Budget 2023 live updates: Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget in the Lok Sabha on February 1. The minister has already met different stakeholders to elicit their views and suggestions for the Budget. Ahead of the Budget, Sitharaman said on Sunday that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on Read More
Jan 16, 2023 13:15 IST
Pre-Budget Expectations 2023 Live Updates: WPI Inflation Falls to 4.95% in December
The wholesale price-based inflation declined to 4.95 per cent in December 2022 year-on-year (YoY), mainly on the back of fall in prices of food articles and crude petroleum.
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The Wholesale Price Index (WPI)-based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. The month over month change in WPI for the month of December stood at (-)1.12 per cent as compared to November.
Jan 16, 2023 12:15 IST
Pre-Budget Expectations 2023 Live Updates: Government May Provide Tax Relief to Low-Income Groups
The government may look at raising the basic tax exemption limit to increase disposable incomes, which could aid in reviving consumption. While several options and methods may be taken into consideration for this purpose, there has been widespread speculation about this possibility.
The current basic exemption threshold for both the old and new tax regimes is INR 2.5 lakhs annually. (Residents with taxable income under INR 5 lakhs are eligible for a tax credit of INR 12,500 or equal to the amount of tax owed, whichever is less.)
Jan 16, 2023 11:36 IST
Budget 2023 Live Updates: Realty seeks industry status, cheap credit, tax rationalisation
According to Niranjan Hiranandani, Vice Chairman of the National Real Estate Development Council (NAREDCO) and a veteran in the sector, the industry expects infrastructure status in order to avail cheap long-term credit, citing the increase in the cost of borrowings in the high-interest regime.
“Industry also anticipates boost to rental housing by tax rationalization and impetus to affordable housing by revising cap up to Rs 1 cr in the metro cities so that more first-time homebuyers can avail credit link subsidy scheme benefits,” he added
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Jan 16, 2023 11:28 IST
I Belong to Middle Class: Nirmala Sitharaman
“I too belong to the middle class so I can understand the pressures of the middle class. I identify myself with the middle class so I know,” Finance Minister Nirmala Sitharaman said while speaking at a function organised by the Panchjanya magazine.
The minister assured that the government can do more for the middle class as its population is growing and it has become sizeable now.
Jan 16, 2023 11:21 IST
Healthcare Tech Industry Seeks Cut in Customs Duty
Medical Technology Association of India (MTaI) has urged the government to reduce customs duties and removal of health cess on imported medical devices. MTaI chairman and director general Pavan Choudary said the customs duties and taxes levied on medical devices in India are one of the highest in the world and highest among the neighbouring countries which directly impacts patients’ affordability.
Jan 16, 2023 11:17 IST
Demands From Budget: Increase in Old Age Pension, GST Exemption for Elderly
The Agewell Foundation said old age pensions should be revised according to the prevailing inflation. The NGO also demanded GST exemption on services and products frequently used by the elderly such as audit diapers, medicines, healthcare equipment like wheelchairs and walkers, hospitalisation of elderly (70+) patients, mediclaim policies and medical consultation fees.
Jan 16, 2023 11:13 IST
Prime Minister Narendra Modi Met Prominent Economists
Prime Minister Narendra Modi on Friday met several prominent economists as the government gets ready to present the Budget for 2023-24 amid global headwinds emanating from geopolitical tensions. Several suggestions were made by economists during the meeting for boosting economic growth which is estimated to drop to 7 per cent in the current financial year from 8.7 per cent in 2021-22.
Jan 16, 2023 11:08 IST
Budget to Be More Rural and Infra-focused: UBS
The budget is likely to boost rural/agri spending by $10 billion — a growth of 15 per cent over FY23 — and maintain double-digit 20 per cent growth in public capex over the current fiscal, given that the nation will be going to the polls in mid-2024, UBS India economist Tanvee Gupta Jain said.
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Jan 16, 2023 11:08 IST
Budget to Be More Rural and Infra-focused: UBS
The budget is likely to boost rural/agri spending by $10 billion — a growth of 15 per cent over FY23 — and maintain double-digit 20 per cent growth in public capex over the current fiscal, given that the nation will be going to the polls in mid-2024, UBS India economist Tanvee Gupta Jain said.
Jan 16, 2023 11:04 IST
Budget Likely to Cap Fiscal Deficit at 5.8% for FY24
Icra Ratings anticipates higher redemptions will lead to gross market borrowings of the Centre to rise to Rs 14.8 lakh crore and of the states to jump by Rs 1.6 lakh crore to Rs 9.6 lakh crore, taking the combined borrowings (of the Centre and the states) to Rs 24.4 lakh crore in FY2024, up by 2.3 lakh crore from FY23 combined.
