Live Blog: Nirmala Sitharaman Presents Union Budget 2023, New Tax Slabs Announced

12:40 Markets rally after the budget presentation, Sensex up almost 2%. Nifty 50 up around 1.5%.

12:30 Sitharaman announces new tax slabs For ₹0-3 lakh- no taxes, for 3-6 lakh- 5%, for 6-9 lakhs 10%, for 9-12 lakhs-15%, for 12-15 lakhs-20%, above 15 lakhs-30%.

12:26 The new tax regime to be the new default tax regime. However, people can still opt for the old tax regime.

12:25 Income tax rebate increased to ₹7 lakh in the new tax regime.

12:22 The Finance Minister starts with the personal tax section. Chimes, ‘the segment that everyone has been waiting for.’

12:15 Cigarettes to get more expensive.

12:13 Custom Duty announcements: FM announces custom duty exemptions for the manufacturing of lithium-ion batteries.

12:10 The FM fixes the fiscal deficit target at 5.9% of GDP for FY24.

12:06 Sitharaman also announced the extension of the 50-year interest-free loan to state governments to for one more year, with an enhanced outlay of Rs. 1.3 lakh crores.

12:01 The FM also announced financial support for poor people in jails, who are unable to afford bail or penalty.

12:00 The outlay for the government’s popular flagship housing scheme PM Awas Yojana will be enhanced by 66% to over ₹79,000 crores.

11:54 The Budget on Tourism: The government plans to take promoting tourism on mission mode.

11:52 The Budget on Agriculture: Agriculture Credit Target will be increased to Rs. 20 lakh crores, with a focus on animal husbandry, dairy, and fisheries. The FM also announced a new sub-scheme of PM Matsya Sampada Yojana to be launched, with a targeted investment of Rs. 6000 crores.

11:50 The government will provide ₹35,000 crore priority capital investment to facilitate the energy transition.

11:46 FM on green growth: The budget builds on the country’s focus on green development. The newly launched green hydrogen mission with an outlay of ₹19,700 crore will help reduce dependence on fossil fuels. The government plans to scale hydrogen-producing capacity to five million metric tonnes by this decade.

11:45 The government will set up 100 labs in engineering colleges to increase the application of 5G to promote innovations in the education and health sector.

11:43 The scope of documents available in DigiLocker will be expanded to enable FinTech innovations.

11:40 The government will introduce the National Data Governance policy will be introduced which will enable access to anonymised data.

11:35: The capital outlay for the Railways at ₹2.40 lakh crore.

11:30: Updates on education and health from the Budget 2023: Govt will recruit 38,800 teachers, a National digital library for children, and adolescents will be established and the government will set up 157 nursing colleges.

11:20 a.m Sithraman praises the Deen Dayal Antyodaya Yojana. The Finance minister said the Yojana achieved remarkable success by mobilizing rural women into 81 lakh SHGs.

11:18 a.m. The Finance minister draws out priorities for the budget: inclusive growth, reaching the last mile, infrastructure and investment, unleashing India's potential, green growth, Youth power, and the financial sector.

11:12 a.m. World sees India as a bright star, says FM. India's growth for the current year is estimated at 7.0%, the highest among all major economies, she adds.

11:08 a.m. The government provided 11.7 crore household toilets under Swachh Bharat Mission and 9.6 crore LPG connections under the Ujjwala Yojana.

11:05 a.m. Finance minister emphasises the importance of inclusive growth. Talks about promoting the participation of women in the economy.

11:03 a.m. Sitharaman announces scheme to provide free food for the next year under PM Garib Kalyan Anna Yojana. The entire expenditure of Rs 2 lakh crore will be borne by the central government.

11:00 a.m. The Budget session commences. Nirmala Sitharaman starts delivering her speech.

10:45 a.m. Union cabinet meeting now over, and the budget is now approved by the cabinet.

10:38 a.m. Physical copies of the budget brought to the parliament ahead of the budget session.

10:30 a.m. Indian Rupee (INR) jumps around 12 paise to 81.76 against the US Dollar (USD) in early trade ahead of the budget presentation on Wednesday.

10:25 a.m. Cabinet meeting in session ahead of the budget presentation scheduled at 11:00 a.m.

10:22 a.m. Sensex jumps over 500 points to breach the 60,000 mark.

10:15 a.m. Prime Minister Modi now at the parliament for the cabinet meeting.

10:05 a.m. Union ministers Sarbananda Sonowal, Rajnath Singh, Amit Shah and Ashwini Vaishnaw reach the parliament for the cabinet meeting that will be chaired by Prime Minister Narendra Modi.

10:00 a.m. Several cabinet ministers reach the parliament ahead of the budget presentation for the cabinet meeting at 10:15 a.m.

9:55 a.m. Finance minister reaches the Parliament with her deputy to seek the union cabinet's approval for the budget.

9:50 a.m. Sitharaman leaves Rashtrapati Bhawan for the parliament for the cabinet meeting scheduled at 10:15 a.m. today. This will be her fifth straight time presenting the union budget.

9:28 a.m. Sitharaman meets President Droupadi Murmu, poses for pictures with the team working on the budget.

9:20 a.m Markets open higher ahead of the Budget. Sensex up around 450 points, Nifty 50 up 126.

9:10 a.m. Sitharaman reaches Rashtrapati Bhawan to meet the president. The Finance Minister takes formal approval from the president before presenting the budget.

8:45 a.m. Nirmala Sitharaman has reached the Finance Ministry and she is expected to meet President Droupadi Murmu soon.

Where Can You Watch The Budget

The budget can be watched on Doordarshan news and Sansad TV. You can also stream the budget live on their and Press Informations Bureau's YouTube channels. Sitharaman will also hold a post-budget press conference at 3:30 p.m. at the Parliament.

For live updates and insights into the budget, keep following Benzinga India on this page or on Twitter.

The Budget 2023

Finance Minister Nirmala Sitharaman is expected to present the country's budget for the coming year at 11:00 a.m. in the Lok Sabha. This will be the Narendra Modi-led government’s last full budget before the 2024 Lok Sabha election. Brush up on what to expect from this year's budget here.

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