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Category: Indian Economy

Union Budget India 2024 Key Highlights

Finance Minister Nirmala Sitharaman proposes the next in her Union Budget Speech on 1st Feb 2024 in Parliament.

Budget 2024 Highlights: Income Tax
➤ no change in direct and oblique tax together with import tax
➤ Same tax charges for Direct and Indirect tax are retained
➤ Tax break for start-ups prolonged to March 31, 2025
➤ Focus on enhancing tax payers service
➤ Tax reforms have widened the tax base and elevated tax collections

Budget 2024 Highlights: Tourism
➤ Interest-free loans to states to advertise tourism
➤ Funds will likely be supplied for growth of tourism in Lakshadweep
➤ Panel to be fashioned for tackling the challenges of upper inhabitants

Budget 2024 Highlights: Air Connectivity
➤ Roll-out of Udaan Schemes have been very profitable
➤ 517 new routes to be launched beneath Udaan Scheme

Budget 2024 Highlights: Fiscal Announcements
➤ Capex outlay of Rs 11.11 lakh crores
➤ Capex outlay at 3.4 per cent of GDP
➤ FY24 Fiscal Deficit goal revised to five.8 per cent of GDP from 5.9 per cent.
➤ 5.1 % Fiscal Deficit goal for FY 25
➤ FY 25 market borrowing goal is Rs 14.13 lakh crores
➤ Net market borrowings seen at Rs 11.75 lakh crores
➤ Revised expenditure for FY 24 Rs 44.90 lakh crores

Budget 2024 Highlights: Rail Connectivity
➤ Decongestion of high-density rail corridors
➤ Energy, Mineral and Cement to get devoted rail hall
➤ 40,000 regular prepare bogies to be transformed into excessive pace Vande-Bharat ones

Budget 2024 Highlights: Agriculture
➤ Promote investments in post-harvest exercise by each personal and public sector’s assist
➤ Empower dairy farmers
➤ More efforts to regulate Foot and mouth illness
➤ Crop insurance coverage has been given to 4 crores to farmers beneath PM Fasal Bima Yojana
➤ Five built-in Aqua Parks to be arrange

Budget 2024 Highlights: Healthcare
➤ Healthcare services beneath Ayushman Bharat will likely be prolonged to all Aasha employees, Anganwadi employees
➤ Government plans to arrange hospitals in all districts
➤ Vaccination of 9-14 yr outdated ladies for cervical most cancers

Budget 2024 Highlights: Housing
➤ New housing plan for the center class
➤ 2 crore homes to be constructed beneath PM Awaas Yojana

Budget 2024 Highlights: India Growth
➤ Next 5 years will likely be years of unprecedented progress
➤ Next era of reforms to be taken in session with state governments.
➤ The authorities desires to make Eastern area the driving force of India’s progress
➤ Over 1 crore homes will get 300 models of free energy, beneath new Solar energy coverage
➤ Women participation in increased training has risen to twenty-eight per cent within the final 10 years
➤ Over Rs 22 lakh crores value Mudra loans have been disbursed within the final 10 years
➤ Our GDP mantra is: Governance, Development and Performance
➤ Jan Dhan accounts have helped authorities save over Rs 2 lakh crores
➤ Making Triple Talaq unlawful, reservation of one-third of seats in Parliament has enhanced the dignity of ladies in India
➤ Rs 30 crores mudra Yojana loans given to ladies entrepreneurs.
➤ Skill India mission has skilled over 1.4 crore youth to make them job prepared
➤ The highest-ever medals tally in Asian Games displays the excessive confidence degree of sports activities individuals
➤ Direct transfers of Rs 34 lakh crores to the beneficiaries, has led to large financial savings for the federal government
➤ In the final 10 years, authorities has uplifted 25 crore individuals out of poverty
➤ Gareeb, Yuva, Mahila and Anna-daata are our highest precedence. Their kalyaan is desh ka Kalyaan
➤ The Indian economic system has witnessed nice transformation within the final 10 years.
➤ The nation is going through huge challenges and authorities overcame these challenges with Sabkaa Saath Sabkaa Vishvaas
➤ The fruits of growth has reached to each strata of society is alleged by her in her speech.
➤ The individuals blessed the federal government with a stronger mandate within the second time period
➤ The worries of the meals has been eradicated by means of free rations to the poor
➤ MSPs have elevated periodically for the Anna Daata

