Page 2 - Latest Updates on Budget cycle
Union Budget 2023: Govt proposes taxation changes related to REITs, InVITs
The move is aimed at widening the tax base
 "Union Budget 2023: Govt proposes taxation changes related to REITs, InVITs")
Govt projects 10.5% growth in revenue from taxes to Rs 18.23 trn in FY24
Collections from Customs duty are expected to rise by 11% to Rs 2.33 trillion, from Rs 2.10 trillion in the revised estimates
 "Govt projects 10.5% growth in revenue from taxes to Rs 18.23 trn in FY24")
Budget 'progressive'; ticks all boxes, powers India's growth drive: Scindia
He also said the Budget gives a huge impetus to the vision of Ude Desh ka Aam Naagrik (UDAN)
 "Budget 'progressive'; ticks all boxes, powers India's growth drive: Scindia")
Hero MotoCorp Chairman Munjal hails Budget; seeks GST cut on two-wheelers
Munjal said that the finance minister presented an inclusive budget with a vision to develop Bharat and India and its various constituents simultaneously
 "Hero MotoCorp Chairman Munjal hails Budget; seeks GST cut on two-wheelers")
Union Budget 2023: Rs 19,518 crore allocated to metro projects across India
The outlay for this year includes equity investment of Rs 4,471 crore, subordinate debt of Rs 1,324 cr and pass through assistance Rs 13,723 crore
 "Union Budget 2023: Rs 19,518 crore allocated to metro projects across India")
Union Budget 2023: Centre allocates Rs 44,094 crore for higher education
In 2023-24, the grant for the UGC has been increased by 9.37 per cent -- an increase of Rs 459 crore
 "Union Budget 2023: Centre allocates Rs 44,094 crore for higher education")
Landmark budget of New India that's emerging as economic powerhouse: MoS IT
Country is expanding investments in modern capex, digitalisation, modern cities, and skilling for youth, tax cuts for the middle class and expanding support and opportunities for all, minister said
 "Landmark budget of New India that's emerging as economic powerhouse: MoS IT")
Union Budget 2023: Govt allocates Rs 5.94 trillion to defence ministry
The allocation to Defence Research Development Organisation (DRDO) has been put at Rs 23,264 crore
 "Union Budget 2023: Govt allocates Rs 5.94 trillion to defence ministry")
Gems and jewellery industry disappointed with Union Budget for 2023-24
Currently, the basic customs duty on silver dore is 6.1 per cent, while on semi-manufactured items it is 7.5 per cent
 "Gems and jewellery industry disappointed with Union Budget for 2023-24")
Nothing in Union Budget to solve economic disparities in country: Kerala CM
The Chief Minister, in a statement, also expressed the view that the budget has not taken a regionally balanced approach
 "Nothing in Union Budget to solve economic disparities in country: Kerala CM")
Union Budget 2023-24: Centre allocates Rs 11,933 crore to Delhi Police
Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for 2023-24
 "Union Budget 2023-24: Centre allocates Rs 11,933 crore to Delhi Police")
Automobile industry terms Union Budget 2023-24 as 'growth-oriented'
Finance Minister Nirmala Sitharaman has proposed to further provide impetus to green mobility
 "Automobile industry terms Union Budget 2023-24 as 'growth-oriented'")
Budget lays roadmap to train lakhs of youth in the next three years: FM
Moreover, to skill youth for international opportunities, 30 Skill India International Centres will be set up across different states, Sitharaman said
 "Budget lays roadmap to train lakhs of youth in the next three years: FM")
Budget: Govt to enhance presumptive taxation limit for MSMEs, professionals
The move is aimed at promoting non-cash transactions, as per the Budget document
 "Budget: Govt to enhance presumptive taxation limit for MSMEs, professionals")
Budget 2023: Oil companies will spend Rs 1.06 trn in next financial year
Nearly half of overall expenditure would be for refineries expansion and upgrade while about 44% will be used for exploration and production of hydrocarbons, the data provided in the budget documents
 "Budget 2023: Oil companies will spend Rs 1.06 trn in next financial year")
Union Budget 2023: Govt allocates Rs 1.23 trn for postal, telecom projects
The government has allocated Rs 2,158 crore for Optical Fibre Cable based network for Defence Services and Rs 715.8 crore for telecom projects in the North Eastern states
 "Union Budget 2023: Govt allocates Rs 1.23 trn for postal, telecom projects")
India to see challenges in meeting fiscal glide path, says Fitch analyst
The government is targeting a budget deficit of 5.9% of GDP for 2023/24, while the deficit was 6.4% in 2022/23, according to revised estimates
 "India to see challenges in meeting fiscal glide path, says Fitch analyst")
Union Home Minister Amit Shah welcomes 'all-inclusive and visionary' budget
This reflects the foresight of the Modi government to build a new India with strong infrastructure and a strong economy, he said
 "Union Home Minister Amit Shah welcomes 'all-inclusive and visionary' budget")
I-T benefits in union budget to propel deposit growth: Bandhan Bank MD
Speaking on the budget proposal for simplifying the KYC process, Ghosh hailed it as a noble effort
 "I-T benefits in union budget to propel deposit growth: Bandhan Bank MD")
Budget: Govt proposes to simplify KYC procedure with 'risk-based' approach
The financial sector regulators will also be encouraged to have a KYC (Know Your Customer) system fully amenable to meet the needs of Digital India
 "Budget: Govt proposes to simplify KYC procedure with 'risk-based' approach")
