UNION BUDGET 2023 LIVE Updates: Startup Ecosystem and WEB 3.0 Sector anticipating new policies and regulatory reforms

Budget 2023

NOTE: This is a LIVE Article and will be updated in accordance to Union Budget 2023 Address by FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman will unveil the Union Budget 2023 today (February 1, 2023), prior to the 2024 general elections. The budget is anticipated to provide many Tax reliefs and regulatory changed for the Startup and MSME Ecosystem.

The Budget Session of the Parliament started on Tuesday and will end on February 13 for the first part. It will resume on March 12 for the second part of the session and conclude on April 6.

12:30 PM IST | No banking sector reforms announced by FM Nirmala Sitharaman

12:23 PM IST | Personal Income TAX

Increase of Income rebate to INR 7 lakh

New Income tax rates announced for Tax Slabs under new regime:

0-3 lakh nil

3-6 lk at 5%

6-9 lk at 10%

9-12 lk at 15%

12-15 lk at 20%

above 15 at 30%

12:15 PM IST | Direct Tax Proposals

Average processing time for ITR reduced from 93 days to 16 days. FM Proposes intention to roll out new common ITR forms and Strengthen Grievance redressal functions.

12:12 PM IST | Big push for Make In India: LI Baterries, televisions, chimneys with custom rebates

12:11 PM IST | Customs Exemptions on Lithium-Ion Baterry Manufacturing. Basic Custom Duty rates to come down till 13 from 21, except for textile Industry.

12:06 PM IST | FM proposed Fiscal Deficit target of 5.9% of GDP. Fiscal deficit target to come down to 6.5% by 2025-26

12:02 PM IST | FM On Digital Payments: 76% Increase in total transactions with 91% in value.

12:02 PM IST | NFIR to be designed in Consultation with RBI. Allows Acquisition Finance by IFSC Unit of Foreign Banks. NFIR to further promote Credit.

12:00 PM IST | Highlights

  • The Centre to recruit 38,800 teachers and support staff for 740 Eklavya Model residential schools serving 3.5 lakh tribal students
  • All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode
  • The outlay for Pradhan Mantri Awas Yojana is being enhanced by 66% to over ₹79,000 cr
  • Improved Air Connections: 50 airports, heliports, and advanced landings to be revied
  • 95% of the forfeited amount will be returned to them by govt undertakings

11:58 AM IST | Credit Guarantee for MSME

Revamped Scheme for Credit Guarantee scheme to take effect from April 1, 2023 with a Corpus infusion of INR 9000 Cr.

11: 51 AM IST | Support to upgrade Polluting Govt Vehicles and Skilling Ecosystem

Support to states for scrapping older vehicles.

Empowering Youth by creating more fluent digital ecosystem for skilling.

11: 49 AM IST | FM Proposed Apprenticeship Scheme; Stipend to 47 Lakh youth.

11:47 AM IST | A transition towards Natural Farmer

over next 3 yrs, we facilitate 1 crore farmers to adopt natural farming, Announces FM

11: 46 AM IST | Focus on Investments into Green Energy and 5G Development

INR 35k cr Outlay for priority capital investment for transition towards Green Energy. 100 labs for 5G apps to be set up in Engineering institutes across the nation.

11: 45 AM IST | Expansion to DigiLocker Services for FINTECHs

Services under the ambit of DigiLocker to get massive expansion.

11: 44 AM IST | PAN to be used as common digital identifier

PAN to be used as common identifier for all digital systems of specified Govt agencies as much required Push to Ease of Doing Business.

11:34 AM IST | Budget 2023 announces Relief for MSMEs

In cases of failure by MSMEs, 95% of forfeited amount will be returned to them by govt

11:30 AM IST | Agriculture Credit Expansion

The agriculture credit target expanded to Rs 20 lakh crore. Millets to be on further focus

11:28 AM IST | Agriculture stocks Up and Green Amid Budget 2023

Shares of Kaveri Seeds, Mangalam Seeds, and Bombay Burmah are trading in the green as FM Sitharaman proposes to increase agricultural credit to INR 20 lakh crore.

11:18 AM IST | Budget 2023 proposes Fund to support Tech-driven Agri Startups

Budget 2023 proposed to bring modern technologies to Indian farms. An agriculture accelerator fund to be set up to support Agri-tech startups in rural areas.

10:55 AM IST | Union Cabinet Approves the Budget 2023

Union Cabinet has approved the Budget 2023; the meeting headed by PM Narendra Modi Parliament has now concluded. FM Nirmala Sitharaman will present the Budget shortly.

10:45 AM IST | FM Sitharaman to present Budget 2023. Speech at 11 AM

Finance Minister Nirmala Sitharaman will begin her Budget address in the Parliament house at 11 a.m., which marks the final comprehensive Budget of the Modi administration during its second tenure. Similar to the past two Union Budgets, the Union Budget 2023-24 will also be presented in a digital format without any physical paper.

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