₹5 crore from 37% to 29%. This brings down the maximum marginal tax rate to 39% from 42.74% under the concessional tax regime.” title=”Budget 2023 has proposed to reduce surcharge on incomes above ₹5 crore from 37% to 29%. This brings down the maximum marginal tax rate to 39% from 42.74% under the concessional tax …
Hearty Capex In 2023-24, which is likely to see a global growth slowdown, the Centre has budgeted a record capital expenditure of ₹10 trillion, up nearly 37% from the revised estimate of the ongoing year. Capex will thus make up 22% of the total spending, the highest share in nearly two decades (see chart 1). …
Capex bet and a welfare miss: Story of Budget in nine charts Read More »
Finance minister Nirmala Sitharaman’s budget speech was all of 13,761 words, a little over two-fifths longer than her speech in 2022. Here are the major points of the budget. Personal income tax The big move here was the increase in the rebate limit to ₹7 lakh under the new tax regime. Up until now, individuals …
All that you need to know about this year’s budget Read More »
In the last full budget before the 2024 elections, Sitharaman tried to address the expectations of large sections of society, including the middle class, small businesses, farmers, women, and high net-worth individuals, offering sops and new schemes. With nine assembly elections in 2023 and the 2024 general elections looming on the horizon, the Union budget …
New Delhi: The Centre unveiled plans to locally design and manufacture semi-high speed metro trains and hydrogen-fuelled trains as it announced a record allocation of ₹2.4 trillion for the railways in the budget. “This highest ever outlay is about nine times the outlay made in 2013-14,” finance minister Nirmala Sitharaman said. The allocation for the …
New Delhi: Finance minister Nirmala Sitharaman on Wednesday announced a slew of measures for the health and pharmaceuticals industry, including greater push for research and innovation to boost the medtech sector as well as seeking to eradicate Sickle Cell Anaemia “in a mission mode” by 2047. The budgetary allocation for the ministry of health and …
Funds go to medtech R&D in push for healthcare exports Read More »
New Delhi: The central government will re-envision teachers’ training, and build institutes of excellence across districts, as well as set up a national digital library to ensure school-going children and the youth get easy access to quality books across subjects to overcome the learning losses suffered during the covid-19 pandemic. The Budget for FY24 has …
Govt aims to make good learning loss during pandemic Read More »
Mumbai: The central government is preparing a two-pronged strategy, to upskill India’s workforce in areas such as artificial intelligence and mechatronics, while encouraging private partnerships and adding R&D centres to meet the skillset demand across sectors. “There is a dire need to satiate the technological needs of a new India and the Union budget focuses …
Upskilling youth in AI, mechatronics, robotics key to job creation Read More »
For the financial services sector, the Union budget 2023 was a mixed bag. Investors in stocks of banking and non-banking financial firms heaved a sigh of relief as the budget did not throw any negative surprises. On the flipside, shares of insurance companies took a deep knock. Among the losers were HDFC Life Insurance Co. …
Little cheer for financial services; insurance companies left high and dry Read More »
New Delhi: Finance minister Nirmala Sitharaman’s tightrope walk in pegging the fiscal deficit at 5.9% of GDP for 2023-24 despite increased government spending was described on Wednesday as a piece of “dextrous fiscal math”, eased by lower allocations for subsidies and rural jobs schemes. A sharp 28% reduction in subsidy allocation in 2023-24 compared with …
The dextrous math behind narrowing fiscal deficit target Read More »
