance penetration and there is a need to provide measures and incentives to boost that in the coming years. Also, household financial savings have been falling in India and insurance is a critical component of that. Household financial savings (as a % of GDP) has fallen from 8.1% in FY20 to ~6.5% in FY23 (as per estimates). Discontinuing incentives on insurance plans should put further pressure on household financial savings to some extent." — Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance
Union Budget 2023: Reactions
"This is an impressive and well-planned budget. The budget demonstrates the government's commitment to green growth. They have clearly stated that this is one of their top seven priorities. The extension of subsidies for another year, as well as lower duties on lithium batteries, are encouraging developments for India's transition to green mobility. The infusion of 9000 crores into the Credit Guarantee Scheme, combined with lower credit costs, is a much-needed boost for the MSME sector. References to ease of compliance, rationalization, and digitisation will improve the ease of doing business even further. Overall, the budget has prioritized green initiatives, and we are excited to contribute to making the world a greener and cleaner place for everyone." — Rahul Jain - Director, Crayon Motors
Union Budget 2023: Reactions
“This is an outstanding budget as it is disciplined, growth-oriented, inclusive and sustainable. The Finance Minister has done a commendable job by tabling a budget that is big on consistency and driven majorly by capex. The steep increase in capex, to the tune of Rs 10 lakh crore, will ensure the continuum of cyclical recovery. Capex spending is good because it has a higher multiplier effect: every rupee spent on capex has a multiplier of Rs 3 as compared to just about Rs 0.9 for revenue expenditure. That apart, higher capex also creates jobs in the hinterland. The focus on core infrastructure, including increased funding for railways and clean energy, as well as the government's ambitious plans for the agricultural sector, will help to improve rural incomes. Above all, it is encouraging to see the government setting the pace for climate action by announcing a "green budget" that will pave the way for a greener, cleaner planet.” — Dr. Anish Shah, Managing Director & CEO, Mahindra Group
Union Budget 2023: Reactions
"It is encouraging to note that the Hon. Finance Minister has increased the base tax slabs from 5 lacs to 7 lacs, simplified the tax slabs and tax rates, reduced the highest tax rates and has taken a step toward moving to a single tax regime by making the New regime as the default one from Budget 2023. This would be a welcome announcement for all salaried class communities. Quicker refund processing, which has been experienced by many in the current financial year is definitely appreciated. It would have been beneficial if the sec. 80C limits were increased and the housing sector given a boost through increased loan interest exemption limits u/s 24. Overall satisfactory announcements towards the salaried class after quite a few budgets, am sure it would have a positive impact on this community." — Mahesh Krishnamoorthy, Managing Director - Core Integra
Budget 2023 Live: Congress president Mallikarjun Kharge calls it 'Naam Bade Aur Darshan Chhote Budget'
Congress president Mallikarjun Kharge on Wednesday termed the Union budget for 2023-24 "big on announcements and short on delivery" as he accused the BJP government of making the common man's life difficult.
Alleging the Narendra Modi government has "looted" the country by increasing prices of flour, pulses, milk and cooking gas, he claimed that the budget is proof that people are "continuously losing faith in the BJP".
"Overall, the Modi government has made life difficult for the people. The country's economy has been deeply hurt. The Modi government has done nothing except loot the country's wealth."This budget will be called 'Naam Bade Aur Darshan Chhote Budget' (big on announcements and short on delivery)," Kharge said after the presentation of the Union Budget. (PTI)
Union Budget 2023: Reactions
"The Union budget reflects the government’s profound interest in making India a tech-driven and knowledge-based economy. It was great to see that the finance minister continued the trend of more productive expenditure. The budget stayed on its course of providing growth-oriented policies and incentives for start-ups. More quick measures are needed to realize the ambitious goals of "Make AI in India" and "Make AI Work for India," the way AI is engulfing the world in its efficacy. The long-term but workable solution appears to be an institutionalized structure that focuses on educating AI. A ray of hope for the future of AI in India can be found in the three centers of excellence that will be established in the best educational institutions. I see it as a positive step for start-ups and investors in technology-focused industries. India is catching up to other economies since it currently has the third-largest start-up ecosystem globally. Additionally, the national data governance strategy will positively affect providing access to anonymized data by aiming for innovation and a tech-driven economy." — Aditya Malik, Founder - ValueMatrix.ai, and mentor with Nasscom DeepTech Club
Union Budget 2023: Reactions
"The Union Budget allocation towards the development of electronics manufacturing clusters and implementation of the National Policy on Electronics, along with the reduction of customs duty on certain components, is a major step forward for the industry. This will provide a much-needed boost and help us compete at a global level, leading to increased domestic manufacturing and exports of smartphones. This is a move towards democratizing technology aligned with itel’s vision and transitioning towards a smartphone & digital economy." — Arijeet Talapatra, CEO at Transsion India
Union Budget 2023: Reactions
"Budget 2023 envisions a futuristic India that will be more green and sustainable. The Green Growth initiative highlights the efficient use of energy across various economic sectors. These green growth efforts will help in reducing the carbon intensity of the economy and providing for large-scale green job opportunities, something that we are emulating for our new resource set-ups in Hyderabad. Additionally, the new initiatives for Make AI in India and Make AI work for India will aid in the development of cutting-edge applications and scalable solutions that will help create more employment, opportunities in India." — Midhula Devabhaktuni, Co-founder and CMO, Mivi
Union Budget 2023: Reactions
“Budget has consistency, growth orientation and balance. We see positive spots which interests us - agriculture, affordable housing and MSMEs. The rebate on personal tax will boost saving and consumption and super for us - the employees.” — Ajay Kanwal, MD and CEO, Jana Small Finance Bank
Union Budget 2023: Reactions
"The Union Budget 2023 is a reflection of a nation's priorities and aspirations, and it provided a roadmap for its economic growth and development backed by technology. This year’s budget encourages domestic value addition in the manufacturing of mobile phones and televisions by reducing customs duties on specific parts and inputs, thus boosting the economy further. India has made significant advancements over recent years in the domain of technology development and integration across various industries. The budget will help drive both the government and private sector companies to further promote the growth of technology-based businesses and digital infrastructure. The country has also seen growth in sectors such as software development, IT services, and e-commerce, as well as advancements in areas such as artificial intelligence, machine learning, and the Internet of Things (IoT). The rise of Indian start-ups and the increasing availability of venture capital funding has and will continue to contribute to the country's technological growth." — Rajeev Singh, Managing Director, BenQ India
Union Budget 2023: Reactions
“The 2023 Union Budget marks a major milestone in the government's efforts to create opportunities for the youth of India, promote growth and fuel job creation while stabilizing the macro- economy. There is a significant outlay on Capex, aimed at benefiting the middle class and promoting consumerism which is a clear indication of the government's commitment to building a brighter future for all. At ZingHR, we are excited to see the government's efforts to boost job creation, provide upskilling opportunities, and enable smart operational solutions through people management processes. These initiatives aim to unleash the potential of the Indian economy and nurture quality human resources, aligning with our mission of making HR simple, smart, and accessible. We believe that technology plays a crucial role in streamlining and evolving HR processes, to simplify compliance related complexities, and enable organizations to focus on their business growth with a push towards digitalization and formalization. We are confident that these initiatives by the Finance Minister, Smt N Sitaraman and Prime Minister Modi will foster entrepreneurship, create job opportunities, and build a strong and vibrant workforce." — Prasad Rajappan, Founder and MD, Zing HR
Union Budget 2023: Reactions
"From a financial inclusion perspective, the increase in tax slab will lead to greater access to credit, which would pave the way for more people to be a part of the financial mainstream. As for the tech ecosystem, there is ample support shown to positively impact the development of 'make AI in India' and 'make AI work for India'. In the data space, the government's initiative of bringing in the 'National Data Governance Policy' is quite progressive in nature, one that can start defining the charter for data privacy and data governance across the globe." — Sumeet Srivastava, CEO & Co-Founder, Spocto
Union Budget 2023: Reactions
"From a financial inclusion perspective, the increase in tax slab will lead to greater access to credit, which would pave the way for more people to be a part of the financial mainstream. As for the tech ecosystem, there is ample support shown to positively impact the development of 'make AI in India' and 'make AI work for India'. In the data space, the government's initiative of bringing in the 'National Data Governance Policy' is quite progressive in nature, one that can start defining the charter for data privacy and data governance across the globe." — Sumeet Srivastava, CEO & Co-Founder, Spocto
Union Budget 2023: Reactions
"We welcome the announcement of the well thought out Union Budget 2023-24 by the Hon’ble Finance Minister today which will propel growth through public investments, raise demand, create jobs, savings and enhance consumption. A slew of pragmatic measures has been proposed to augment the nation’s economic growth. The Budget has seen an increase in infrastructure investment for the 3rd consecutive year and further infrastructure development will indirectly help the luxury real estate sector grow through allied urban activity growth," said Lindsay Bernard Rodrigues, CEO & Co-Founder, The Bennet and Bernard Company.