February 1, 2024
Union of India Budget 2023: Overview for 6 sectors

India Union Budget 2023 Summary

The Union India Budget 2023, presented by the Honorable Finance Minister, Nirmala Sitharaman, on 1st February 2023, is a complete document that outlines the central government’s plans and policies for the monetary and financial progress of India. The budget covers a variety of areas, including agriculture, health, education, infrastructure, and technology. In this text, we’ll summarize the key highlights of the Union Budget 2023 and its impact on the nation’s economic system.

Increased Focus on Agriculture and Rural Development in India Budget

The government has introduced a major enhancement in funding for agriculture and rural improvement within the Union india Budget 2023. The Finance Minister has proposed the creation of a new agriculture market, which can provide farmers with direct access to consumers and assist to improve their revenue. The government has additionally proposed the institution of latest cold chain facilities and the expansion of the Pradhan Mantri Fasal Bima Yojana, which can provide insurance coverage protection to farmers.

Boost for Healthcare and Education in India Budget 2023

The Union India Budget 2023 has proposed several measures to support the growth of the healthcare and education sectors. The government has introduced an enormous increase in funding for the National Health Mission, which can help enhance the quality of healthcare services within the nation. The government has additionally proposed the institution of new medical colleges and the expansion of the Ayushman Bharat scheme, which can present free medical insurance coverage to poor households.

The government has additionally proposed a major increase in funding for education, with a focus on enhancing the standard of college education and growing access to higher education. The government has announced the institution of a brand new education policy, which can present a framework for the development of the education sector within the nation.

Reforms to Promote Infrastructure and Technology

The government has announced several reforms to promote infrastructure and technology within the Union India Budget 2023. The Finance Minister has proposed the establishment of a new infrastructure pipeline, which can present a roadmap for the development of new infrastructure projects within the nation. The government has additionally proposed the creation of a new digital infrastructure fund, which can provide funding for the development of digital infrastructure in rural areas.

The government has additionally proposed several measures to assist the growth of the technology sector, including the establishment of latest technology parks and the expansion of the Startup India initiative. The government has additionally proposed the creation of a brand new framework for the regulation of digital payments, which can assist create a level playing field for all players and promote competition within the digital payments sector.

India Budget 2023 at a glance :

budget_at_a_glance-1 Download

Conclusion

The Union Budget 2023 is a complete document that outlines the government’s plans and policies for the financial and financial growth of India. The budget covers a wide range of areas, including agriculture, health, education, infrastructure, and technology. The government’s focus on these sectors is expected to drive the growth of the economic system and enhance the standard of life for tens of millions of residents.

Overall, the Union India Budget 2023 is a proposed stepstep in the direction of a more inclusive and economically developed India. The government’s commitment to driving economic growth and enhancing the quality of life for citizens is much anticipated to offer a powerful increase to the nation’s economic system and assist the overall growth of the nation.

February 4, 2023
Post India Budget Fintech sector impact is positive by Mitesh Thakkar – Founder & CEO of MissCallPay

The Union Budget’s announcement by the Finance Minister, Nirmala Sitharaman, was well received by the industry, especially with the extension of DigiLocker services to the fintechs and MSMEs it supports. The India Budget fintech sector also included several benefits for MSMEs, such as the credit guarantee scheme with a Rs 9,000 crore infusion, extended ECLGS until March 31, 2023, the RAMP program with an outlay of Rs 6,000 crore, and a credit of Rs 2 trillion under the CGTMSE scheme. These initiatives, along with digital services like PM Jan Dhan Yojana, Indian Stack, and UPI, are propelling the fintech industry toward sustained growth

India Budget Fintech sector impact

The Union Budget 2023, presented by the Finance Minister on February 1, 2023, has put a strong emphasis on the growth of fintech startups in India. The government has recognized the role that fintech startups play in driving digital financial inclusion and boosting economic growth and has allocated a significant portion of the budget to support their growth and development.
The announcement of the National Financial Infrastructure Registry promises to streamline consent-based availability of financial information, thereby widening credit coverage. In line with the prior RBI’s intent of promoting the Public Credit Registry, we hope that real-time credit information will be an integral part of NFIR.

