Category: BUDGET 2023-24

As the Union Finance Minister Nirmala Sitharaman remained totally silent over the tea industry in her Budget speech, the sector operators are frustrated and the observers of the industry surprised.

Road safety body International Road Federation (IRF) has said that the increased allocation of Rs 10 lakh crore as capital expenditure in the Union Budget for the year 2023-24 will help boost logistics and connectivity across the nation.

Aiming to discourage cheap imports from China and encourage domestic manufacturing, Customs duty on imitation jewellery has been enhanced from 20 per cent to 25 per cent in the Union Budget 2023-24 that was presented by Finance Minister Nirmala Sitharaman on Wednesday.

"The Union budget has some good provisions to deal with the environment issue by aiming to achieve zero carbon emission. That is why I called this budget futuristic. This is a good initiative which may benefit not only India but also the whole world," he said.

He said: "The Amrit Dharohar scheme will ensure optimal use of wetlands in our region. Glad that the budget focused on tribal & indigenous communities with schemes like PM-PVTG for last mile development."

The Budget documents showed that the major reduction is mainly due to lower money allocation for AI Asset Holding Ltd (AIAHL), a special purpose vehicle formed by the government and that holds various assets of national carrier Air India.

The Union Budget 2023-24 on Wednesday allocated Rs 28,138 crore to meet the requirements on account of revision of armed forces pensioners/ family pensioners under the One Rank One Pension (OROP) scheme.

The integration of the Ayush system in the National Health ecosystem has got a major boost in the Budget 2023-24 presented by Finance Minister Nirmala Sitharaman on Wednesday.

The Union Budget 2023-24, which was presented in the Parliament by Finance Minister Nirmala Sitharaman on Wednesday, allocated Rs 5.94 lakh crore for the defence sector, marking a hike of 13 per cent over previous year's layout of Rs 5.25 lakh crore.

With Lok Sabha polls just a year away, the Narendra Modi-led government on Wednesday unveiled its last full union budget for 2023-24, which came loaded with tax relief for taxpayers, significant push towards capital spending and infrastructure as well as agriculture and defence.

Mindful of the 2024 Lok Sabha elections, the Union Budget on Wednesday enhanced allocation to the government's ambitious Jal Jeevan Mission by 27 per cent to Rs 69,684 crore for 2023-24, from Rs 54,808 crore in the current fiscal.

Nakul Anand, Chairman of FAITH, the apex body of tourism and hospitality industry associations, said the Union Budget could have announced more direct support measures for the two sectors.

The Education Ministry has been allocated the highest ever Rs 112899.47 crore in the budget. Due to this rise the budgetary allocation for higher education has also gone up at Rs 44,094.62 crore compared to Rs 40,828.35 crore in 2022-23.

Union Finance Minister Nirmala Sitharaman's claims in her Union Budget speech on Wednesday that the government is projected to face a Rs 30,000 crore revenue loss because of proposed tax rebates will just be notional, economic experts said.

The government has steered clear of a populist Budget in what is the last full Budget before the general elections scheduled next year, analysts said on Wednesday.

Cigarettes are set to become costlier as the National Calamity Contingent Duty (NCCD) on specified cigarettes has been revised in the Union Budget 2023-24.

Union Finance Minister Nirmala Sitharaman presented the Union Budget (2023-24) on Wednesday, which was her fifth consecutive budget and the last full budget in this government's tenure.

Finance Minister Nirmala Sitharaman on Wednesday said that the focus of the Union Budget 2023-24 is on women empowerment, green growth and artisans as well as the tourism sector.

The Central Armed Police Forces (CAPF) has got the lion's share from Rs 1.96 lakh crore allotted to the Ministry of Home Affairs (MHA) in the Union budget 2023-24, which was presented on Wednesday.

The Confederation of Indian Industry (CII) on Wednesday said that the northeastern region is set to gain substantially from the Budget 2023-24 presented in the Parliament by Union Finance Minister Nirmala Sitharaman.

The Federation of Indian Chambers of Commerce and Industry (FICCI) on Wednesday said the Budget 2023-24 presented by Union Finance Minister Nirmala Sitharaman will strengthen the fundamental pillars and ensure resilience, inclusivity and sustainability.

With aim to promote domestic manufacturing, Union Finance Minister Niramala Sitharaman, in Budget 2023-24, provided relief in customs duty on import of certain parts and inputs like camera lens and lithium-ion cells for batteries for mobile phones for another year.

While the devil may be hiding in the details, the response of various industry officials to FY24 Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday was largely positive.

Tata Capital Ltd. MD & CEO Rajiv Sabharwal said that the Budget includes several measures for inclusive socio-economic development, its 7 priorities plus a greater sector in the financial sector and infrastructure and investment are steps in the right direction.

Prime Minister Narendra Modi on Wednesday described the Union Budget as the "first Budget of Amrit Kaal" (the 25-year period from 2022 till 2047, when the country will celebrate 100 years of Independence), which would lay a strong foundation for a developed India.