Tag: Union Budget

Budget 2023 | Industry hails Budget’s green energy, infrastructure push

February 2, 2023 admin

The attention and allocation to building a green infrastructure and a decarbonised energy regime is the core of the Union Budget which puts india on the path of being future proof, said Prashant Ruia, Director, Essar Capital. “The ₹35,000 crore allocation for energy transition along with an ambitious target of 5 MMT of hydrogen will unleash…

Business

New tax regime ‘sweetened’ to benefit maximum number of taxpayers: CBDT Chairman

February 2, 2023 admin

File picture of Union Finance Minister Nirmala Sitharaman with Nitin Gupta, Chairman, Central Board of Direct Taxes | Photo Credit: Vedhan M The new income tax regime for filing returns has been “sweetened” in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a “reduced” tax rate,…

Business

A raft of concessions amid consolidation: The Hindu Editorial on Union Budget 2023-24

February 1, 2023 admin

If budget making is a complex task, interpreting the Union Budget can be hazardous given the amount of fine print that one has to pore over. Finance Minister Nirmala Sitharaman’s fifth Budget, and the current Bharatiya Janata Party-led government’s final full-fledged one before next year’s general election, ticks all the right boxes on the face…

Business

Budget 2023 | Cluster-based approach for ELS cotton production

February 1, 2023 admin

Production of Extra Long Staple (ELS) cotton, which is largely imported now, is all set to get an impetus as the government proposes a cluster-based and value chain approach through public private partnerships. The Union Budget is looking at better collaboration between farmers, State, and industry for input supplies, extension services and market linkages to…

Business

Budget 2023 | Finance Minister proposes amendments to banking laws

February 1, 2023 admin

Union Finance Minister Nirmala Sitharaman addressing a post budget press conference in New Delhi on February 01, 2023. | Photo Credit: ANI The Union Budget has proposed certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act to improve bank governance and enhance protection of investors. To build the…

Business

Budget 2023 | Railways gets outlay of ₹2.4 lakh crore

February 1, 2023 admin

A view of the production of Vande Bharat Coaches at Integral Coach Factory in Chennai. File | Photo Credit: R. Ragu With an outlay of ₹2.40 lakh crore for the financial year 2023-24 compared to ₹1.40 lakh crore in the FY22-23, Finance Minister Nirmala Sitharaman said that the outlay for the railways is nine times the…

Business

No sector will benefit from this budget: Vinod Kumar

February 1, 2023 admin

State Planning Board vice-chairman B. Vinod Kumar opined that no sector will benefit form the budget introduced by the Centre, terming it as ‘aimless.’ “This is an unimplementable budget. Union government has been behaving adamantly instead of joining hands with States for development. No single medical college was sanctioned for Telangana in the last eight…

Business

Budget disappointed people of Telangana: Uttam

February 1, 2023 admin

Finance Minister mentioned Telangana only once by promising to support the Indian Institute of Millet Research, Hyderabad as the Centre of Excellence. Congress Lok Sabha member N. Uttam Kumar Reddy said that the Union Budget presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Wednesday was highly disappointing for Telangana. Further, he described it…

Business

Budget 2023 | Defence budget rises 13%; revised estimate for pension rises

February 1, 2023 admin

The Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman on Wednesday allocated ₹5.94 lakh crore for the Defence Ministry, a 13% increase year-on-year from last year’s budget estimates. The non-salary revenue outlay has gone up by 44% from ₹62,431 crore the previous year to ₹90,000 crore in the Budget Estimates of 2023-24. The hike is particularly significant given the huge increase in operational…

Business

Budget 2023 | Lab Grown Diamond segment gets leg up with duty cut, R&D support

February 1, 2023 admin

A worker in one of the oldest and largest diamond polishing units of Surat checking its dazzle. File image for representation | Photo Credit: Vijay Soneji To harness the potential of Lab Grown Diamond (LGD) or synthetic diamond segment, the Union Budget 2023-24 presented by the Finance Minister Nirmala Sitharaman has laid emphasis on research…

Business