Business News›Budget 2023
More From Budget Headlines
Budget Trending Termskey numbersKey takeawaysBahi khataKey AnnouncementsBudget at a GlanceLPG Price HikeSensexNiftyBudget 2024 Live StreamRailways Budget 2024Interim Budget 2024Budget 2024 New Tax RegimeStandard Deduction LimitIncome Tax Budget 2024Budget For IT SectorBudget For EvBudget For Emerging TechBudget 2023 HighlightsBudget 2023 Income TaxReal Estate Sector Budget ExpectationsSection 80C LimitTypes of government budget
Markets & Budget
3C investing new mantra for stock pickers after Budget. Over 30 ideas from 6 brokerages
Investing strategy after Budget: Analysts handpick over 30 stocks from 3 themes
ITC shares rally over 6% to hit fresh 52-week high. Was the Budget really so good?
Unrealistic targets? 6 reasons why Sitharaman's Budget may be too optimistic
Budget announcements to make India more attractive for investments: Nithin Kamath
Budget Spotlight
Sectors In Focus
Auto
Motown, slowtown: Luxury car sales slow in line with broader slowdown in Indian auto market
FADA seeks vehicle depreciation benefits for income tax payers in Budget 2024
Domestic PV wholesales up 3% at 3.4 lakh units in June: SIAM
Hyundai partners with designers Falguni Shane Peacock for 17th India Couture Week 2024
Auto component industry to see moderate growth this fiscal: ICRA
Tech
Softbank exits Paytm at loss of around $150 million
Government plans to launch Rs 750 cr fund to promote startups and rural enterprises
My aim is to make Mumbai global fintech capital, says PM Modi as he launches Rs 29,000 crore infrastructure projects
SoftBank's stake in Paytm slips below 1%
US senators call out big tech's new approach to poaching talent, products from smaller AI startups
Renewables
UP's sops for hybrid vehicles irk EV companies, add to industry's June sob story
MG to bring a CUV to take on Tata Curvv EV
Budget 2024: 'More FAME, Less GST' - What the EV industry wants from FM Sitharaman
EV race: Are hybrid vehicles getting in the faster lane?
Can Ola Electric become the Maruti Suzuki of electric two-wheelers?
Banking
Central spending gives a boost to liquidity, brings overnight rate 10 bps below repo
Bank credit growth outpaces deposits again, albeit at a sluggish pace
RBI makes adverse remarks against top PSU Bank Exec
Credit growth continues to outpace deposit growth in FY'25 as well
Budget 2024: Govt may tweak laws to push banking sector reforms in Budget session
Wealth
10 common issues resolved by Bajaj Finserv customer care
Interest rate up to 7.5%: 5-year post office time deposit (POTD) is offering higher rates than these top 10 banks
How to download Form 16A from the TRACES website, SBI, HDFC Bank, ICICI Bank
Poor middle class is getting taxed more: The gold standard demands 10% tax slab to start from Rs 10 lakh today
Save income tax with medical expenses: Claim deduction while filing ITR u/s 80DD and 80U on treatment cost of a disabled person
Tatas complete acquisition of Wistron's manufacturing facility in Karnataka
Vale International to supply iron ore to Essar's steel project in Saudi Arabia
Hindalco set to invest Rs 2,000 crore in copper, e-waste recycling
Paper and paperboard imports rise 39 per cent in Apr-Jun qtr
Provident Housing Limited to invest over Rs 3800 crore to develop a residential project
Expert Views
ETMarkets Smart Talk: India remains a relative oasis of growth among the lar...
I give 4 out of 5 to Budget 2023 which is pro-growth: Prateek Pant
Planning to spend Rs 10 lakh post Budget? Divam Sharma highlights sectors to...
What Budget 2023 tax measures mean for HNIs as well as fresh recruits
Budget 2023: Mega capex in infra to create demand for multiple industries, j...
Adani crisis not a systemic risk for Indian banking or financial system: Mah...
Why Saurabh Mukherjea doesn’t let Budget dictate his likes and dislikes
Budget 2023: As government's capex comes in, pvt sector capex will start wit...
Budget 2023: Moody's Guzman lauds ‘responsible’ Budget, says Adani issue not...
