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Budget 2023-24: Hospitality will benefit, says Massive Restaurants' Kalra

Zorawar Kalra, Founder & MD, Massive Restaurants, talks about Union Budge 2023

Read More 1 February 2023 | 5:39 pm

Budget: Govt to set up National Digital Library for children, adolescents

A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility, Union Finance Minister Nirmala Sitharaman announced Wednesday. In her Budget speech, she said states will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources. To build a culture of reading and to make up for pandemic-time learning loss, the National Book Trust, Children's Book Trust and other sources will be encouraged to provide and replenish non-curricular titles in regional languages and English to these physical libraries. "Collaboration with NGOs that work in literacy will also be a part of this initiative. To inculcate financial literacy, financial sector regulators and organizations will be encouraged to provide age-appropriate reading material to these libraries,"

Read More 1 February 2023 | 5:39 pm

Budget: Govt proposes to simplify KYC procedure with 'risk-based' approach

The government on Wednesday proposed to simplify the KYC procedure by adopting a 'risk-based' rather than the 'one size fits all' approach currently in practice. In her Budget Speech, finance minister Nirmala Sitharaman also proposed to introduce a 'one stop solution' for identity and address updating through the DigiLocker service. Another significant announcement made by the minister relates to use of PAN as common identifier for business establishments for digital systems of government agencies. "The KYC process will be simplified adopting a 'risk-based' instead of 'one size fits all' approach," Sitharaman said as she presented the last full budget before the 2024 general elections. The financial sector regulators will also be encouraged to have a KYC (Know Your Customer) system fully amenable to meet the needs of Digital India. She also announced a one stop solution, for reconciliation and updating of identity and address of individuals maintained by various government agencie

Read More 1 February 2023 | 5:38 pm

Budget 2023-24: Excited about the focus on tourism, says Paresh Maity

Indian painter Paresh Maity talks about the Union Budget 2023

Read More 1 February 2023 | 5:35 pm

Mahindra & Mahindra total sales grow 37% to 64,335 units in January

Auto major Mahindra & Mahindra (M&M) Ltd on Wednesday posted a 37 per cent growth in total vehicle sales at 64,335 units in January. It had registered a total sales of 46,808 units in January 2022. The total passenger vehicles sale was up 65 per cent at 33,040 units compared to 19,646 units sold in January 2022. The utility vehicle domestic sales during the previous month grew 66 per cent at 32,915 units as against 19,848 units in January 2022 despite disruptions in the supply chain of crash sensors and airbag ECUs due to the unavailability of semiconductors, the company said in a statement on Wednesday. The commercial vehicles domestic sales increased 3 per cent at 21,724 units in January 2023 as against 21,111 units in the corresponding period last year. Exports grew 5 per cent at 3,009 units in January from 2,865 vehicles shipped out in the year-ago period, the company said. The company also sold 6,562 three-wheeler units, including electric three-wheelers, in the domestic .

Read More 1 February 2023 | 5:35 pm

Rupee falls by 2 paise to close at 81.90 against US dollar on Budget day

The rupee pared initial gains and settled 2 paise lower at 81.90 (provisional) against the US dollar on Wednesday after Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24. Forex traders said investors stayed on the sidelines, as they are waiting for the outcome of the US Federal Reserve meeting later in the evening. At the interbank foreign exchange market, the rupee opened at 81.76 against the greenback and finally settled at 81.90, down 2 paise over its previous close. During the session, the rupee touched an intraday high of 81.68 and a low of 82.03 against the American currency. On Tuesday, the rupee depreciated by 36 paise to close at a three-week low of 81.88 against the US dollar after the Economic Survey 2022-23 said the domestic unit may remain under pressure on account of plateauing of exports and subsequent widening of the current account deficit. Sitharaman in her Budget speech retained the country's fiscal deficit target of 6.4 pc in the Revise

Read More 1 February 2023 | 5:30 pm

No separate mention of disinvestment proceeds in Union Budget 2023-24

The Budget for 2023-24 has not separately mentioned the amount that the government plans to raise from disinvestment or privatisation of state-owned companies. Earlier, proceeds from disinvestment were shown separately as part of the miscellaneous receipts in the Capital Receipts Budget. As per the 2023-24 Budget document, the revised estimate for miscellaneous capital receipts for the current fiscal has been pegged at Rs 60,000 crore, lower than the Rs 65,000 crore projected in Budget estimates for 2022-23. For the next fiscal beginning April 1, the miscellaneous capital receipts have been pegged at Rs 61,000 crore. As per the DIPAM website, the government has so far mopped up over Rs 31,100 crore by way of minority stake sale in CPSEs, as against the full-year Budget target of Rs 65,000 crore. For the next fiscal, companies like Shipping Corporation of India, NMDC Steel Ltd, BEML, HLL Lifecare, Container Corporation of India and Vizag Steel, besides IDBI Bank, are in the ...

