Union Budget 2023 LIVE Updates: See Key Highlights of Budget 2023

01 Feb, 2023
Union Budget 2023 LIVE Updates: See Key Highlights of Budget 2023

Union Budget 2023 LIVE Updates: Nirmala Sitharaman, the finance minister, will present her sixth consecutive budget on Wednesday. This will serve as the final budget of the Modi 2.0 administration before the 2024 legislative elections. At 11 AM today, she is scheduled to deliver a speech on the budget for 2023. On Wednesday, February 1, the Railway Budget 2023 will also be presented to the Parliament.

Nirmal Sitharaman presents her fifth general budget in the Lok Sabha in a short while.

Budget 2022: Key Highlights of Union Budget 2022 (sector-wise important highlights of Budget 2022)

  1. Inclusive development

  2. Reaching the last mile

  3. Infra & investment

  4. Unleashing the potential

  5. Green growth

  6. Youth power

  7. Financial sector

Union Budget 2023 LIVE: Key Highlights

  • Personal Tax

1. Income up to 7 lakhs will not pay any tax. 
2. Income tax slabs reduced to 5 from 6. 
3. Tax Structure changed.
4. 3-6L: 5% in new regime
5. 12-15% Lakhs- 20%
  • Third largest ecosystem for Startups. 

  • Sitharaman said the government Will provide relief on customs duty on imports of certain parts and inputs like camera duty, for another year.

  • One-time new small savings scheme 'Mahila Samman Saving Certificate' to be made available for 2 years upto March 2025, with deposit facility of upto Rs 2 lakh in name of women, with 2 year tenor, with 7.5% fixed rate & partial withdrawal option. The maximum deposit for senior citizen saving scheme to be enhanced for Rs 15 lakh to Rs 30 lakh.

  • Indirect Taxes- Reducing Custom duty from 21% to 13%. Relief of customs on mobile parts. 

  • Fiscal Deficit Target 5.9%

  • Central Processing centre for faster response. 

  • Setting up of Data Embassies

  • Unity Malls will be setup in states as tourism centers. 

  • Revamping of Credit Gurantee Scheme

  • Dekho Apna Desh initiative will be boosted for tourism. 

  • Youth will be skilled in new age courses

  • FM talks about NPE. PM Kaushal Vikas Yojana 4.0 will be launched. 

  • Scrapping policy of old cars introduced.

  • Replacing old polluting vehicles is important in 'greening our economy', says Nirmala Sitharaman

  • Renewable energy plan in Ladakh. 

  • Emphasis on natural farming. 

  • PM Pranam to be launched to incentivise states and UT to promote alternative fertilisers and balanced use of chemical fertilisers

  • 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.

  • Niti Ayog to continue for 3 years, announces Nirmala Sitharaman

  • She said 100 labs for effectively developing 5g services will be set up.

  • KYC process will now be adopting risk-based approach rather than one-size-fits-all apporach

  • VIVAD se Vishwas for MSME's

  • National Data Governance policy, to unleash innovation, will be brought out to enable access to anonymised data, says Sitharaman

  • Mission Karmayofi for good governance. 

  • Three centres of excellence for artificial intelligence to enable 'Make AI for India' and 'Make AI work for India', says FM.

  • "More than 39,000 compliances have been reduced and more than 3,400 legal provisions have been de-criminalised to improve ease of doing business. 

  • Capital investment outlay is being increased steeply for third year in a row to Rs 10 lakh crore. The increased capital outlay for infrastructure to crowd in private investment, says FM

  • 50-year interest free loans will continue for states, announces Sitharaman in Budget speech.

  • The government has enhanced capital expenditure (capex) outlay by 33% to Rs 10 lakh crore which would be 3.3% of GDP. The amount is almost 3 times the outlay that was made by the government in 2020, says finance minister.

  • 50 Additional airports will be built. 

  • Agriculture target to increase to 20 lakh crores.PM Matya Yoajna will have a sub scheme. 

  • 157 new nursing Medical colleges will be established. 

  • Encouraging collaborative researching. 

  • Mission to eliminate  sickle cell

  • programme to promote research in pharma. 

  • National digital library for children and adolscents. 

  • Nation book trust to give non curricular title.

  • Promotion of regional language.

  • PVTG DEVT mission to be launched

  • 15K Crore to be given for the scheme. 

  • The government will launch a sub-scheme under PM Matsya Sampada Yojana with an outlay of Rs 6,000 crore to further enable those involved in fisheries, said Finance Minister Nirmala Sitharaman.

  • "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"

  • PM VIKAS Yojana outlay increased. 


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