India Budget Fintech in Rural India

India Budget is very positive for the rural economy as it talks about investments and credit schemes in agriculture, fishery, cattle etc and this would higher income for rural folks and now they may have higher capacity to have L5 ( e-rickshaw for comercial purposes) and better capacity to repay EMIs. Customs duty exemption is being extended to imports of capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles to further boost green mobility.

This all is in line with government’s mission to deepen financial inclusion into rural hinterlands and propel economic development to next level in the sooner achievement of 5 trillion dollar economy status and what they refer to Amrit Kaal.

About Writer –
Mitesh Thakkar,
Founder – CEO
MissCallPay

February 3, 2023
Budget 2023: TCS increased for overseas tour packages, LRS remittances, buying stocks abroad [details]
Budget 2023-24: No tax on private Income as much as Rs 7 lakh

Finance Minister Nirmala Sitharaman made a number of bulletins within the Union Budget 2023-2024 on Wednesday. From rising the revenue tax rebate restrict from Rs 5 lakh to Rs 7 lakh underneath new tax regime to allocating Rs 2.4 lakh crore for Railways and past, the Budget 2023-24 has been hailed by Indian corporations. There’s an necessary change for overseas buyers within the Budget, as the speed of TCS of sure overseas remittance has been increased.

IANS

If you are investing in overseas stocks or buying properties abroad, there’s an necessary change within the Budget 2023. FM Sitharaman has proposed to extend the TCS (Tax Collection at Source) on sure overseas remittances with the exception for schooling functions. The TCS stands at 5 per cent for the aim of schooling.

Literally that means, Tax Collected at Source (TCS) is completely different from Tax Deducted at Source, since TCS will be taken by the person as a refund whereas submitting ITR.

If the quantity being remitted out is a mortgage obtained from any monetary establishment underneath Section 80E for the aim of schooling or for medical remedy abroad, the TCS stands at 0.5% and 5% respectively.

Those planning to journey abroad or wishing to spend money on overseas inventory have a problem forward. The TCS restrict, on overseas tour packages and for different remittances equivalent to buying stocks or properties abroad, has been proposed to be 20% within the Budget 2023. Notably, the TCS of 20% on buying international stocks and properties abroad will likely be 20% with none threshold restrict.

The TCS for overseas tour packages has been increased from 5% to twenty% for high-cost tour packages above Rs 50 lakh. The LRS (Liberalised Remittances Scheme) of RBI permits people to ship as much as Rs 2 crore for overseas medical remedy, academic bills or buying properties or stocks listed on NASDAQ. Currently, there’s TCS of upto 5% on remittances of Rs 7 lakh or extra in a fiscal 12 months. While the TCS will be claimed after submitting revenue tax returns on the finish of the 12 months, however it will likely be improve the rapid overlay for many individuals. Which is why it is unlikely that many will likely be okay having their 20% capital blocked till a 12 months. The modification will take impact from July 1, 2023.

For retail buyers, I assume the one materials change within the finances is for individuals who spend money on worldwide stocks. Money despatched out utilizing LRS now has a Tax Collection at Source (TCS) of 20% with no higher or decrease threshold, in comparison with 5% over Rs 7lks earlier. 1/3 pic.twitter.com/LTFoXfIcRR

— Nithin Kamath (@Nithin0dha) February 1, 2023

Related

EVs to get cheaper: Centre proposes customs obligation exemption on batteries; trade hails resolution [details]

No tax exemption for insurance coverage insurance policies with premium above Rs 5 lakh; there is a silver lining
February 1, 2023
Budget reaction_Dr Sunil Shukla_Director General_EDI

Quote of Dr Sunil Shukla, Director General, Entrepreneurship Development Institute of India (EDII)

“The Union Budget 2023-24 is sort of inclined in the direction of encouraging the aspirations of younger India and emphasizes on skilling, entrepreneurship, startups, and the convenience of doing enterprise. The finances highlights an inclusive progress and economic system for the Amrit Kaal. The PM Vishwakarma Kaushal Samman (PM VIKAS) bundle for conventional artisans and craftspersons will enhance the handicraft and handloom sectors. Apart from this, provision of agriculture accelerator fund will encourage agristartups and entrepreneurship in rural India. MSMEs are the spine of India’s economic system and an infusion of capital will positive propel the sector.”