Saurabh Mukherjea on how Adani issue caused mkt to fall despite good Budget
Dhirendra Kumar on what surprised and what disappointed him in Budget 2023
Investors should pivot to bond allocation as well as US equity if they can: ...
It’s the best time to put money on both Nifty & Bank Nifty: Sanjiv Bhasin
A Bahubali budget; FM shot multiple objectives with one arrow, says Nilesh S...
Market to remain volatile till relative valuation of India is more comfortab...
![](https://img.etimg.com/photo/msid-106689387,quality-100/budget_logo.jpg)
key announcements
Share on Social
STOCK IMPACTBudget & Bottomline
Details on Budget 2023
Finance Minister Nirmala Sitharaman on February 1, presented Budget 2023, unveiling an income tax bonanza a year before elections. The biggest being that from now on, the new regime would apply by default to all taxpayers.
The Government's main priority remains to foster a stable and inclusive financial landscape, Sitharaman said. The government has raised capital expenditure, shown fiscal prudence and declared the new personal income tax regime as default.
With greater emphasis on the rural sector, social sector schemes, infrastructure creation, and the middle-income group the budget proved to be more prudent than populist.
The budget has created a sense of optimism with the economy expected to grow at 7% in FY2023 amidst the rest of the world staring at a recession.
Here are the biggest announcements
Macro Expectations
Capex hiked 33%
Rs 10 lakh crore capital investment, a steep hike of 33 per cent for third year in a row, to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.
Railway sees highest-ever boost
The Indian Railways has been allocated a capital outlay of Rs 2.4 lakh crore in the Union Budget 2023-24. This is the highest ever allocation to the national transporter and continues on the trend followed last year with a gross budgetary support of Rs 1.37 lakh crore in fiscal 2022-23.
Tax Changes
What got cheaper?
What got more expensive?
The Government's main priority remains to foster a stable and inclusive financial landscape, Sitharaman said. The government has raised capital expenditure, shown fiscal prudence and declared the new personal income tax regime as default.
With greater emphasis on the rural sector, social sector schemes, infrastructure creation, and the middle-income group the budget proved to be more prudent than populist.
The budget has created a sense of optimism with the economy expected to grow at 7% in FY2023 amidst the rest of the world staring at a recession.
Here are the biggest announcements
Macro Expectations
- Nominal GDP for 2023-24, which includes real GDP and inflation, estimated to grow 10.5% year-on-year to Rs 301.75 lakh crore ($3.69 trillion) in FY24
- India's will target a budget deficit of 5.9% of GDP for 2023-24 compared with 6.4% for the current fiscal year
- Aims to achieve a fiscal deficit of 4.5% of GDP by 2025-26
- India is expecting 6-6.8% economic growth in 2023-24, slightly lower than the 7% expected in the current fiscal year
Capex hiked 33%
Rs 10 lakh crore capital investment, a steep hike of 33 per cent for third year in a row, to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.
Railway sees highest-ever boost
The Indian Railways has been allocated a capital outlay of Rs 2.4 lakh crore in the Union Budget 2023-24. This is the highest ever allocation to the national transporter and continues on the trend followed last year with a gross budgetary support of Rs 1.37 lakh crore in fiscal 2022-23.
Tax Changes
- New Income tax regime will now be the default regime; old one remains
- Under the new regime, income of up to Rs 7 lakh is now eligible for tax rebate
- Basic exemption limit has been hiked to Rs 3 lakh from Rs 2.5, under new regime
- Slabs under the new income tax regime tweaked
What got cheaper?
- Duty cut on the import of certain inputs for mobile phone manufacturing
- Customs duty on parts of open cells of TV panels has been cut to 2.5%
- Customs duty on shrimp feed to be reduced to promote exports
- Basic customs duty on seeds used in the manufacturing of lab-grow diamonds to be cut
What got more expensive?
- Taxes on cigarettes hiked by 16%, a hike after nearly 3 years
- Basic customs duty hiked on articles made out of gold bars
- Customs duty on kitchen electric chimney raised to 15% from 7.5%
- Basic import duty on compounded rubber increased from 10% to 25%
- Fully imported luxury cars and EVs to cost more as govt raises custom duty from 60% to 70%