Union Budget 2023: Reactions
"The Union Budget has provided indirect boost to the real estate sector with enhanced capital expenditure and gift to the salaried class by providing increased disposable income at hand with the higher tax rebate. The PM Awas Yojana hike is great news in the affordable housing market and this increase in allocation will help the government achieve its goal of providing affordable housing to all and contribute to the overall growth and development of the country. Reduction in compliance and relaxation of regulatory provisions is a welcome move from ease of doing business perspective and will aid the growth of the real estate sector," said Ramani Sastri - Chairman & MD, Sterling Developers.
Union Budget 2023: Reactions
"The government's focus on empowering the MSME sector with the revamped credit guarantee scheme is admirable. We're also glad to witness infrastructure & reaching the last mile being included in the 7 priorities of this year's budget. The budget's focus on transportation and infra projects with the Urban Infra Development Fund will surely give a boost to the logistics sector. The revamped credit guarantee scheme for MSMEs and the Rs 9,000 crore infusion amount in the corpus would further push the entrepreneurial spirit of the country." — Saahil Goel, Co-Founder & CEO, Shiprocket
Union Budget 2023: Reactions
“We applaud the positive direction that The Union Budget 2023 has offered in specific to education, skilling and avenues for job-creation. The various announcements are well embraced, and are expected to create a multiplier effect towards making India a ‘job-creator economy’ leading to a progressive growth. Intensifying the efforts on upskilling, center of excellence and increase in jobs will be the enablers of employability for youth. We believe, Academia-industry partnerships further, will play a very important role in making this budget a reality for Indian Education System.
There is a clear focus on skilling and education in the Union Budget 2023-24 with Hon’ble Finance Minister Shri Nirmala Sitharaman laying down a blueprint and a future roadmap for skilling the youth and showing clear intention of developing infrastructure to spur growth in this sector.
We welcome the Education Budget 2023 that has strong foundations around upskilling, training programmes for teachers, tax exemptions on educational programmes and ramp up digital infrastructure.” — Siddharth Banerjee, Managing Director & SVP, India & Asia, Pearson
Union Budget 2023: Reactions
“We truly appreciate the Union Budget 2023-2024, as presented by the Hon’ble Finance Minister Ms. Nirmala Sitharaman. She has put the onus on entrepreneurship, and the benefits and exemptions provided to the startups are a welcome change. They are sure to impact all the up-and-coming startups across the country positively. The government’s focus on providing the benefit of the carryforward of losses, as well as better targeting of tax concessions and exemptions, have been noted and has boosted the morale and enthusiasm of all entrepreneurs. It is a big relief for start-ups in carrying forward and setting off losses. The condition of continuity of at least 51 percent shareholding for setting off of carried forward losses is relaxed for an eligible start-up if all the company shareholders continue to hold those shares. This relaxation applies to losses incurred during 7 years from the incorporation of such a start-up. It is proposed to increase this period to 10 years, which is indeed a healthy move for the sector." — Shilpa Khanna Thakkar, CEO of Chicnutrix
Union Budget 2023: Reactions
"Amrit Kaal focuses on being a technology-driven and knowledge-based economy and as one of the primary visions of growth and job creation. The government has taken a big leap to embrace 5G much more swiftly by setting up 100 labs in engineering institutes for developing apps for 5G services, this will further boost the employment and business opportunities in the country. India has made remarkable advancements in the digital realm and various new initiatives have been adopted to improve the lives of people, accelerating the societal benefits of artificial intelligence under the vision of “Make AI in India.” Three specialized centers will be set up, which will conduct interdisciplinary research and will help in building a talent pool of skilled AI professionals enabling automation via technology in agriculture, health and sustainable cities.
The launch of National Data Governance Policy (NDGP) is a much awaited and a welcome step to enable to country in availing the full potential of data. This will result in transparent and trust-based data governance, that will lead to a boost in data-based innovation and enhance the delivery of government services to the country’ citizens, especially in key sectors such as health, education, and law and justice." — Bipin Sapra, Tax & Regulatory Services, Partner, EY India
Union Budget 2023: Reactions
“The Budget presented by the Hon’ble Finance Minister today has many positives. It is a growth-oriented budget with a planned capital outlay of ₹ 10 Lakh Crore and a higher allocation for the PM Awas Yojna Scheme which would spur the housing finance market and all its upstream and downstream industries. It has a fillip for the rural economy in the form of higher fertiliser subsidies for the farmers, putting more money in their hand. With improved road connectivity, this is expected to improve money flow in the rural economy.
The Budget also has very positive news for individual taxpayers. The people at the lower end of the income bracket benefit from an increase in the minimum tax slab from ₹ 2.5 to ₹ 3 Lakhs along with all the other benefits available under the old scheme, while for people willing to shift to the new tax regime, the minimum taxable limit has been increased from ₹ 5 to ₹ 7 Lakhs. This may spur more people to opt for the new tax regime. And at the top end of the income earners (new tax regime), the tax limit has been reduced from the current 42.7 % to 39%. Both of these should result in higher level of disposable income and higher consumption.
Overall, the budget scores on many fronts and should help place the country in the global map as a country well positioned to sustain its strong GDP growth and a torch bearer amongst the major economies of the world. At a time when there are significant concerns about economic sustenance in our region, this Budget further strengthens our image as a well-managed country, at the cusp of next levels of sustainable growth.” — PN Vasudevan - MD & CEO, Equitas Small Finance Bank
Union Budget 2023: Reactions
"A new chapter in India’s travel and tourism industry is set to begin as the Budget 2023 announcement comes to a close. The positive outlook for the industry displayed by FM Nirmala Sitharaman early on in her speech is highly commendable, taking up the agenda for promoting tourism in the country on “mission mode,” and will play a vital role in reviving the landscape of tourism in India. The initiative to provide additional infrastructural support with fifty new airports, heliports, water aerodromes, and advanced landing zones in India, along with the simplification of registration and overall regulations under the GIFT IFSC will pave the way for new entrants in the aviation industry, which has experienced increasing demand both domestically and internationally. Theme-based tourist circuits and introduction of ‘unity malls’ by states to promote locally manufactured goods is yet another move that will result in revitalising the tourism industry, along with providing multiple opportunities for employment generation and entrepreneurship. Moreover, the introduction of the new Income Tax slabs will avail newer and better opportunities for people to travel and discover India’s rich diversity." — Nishant Pitti - CEO and Co-Founder, EaseMyTrip
Union Budget 2023: Reactions
“The first Amrit Kaal Budget’s focus on quality of education for all is progressive and encouraging. I welcome the focus on teacher training and upskilling students with Industry 4.O skills. However, while initiatives such as a National Digital Library and support for Eklavya Model Residential Schools are steps in the right direction to address the massive learning loss from the pandemic, well-designed PPPs are the need of the hour to create innovation at scale for millions of school going students in India. This will make high-quality learning more accessible and affordable, especially for students in small towns who lack resources; and will result in long-lasting impact at scale. GST rebates on printing of books, assessment material and educational hardware can further enable affordability and access to high-quality, multimodal education in schools. Going forward, I look forward to policy support in this direction.” — Sumeet Mehta, Cofounder & CEO of LEAD
Union Budget 2023: Reactions
"The key takeaway from the respected Finance Minister's budget for the tourism industry is the focus on leveraging technology to provide a seamless experience to both buyers and sellers. Tourism is one of the few industries that has crossed pre-pandemic levels of recovery, and a large part of that is because of the initiatives of the government in promoting domestic tourism, and the initiative taken to promote 50 destinations will only take this further." — Bhanu Chopra, Founder & MD, RateGain Travel Technologies Limited
Union Budget 2023: Reactions
“The Union Budget 2023-2024 presented by the Hon’ble Finance Minister Ms. Nirmala Sitharaman will have a positive impact on the healthcare sector which will lead to an impetus for the growth of the industry. Integration of technology has a definitive impact on our future prospects. Greater awareness towards healthcare and a focus on boosting exports for the sector of innovative products in Pharmaceuticals & Nutraceuticals are outstanding long-term initiatives that were being talked about in this year’s budget. The Indian industry is well-poised with a good ecosystem, and companies like Fullife that focus on innovation lead delivery dosage forms will be highly encouraged in such a supportive environment. This year, the Centre has also increased its allocation to the Ministry of Health and Family Welfare and has invested in focus on natural products like Millet and healthcare; we see continued growth in concepts that associate with good health. Being a company from India that exports nutraceutical products across 30+ countries now, a simplified tax structure will help towards the promotion of exports and boost domestic manufacturing.” — Snehal Shah, CEO at Fullife Healthcare Private Limited
Union Budget 2023: Reactions
"The budget has been a well-rounded one with areas critical to India’s socio-economic growth receiving due attention and allocation. In spite of preceding the upcoming general election, the budget steered clear from being unnecessarily populist. The government’s commitment to walking the path of fiscal prudence clearly reflects in the budget. While being prudent, the budget has been able to provide for India’s economic growth requirements rather strategically. India’s economic growth prospects are further supported through an increased capital expenditure outlay of INR 10Tn and incremental commitments to critical segments of railways, infrastructure, green energy, technology and the financial sector. Overall, the absence of any sentiment dampener and reinforced commitment to socio-economic growth makes this a simple yet effective budget appropriate for current times." — Anand Dalmia, Co-founder & CBO, Fisdom
Union Budget 2023: Reactions
“This year, the Union Budget has been comprehensive in its approach with a strong focus on macroeconomic growth as outlay for capital spending increased to 33% to ₹10 lakh crores. It is heartening to see the government's renewed focus on the education sector, especially for the youth of India. Initiatives such as establishing centers of excellence for teacher training, a National Digital Library for bridging children's learning gaps, and increased budget allocation for Children's Book Trust in national and regional areas will boost the education sector. Initiatives by the government for empowering the youth through setting up centers of excellence for AI education and skill India International centers will prepare the youth for future jobs.