Rabindra

February 1, 2023
Budget reaction quote by Mr. Vishal Bhatia, CFO, Balancehero India

The Union Budget introduced by FM at this time is an exhaustive, progressive and inclusive one. At Balancehero, we’re dedicated to making sure monetary inclusion for all and are happy to see the federal government’s elevated allocation in direction of monetary inclusion applications within the current finances. We imagine that this may additional drive our mission to supply accessible and reasonably priced monetary providers to all segments of the inhabitants.

Additionally, the lowered regulatory obligations and a number of KYC wants will give entities a much-needed breather. This may also encourage and guarantee extra folks come below the umbrella of the formal monetary system.

And the National Data Governance Policy may also supply entry to anonymized information and assist in a risk-based method as a substitute of a one dimension matches all method that may higher match the wants of Digital India. The finances gives one thing for everybody and can pave the way in which for an India the place monetary inclusion is a actuality for all residents. –Mr. Vishal Bhatia, CFO, Balancehero India

Rekha Nair

February 1, 2023
EVs to get cheaper: Centre proposes customs duty exemption on batteries; industry hails decision – Union Budget 2023

Union Budget 2023: Did FM Nirmala Sitharaman meet the expectations?

The Central authorities on Wednesday stated that to additional present impetus to inexperienced mobility, customs duty exemption is being prolonged to the import of capital items and equipment required for manufacture of lithium-ion cells for batteries utilized in electrical automobiles — a transfer hailed by the EV industry gamers.

Finance Minister Nirmala Sitharaman in her Union Budget 2023-24 speech stated that the subsidies on EV batteries might be prolonged for another 12 months, therefore making EVs cheaper within the nation.

In May 2021, the federal government unveiled the Production-Linked Incentive (PLI) scheme for manufacturing batteries.

Electric carIANS

To be eligible for the Rs 26,058 crore incentives beneath the PLI scheme for the EV industry, an automaker should have a worldwide income of no less than Rs 10,000 crore and have a minimal funding of Rs 3,000 crore in mounted property.

The EV industry and battery gamers hailed the federal government’s transfer.

“The proposed customs duty exemptions on the import of capital items and equipment required for the manufacturing of lithium-ion batteries usher in a brand new lease of life for all battery producers,” stated Pankaj Sharma, Co-Founder and Director, Log9 Materials.

The transfer would assist speed up the nation’s manufacturing capability and in addition offers the much-needed momentum to the nation’s imaginative and prescient to turn into self-sufficient in its EV wants, he added.

Nirmal Okay. Minda, Chairman and Managing Director, Uno Minda Ltd, stated that the announcement of Rs 35,000 crore fund to assist inexperienced tasks will give a large enhance in direction of India’s net-zero targets.

“We look ahead to understanding the FM’s proposal to scale back the fundamental customs duty on some items from 21 per cent to 13 per cent, together with lithium and ion cell batteries utilized in EVs,” he stated.

Flickr

As the electrical car (EV) adoption grows in India, the electrical two-wheeler gross sales quantity within the nation is probably going to attain 22 million by 2030.

According to the most recent report by Redseer Strategy Consultants, the electrical two-wheeler market is predicted to be over 80 per cent of the general two-wheeler market by 2030.

Kalyan C. Korimerla, MD and Co-Promoter, Etrio Automobiles, stated that the pro-EV finances focuses on much-needed initiatives comparable to customs duty discount from 21 per cent to 13 per cent on lithium cells and an extension of the subsidies on EV batteries for another 12 months.

“These are welcome initiatives as these will assist enhance the demand. The coverage on the substitute of previous polluting automobiles ought to speed up the transition in direction of electrical automobiles which is consistent with the finances’s goal to spur eco-conscious existence,” stated Korimerla.

(With inputs from IANS)

February 1, 2023
India Budget highlights | Dr. Arun Singh, Global Chief Economist, Dun and Bradstreet

Dr. Arun Singh, Global Chief Economist, Dun and Bradstreet’s dwell quotes sector specific updates in the India Budget highlights in 2023

Green push sector India Budget highlights-

“As anticipated, there’s a main push towards Green Growth. The funds focusses on 4 transformations through seven priorities to attain inclusive inexperienced development. Green finance is a precedence for public coverage. The inexperienced finance initiative will speed up the tempo of credit score disbursement to inexperienced initiatives.”

