Chief Economic Advisor, V Anantha Nageswaran's outlines the highlights of the economic survey 2022-23. The survey, which is a report card of the state of the country's economy, is always presented a day before the union budget.

Budget 2023: CEA briefs media on economic survey 

ECONOMIC SURVEY 2023 HIGHLIGHTS: CEA briefs media on economic survey

'Rupee has performed reasonably well in comparison with other emerging market currencies'.

CEA on the rupee 

Expect inflation to be well-behaved for this fiscal, but there are upside risks: CEA

The inflation picture 

'Commodity prices should reduce. Inflation is not as big a problem as in 2022, but the uncertainties do remain high'.

CEA on commodity prices 

'Can't predict oil prices. Uncertainties with respect to oil market are immense. As long as oil stays below $100 a barrel, our GDP projections will hold.'

CEA on oil prices 

The survey projects economic growth to be at 6.5% for the next fiscal year. This number is in-line with what others have predicted: CEA

CEA on growth 

'Reforms for the SME sector have yielded results'

CEA on SME Sector 

India to remain fastest growing economy

State of the economy 

Economic recovery since pandemic complete

Survey projects economy likely to grow 6.5% in FY24

Economic Survey on GDP 

India's economy is poised to do better in the remainder of this decade: CEA

CEA briefs media 

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Modi 2.0's last full budget before 2024 elections was presented in Parliament on Wednesday. We dissect the budget with leading experts. 

The India Story | Union Budget 2023: key takeaways 

It was the fifth budget of Modi 2.0 and the last full budget before the 2024 general elections. Claiming that the Indian economy is on the right path and heading towards a bright future, Finance Minister Nirmala Sitharaman announced major changes in tax slabs under the new tax regime and big hike in allocation for railways and capital expenditure.

In this week’s episode of The India Story, we get you the latest on Budget 2023, key takeaways, views from experts and a lot more.

On the show tonight, Vikram Chandra speaks with Investment Mogul Madhusudan Kela, Tata Steel Managing Director TV Narendran, and former FICCI president Naina Lal Kidwai. Also a peak into a conversation between G20 Sherpa Amitabh Kant and Director-General of CII, Chandrajit Banerjee.

Modi government 2.0's last full budget before 2024 elections was presented in the Parliament on Wednesday. We dissect the budget with leading experts.&nbsp;

It was the fifth budget of Modi 2.0 and the last full budget before the 2024 general elections. Claiming that the Indian economy is on the right path and heading towards a bright future, Finance Minister Nirmala Sitharaman announced major changes in tax slabs under the new tax regime and big hike in allocation for railways and capital expenditure.
In this week&rsquo;s episode of The India Story, we get you the latest on Budget 2023, key takeaways, views from experts and a lot more.
On the show tonight, Vikram Chandra speaks with investment mogul Madhusudan Kela, Tata Steel Managing Director TV Narendran, and former FICCI president Naina Lal Kidwai. Also a peak into a conversation between G20 Sherpa Amitabh Kant and Director-General of CII, Chandrajit Banerjee.

Finance Minister Nirmala Sitharaman announced a hike in taxes on cigarettes in the Union Budget

Budget 2023: Smoking to get more expensive; shares of cigarette companies slump

Finance Minister Nirmala Sitharaman announced a hike in taxes on cigarettes in the Union Budget

Smoking a cigarette to cost more for smokers as Finance Minister Nirmala Sitharaman announced a 16 per cent increase in the customs duty on cigarettes in the Budget 2023.&nbsp; In her speech, Finance minister Nirmala Sitharaman proposed the National Calamity Contingent Duty (NCCD) on specified cigarettes be revised upwards by about 16 per cent. The hike in NCCD on cigarettes comes two years after it was kept unchanged. Though the announcement was initially seen as negative for the cigarette makers but analysts believe cigarette companies would not find it difficult to pass on the meagre cost bump to the customers as prices have not increased much in the last two years.

Shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each

Budget 2023: Insurance stocks tank

Shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each

Shares of insurance companies ended the budget day deep in the red. Two key announcements from Finance Minister Nirmala Sitharaman in Budget 2023 were seen as the triggers for this sharp decline. The Finance Minister&rsquo;s renewed push for the new tax regime, with the income tax rebate limit being increased from 5 lakh rupees to 7 lakh rupees, was seen as a big dampener for the insurance companies. Remember, unlike the old tax regime, the new tax regime doesn&rsquo;t allow any exemptions for insurance premium payments. Therefore, experts believe that higher adoption of the new tax regime could lead to lower sales for insurance companies. The other big announcement in the Budget, that hit the insurance sector shares, was regarding the proposal to limit income tax exemption for proceeds of insurance policies with very high value. &nbsp;The budget document said that where the aggregate of premium for life insurance policies (other than ULIP) issued on or after April 1, 2023, is above Rs 5 lakh, income from only those policies with an aggregate premium of up to Rs 5 lakh shall be exempt. However, the document added that the change to will not affect the tax exemption provided to the amount received on the death of a person insured. It will also not affect insurance policies issued till March 31, 2023&rdquo;. On the back of these two announcements, shares of LIC, SBI Life, HDFC Life and ICICI Prudential closed the day with losses of up to 12 per cent each.

Speaking to reporters after presentation of the Budget, Sitharaman said the country has been waiting for a direct tax regime which is simplified and easy in compliance.

Budget 2023: switching to new tax regime not necessary, says FM; elaborates on personal I-T changes

Speaking to reporters after presentation of the Budget, Sitharaman said the country has been waiting for a direct tax regime which is simplified and easy in compliance.

Finance Minister Nirmala Sitharaman on Wednesday said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.
The Budget 2023-24 has proposed changes in the optional tax regime, which was introduced in 2020-21.
Speaking to reporters after presentation of the Budget, Sitharaman said the country has been waiting for a direct tax regime which is simplified and easy in compliance.
"The personal income tax has had substantial changes (in the Budget) which will benefit the middle class. The new taxation regime has now got greater traction and incentive so that people can now unhesitatingly move to the new regime from old," the finance minister said.
As per the changes proposed in the Budget, no tax would be levied on people with annual income of up to Rs 7 lakh under the new tax regime but it made no changes for those who continue in the old regime that provides for tax exemptions and deductions on investments and expenses such as HRA.
In what is being seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided, the finance minister in her Budget for 2023-24 allowed a standard deduction of Rs 50,000 under the new regime.
The old tax regime provides for a similar deduction and no tax on income up to Rs 5 lakh.
Also Watch: <a href="https://www.editorji.com/india-news/budget-2023-what-s-cheaper-what-s-costlier-cigarette-phone-tv-electric-car-parts-duties-changed-1675245581924">Budget 2023: What's cheaper, what's costlier? Cigarette, phone, TV, electric car parts duties changed</a>
Sitharaman said the government wants to make the new tax regime attractive enough and compliance should not be burdensome on taxpayers. However, if someone feels the old regime is more beneficial, he/she can continue in it.
"The ultimate interest is to make the simpler (new) regime more attractive," Sitharaman said.
Revenue Secretary Sanjay Malhotra said majority of individual taxpayers would find it more attractive to shift to the new regime.
Malhotra, however, did not give details on the number of taxpayers who have migrated to new tax regime since 2020-21.
Under the revamped new tax regime, no tax would be levied for income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent.
"I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500," Sitharaman said.&nbsp;

Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and the financial sector

Budget 2023: Key takeaways by Finance Minister Sitharaman 

Sitharaman is presenting her fifth full Budget after she took over as Finance Minister in July 2019