The Indian education system has always struggled with the non-availability of quality teachers. The current thrust on recruiting many teachers and creating a sustainable teachers' training program equipping them with multilateral skills will go a long way in improving the quality of education in Indian schools. With impetus on initiating a unified Skill India digital platform, the government has linked the learnings of the youth today with the jobs of tomorrow. The happy ending of the budget session was the relief given to middle-class earners through tax slabs revision to support their economic well-being.” — Jai Decosta, CEO, K12 Techno Services
Union Budget 2023: Reactions
"The Union Budget 2023 provides a significant boost for the infrastructure sector, which will facilitate the recovery and growth of the economy. Increasing capital expenditures by 33 per cent to Rs.10 lakh crore will contribute to an infrastructure-driven economic recovery during FY2023-24. Additionally, the plan to increase allocation under Pradhan Mantri Awas Yojana (PMAY) outlay to Rs 79,000 crore will only aid in the vision of ‘Housing for All’. As the country embarks on its development journey, the cement industry will play a vital role. The Government’s focus on green capital expenditure will help address the industry’s energy needs. Overall, this budget is a visionary approach to long-term growth." — Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp. Ltd
Union Budget 2023: Reactions
“With the budget announcement completed, we can see the emphasis on this year's budget on wider adoption of Electric Vehicles for public as well as private use. The introduction of the National Hydrogen Mission in India is a huge step towards making the country greener and more sustainable.
Government's decision to increase the income tax rebate limit on personal income from Rs 5 lakh to Rs 7 lakh in the new tax regime is a welcome step for the middle-class citizens. This step is likely to help the sector as more disposable income with salaried customers may give supplementary push to demand for personal vehicles.
Another significant announcement made by the government is the elimination of customs duty on capital goods imported for the manufacturing of lithium-ion batteries. This step is a boost for companies that are / would be manufacturing batteries for electric vehicles locally. Overall, this move by the Government of India is expected to have a positive impact on the lithium-ion battery industry, making it more accessible and cost effective for businesses.” — Nemin Vora, CEO, Odysse Electric Vehicles
Union Budget 2023: Reactions
“As our nation marches towards Amrit Kaal, the intended infusion of Rs.79,000 crores towards affordable housing is a positive move. Its’s a win-win situation fortifying our nations rural infrastructure and adding power to lower and middle income groups. The wheels are set in motion towards an inclusive and sustainable economic growth and this 66% increased commitment will bolster higher rural participation.” — Girish Kousgi, MD & CEO, PNB Housing Finance
Union Budget 2023: Reactions
"Budget 2023 has included a series of measures for inclusive socio – economic development. The Indian government with its 7-priorities and a greater focus on Financial Sector and infrastructure & Investment have stepped in the right direction.
The Capex increase of 33% and a capital outlay of INR 2.40 lakh crore for railways is a bold move to create jobs and improve the infrastructure development in the country.
The overall quality of expenditure outlay provides a strong guard against global headwinds and will create impetus for private investments. This will also offer a vast scope for domestic consumption.
Strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy." — Rajiv Sabharwal, Managing Director & CEO, Tata Capital
Union Budget 2023: Reactions
“When India is the lone shining star in the world facing threats of recession, Ms Nirmala Sitaraman has delivered a perfectly focused growth-oriented budget with massive capital investment outlays @ 4.5% of GDP while staying on track with the fiscal deficit reduction plan.
What is remarkable is the holistic, sustainable and inclusive approach taken covering every element of infrastructure and capability building and making the best use of the world-class digital public infrastructure.
The budget clearly reflects PM Modi’s long-term vision for India and it aims to engage with and carry every section of society towards the goal of a self-reliant and strong India.” — Gopichand P. Hinduja, Co-Chairman, the Hinduja Group
Union Budget 2023: Reactions
"We are quite pleased with the variety of steps the government has made to support startups. India currently has the third-largest startup ecosystem in the world and is second among middle-income nations in terms of innovation and quality. As a sports venture, we anticipate government-sponsored sports initiatives like Khelo India. This spending plan will undoubtedly support new businesses in the nation." — Akhilesh Reddy, Chairman & MD, RPPL
Union Budget 2023: Reactions
"The Union Budget 2023 is a great step for the government to focus on inclusive development and creating job opportunities. We were expecting more on the startup front specially for first generation entrepreneurs and seed funding, but we feel excited to see that startups and manufacturing in India as an area of focus. It gives us a lot of confidence in India's development from here. If executed and implemented correctly, this can reap a lot of progress as a nation for the years to come. We have seen our growth and yet some sectors like skill development remain stagnant irrespective of tremendous growth in every other that just due to sheer lack of execution. Inclusivity and allocation of funds for rural infrastructure and focus on job opportunities for youth and blue collar segment will definitely act as a big step. Many startups can be opportunistic and make it work in their favor. We are also impressed by the focus on education and AI development this year which if implemented correctly can boost our progress as a superpower country. We hope the plan is executed efficiently and these sectors meet its goals this year. We are optimistic and feeling excited about the kind of opportunities this can create." — Trina Das, Founder, Gigchain
Union Budget 2023: Reactions
“The government's announcement in the Union Budget 2023 to provide research and development (R&D) grants and consider custom duty reductions for laboratory-grown diamonds is a boost for the Indian diamond industry. The R&D grants will encourage innovation and growth in the laboratory-grown diamond sector. In addition, the potential reduction in customs duties on laboratory-grown diamond seeds will also help to reduce production costs. I believe this move could help increase consumer appeal of the diamond category and result in growth opportunities for the Indian gem and jewellery industry.” — Sriram Natarajan, Managing Director, GIA India
Union Budget 2023: Reactions
"As expected, this year after a long wait, the budget finally focused on the middle-class/ salaried class/ small business category taxpayers of India. The introduction of new slabs with lesser tax rates under the new tax regime as well as the announcement of introducing a single simplified common ITR form in the future, clearly shows the government's objective to simplify the income tax for the common people. For small businesses and professionals also, the threshold limit for presumptive business income has been increased, which will not just reduce the compliance burden for them but ensure more people do the compliance. Further, no tax is levied up to 7 Lakh of income, a big relief for millions of salaried individuals." — Abhishek Soni, Co-founder & CEO, Tax2win
Union Budget 2023: Reactions
"We believe that the latest budget presented by the government strikes a balance between fiscal prudence and supporting growth. The allocation of INR 1.97 trillion for infrastructure development, including highways, ports, and airports, is a positive step toward job creation and stimulation of demand in various sectors. The allocation of INR 15,700 crore for the MSME sector is also a welcome move as it provides much-needed support to this critical sector that has been hit hard by the pandemic.
