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Budget 2023 Expectations updates: Freeze import duties for next five years, says GTRI

CNBCTV18 logo CNBCTV18 25-01-2023 Anand Singha
23:51:22 IST

Thank you for joining our coverage of Budget 2023 Expectations.

23:50:41 IST

Budget to see poll-oriented spending boost: Report

Ahead of the national elections, the last full budget of the Modi government is likely to boost welfare spending with a focus on rural and infra capex, according to a report. However, it may pencil in for a lower fiscal gap at 5.8 percent next fiscal, given the likely reduction in subsidies, even though nominal GDP growth is likely to fall by a third to 10.5 percent, it added. The government is likely to miss the medium-term fiscal roadmap of bringing down the fiscal deficit to 4.5 percent by FY26, given the overall domestic and global slowdown, as per the report by Swiss brokerage UBS.

23:24:26 IST

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Budget 2023: Government to propose a new digital competition law 22:36:47 IST

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Budget 2023 - Awaiting a deeper policy push into green and renewable energy 22:06:45 IST

Pre-Budget meeting | Union Finance Minister Nirmala Sitharaman on Thursday chaired her sixth pre-Budget consultations with the representatives of the social sector, including health, rural development, education among others. The next pre-Budget meeting is scheduled with the trade union representatives and economists on November 28. © Provided by CNBCTV18 Pre-Budget meeting | Union Finance Minister Nirmala Sitharaman on Thursday chaired her sixth pre-Budget consultations with the representatives of the social sector, including health, rural development, education among others. The next pre-Budget meeting is scheduled with the trade union representatives and economists on November 28.

Budget 2023 should focus on expanding priority sector lending, removal of non-tariff barriers: UKIBC 21:28:16 IST

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Budget 2023 | Experts seek more tax relief on savings and fixed deposits 20:58:04 IST

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Budget 2023 to be more or less a non-event, says Samir Arora 20:20:41 IST

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Budget 2023 | Ease of doing business should be further streamlined to support the growth of startups 19:40:17 IST

Pharma, healthcare industry seek simplified regulations, research-based incentives

The government should take measures to promote innovation and R&D while simplifying regulations for the sector in the upcoming Union Budget, as per pharmaceutical industry bodies. Outlining the wishlist for the sector in the upcoming Union Budget, Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain said the domestic pharma industry is currently around $50 billion in size and aspires to grow to around $130 billion by 2030 and $450 billion by 2047.

19:13:35 IST

Budget to continue social welfare spends as poor consuming less, making eco recovery unsustainable: Ind-Ra

Economic recovery has not yet become broadbased and sustainable as only creamier sections are consuming, India Ratings and Research said on Wednesday and added that the FY24 budget is expected to continue with social sector spending. The annual budget for the financial year 2023-24 will be presented in parliament on February 1. Finance Minister Nirmala Sitharaman will focus on making consumption demand resilient, boosting infrastructure and manufacturing capex, skill development and increasing productivity, fiscal consolidation and climate change in the last budget of this government, the agency said.

18:51:40 IST

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Budget 2023: Who prepares it, how is it made and key details 18:14:03 IST

Fiscal slippage, COVID, coronavirus © Provided by CNBCTV18 Fiscal slippage, COVID, coronavirus

Budget 2023 | Experts want govt to hike NPS contribution to 14% for private sector employees 17:40:29 IST

Budget 2023 expectations: 'Capital gain tax ruling affected private investments'

Gautam Sinha, co-founder and CEO, CBREX, "The capital gain tax ruling concerning the sale of unlisted securities introduced in budget 2021 disincentivises private investments, which in turn, adversely impacts the growth of startups. Under the current regime, gains on listed shares are considered long-term if held for 12 months and taxed at 11.96 percent whereas those on unlisted securities are considered long-term if held for 24 months and taxed at 23.92 percent. These factors are heavily stacked against the startup ecosystem."

