Union Budget 2023 LIVE Updates: In her fifth Budget speech, Finance Minister Nirmala Sitharaman said that individuals with an income of up to Rs 7 lakh will have to pay zero tax under the new tax regime. They will be eligible for a rebate. The new regime becomes the default tax regime.

So is the old regime over?
No, it remains in force. If you still prefer to apply for tax breaks under section 80C among other things, you will not be eligible for this rebate. A rebate

Budget 2023 Live Updates: No big boost to defence sector, stocks tumble

There was no major announcements for the defence sector in Union Budget 2023-24. While the Ministry of Defence has received the highest allocation among all ministries at Rs 5.94 lakh crore, it is not a significant jump from Rs 5.25 lakh crore for this FY. 

Budget 2023 Live Updates: Balanced growth with fiscal prudence, says CII president

Budget 2023 proposals announced by Finance Minister Nirmala Sitharaman “balance growth with fiscal prudence” said CII president Sanjiv Bajaj. Several recommendations made by the Confederation of Indian Industry (CII) found a place in this year’s Budget, he said. 

Budget 2023 Live Updates: Fiscal impulse maximized 

Madhavi Arora, Lead Economist - Emkay Global Financial Services: The budget has ensured, the fiscal impulse is maximized to improve potential growth, while signalling adherence to medium-term fiscal sustainability. This requires continued financial sector reforms, better resource allocation. Expenditure focus has been on rural, welfare, infrastructure, PLIs, and energy transition. Capex spend has picked up significantly to 3.3% of GDP and is almost double of Pre-Pandemic prints. This especially implies larger fiscal multiplier on employment and growth and will support crowding in of still-lacking private capex.

Budget 2023 Live Updates: Sustainable growth hallmark of the budget 

Haigreve Khaitan, Partner, Khaitan & Co: A clear commitment to boosting not merely growth, but sustainable growth is the hallmark of the Budget 2023. With a major focus on providing a fillip to agriculture, infrastructure, MSMEs and much needed income tax relief to the middle class, the government has doubled down on its promise to provide a shot in the arm to the economy. No surprises on the long-term capital gains tax or estate tax front bodes well for India Inc. as well. The decriminalization of over 3400 legal provisions will further enhance ease of doing business and foster investment activity. A sharper focus on ushering in a new digital era with the data governance policy, centres of excellence for AI and data embassies for foreign players in GIFT IFSC is also an ambitious and impressive move.

Budget 2023 Live Updates: Booster for MSMEs

Anurag Awasthi, Vice President IESA, Indian Electronics and Semiconductors Association: The Union budget is balanced and will be another stepping stone in achieving the landmark of $1 trillion digital economy. The provisions, as stated in the budget will spurn manufacturing, design as well as skill development besides providing pivotal impetus to MSME sector.The budget heralds that the impact of technology and its contribution in the socio- economic as well as evolutionary aspects of the nation is clearly benchmarked. This budget is special as it is formulated post two years of a pandemic, an ongoing raging conflict in the west, an anticipated global recession and India’s rise as a global power in the comity of nations. This is India’s techade with astute government policies with a supportive budgetary envelope."

Budget 2023 Live Updates: India on the path of being future proof, Prashant Ruia 

Prashant Ruia, Director, Essar Capital: 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. The Rs 35,000 crore allocation for energy transition along with an ambitious target of 5 MMT of hydrogen will unleash new demand impulses across the length and breadth of the country thereby fielding green growth. This has been complemented by a custom duty and tax reliefs for green mobility”.

Budget 2023 Live Updates: Boost for job creation

Nikhil Mathur, Managing Director India & Head of Data Partnership & Innovation-APAC at GfK: The budget for 2023-24 has struck the right chords and is balanced. The massive push for capital investment and spending augurs well across industries as it shall lead to increased job creation. With the new tax slabs, there is an expectation of increased disposable income and consumer purchasing power which will have a positive impact on the retail sector.

Budget 2023 Live Updates: Status quo for the metals sector

It is status quo for the metals sector, with the finance minister maintaining BCD exemption on raw materials for manufacture of CRGO Steel, ferrous scrap and nickel cathode. Concessional BCD of 2.5 per cent on copper scrap also remains unchanged. On Wednesday, share price for JSW Steel and Tata Steel saw marginal uptick, price movement muted for copper manufacturer Hindalco so far. [Amritha Pillay, Assistant Editor]

Budget 2023 Live Updates: A breakdown of key numbers projected for next fiscal

The Budget 2023 proposals may have blown some expectations out of the water, but it had to adhere to one basic principle: fiscal discipline. The total size of the 2023-24 Budget stood at Rs 45.03 lakh crore - a 7.5 percent jump over the revised estimate for 2022-23 - and to help meet the gap between its income and expenditure, the Centre will borrow a record Rs 15.43 lakh crore from the market through the issuance of bonds.

Budget 2023 Live Updates: GIFT IFSC receives major boost

Union Budget 2023 gave a major boost GIFT IFSC (International Financial Services Centres) with Finance Minister Nirmala Sitharaman indicating that a number of measures will be undertaken to enhance business activities in the global financial hub.

Budget 2023 Live Updates: Essar Capital on energy and green infra

"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. The Rs 35,000 crore allocation for energy transition along with an ambitious target of 5 MMT of hydrogen will unleash new demand impulses across the length and breadth of the country thereby fielding green growth. This has been complemented by a custom duty and tax reliefs for green mobility."

Budget 2023 Live Updates: What is in it for salaried professionals?

The Union Budget 2023-24, presented by Finance Minister Nirmala Sitharaman on February 1, proposes to increase the tax rebate to Rs 7 lakh from the existing Rs 5 lakh as part of a slew of changes in the way the government taxes the salaried class. 

Budget 2023 Live Updates: Morgan Stanley on ITC

Cigarette taxes have been raised marginally in the Union Budget but we expect medium-term demand environment to remain positive. We believe tax increases in the medium term will be moderate and infrequent. This small tax hike comes after two years of no tax hikes (or price increases), which has provided stability to the demand environment and has also helped ITC gain market share from both legal and illegal players.

Budget 2023 Live Updates: "Positive and growth oriented budget"

Shanti Ekambaram, Whole Time Director, Kotak Mahindra Bank: The finance minister has delivered a positive and growth oriented budget with twin boosters of higher capex outlay and moderation of personal income tax at the lowest and highest level, thus boosting growth and consumption while keeping the fiscal deficit and market borrowing in line with market expectations of 5.9% and Rs 15.43 lakh crs. There were no substantive negative surprises. The Budget was focused on all aspects that can help India grow including Agriculture, infrastructure capital outlay, Green Energy, Tourism, Youth skilling while also providing for the economically weaker sections. A key focus was on improving the ease of doing business, continuing digital thrust, promoting entrepreneurship, simplifying regulations and compliance, and indicating a glide path to fiscal consolidation – which collectively will unleash the potential of India to grow into an economic superpower in the next decade.