However, we acknowledge that the higher-than-expected fiscal deficit of 6.8% of the GDP could lead to inflationary pressure and put upward pressure on interest rates. The lack of any major reforms in the tax system is also a missed opportunity to simplify the system and make it more efficient.
Despite these challenges, we believe that the budget is a step in the right direction and will monitor the implementation of these initiatives and their impact on various sectors of the economy. Our goal is to provide clients with insights and analyses to help them make informed investment decisions. We believe that with the right policies and implementation, the Indian economy has the potential for long-term growth and prosperity." — Avinash G Singh, Senior Vice President – Investment Research, Aranca
Union Budget 2023: Reactions
“The Budget laid much-needed importance on MSME sector which is still recovering from the pandemic-induced challenges. The infusion of INR 9,000 crore corpus for revamped credit guarantee scheme significantly addresses the credit gap and is aimed at enhancing credit access thereby paving the way to encourage entrepreneurship in the country. This apart, this year’s budget also laid focus on another important aspect i.e., the introduction of National Data Governance Policy which will ease the KYC process and reduce privacy breaches. It will also enhance the use, access and quality of data and improve the Government’s data collection and management while enabling inclusive development. This is still at a very nascent stage and will require consistent efforts to truly create a digital economy.” — Sanjeev Chandak, Co-founder & CEO, ftcashUnion Budget 2023: Reactions
"Budget 2023-24 is a well-rounded progressive & inclusive budget. The focus on important parameters like boosting consumption and inclusion is a welcome measure for our growing economy. The government has laid an important thrust on Capital Investment which will enhance consumption and create employment, both of which have been important areas of attention, especially post the pandemic. Allocation of the Budget to PM Awaas Yojana will further boost the housing sector. Support to MSME sector along with enhancement of credit gaurantee scheme will provide much needed relief to the sector. The new slabs of taxes will further help boost economic parameters like consumption, thus providing more impetus to economic growth." — Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank
Union Budget 2023: Reactions
"Excellent growth oriented budget which will deliver on both pillars of investment & consumption. There are many specific elements in this budget which would propel the India juggernaut further on its growth path, be it infrastructure spending, focus on digital infrastructure & green energy focus, initiatives helping MSMEs & startups, creation of jobs for the youth as well as the tax cuts. At the same time a lot attention has also been paid to the two important goals of fiscal consolidation as well as support to weaker sections of the Indian society. My rating will 9.5 on 10 with a big thumbs up to our Honorary Finance Minister." — Abhijit Bhave, CEO, Fisdom Private Wealth
Union Budget 2023: Reactions
“The budget has been presented in line with expectations and it is important to maintain consistency in order to support business growth. This year’s budget emphasis on both business and individual growth. The finance minister outlined the priorities, and we fully support those. There were announcements related to the centralization of financial information and the expansion of digital storage, which are seen as positive steps towards the digitization of financial services. However, there is still a need to review the details before determining the true impact. Additionally, the revision of income tax slabs is a positive outcome as it is expected to increase the disposable income, thus boosting growth and credit demand.” — Gaurav Chopra, Founder & CEO, IndiaLends
Union Budget 2023: Reactions
“The Budget 2023 presented by our Honourable Finance Minister today has touched upon all the right chords of the economy, and it will go a long way to boost capital expenditure, infrastructure, housing, along with consumption. The capex expenditure outlay of Rs 10 lakh crore will pave the way to boost economic growth, along with job creation. The enhanced outlay by 66% to Rs. 79,000 crore under the PM Awaz Yojna will boost India’s housing sector, especially in the rural and semi-urban areas. FM’s focus on sustainable cities, creating infrastructure in Tier 2 and Tier 3 cities and Fifty additional airports, heliports, water aerodromes will further boost rural connectivity thereby supporting regional economy.
During the pandemic MSMEs relied heavily on gold loans to meet their credit needs and the budget further has offered a big relief to MSMEs, which have been one of the most impacted sectors during the pandemic. In order to reduce the stress on the segment and increase the flow of funds, the Government revamped the ECLGS scheme via the infusion of Rs 9000 crores in the corpus. This will enable collateral for Rs 2 lakh crore loans to the small and medium-sized businesses. Further, 95% of the forfeited amount relating to bid or performance security will be returned to the MSMEs by the government and other undertakings. We also believe that the reforms announced with respect to the growth and development of the agricultural sector, animal husbandry and fisheries will further boost these sectors and support the economy. All these measures will positively enhance the scope of Gold-loan NBFCs like us, which are catering to the underbanked sectors of the society.” — George Alexander Muthoot, MD, Muthoot Finance
Union Budget 2023: Reactions
"As expected, the FY2023 fiscal deficit was maintained at 6.4% of GDP with an absolute overshoot being absorbed by the higher nominal GDP. The fiscal deficit and borrowing figure for FY2024 are slightly higher than our forecasts, given the welcome spike in capex.
The efficacy of the substantially enhanced allocation for the 50-year interest free capex loan for the state governments will ultimately depend on the speed with which they utilise these funds. The offtake of this loan in FY2023 has been rather back-ended so far, which may have been on account of the early, albeit eventually unfounded concerns regarding their revenue health post the end of GST compensation. Readiness of the states to step up their utilization of the capex loan early in FY2024 would influence the pace of GDP growth in the next two quarters.
The reduction in the amount of the interest free capex loan to the states dominated the mild downward revision in the GoI's capex in the FY2023 RE relative to the budgeted figure. Moreover, the step-up in the interest free capex loan to the states in FY2024 BE relative to FY2023 RE, accounts for around a quarter of the proposed incremental capex by the GoI.
The Central tax devolution for FY2023 in the Revised Estimates is in line with our expectation, in addition to which Rs. 334 billion is being provided as an adjustment for prior years. We estimate the amount of tax remaining to be devolved to the states in Q4 FY2023 at a substantial Rs. 3.4 trillion, based on which we believe the state government secruity issuance in this quarter will trail the indicative amount." — Aditi Nayar, Chief Economist, ICRA
Union Budget 2023: Reactions
"This is a terrific budget. I believe that the most important aspect of the budget is that it is preparing India for the future. Whether it is through participation, limiting carbon footprint, or ensuring the rural economy has the money, and plans to reduce pressure on urban infrastructure. It's also a step in the right path toward making India Atmanirbhar and easing of doing business.
The government also recognized that there was a lot of strain on the common man as inflation ate into individual savings. The change in the tax system in the personal income tax is a step in the right way to put more money in the hands of taxpayers, which will encourage growth. And if that happens, private capex may return.
What is commendable, and I believe the biggest highlight of this budget, is that while increasing capital expenditure to Rs. 10 lac crores, or 3.3% of GDP, the government has managed to keep the fiscal deficit at 5.9% for FY2024. Overall, the budget is excellent. The absence of negative news is a tremendous source of optimism. And the stock market has been ecstatic about this budget.
However, there was one concern about capital gains. And that hasn't even been mentioned. We wish that every time the market becomes anxious about the budget, the government would use it as an opportunity to clarify its position on how it intends to adjust capital gains on equity." — Sunil Damania, Chief Investment Officer, MarketsMojo
Union Budget 2023: Reactions
"The Union Budget 2023 is a forward-looking, growth-oriented budget that lays the foundation for a brighter future for all citizens. With a focus on key sectors such as education, healthcare, infrastructure, and MSMEs, this budget gives impetus to economic growth, job creation, and better standard of living for all." — Rajeev Yadav, MD & CEO, Fincare Small Finance Bank
Union Budget 2023: Reactions
"The Union Budget for this year has been well received by the market and investors alike, delivering a much-needed appreciation of the potential of Artificial Intelligence (AI).
As pioneers of AI-driven advisory in the equity space, we are excited to witness the nationwide revolution of AI being ushered in by these new budgetary changes. AI has the potential to revolutionize the investor experience and bring about increased efficiency by optimizing investment decisions.
Putting a greater emphasis on investing in technology, this budget is certainly future-proof and reflective of the value AI can bring to India. We at our AI-focused firm are highly optimistic about the opportunities that lie ahead with AI taking center stage.