17:28:54 IST

Stock market investors expect balanced budget, focus on job creation, infra spending

Stock market investors are expecting a balanced Budget with a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track, experts said on Wednesday. Stock markets have been subdued in the run-up to the Union Budget with BSE's benchmark Sensex is almost flat so far this month. Even the corporate earning season failed to excite the markets, while some indices like IT and bankex have seen some positive movements. The muted performance of the markets could be due to Foreign Portfolio Investors (FPIs) moving funds out of India as they are looking for emerging markets with cheaper valuations. They have taken out over Rs 16,500 crore from domestic equities so far this month.

17:10:05 IST

Budget 2023 expectations: 'Give real estate sector industry status'

Ramesh Ranganathan, CEO, K Raheja Corp Homes, said, "Firstly, the real estate sector needs to be given industry status. We expect policies and reforms that will further boost the industry, like tax breaks, single-window clearance, encouragement of home purchase and rationalization of GST for raw materials."

16:26:24 IST

Freeze import duties for next five years, cut customs levy slabs to 5, says GTRI

The government should not make any changes in the customs duties for at least five years with a view to promoting domestic manufacturing, economic think tank GTRI said on Wednesday in its pre-Budget recommendations. The Global Trade Research Initiative (GTRI) also suggested retaining import duty on components; removal of inverted duty issues; and reduction of customs duty slabs to 5 from 25 at present to avoid confusion and minimise litigation. These suggestions will prepare India adequately to meet the challenging global economic environment, it said.

16:06:43 IST

Budget 2023 expectations: 'Provide financial incentives to boost innovation'

Preekshit Gupta, vice president - APAC & MEA, Bureau, said, "The Indian identity verification and fraud prevention industry is on the cusp of exponential growth, and we hope that the upcoming budget will be a catalyst for this growth. We also expect the budget to provide financial incentives to boost innovation and encourage entrepreneurs to adopt risk orchestration solutions to tackle problems such as fraud prevention, data security, KYC compliance, and identity theft."

15:54:20 IST

Pre-Budget meeting | Union Finance Minister Nirmala Sitharaman on Thursday chaired her sixth pre-Budget consultations with the representatives of the social sector, including health, rural development, education among others. The next pre-Budget meeting is scheduled with the trade union representatives and economists on November 28. © Provided by CNBCTV18 Pre-Budget meeting | Union Finance Minister Nirmala Sitharaman on Thursday chaired her sixth pre-Budget consultations with the representatives of the social sector, including health, rural development, education among others. The next pre-Budget meeting is scheduled with the trade union representatives and economists on November 28.

A look at how government performed on Budget 2022 promises

15:32:19 IST

Budget 2023 expectations: "Provide incentives to domestic API manufacturers and reduce GST and import duty on APIs'

Sanjeev Jain, managing director of Akums Drugs & Pharmaceuticals, said, "In order to address the increasing prevalence of non-communicable and lifestyle diseases, the 2023-24 budget should direct its attention toward preventive healthcare. Furthermore, the government needs to encourage investments in cost-intensive research through grants and incentives. The budget must also prioritise domestic API manufacturers by offering incentives as well as reducing GST and import duty on APIs."

15:13:52 IST

Budget 2023 expectations: 'Expect a rise in fund allocation of 2.5-3% of GDP with regards to healthcare sector'

Vikram Thaploo, CEO of Apollo Telehealth, said, "Increased allocation of funds for home-based care, promotion of telemedicine services, and national digital health mission implementation will further help build a strong healthcare ecosystem in India. There should also be a renewed focus on R&D in different medical fields to strengthen the present standing. Overall, we are anticipating a rise in fund allocation of 2.5-3 percent of the GDP with regards to the healthcare sector."

14:56:21 IST

Senior Citizen Savings Scheme, Sukanya Samriddhi Yojana likely to get major push

Ahead of Budget, the State Bank of India (SBI ) in a report said that Small savings schemes like the Senior Citizen Savings Scheme (SCSS) and Sukanya Samriddhi Yojana (SSY) will continue to receive a major push from the government. In case of SSY, the government can give a hard push through encouraging fresh registrations in a mission drive mode, allowing one time registrations for all leftover cases up to 12 years, it said.

