FM Sitharaman on agriculture
Millets, artisans, agri credit, micro entrepreneurs, small farmers -focus areas of the budget speech so far.
Agriculture credit target expanded to Rs 20
lakh crore.
Decentralised storage capacity will be set up that will help farmers store their produce.
The budget envisages India becoming a global hub for Sri Ann or Millets
Budget 2023 LIVE Updates: FM Sitharaman says Budget is based on 7 priorities
Agriculture:
An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs
Digital public infrastructure to be developed for the agriculture sector
The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries
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
Fisheries: To launch sub-scheme under PM Mastya Sampada Yojna with outlay of Rs 6,000 crore to further enable activities of fishermen
Indian Institute of Millet Research will be supported as a centre of excellence
Have initiated computerisation for 63,000primary agricultural credit societies with an investment of Rs 2,516 crore, says FM.
In drought-prone central regions of Karnataka, central assistance of Rs 5,300 crore to be given to upper Badra project to provide sustainable micro-irrigation
Tribal Welfare:
Pradhan Mantri Primitive Vulnerable Tribal Group (PMPVTGS) mission is been launched to improve socio-economic condition on PMPVTGS
To improve social-economic condition of the Particularly Tribal Group 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
FM Sitharaman announces another big jump in capex
At Rs 10 lakh crore, the Centre’s capex target for 2023-24 is 33 percent higher than the budget estimate of Rs 7.5 lakh crore for 2022-23. The government’s focus on capex to boost economic growth cannot be denied. But what really matters is the revival of the private investment cycle. For the private sector, the situation is one of what comes first: chicken or the egg? Investments are undertaken when capacity utilisation crosses 80 percent or so and demand is anticipated to grow. With India’s GDP growth expected to weaken in 2023-24 and global growth too seen slowing down and hitting India’s exports, the private sector has been waiting on the sidelines, leading to the finance minister publicly asking the industry a few months ago why they weren’t investing. [Siddharth Upasani, Special Correspondent]
1. Green growth
2. Youth power
3. Inclusive development
4. Reaching the last mile
5. Infrastructure and investment
6. Unleashing the potential
7. Launch of digital platform
Budget 2023 Live Updates: Rs 15,000 crore for PMPBTG Development mission
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, announced FM Sitharaman
Budget 2023 LIVE Updates: FM on Green Hydrogen Mission
India is moving forward firmly to achieve the net zero target. The recently launched national green hydrogen with an outlay of Rs 19,700 crore will facilitate the transition of the economy to low carbon intensity and reduce dependency on fossil fuel imports. Our target is to reach an annual production of 5 MMT by 2030. This budget provides for Rs 35,000 crore capital investment towards energy transition and net zero objective and energy security by the Ministry of petroleum and natural gas, the FM declared.
Revamped credit guarantee scheme–Good news for MSMEs
Revamped Credit guarantee scheme for MSMEs will take effect from 1 April 2023 with infusion of Rs 9000 crore into the corpus, the FM says. This will enable additional collateral free credit guarantee of Rs 2 lakh crore rupees, which will enable to lower cost of credit by 1 per cent. Good news for MSMEs that are still recovering from the impact of pandemic Cheer for auto sector
FM Sitharaman says: Replacing old government vehicles will provide a fillip to the economy. It would translate into growing orderbooks of auto companies, increased output and create jobs. This was last done in India on a mass scale around 2008 after the Lehman brothers collapse.
Budget 2023 Live Updates: 100 labs to be established for developing apps using 5G
100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models and employment potential, labs will cover among others, apps such as smart classrooms, precision farming, intelligent transports systems and healthcare, announced FM Sitharaman.
Budget 2023 LIVE Updates: Calamity cess on cigarettes
Cigarettes get hit by a steep 16 percent increase in the calamity cess imposed on them. This will lead to an increase in cigarette prices and could hurt volume growth in the near term. ITC will get affected but so will other tobacco stocks
Personal finance proposals
One-time, new savings scheme for women with a tenure of two years to offer 7.5 percent interest rate with partial withdrawal option.
For senior citizen maximum deposit limit for saving will be from 15 lakh to 30 lakh
Investment limit in small savings schemes like Senior Citizen Saving schemes (SCSS) increased to Rs 30 lakh from 15 lakh earlier.
Investment limit in Monthly income scheme (MIS) increased to Rs 9 lakh, up from rs 4.5 lakh, for single account. For joint accounts the limit has gone up to Rs 15 lakh, up from Rs 9 lakh.
No news on bank privatisation
More than an hour into the Budget 2023 speech, FM Nirmala Sitharaman has not touched up on any key banking sector reforms including the long held promise of privatisation of public sector banks. To be sure, this is no surprise. Ahead of the 2024 general elections and considering the politically sensitive nature of the move, the Government was expected to keep mum on the bank privatisation issue. However, one must remember that privatisation of at least two PSBs was a key announcement in Sitharaman’s last budget. A year later, this is nowhere discussed. Is bank privatisation totally off the agenda or is the FM keeping the big announcement to the last
FM Sitharaman says…
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.
Union Budget 2023 LIVE Updates: India’s salaried class got its Budget due. 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.
Budget 2023 LIVE Updates:
FM Sitharaman says…
Railways capex outlay of 2.40 lakh crore, highest ever; 9x of what was in 2013
PM Awas Yojana outlay hiked by 66 pc to Rs 79,000 cr
Govt to provide Rs 5,300 cr assistance to drought-prone central region of Karnataka
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