Furthermore, the market's concerns regarding the capital gains tax have been put to rest. With the budget leaving capital gains tax untouched means that investors can continue to benefit from capital growth without worrying about higher taxation." — Dr. Mohit Batra, Founder and CEO, MarketsMojo
Union Budget 2023: Reactions
“Widening the infrastructure pan India is the primary need when it comes to strengthening the healthcare structure. And to do so we need skilled talent and thicker allocation. Last year, Hon’ble FM had announced AI intervention in health, and NDHM, which had fueled the infrastructure aspect, while this year the budget has included the wish for more talent by announcing 157 new nursing colleges in co-location with 157 medical colleges. Simultaneously, the new entrepreneurs that came forward to contribute to the healthcare ecosystem can now enjoy the ease of compliance too. It is a holistic approach for healthcare spread over two year if one sees it together.” — Archit Garg, co-founder, Glamyo Health
Union Budget 2023: Reactions
"Streamlining of the KYC regime through the adoption of PAN as a common identifier is a winning proposition across the entire FinTech landscape. Individuals will be empowered by this novel ease of always staying KYC ready by updating documents through DigiLocker & Aadhaar. This standardisation will accelerate the initiation process of a multitude of banking & financial activities such as investment, insurance & account creation among others and I believe this is a giant leap towards a Financially Inclusive India. The acceptance of PAN as a universal identifier for all digital systems of the designated government agencies is a majorly progressive move. For entities, this will drastically reduce the contemporary compliance complexities & improve ease of doing business.
Additionally, the introduction of entity DigiLocker will further enhance verification & onboarding processes, unlocking a yet untapped potential for expansion. Overall, this a highly performance & growth oriented budget, kudos to Finance Minister Nirmala Sitharaman & the Indian Government." — S Anand, CEO and Co-Founder of PaySprint
Union Budget 2023: Reactions
“The budget has ensured, the fiscal impulse is maximized to improve potential growth, while signalling adherence to medium-term fiscal sustainability. This requires continued financial sector reforms, better resource allocation. Expenditure focus has been on rural, welfare, infrastructure, PLIs, and energy transition. Capex spend has picked up significantly to 3.3% of GDP and is almost double of Pre-Pandemic prints. This especially implies larger fiscal multiplier on employment and growth and will support crowding in of still-lacking private capex. The tax benefits have been tweaked to encourage individuals to move towards new tax regime, and to provide relief to middle class, while maximum marginal rate has also been reduced to 39% from 42.7% to give relief to the highest income strata. While the government is foregoing effective revenue of Rs350bn, this could have a consumption multiplier effect albeit at the margin, in the economy that’s seeing fading consumption growth.” — Madhavi Arora, Lead Economist, Emkay Global Financial Services
Union Budget 2023: Reactions
"This year's Union budget has truly focused on empowering the youth and enhancing the learning experience for all. Having recognized the learning gaps created due to the pandemic, the government is making an effort to bridge this gap by taking a few initiatives like increasing budget outlay for the National Book Trust, Children's Book Trust and establishment of a National Digital Library. The government's focus on teacher training and recruiting 38,000 teachers for Eklavya Model Residential Schools truly hits the mark in helping the rural regions that were immensely impacted by the pandemic. This year's budget is also a proud moment for the Startup sector in India. The government's plan to include private sector companies to draft lessons in educational institutes aligned with industry is applaudable. Overall it is a good budget, with a slew of announcements towards skill development, revision of income tax slabs, reduction of certain customs duty and developing rural entrepreneurship." — Aniket Palav, Business Head, Let's Eduvate
Union Budget 2023: Reactions
"The startup ecosystem has been a growth driver for India’s GDP for the past couple of years. The government has been promoting the launch of new startups as it is the key to becoming an Aatmanirbhar India. As a result, India is now the third largest ecosystem for startups globally, and ranks second in innovation quality among middle-income countries, according to Finance Minister Nirmala Sitharaman. Although, with advancing years, the prices of clothes are on the rise yet the extension of date of incorporation for registered startups to avail income tax benefits will prove to be quite beneficial to the startups initiated for launch during 2023-2024. It will allow the new startups to appeal for a tax holiday and will ultimately lead to long-term financial gain. We are thrilled to see the determination and efforts of the government to help lead the growth for startups in every way possible." — Jeevika Tyagi, Co-Founder and CEO, Aastey Designs
Union Budget 2023: Reactions
"Because this is Amrit Kaal's first budget, the budget is heavily focused on digitalization and technological growth. In addition, the government has aimed to boost domestic manufacturing by simplifying manufacturing duties and indirect taxes. The move by the Centre to halve the basic customs duty on specified parts of open cells of TV panels to 2.5 per cent will help consumers afford LED televisions. This is a real game-changer moment for the industry. Prices for LED TVs are expected to fall by 1 to 1.5% per cent and the benefits of the same shall be passed on to the customers. This will significantly boost the domestic television manufacturing industry and help compete with global brands. This decision is a much-awaited one. The ongoing 'Make in India' campaign, which includes lower import duties on 'parts/raw materials' used in electronics, camera lenses, and TV panels should help increase direct and indirect job creation. One of the budget's priorities is also the development of infrastructure and investment in India, which can help India become a manufacturing leader." — Arjun Bajaj, Director of Videotex International
Union Budget 2023 Speech: Key Highlights
Record capital outlay of Rs 2.4 lakh crore for Railways
50 new airports and heliports to be made
Rs 10,000 crore for urban infra fund every year
Rs. 75,000 crore for 100 transport infra projects
Three AI centres of excellence to be set up
KYC procedure to be simplified further; PAN to be made common business identifier
Taxes
Tax exemption on capital goods and lithium batteries
Mobiles, camera lenses to become cheaper
Gold, silver, diamonds, cigarettes, imported rubber to get more expensive
Higher TDS limit of Rs 3 crore for cooperatives
Rebate limit increased to Rs 7 lakh in new income tax regime; No. of slabs reduced from seven to five
Union Budget 2023: Reactions
"It was a revolutionary budget that will give relief to every section of society. New income-tax rates give relief to individuals. The outlay for PM Awaas Yojana has been enhanced by 66% in this budget, I welcome this." — Haryana CM ML Khattar
Union Budget 2023: Reactions
"This is a middle-class bonanza budget but PM has spoken about inclusive growth. This has been an inclusive budget. There was something for SC, ST, OBC, women & elderlies" — Union Minister Smriti Irani
Union Budget 2023: Reactions
"Capping the capital gains tax deduction under Section 54 and 54F for investment in a house to 10 cr is a blow to both HNIs and the luxury real estate industry. However the reduction in super rich surcharge from 39 to 25% is a welcome relief." — Mehul Bheda, Partner, Dhruva AdvisorsUnion Budget 2023: Reactions
"This year’s budget proposal aims to stimulate the consumer sector by simplifying business processes and improving multi-channel retail capabilities. Doing this will enable industry players to operate efficiently and thrive in a rapidly evolving business landscape. The plan also calls for supportive fiscal policies and enhanced infrastructure across tier-I, tier-II, and tier-III cities. These policies will reinforce a robust multi-channel retail system. In a nutshell, by placing more disposable income in the hands of consumers, the demand for goods and services is likely to increase.” — Sudhanshu Agarwal, Founder and CEO, Citykart RetailUnion Budget 2023: Reactions
“ In the budget, Economic agenda for our vision focuses on facilitating opportunities for citizens, providing strong impetus to growth and job creation and strengthening macroeconomic stability. A total of 100 labs will be set up in engineering institutions with various authorities, regulators, banks and other businesses for developing applications using 5G services. The budget for self-directed online/offline training programs will enhance job seekers' soft and digital skills, thereby improving their employment prospects. PM Kaushal Vikaas Yoajna 4.0 launch is a positive move to skill the Indian youth in new age courses for industry 4.0 such as robotics, coding, drones and other soft skills. The budget focuses on improving education quality, strengthening teacher competencies, developing robust infrastructure, promoting skill development, and increasing access to affordable internet services. Prior initiatives like Career Skills and Samagra Shiksha's online teacher training, focus on research and innovation, e-learning and student financial aid are expected to enhance India's education system and bridge the gap between education and industry, producing a globally competent workforce. Education moves forward with industry partnerships, data governance policies, and a technology-focused approach with a special emphasis on AI applications.” — Alagar Samy, Director, Consortium for Technical Education (CTE)Union Budget 2023: Reactions