Budget 2023 Finance Minister Nirmala Sitharaman has tabled the Union Budget 2023 in Parliament. Editorji brings you the key takeaways from her speech:&nbsp; 1. India as a bright star: The world has recognised India as a bright star as the country is recording healthy economic growth despite global uncertainties, Finance Minister Nirmala Sitharaman said during the budget.
2. Indian Economy 5th Largest Now: FM Sitharaman started the Budget by saying that the Indian economy has increased in size from being the 10th largest to the 5th largest in the world in the past nine years.
3.&nbsp; Seven budget priorities (Saptarishi): FM Sitharaman announced seven priorities of the Budget or 'Saptarishi'. These are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and the financial sector.
4. &nbsp;Highest-ever capital outlay for railways The capital outlay for the railways has been increased to the highest-ever Rs 2.40 lakh crore in the Union Budget for 2023-24, Finance Minister Nirmala Sitharaman said on Wednesday.
Presenting the budget in Lok Sabha, Sitharaman said the outlay for the railways is nine times the amount provided in 2013-2014.
5. Journey to India@100: To service these focus areas in our journey to India@100, we believe that the following four opportunities can be transformative during Amrit Kaal. Amrit Kaal is described by the government as the 25-year period culminating in the centenary of India's independence.&nbsp; "The budget adopts following seven priorities -- inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector," she said.&nbsp;

Finance Minister Nirmala Sitharaman presented the last union budget of the Modi govt before the 2024 Lok Sabha polls 

Finance minister explains four key points of Union Budget 2023 

Finance Minister Nirmala Sitharaman presented the last union budget of the Modi govt before the 2024 Lok Sabha polls&nbsp;

After presenting the Union Budget 2023 in the Parliament, Finance Minister Nirmala Sitharaman addressed the post-budget press conference in New Delhi.
Sitharaman said the budget largely focussed on 4 major points: empowering women, focus on tourism, helping out &ldquo;vishvakarma&rdquo; or those toiling traditionally through their hands for the country, and green growth.
Also Watch: <a href="https://www.editorji.com/business-news/budget-2023/budget-2023-switching-to-new-tax-regime-not-necessary-says-fm-elaborates-on-personal-i-t-changes-1675256296179">Budget 2023: switching to new tax regime not necessary, says FM; elaborates on personal I-T changes</a>

The budget has retained the fiscal deficit projection for 2022-23 at 6.4 per cent, while the target for the next fiscal year has been set at 5.9 per cent

Budget 2023: Big announcements 

The budget has retained the fiscal deficit projection for 2022-23 at 6.4 per cent, while the target for the next fiscal year has been set at 5.9 per cent

Budget 2023&nbsp; Finance Minister Nirmala Sitharaman has tabled the Union Budget 2023 in Parliament, pegging total expenditure for the fiscal year 2023-24 at Rs 45 lakh crore. Of this over Rs 10 lakh crore has been allocated for capital expenditure. The allocation for capital expenditure is the highest ever, with a whopping increase of 33% compared to the previous year's allocation.
The Finance Minister has also announced the highest-ever capital outlay for the Railways at Rs 2.4 lakh crore. &nbsp;The FM said that the allocation for the Railways is now nine times the amount provided in 2013-14. On the receipts front, the government is expecting to earn Rs 26.3 lakh crore through the next fiscal year.
This includes Rs 23.3 lakh crore rupees in tax revenue and Rs 3 lakh crore in non-tax revenue. The government also expects to earn Rs&ensp;23,000 crore through the recovery of loans and Rs&ensp;61,000 crore through other receipts. Apart from these, the government has pegged its borrowings and other liabilities at Rs 17.8 lakh crore during the next fiscal year.
Shifting the focus to fiscal deficit, the budget has retained the projection for 2022-23 at 6.4 per cent. Some experts were expecting the figure to be revised downwards. The fiscal deficit target for the next fiscal year has been set at Rs 17.86 lakh crore or 5.9 per cent of the GDP. Finance Minister Nirmala Sitharaman has also reiterated that she aims to bring the fiscal deficit below 4.5 per cent by the fiscal year 2024-25.

editorji's Business Editor Avni Raja decodes the big announcements in Budget 2023 for personal tax. 

