Budget 2023-24

[sauntheninja]

What's that smell?

Smells like socialism.

Quite unintuitive so far. Hope things get better as we progress or else...

It's an election year

 

[Kumata]

 

[ezsasa]

yay, funding for mangrove planting.

 

[Kumata]

muzzie will be happy...

 

[Kumata]

yay, funding for mangrove planting.

seems like you. hit the jackpot finally

 

[jackprince]

For middle class who are responsible enough to save money and take insurances etc, i.e. old Income Tax Return filers, they received - Baba ji ka thullu.

 

[Abbey]

The FM in her speech announced a rebate in n income tax limit to 7 lakh in new tax regime. She also reduced the number of slabs to 5, which will be:
0-3 lakh- nil
3-6 lakh -5%
6-9 lakh - 10%
9-12 lakh-15%
12-15 lakh -20%
Above 15 lakh - 30%
For big earners, the highest effective tax rate has been reduced from 42.7 percent to 39%. The FM left LTCG unchanged, cheering the bourses. Sops

have been offered to common man to move to the new tax regime by rejigging slabs and also bringing the peak rate down


Govt to reduce customs duty on shrimp feed to promote exports: FM Sitharaman

Taxes on cigarettes hiked by 16 percent

Basic import duty on compounded rubber increased to 25 percent from 10 percent.

Basic customs duty hiked on articles made from gold bars

Customs duty on kitchen electric chimney increased to 15 percent from 7.5 percent.

Customs duty on parts of open cells of TV panels cut to 2.5 percent.

Govt proposes to reduce customs duty on import of certain inputs for mobile phone manufacturing.

 

[Abbey]

The FM in her speech announced a rebate in n income tax limit to 7 lakh in new tax regime. She also reduced the number of slabs to 5, which will be:
0-3 lakh- nil
3-6 lakh -5%
6-9 lakh - 10%
9-12 lakh-15%
12-15 lakh -20%
Above 15 lakh - 30%
For big earners, the highest effective tax rate has been reduced from 42.7 percent to 39%. The FM left LTCG unchanged, cheering the bourses. Sops

have been offered to common man to move to the new tax regime by rejigging slabs and also bringing the peak rate down
Govt to reduce customs duty on shrimp feed to promote exports: FM Sitharaman

Taxes on cigarettes hiked by 16 percent

Basic import duty on compounded rubber increased to 25 percent from 10 percent.

Basic customs duty hiked on articles made from gold bars

Customs duty on kitchen electric chimney increased to 15 percent from 7.5 percent.

Customs duty on parts of open cells of TV panels cut to 2.5 percent.

Govt proposes to reduce customs duty on import of certain inputs for mobile phone manufacturing.

Number of basic custom duty rates reduced to 13
“I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, automobiles,” Sitharaman said

Relief in customs duty on import of certain parts like camera lens
Government will provide relief in customs duty on import of certain parts like camera lens and concession on import of lithium ion batteries to further promote mobile phone production in India, the minister annouced.

PM PRANAM - Programme for restoration, awareness, nourishment and amelioration of Mother Earth will be launched to incentivise states and UTs to promote alternative fertilisers, Sitharaman said.

 

[Abbey]

Number of basic custom duty rates reduced to 13
“I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, automobiles,” Sitharaman said

Relief in customs duty on import of certain parts like camera lens
Government will provide relief in customs duty on import of certain parts like camera lens and concession on import of lithium ion batteries to further promote mobile phone production in India, the minister annouced.

PM PRANAM - Programme for restoration, awareness, nourishment and amelioration of Mother Earth will be launched to incentivise states and UTs to promote alternative fertilisers, Sitharaman said.

Sitharaman announced that 50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity.

Three Centres of Excellence for Artificial Intelligence will be set up in top educational institutions for realising the vision of Make AI in India and Make AI work for India, Sitharaman said.

Capital outlay of ₹2.4 lakh crore has been provided for Railways, the highest-ever allocation since 2013-14, the finance minister said.

“All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks and sewers to transition from manhole to machine hole mode,” Sitharaman said.

 

[Abbey]

Sitharaman announced that 50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity.

Three Centres of Excellence for Artificial Intelligence will be set up in top educational institutions for realising the vision of Make AI in India and Make AI work for India, Sitharaman said.

Capital outlay of ₹2.4 lakh crore has been provided for Railways, the highest-ever allocation since 2013-14, the finance minister said.

“All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks and sewers to transition from manhole to machine hole mode,” Sitharaman said.

The finance minister announced the established of 157 new nursing colleges in co-location with the existing 157 medical colleges established since 2014. She also assured that sickle cell anemia to be eliminated by 2047.


Priorities of Budget2023
1. Inclusive development
2. Reaching last mile
3. Infrastructure and investment
4. unleashing potential
5. Green growth
6. Youth Power
7. Financial Sector

 

[Kumata]

Sitharaman announced that 50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity.

Kaka can very well go to stock market and seek votes of these newly minted mobile phones and AI enabled Darones...

 

[Abbey]

The finance minister announced the established of 157 new nursing colleges in co-location with the existing 157 medical colleges established since 2014. She also assured that sickle cell anemia to be eliminated by 2047.


Priorities of Budget2023
1. Inclusive development
2. Reaching last mile
3. Infrastructure and investment
4. unleashing potential
5. Green growth
6. Youth Power
7. Financial Sector

100 labs for developing apps using 5G services
100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models & employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems & Healthcare: FM


Bio input resource centres
Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up: FM Nirmala Sitharaman

National Data Governance Policy
To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data: FM Nirmala Sitharaman

 

[Kumata]

100 labs for developing apps using 5G services
100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models & employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems & Healthcare: FM


Bio input resource centres
Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up: FM Nirmala Sitharaman

I wonder how one develop apps using 5 G LOL

Seems like a tailor made scheme for some body...

 

[Abbey]

100 labs for developing apps using 5G services
100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models & employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems & Healthcare: FM


Bio input resource centres
Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up: FM Nirmala Sitharaman

National Data Governance Policy
To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data: FM Nirmala Sitharaman

Revamped credit guarantee scheme for MSMEs
Revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs

National Hydrogen Mission
FM allocated Rs 19,700 crore to the National Hydrogen Mission. The objective is to reach hydrogen production capacity of 5 metric million tonnes by 2030

Assistance for traditional artisans and craftspeople
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

 

[sauntheninja]

No mention of pli except mobile phone exports and nothing for semiconductor manufacturing. Was expecting a whole section for manufacturing

 

[AnantS]

National Data Governance Policy
To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data: FM Nirmala Sitharaman

More pesky tele callers and bland ads .....

 

[Abbey]

Revamped credit guarantee scheme for MSMEs
Revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs

National Hydrogen Mission
FM allocated Rs 19,700 crore to the National Hydrogen Mission. The objective is to reach hydrogen production capacity of 5 metric million tonnes by 2030

Assistance for traditional artisans and craftspeople
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

Atmanirbhar Clean Plant Programme
The government will launch the Atmanirbhar Clean Plant Programme to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore: Finance Minister Nirmala Sitharaman


Encouraging agritech startups
An agriculture accelerator fund to encourage agritech startups by young entrepreneurs in rural areas. Fund will focus on bringing innovative solutions for challenges faced by farmers.

 

[Abbey]

Budget 2023: Full text of Nirmala Sitharaman’s speech

Finance Minister Nirmala Sitharaman began the presentation of Union budget 2023 in the Lok Sabha by informing that Indian economy is expected to grow at 7% this fiscal.

indianexpress.com

 

[ezsasa]

Union Budget - 4503097 crore - 550 billion $.

 

[TopWatcher]