“Economic agenda focuses on three things - facilitating ample opportunity for citizens, especially the youth, providing a strong impetus to growth and job creation and third stabilising the macro economy. Amid job cuts, this budget provides a beacon of hope and is seen as a means of boosting the economy. By emphasizing the use of innovative and advanced technology, the budget creates an environment that promotes specialized growth, encourages experimentation, and leaves room for entrepreneurial ideas. This, in turn, enables HR leaders to better address each employee's strengths and weaknesses, support their professional development, and maintain their engagement in the workplace.” — Anil Agarwal, CEO & Co-Founder InCruiter (IaaS Firm)
Union Budget 2023: Items that will become expensive
- Electronic Chimneys in Household
-- Gold
-- Silver Utensils
-- Platinum
-- Cigarette
-- Jewellery
-- Imported Goods
Union Budget 2023: Items that will become cheaper
- Toys
- Bicycles
- TV
- Mobiles
- Electric Vehicles
- LED TV
Union Budget 2023: Reactions
"The honourable Finance Minister's move to launch a unified Skill India digital platform to empower the youth and focus on job training through the formulation of the National Education Policy in the Budget 2023 is highly commendable. The focus on youth and the future of India by macroeconomic stability and a visionary focus on technology advancement and setting up AI centers in top education centres is a great step forward. The budget sets a hopeful tone for India's GDP and economic growth with special emphasis on vocational, secondary and specialized higher education, as India's GDP is projected to grow at a rate of 6-6.8% in the 2023-24 fiscal year. The FM's allocations is a practical approach in the 2023 budget which aims to boost the country's economy with focus on Make in India, women and youth empowerment." — Akshay Marwah, Mohit Marwah, Co-Founders, AAFT Online
Union Budget 2023: Reactions
"The proposal to set up an Agri Accelerator Fund for Agri-tech startups is a welcome move, and was much anticipated. Agri-tech startups who are focusing on improving the market reach for agricultural products and produce, as well as last mile delivery of products to farmers should benefit from this move. Efficient logistics and warehousing infrastructure would also be of key relevance." — Raj Ramachandran, Partner, JSA
Union Budget 2023: Reactions
"Amending the IFSCA Act to be in line with the Arbitration related regulations shows the Government’s intent to reduce litigation related powers offshore and make inhouse centres for addressal of disputes in the IFSC itself. Making ODI as a valid instrument for trading in IFSC exchanges will clear long pending doubts around the legality of trading in such instruments in IFSC exchanges." — Manoj Purohit, Partner & Leader FS Tax, Tax & Regulatory Services, BDO India
Union Budget 2023: Reactions
"Instead of being just another budget, this UnionBudget2023 is a growth focussed budget, supporting sectors that are critical including DigitalIndia , fintech , agriculture, and skills. Unprecedented budget allocation of INR 10 trillion for capex will go a long way in supporting demand in the economy, especially for the construction industry where we were witnessing softening of demand. The budget is also high in technology, both in usage as well as leveraging technology, especially digital technology and industry 4.0 technologies. Promoting technologies such as lab grown diamonds is timely and welcome. Overall a budget that provides interventions in most areas that required it." — Dr. Jaijit Bhattacharya, President, Centre for Digital Economy Policy ResearchBudget 2023 Nirmala Sitharaman speech LIVE: Govt proposes to make new tax structure as default tax option
Budget 2023 Nirmala Sitharaman speech LIVE: Govt proposes to increase benefit of carry forward of losses for startups to 10 years
Budget 2023 Speech Live: Personal Income Tax Slabs
Rs 0-3 Lakhs - Nil
Rs 3-6 Lakhs - 5%
Rs 6-9 Lakhs - 10%
Rs 9-12 Lakhs - 15%
Rs 12-15 Lakhs - 20%
Above Rs 15 Lakhs - 30%Union Budget 2023 Speech Live: "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," says Finance Minister Nirmala Sitharaman
Budget 2023 Nirmala Sitharaman speech LIVE: Income tax rebate extended on income up to Rs 7 lakhs
Budget 2023 Speech Live: "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," says Finance Minister Nirmala Sitharaman
Union Budget 2023 LIVE: Customs duty on parts of open cells of TV panels cut to 2.5 pc
Union Budget 2023 LIVE: Govt proposes to reduce customs duty on import of certain inputs for mobile phone manufacturing
Union Budget 2023 LIVE: Salient Points
*Fiscal deficit to be brought down to below 4.5 pc by 2025-26
*Tax receipts for next fiscal budgeted at Rs 23.3 lakh crore
*To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at Rs 11.8 lakh crore
*Indirect tax proposals to boost green mobility and EVsUnion Budget 2023 Speech Live: Finance Minister Nirmala Sitharaman says custom duty on cigarettes increased
Budget 2023 Speech Live: "Integrated IT portal will be set up for reclaiming unclaimed shares and dividends," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: Finance Minister Nirmala Sitharaman says Govt to set up single window system for registrations and approvals in IFSC Gift City
Union Budget 2023 Speech Live: Finance Minister Nirmala Sitharaman says Govt to set up National Financial Information Registry for facilitating efficient flow of credit, foster financial stability
Budget 2023 Speech Live: "Central Processing Centre to be set up for faster response to companies filing forms under Companies Act," says Finance Minister Nirmala Sitharaman
Budget 2023 Speech Live: "Central Processing Centre to be set up for faster response to companies filing forms under Companies Act," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: Finance Minister Nirmala Sitharaman says FY-2024 fiscal deficit target at 5.9% of GDP
Budget 2023 Speech Live: "The one-time small saving scheme ‘Mahila Samman Saving Certificate’ will be available for 2 years up till March 2025," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: Finance Minister Nirmala Sitharaman says the revised fiscal deficit is at 6.4% of GDP
Union Budget 2023 Speech Live: "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," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: "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," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: "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," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: "For efficient administration of justice, Phase 3 of the eCourt's project will be launched with an outlay of Rs 7000 Crores," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: "Govt to support setting up of battery energy storage of 4,000 MwH," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: "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," says Finance Minister Nirmala Sitharaman
Budget 2023 Speech Live: Govt to launch Rs 2,200 crore Aatmanirbhar clean plant programme
The government will launch a Rs 2,200-crore Aatmanirbhar clean plant programme, Finance Minister Nirmala Sitharaman said on Wednesday.
Presenting the Budget for 2023-24, she said an agriculture accelerator fund will also be set up to encourage agri-startups in rural areas. She further said to enhance yield of extra long staple cotton, the government will adopt a cluster-based and value-chain approach.
The government will also support Hyderabad-based millet institute as a centre of excellence. At the behest of the government, United Nations declared 2023 as the International Year of Millets, with an aim to create awareness and increase production.
Budget 2023 Speech Live: FM announces PM Vishwa Karma Kaushal Samman in her budget speech
While presenting the Union Budget today, FM Sitharaman announced the conceptualisation of PM Vishwa Karma Kaushal Samman to assit artisans and cratsmen.
"PM Vishwa Karma Kaushal Samman - package of assistance for traditional artisans and craftspeople has been conceptualized, will enable them to improve quality, scale and reach of their products, integrating with MSME value chain."Sitharaman Budget speech LIVE: Deen Dayal Antyodaya Yojana has achieved remarkable success by mobilizing rural women into 81 lakh SHGs
While presenting the Union Budget today, FM Sitharaman said, "Deen Dayal Antyodaya Yojana has achieved remarkable success by mobilizing rural women into 81 lakh SHGs, we will form Large Producer Enterprises to help these SHGs reach next stage of economic empowerment."Union Budget 2023 Speech Live: FM spells out steps to improve regional air connectivity
Budget 2023 Speech Live: "50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity," says Finance Minister Nirmala Sitharaman
Budget 2023 Speech Live: "Leading industry players will partner in conducting inter-disciplinary research, develop cutting-edge applications & scalable problem solutions in the areas of agriculture, health and sustainable cities," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: FM spells out steps to realise vision of Make AI in India and Make AI work for India
"For 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," says Finance Minister Nirmala Sitharaman
Union Budget 2023 LIVE: For business establishments required to have Permanent Account Number, the PAN will be used as a common identifier for all Digital Systems of specified government agencies, says FM Nirmala Sitharaman
Union Budget 2023 LIVE: Finance Minister Nirmala Sitharaman says capital outlay of Rs 2.40 lakh crore for Railways in next financial year
Union Budget 2023 Speech Live: FM announces steps to promote mechanical de-sludging of septics tanks & sewers
"All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: Finance Minister Nirmala Sitharaman says 50-year interest free loan to State governments extended for one more year
Union Budget 2023 Speech Live: FM says capital investment outlay being increased by 33% to Rs 10 lakh crores
"Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: FM says Eklavaya Model Residential Schools to recruit 38,800 teachers and support staff
"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," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: Made cash transfer of Rs 2.2 lakh cr under PM-KISAN scheme, says Finance Minister Nirmala Sitharaman
The government made cash transfer of Rs 2.2 lakh crore under the PM-KISAN scheme, Finance Minister Nirmala Sitharaman said on Wednesday. Presenting the last full Budget of the second term of the BJP-led NDA government ahead of the general elections in 2024, she said the mission of the government is to achieve knowledge-driven economy.