Budget 2023 | Explained: tweaks to the personal tax regime

Finance Minister Nirmala Sitharaman on Wednesday tweaked the slabs to provide some relief to the middle class

editorji's Business Editor Avni Raja decodes the big announcements in Budget 2023 for personal tax.&nbsp;

Finance Minister Nirmala Sitharaman on Wednesday tweaked the slabs to provide some relief to the middle class by announcing that no tax would be levied on annual income of up to Rs 7 lakh under the new tax regime.
editorji's Business Editor Avni Raja decodes the big announcements in Budget 2023 for personal tax.&nbsp;
Also Watch: <a href="https://www.editorji.com/india-news/politics/union-budget-not-futuristic-anti-people-mamata-banerjee-1675245330349">Union Budget 'not futuristic', 'anti-people': Mamata Banerjee</a>

As with every Budget, Union Finance Minister Nirmala Sitharaman on 1 February 2023 announced changes in customs and excise duties for various items.

Budget 2023: What's cheaper, what's costlier? Cigarette, mobile phone, TV, electric car duties changed

Budget 2023: What's cheaper, what's costlier? Cigarette, mobile phone, TV, electric car parts duties changed


As with every Budget, Union Finance Minister Nirmala Sitharaman on 1 February 2023 announced changes in customs and excise duties for various items.

As with every Budget, Union Finance Minister Nirmala Sitharaman on 1 February 2023 announced changes in customs and excise duties for various items.
Mobile phones may get cheaper as the government reduced customs duty on the camera lens and camera module parts. Customs duty has also been cut on some parts of the open cell of TV panels. Lab-grown diamonds may become cheaper with the duty reduced on their manufacturing seeds. Good news was also announced for electric car buyers as the finance minister cut customs duty on machinery for manufacture of lithium-ion cell. Also reduced was customs duty on the heating coil for making electric kitchen chimneys.
However, there are many items which may get costlier as the new rates kick in.
Cigarette prices are set to rise with the government hiking the National Calamity Contingent Duty (NCCD). Customs duty has also been increased on articles made of gold, silver, and platinum. Similarly, duty has been increased for imitation jewellery. Both internal combustion and electric vehicles in semi-knocked down form or completely built unit form are set for a customs duty hike. Bicycles, toys, and foreign-made electric kitchen chimneys are also set for a customs hike.

It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections," West Bengal Chief Minister said
 

Union Budget 'not futuristic', 'anti-people': Mamata Banerjee 

It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections," West Bengal Chief Minister said

It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections," West Bengal Chief Minister said
&nbsp;

Terming the Union Budget "anti-people", West Bengal Chief Minister Mamata Banerjee on Wednesday said it will deprive the poor.
Addressing a government function at Bolpur in Birbhum district, she claimed that the changes in the income tax slabs will not help anyone.
"This Union Budget is not futuristic, totally opportunistic, anti-people and anti-poor. It will benefit only one class of people. This Budget will not help address the country's unemployment issue. It has been prepared with an eye on the 2024 Lok Sabha elections," she said.
"The changes in the income tax slabs will not help anyone. There is no ray of hope in this Budget -- it is a dark dark budget. Give me half an hour and I will show you how to prepare a Budget for the poor," she added.
Union Finance Minister Nirmala Sitharaman placed the Budget for 2023-24 in Parliament.
She announced no tax for those with an annual income of up to Rs 7 lakh under the new tax regime but made no changes for those who continue in the old regime.
Also Watch: <a href="https://www.editorji.com/india-news/budget-2023-middleclasszindabad-trends-on-amid-tax-relief-move-but-not-everyone-is-happy-1675256262952">Budget 2023: #MiddleClassZindabad trends on amid tax relief move but not everyone is happy</a>

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