“The central government’s outdated car scrappage is beneficial to the auto industry because it reduces inexperienced gasoline emissions and improves vitality effectiveness.” The inexperienced finance initiative will speed up the tempo of credit score disbursement to inexperienced initiatives.”

“Notification of Green Finance, beneath Environment Protection Act, would unencumber extra sources for entities to boost funds at decrease price in direction of sustainable/inexperienced investments.”

Infrastructure sector India Budget highlights –

“Huge surge in capital outlay by 33% will likely be a terrific push to infrastructure and job creation. Continuation of a 50-year interest-free mortgage scheme for capital expenditure would improve infrastructure improvement towards last-mile connectivity. The authorities had introduced Rs 1 trillion, 50-year, interest-free capex loans to states within the final Union Budget, the extension for one more 12 months was a lot wanted to spice up infrastructure spending. However, you will need to nudge states to extend their capital spending.”

MSME sector India Budget highlights

“Use of PAN as a standard enterprise identifier would assist enhance ease of doing enterprise . Digi locker for entities to securely share paperwork would supply the digital infrastructure which will likely be useful within the digital lending framework for MSMEs. The price of Credit is to be decreased by 1% beneath the revamped credit score assure for MSME. It is a giant constructive for the MSMEs, given the rise in lending charges. Revamped Credit assure scheme for MSMEs with extra corpus will likely be much-needed assist for troubled MSME in India.”

Agriculture-

“Data infrastructure is the core of the digital transformation of agriculture. The digital public infrastructure for agriculture is a novel initiative which can encourage digitization of the first sector.”

Capex-

“Capital expenditure at 3.3% of GDP, which is the best in nearly twenty years, will profit the economic system from the time-tested Keynesian precept of spurring infrastructure to create jobs and channelize multiplier cycles.”

“2022-23 fiscal deficit of 6.4%, and 5.9% for 2023-24 would enable for personal capital expenditure to develop, with out crowding out personal funding”

Tourism sector India Budget highlights –

“Several enhancements introduced in direction of ease of tourism would supply development alternatives and employment for the huge working age inhabitants.”

Exporters benefit-

“Announcement of EXIM financial institution subsidiary for commerce refinancing beneath IFSC Authority (Gift City) would improve credit score availability for exporters.”

Sujata

February 1, 2023
Budget 2023: New announcement regarding PAN card, will now become your identity card

Internet Desk. The nation’s Finance Minister Nirmala Sitharaman has introduced the finances right now. In this finances, the usage of PAN card has been elevated additional. Now your PAN card will even be your identity. According to this, you not must maintain the PAN card at residence. Rather it has become your identity now.

In Budget 2023, Finance Minister Nirmala Sitharaman has given a brand new identity to the PAN card. The use of PAN card will be widespread for all. Now PAN card can be utilized as an identity card. In such a state of affairs, it will not be helpful for your financial institution or these tax associated works. This will additionally become your identity.

Income Tax Department points PAN card to each particular person. With the assistance of PAN, cost of revenue tax, revenue tax return, mutual fund, mortgage and so forth. are helpful. But now you possibly can show your identity with PAN card.

Samachar Jagat

February 1, 2023
Budget Reaction for Digital India – Technology Industry by Ms. Ankita Dabas, Chief Growth Officer, Veative Group

The funds brings laser-sharp focus to AI-led talent-growth by asserting the institution of three centres of synthetic intelligence. Foreseeing the spurt in AI-primarily based employment alternatives sooner or later, Veative Group has devoted 1 million+ manhours over the previous decade to create a digital ecosystem in AR/VR, purposes for coaching and growth, together with making academic content material in VR out there globally. We are all set to launch the world’s first careers metaverse in July 2023 that guarantees to attach enterprises with faculty-going learners. We wholeheartedly assist the govt. in making India a number one digital power of reckoning on the earth. –Ankita Dabas, Chief Growth Officer, Veative Group

Rekha Nair

February 1, 2023