14:33:52 IST

Budget 2023 | Experts seek more tax relief on savings and fixed deposits

Expectations are high that individual taxpayers may get more income tax relief on their savings and fixed deposits. Banks want interest on a fixed deposit (FD) of up to Rs 5 lakh to be made tax-free in Budget 2023. Additionally, they want limit increase under Section 80TTA

Union Finance Minister Nirmala Sitharaman will deliver the Budget for the current year on February 1, 2023.

14:12:26 IST

Budget 2023 expectations: Travel industry wants tax benefits and more for speedy recovery

One of the most affected by the COVID-19 pandemic, the travel and tourism sector is slowly recovering but still faces challenges in the form of high GST rates on flights and hotels, making it difficult for the industry to compete with other countries and attract tourists. The sector is also concerned after the limited help provided by the government in the last budget.

  13:48:04 IST

Budget 2023 | The Union Finance Ministry tweeted that the 2023 Budget documents will be available on the "Union Budget Mobile App" on both the Android and Apple OS platforms. The Union 2023 Budget documents will be available after the completion of the Finance Minister Nirmala Sitharam's Speech in the Parliament.

13:31:26 IST

Budget 2023 | Similar to Union Budgets of 2022 & 2021, the Union Budget 2023 will also be delivered in paperless form, Finance Ministry tweeted.

Finance Minister Nirmala Sitharaman will present the Union Budget 2023-24 on 1st February.

13:16:17 IST

Budget 2023 | Millet farmers seek better infrastructure, high PDS procurement from FM Sitharaman

In the Union Budget 2022 speech, Finance Minister Nirmala Sitharaman spoke about the government's plan to focus on millet -- from enhancing production to branding and promoting millet consumption both domestically and globally, to post-harvest value addition.

CNBC-TV18's Santia Gora reports that millet farmers in Maharashtra are banking on the government's intent for more support in the Union Budget 2023 to be presented by Nirmala Sitharaman.

12:44:23 IST

Budget 2023: Interesting facts you didn't know

The Union Budget 2023 will be presented by Finance Minister Nirmala Sitharaman on February 1. Before the general elections in 2024, this will be the last full Union Budget. Ahead of this presentation, here are some interesting facts about the previous Union Budgets.

12:32:10 IST

Budget 2023 | Here's a look at income tax sections that help you avail benefits

The Income Tax Act of 1961 lays out various sections that dictate how individuals and entities should report their income and pay taxes. 

Understanding these sections is crucial for ensuring compliance with the law and availing of any tax benefits that may be available.

Read the story ahead of the Union Budget 2023 to keep track of any changes that might be announced by Finance Minister Nirmala Sitharaman.

12:13:59 IST

Budget 2023 | India may peg nominal GDP growth at about 11% 

India is likely to peg its nominal gross domestic product (GDP) growth at around 11 percent in the Union Budget 2023 marking a slowdown from its estimate for the current fiscal year due to the prospect of weak exports, the Reuters reported.

The government expects nominal growth of 15.4 percent for the current fiscal year that ends on March 31.

Union Finance Minister Nirmala Sitharaman will present the budget on February 1.

11:58:49 IST

Budget 2023 | India's stock market investors are expecting a balanced Union Budget 2023 with a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track, PTI quoted several experts say.

Narendra Solanki, Head- Equity Research Anand Rathi Shares & Stock Brokers, said to PTI that investors are expected to remain focused on three key factors from the pre-election year Budget 2023. 

Firstly, equity investors are expecting a uniform tax structure for capital gains which might help taxpayers to have more disposable income. Secondly, investors will be looking for fiscal consolidation which is necessary for financial stability in the economy and thirdly, investors are contemplating policy reforms to rationalise bottlenecks for growth such as subsidies, a clear roadmap for disinvestment targets and expediting the much-awaited PSU privatisation or consolidation.

Stock markets have been subdued in the run-up to the Union Budget 2023 with BSE's benchmark Sensex almost flat so far this month. Even the corporate earning season failed to excite the markets.

Finance Minister Nirmala Sitharaman will present the union budget 2023 on February 1.

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