Read More 1 February 2023 | 5:29 pm

Budget proposes 20% hike in TCS on overseas travel, remittances going out

The government on Wednesday proposed to hike the TCS rate to 20 per cent from 5 per cent currently on overseas tour packages and a liberalized remittance scheme for remittance of funds out of India. The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (TCS) on overseas tour programme packages. Also, 20 per cent TCS will be applicable in cases where funds in excess of Rs 7 lakh are sent out of India under the Liberalised Remittance Scheme of the RBI. The amendments will come into effect from July 1, 2023. Nangia Andersen India Partner Amit Agrawal said the increase in TCS rate to 20 per cent is a big surprise, especially with the comfortable forex position. "The increase in TCS rates to 20 per cent for overseas travel perhaps underscores the government's intention to restrict overseas travel spending by HNI's," Agarwal said. Agarwal said the step to increase TCS to 20 per cent for all remittances, other t

Read More 1 February 2023 | 5:28 pm

Budget 2023: Corp Affairs min gets Rs 756 cr, higher than current fiscal

The corporate affairs ministry will get a budgetary allocation of Rs 756.19 crore in the next financial year, higher than the amount earmarked for the ongoing fiscal ending March 31. In 2022-23, the total allocation was initially at Rs 733.02 crore, and the same was sharply revised to Rs 630.36 crore, according to the Union Budget 2023-24 presented in Parliament on Wednesday. The Budget documents showed that out of the total amount of Rs 756.19 crore for the next fiscal, Rs 714.19 crore will be from the revenue side and Rs 42 crore from the capital side for 2023-24. The funds towards regional directors, official liquidators and other expenditures with reference to various bodies under the Companies Act have been hiked to Rs 330 crore for the next financial year over the current fiscal. Another expenditure pertains to expenses of the Serious Fraud Investigation Office (SFIO), National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), National Financial ..

Read More 1 February 2023 | 5:25 pm

Budget: 'Delhi got Rs 325 cr despite paying over Rs 1.75 trn tax', says CM

Delhi Chief Minister Arvind Kejriwal on Wednesday said despite paying more than Rs 1.75 lakh crore income tax last year, the city was allocated only Rs 325 crore in the Union Budget 2023-24. Accusing the Centre of meting out step-motherly treatment to the national capital, he said the budget has offered no respite from the twin problems of inflation and unemployment. "Step-motherly treatment again with the people of Delhi. The people of Delhi paid more than Rs 1.75 lakh crore income tax last year. Out of that only Rs 325 crore was given for the development of Delhi. This is a gross injustice to the people of Delhi," Kejriwal said in a series of tweets. "There is no relief from inflation in this budget. On the contrary, this budget will increase inflation. There is no concrete plan to remove unemployment. Unfortunate to reduce education budget from 2.64 per cent to 2.5 per cent. Reducing health budget from 2.2 per cent to 1.98 per cent is harmful," he said. Finance Minister Nirmala

Read More 1 February 2023 | 5:19 pm

On the agenda: Budget focuses on quality and reach of healthcare in India

It is hoped there is both a short- and long-term vision to make India a leader in the pharmaceutical sector beyond generic drug manufacture

Read More 1 February 2023 | 5:16 pm

Union Budget 2023 augments capex without sacrificing fiscal consolidation

The quality of the fiscal deficit is also set to improve in FY24, with capex accounting for a much larger share of the same vis-a-vis FY23

Read More 1 February 2023 | 5:13 pm

Budget 2023: Centre allocates Rs 946 cr to CBI; increase of over 4.4%

The Centre has allocated Rs 946 crore to the Central Bureau of Investigation in the Union Budget 2023-24 announced on Wednesday, a slight increase of over 4.4 per cent from FY 2023. The country's premier probe agency is over-stretched in terms of human resources to tackle emerging crime scenes, dominated by artificial intelligence, cryptocurrency, darknet, and conventional crimes like bank fraud cases and ongoing high-profile extradition cases in courts abroad, in addition to criminal cases handed over by various states, High Courts and the Supreme Court. The agency received Rs 841.96 crore to manage its affairs in the Budget Estimates for 2022-23, which was later increased to Rs 906.59 crore in the Revised Estimates. The Government has allocated Rs 946.51 crore to the agency for 2023-24, the Budget document presented by Finance Minister Nirmala Sitharaman on Wednesday. "The provision is for the establishment-related expenditure of the Central Bureau of Investigation, which is ...

Read More 1 February 2023 | 5:12 pm

Budget 2023: Govt extends tax holiday for homegrown start-ups till Mar 2024

The tax holiday scheme was earlier available for startups incorporated till March 31, 2023

Read More 1 February 2023 | 5:07 pm

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