She further said Indian economy has become more formalised as witnessed by significant enhancement in digital payments. Institutional credit in agriculture sector grew as much as Rs 18.6 lakh crore in FY22 from Rs 15.8 lakh crore in FY21. Initiatives such as PM-KISAN, PM-Fasal Bima Yojana and forming agriculture infrastructure fund have provided much needed support to the sector.
Budget 2023 Speech Live: National digital library for children and adolescents will be set up for facilitating quality books, says Finance Minister Nirmala Sitharaman
Budget 2023 Speech Live: PM Awas Yojana outlay hiked by 66 pc to Rs 79,000 crore, says Finance Minister Nirmala Sitharaman
Budget 2023 Speech Live: Increased capital outlay for infrastructure to crowd in private investment, says Finance Minister Nirmala Sitharaman
Budget 2023 Speech Live: Capital investment outlay is being increased steeply for third year in a row to Rs 10 lakh crore, says Finance Minister Nirmala Sitharaman
Budget 2023 Speech Live: Govt to provide Rs 5,300 crore assistance to drought-prone central region of Karnataka, says Finance Minister Nirmala Sitharaman
Budget 2023 Speech Live: Govt to launch a Rs 2,200 crore Aatmanirbhar clean plant programme, says Finance Minister Nirmala Sitharaman
Budget 2023 Speech Live: FM says PMPBTG Development Mission to be launched
"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," says Finance Minister Nirmala SitharamanBudget 2023 Speech Live: FM spells out idea behind setting up of National Cooperative Database
"National cooperative database is being created to map cooperative societies," says Finance Minister Nirmala SitharamanBudget 2023 Speech Live: FM says 157 new nursing colleges to be established
"157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014," says Finance Minister Nirmala SitharamanBudget 2023 Speech Live: FM says India is the largest producer and second largest exporter of millets or Sri Ann
While presenting the Union Budget today, Finance Minister Nirmala Sitharaman said that India is the largest producer and second largest exporter of millets or Sri Ann.Budget 2023 Speech Live: FM announces PM Vishwa Karma Kaushal Samman-package to provide assistance to artisans
"PM Vishwa Karma Kaushal Samman-package of assistance for traditional artisans and craftspeople has been conceptualised, will enable them to improve quality, scale and reach of their products, integrating with MSME value chain," says Finance Minister Nirmala SitharamanBudget 2023 Speech Live: FM announces further support to Indian Institute of Millet Research
"Indian Institute of Millet Research will be supported as a centre of excellence," says Finance Minister Nirmala SitharamanBudget 2023 Speech Live: FM says 47.8 crore JanDhan accounts opened
"9.6 crore LPG connections, 220 crore Covid vax for 102 crore people given, 47.8 crore JanDhan accounts opened," says Finance Minister Nirmala SitharamanBudget 2023 Speech Live: Finance Minister Nirmala Sitharaman talks about promotion of agriculture
"The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries," says Finance Minister Nirmala SitharamanSitharaman Budget speech LIVE: Deen Dayal Antyodaya Yojana has achieved remarkable success by mobilizing rural women into 81 lakh SHGs
While presenting the Union Budget today, FM Sitharaman said, "Deen Dayal Antyodaya Yojana has achieved remarkable success by mobilizing rural women into 81 lakh SHGs, we will form Large Producer Enterprises to help these SHGs reach next stage of economic empowerment."Budget 2023 Speech Live: States, Govt programs & PPP to converge for tourism promotion
"Promotion of tourism will be taken up on mission mode with active participation of states, the convergence of Govt programs & public-private partnerships," says Finance Minister Nirmala SitharamanBudget 2023 Speech Live: Finance Minister talks about promotion of tourism
"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," says Finance Minister Nirmala SitharamanBudget 2023 Speech Live: "The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments," says Finance Minister Nirmala Sitharaman
Budget 2023 Speech Live: "An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: "We have made significant progress in many Sustainable Development Goals (SDGs)," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: "Per capita income has increased to Rs 1.97 lakh," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: Finance Minister Nirmala Sitharaman spells out priorities of Budget 2023-24 — "inclusive development, reaching the last mile, infra and investment, unleashing the potential, green growth, youth and financial sector."
Union Budget 2023 Speech Live: "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," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: "Promotion of tourism will be taken up on mission mode," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: "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," says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: "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," says Finance Minister Nirmala Sitharaman
Nirmala Sitharaman speech LIVE updates: Key takeaways from FM’s Union Budget 2023 address so far
*Indian economy on the right track, despite a time of challenges, said Sitharaman.
*India's free food grain total expenditure of 2 trillion rupees is to be borne by the central government.
*The annual report card on the economy pegged next year’s economic growth at 6.5 per cent, slower than the estimated expansion of 7 per cent in the current year.
*This is still higher than the IMF's projection for 6.1 per cent growth — which will make it the quickest pace among major economies.Union Budget 2023 Speech Live: "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 Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: 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, says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: Indian economy on the right track, and heading towards a bright future, says Finance Minister Nirmala Sitharaman
Union Budget 2023 Speech Live: Opposition members shout "Bharat Jodo", create ruckus in Lok Sabah as Finance Minister begins budget speech.
Union Budget 2023 Speech Live: "This is the first Budget in Amrit Kaal," says FM.
Union Budget 2023 Speech Live: Finance Minister begins budget speech
Union Budget 2023 LIVE Updates: Union Cabinet approves Budget for 2023-24
Budget 2023 LIVE Updates: India's economy is expected to grow at 6.8%. It will be a pro-people Budget that will support the growth of the economy, says Karnataka CM Basavaraj Bommai
Budget 2023 LIVE Updates: This will be the best budget. This will be a pro-poor, pro-middle class budget, says Parliamentary Affairs Minister Pralhad Joshi
Budget 2023 LIVE Updates: Budget copies brought to Parliament, ahead of Budget presentation at 11AM
Budget 2023 LIVE Updates: A sniffer dog sniffs copies of Union Budget that have been brought to the Parliament
Budget 2023 LIVE Updates: Copies of the Union Budget arrive at the Parliament
Budget 2023 LIVE Updates: Finance Minister Nirmala Sitharaman with her team at Parliament, to deliver her fifth Budget today
Budget 2023 LIVE Updates: Budget for world's fastest growing economy — 7 key numbers to be watched
Finance Minister Nirmala Sitharaman will be presenting her fifth Budget that may do a tightrope walk between staying fiscally prudent and meeting general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy.
Here are the key numbers to watch for in Budget 2023-24, which is widely expected to boost spending towards policies that create jobs, leave more money in hands of the common man and boost manufacturing, while increasing tax revenues. READ MORE
Union Budget 2023 LIVE Updates: FM Nirmala Sitharaman dons traditional temple border red saree to present Union Budget 2023
Finance Minister Nirmala Sitharaman arrived in Parliament for the Union Budget 2023 presentation wearing a traditional temple border saree on Wednesday. Temple sarees are usually made of cotton, silk or a mix and worn for special occasions. Sitharaman opted for the red temple saree with a black border and intricate golden work on Budget day. READ MORE
Union Budget 2023 LIVE Updates: Prime Minister Narendra Modi arrives at the Parliament ahead of Finance Minister Nirmala Sitharaman's Union Budget 2023 speech at 11AM
Union Budget 2023 LIVE Updates: Nirmala Sitharaman is sixth Finance Minister to present budget 5 times in a row
Finance Minister Nirmala Sitharaman is the sixth minister in independent India to present five consecutive budget, joining a select league of legends likes of Manmohan Singh, Arun Jaitley and P Chidambaram.
Sitharaman's budget for the fiscal year starting April 2023 is her fifth straight since 2019. READ MORE
Union Budget 2023 LIVE Updates: Union Home Minister Amit Shah and Defence Minister Rajnath Singh arrive at the Parliament ahead of Finance Minister Nirmala Sitharaman's Union Budget 2023 speech at 11AM
Union Budget 2023 LIVE Updates: Union Finance Minister Nirmala Sitharaman arrives at the Parliament, will present the Union Budget 2023 speech at 11AM
Union Budget 2023 LIVE Updates: FM Nirmala Sitharaman takes tablet in red pouch to Parliament to present paperless Budget
Finance Minister Nirmala Sitharaman on Wednesday again took a digital tablet wrapped in a traditional 'bahi-khata' style pouch as she headed for Parliament to present Union Budget 2023-24 in a paperless format just like the previous two years.
She posed for the traditional 'briefcase' picture outside her office along with her team of officials before heading to meet the President. She, however, was holding a tablet instead of a briefcase to present the Budget in a digital format. READ MORE
Union Budget 2023 LIVE Updates: Union Finance Minister Nirmala Sitharaman arrives at the Parliament.
Union Budget 2023 LIVE Updates: Finance Minister Nirmala Sitharaman proceeds to Parliament to attend the Union Cabinet meeting chaired by PM Modi. She will present the Budget 2023-24 at 11AM
Union Budget 2023 LIVE Updates: Hours before the Union Budget 2023 will be presented by Finance Minister Nirmala Sitharman, Zee Business Managing Editor Anil Singhvi has picked The Indian Hotels Company Limited as the stock of the day. The stock was trading at Rs 312.05 on the NSE in the early trade and was up by Rs 11.05 or 3.67 per cent from the Tuesday closing price.
Read all about Anil Singhvi's top stock pick of the day here
Union Budget 2023 LIVE Updates: The government had in 2019 introduced a new tax regime with effect from the financial year 2020-21. It offers seven tax slabs with prevailing rates reduced on income up to Rs 15 lakhs. Due to the income slabs and the various tax rates, multiple exemptions and deductions are not applicable here. Check details of the 7 tax slabs in new Income Tax regime
Union Budget 2023 LIVE Updates: From RK Shanmukham Chetty presenting the first Union Budget in 1947 with a briefcase, to Nirmala Sithraman presenting it via a tablet PC, Union Budget has gone through several changes over the years. Check Budget's transformational journey over the years.
Union Budget 2023 LIVE Updates: Union Finance Minister Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance meet President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24.
Union Budget 2023 LIVE Updates: Minister of State for Finance Pankaj Chaudhary said that the people's expectations would be reflected in the Budget which will be presented later today. "This is the budget incorporating the expectations of every section of society. Indian economy is on track due to the leadership of PM Modi and the supervision of Nirmala Sitharaman. The Economic Survey also suggests the same. The budget has been made keeping in view all sections of society and it will stand on everyone's expectations," he said.
Union Budget 2023 LIVE Updates: 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 Budget 2023 LIVE Updates: Sensex opens in green, currently up by 437.32 points and trading at 59,987.22
Union Budget 2023 LIVE Updates: Where can one watch the Budget 2023 Speech Live Streaming?
Viewers can watch the LIVE presentation of Nirmala Sitharaman's Budget for the fiscal year 2023-2024 on Sansad TV and Doordarshan TV.
The live telecast will also be available on their respective YouTube channels. The Press Information Bureau (PIB) will also stream Budget 2023 via their online platforms.
Viewers can also watch the Live coverage of Budget 2023 on Zee Business.
Union Budget 2023 LIVE Updates: Budget Day Agenda
i) Cabinet meet at 10AM.
ii) Finance Minister Nirmala Sitharaman's Budget speech at 11AM.
iii) FM's post-budget press briefing at 3PM.Union Budget 2023 LIVE Updates: Finance Minister Nirmala Sitharaman shows the tablet containing the Budget speech wrapped in the customary red colour of the traditional "bahi khata", and embossed with the national emblem.
Union Budget 2023 LIVE Updates: Finance Minister Nirmala Sitharaman reaches Rashtrapati Bhavan to call on President Murmu
Union Budget 2023 LIVE Updates: FM Nirmala Sitharaman all set to present the Budget at 11AM today
Union Budget 2023 LIVE Updates: Budget 2023 Speech Live Streaming on Union Budget App
Union Budget’s 14 documents, including the Annual Financial Statement or Budget, Demand for Grants (DG), Finance Bill and so on as prescribed by the Constitution, will be available on the “Union Budget Mobile App" for hassle-free access of Budget documents by Members of Parliament and the general public, the finance ministry had said in a statement.
The app is bilingual (English and Hindi) and will be available on both Android and iOS platforms. It can also be downloaded from the Union Budget Web Portal www.indiabudget.gov.in.
Union Budget 2023 LIVE Updates: Indian equity markets will track FM Nirmala Sitharaman's Budget speech for key announcements on areas such as railway, defence, education, social welfare, GDP, fiscal deficit, inflation, disinvestment, income tax and COVID.
Union Budget 2023 LIVE Updates: The Finance Minister will lay a statement of the estimated receipts and expenditure of the government for 2023-24. She will also lay statements of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, on medium-term fiscal policy cum fiscal policy strategy and on macro-economic framework. The FM will further introduce the Finance Bill 2023 in the Lower House.
Union Budget 2023 LIVE Updates: Section 24 limit to be hiked?
There are several sections under the Income Tax Act that provide taxpayers with tax exemption. One among them is Section 24. Under Section 24, taxpayers can claim deductions of up to Rs 2 lakh on the interest paid on home loans. Read MoreUnion Budget 2023 LIVE Updates: Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance, ahead of the Budget presentation.
Union Budget 2023 LIVE: Minister of State Finance Dr Bhagwat Kishanrao Karad arrives at the Ministry of Finance ahead of Budget presentation.
Union Budget 2023 LIVE: Finance Minister Nirmala Sitharaman leaves home ahead of Budget presentation.
Union Budget 2023 LIVE: MoS Finance Dr Bhagwat Kishanrao Karad offers prayers ahead of the presentation of Union Budget.
Union Budget 2023 LIVE: Will govt hike Rs 6000 assistance under PM-KISAN?
The government should in this year's Budget enhance cash assistance given to farmers under the PM-KISAN scheme from the current Rs 6,000 per year for purchase of crop inputs, provide tax incentives to agritech startups and cut import duties on agrochemicals, according to industry experts. There is also need to announce some incentives to farmers as well as agrictech startups for faster adoption of technologies, like artificial intelligence, precision farming and drones, in Indian agriculture sector, they added. Read More
Union Budget 2023 LIVE: Most-used words in FM Sitharaman's last 4 budget speeches
Ahead of Budget 2023, Zee Business has tracked an interesting fact about FM Nirmala Sitharaman's budgets. Analysis of the last 4 budgets shows how many times Finance Minister used a particular word in her earlier budget speeches.
Year Speech Hours
2022 1:30 hours
2021 1:40 hours
2020 2:41 hours
2019 2:17 hoursMost repeated word in the 2022 budget speech
Word No. of repetitions
Digital 35
Development 33
Infrastructure 27Most repeated word in the 2021 budget speech
Word No. of repetitions
Infrastructure 57
Health 31
Development 28Most repeated word in the 2020 budget speech
Word No. of repetitions
Development 48
Infrastructure 33
Education 25
Housing 24Most repeated word in the 2019 budget speech
Word No. of repetitions
Investment 35
Electronic 22
Technology 18Union Budget 2023 LIVE: Global economic factors such as inflationary pressures, monetary tightening by central banks, and recessionary fears in advanced economies exerted pressure on FPIs to sell in Indian markets, Economic Survey 2022-23 said.
Union Budget 2023 LIVE: RBI has projected headline inflation at 6.8% in FY23, which is outside its target range.
Union Budget 2023 LIVE: When and where to watch FM Nirmala Sitharaman's speech LIVE
Finance Minister Nirmala Sitharaman will be presenting the Union Budget for the financial year 2023-24 today. This will be her fifth straight Union Budget speech. Sithraman, who holds the record for presenting the longest budget in the country, tabled the Economic Survey 2023 in Parliament on Tuesday.
Union Budget 2023 LIVE: Stakeholders are keenly watching the Modi government's last full budget, expecting some major announcements for the industry and relief for the salaried class in terms of income tax. Here's what the industry wants from the Modi government:
Check Full Budget 2023 Expectations: What India wants from FM Nirmala Sitharaman - Wishlist
Union Budget 2023 LIVE: India's economy to grow 6.5 pc in 2023-24, compared to 7 pc this fiscal and 8.7 pc in 2021-22
Check Full Economic Survey Coverage — Economic Survey pegs India's GDP growth at 6-6.8% in FY24
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