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Budget 2023 updates: Congress slams government over NREGS cut

Ahead of the Budget 2023, Sitharaman reached the finance ministry where she is expected to meet President Droupadi Murmu.

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Nirmala Sitharaman announces change in tax structure

Congress slammed the government and asked whether the Capex hike will be met through cuts in the allocation for the MGNREGS.

12:25 pm: FM Nirmala Sitharaman announced a new tax structure under the new tax regime.

The new tax rates are:

  • 0 to Rs 3 lakhs – nil
  • Rs 3 to 6 lakhs – 5%
  • Rs 6 to 9 Lakhs – 10%
  • Rs 9 to 12 Lakhs – 15%
  • Rs 12 to 15 Lakhs – 20% and
  • Above 15 Lakhs – 30%

12:10 pm: Nirmala Sitharaman said the maximum deposit limit for Senior Citizen saving scheme will be increased from Rs 15 to 30 lakh.


12:05 pm: FM Nirmala Sitharaman, during her Budget 2023 speech, said the Centre will set up the Govardhan Scheme to promote a circular economy with a total investment of Rs 10,000 crore.


12:02 pm: FM Nirmala Sitharaman said 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism.


12:00 pm: Nirmala Sitharaman said 100 laboratories will be set up in engineering institutions for developing applications for 5G services.


11:50 am: FM Nirmala Sitharaman, in her Budget 2023 speech, announced that 50 additional airports, helipads, water aero drones, and advanced landing grounds will be revived to improve regional air connectivity.


11:45 am: Finance Minister Nirmala Sitharaman said the KYC process will be simplified.


11:40 am: Finance Minister Nirmala Sitharaman, in her Budget 2023 speech, said capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP.


11:35 am: Centre will provide Rs 5,300 crore assistance to the drought-prone central region of Karnataka, said Nirmala Sitharaman during the Budget 2023 presentation.


11:30 am: FM Nirmala Sitharaman said assistance for the traditional artisans and craftspeople will be provided under the PM Vishwa Karma Kaushal Samman.


11:15 am: FM Nirmala Sitharaman said the Centre will set up an agriculture accelerator fund and the agriculture credit target will be set up at Rs 20 lakh crore.


11:10 am: FM Nirmala Sitharaman, during the Budget 2023-24 presentation, said the promotion of tourism will be taken up on a mission mode.


11:08: Nirmala Sitharaman began the Budget 2023 speech and said the Indian economy is on the right track and is heading towards a bright future.


11:05 am: Finance Minister Nirmala Sitharaman begins the Budget 2023 speech


10:55 am: Union Cabinet ministers have okayed the Budget 2023 and Finance Minister Nirmala Sitharaman will present it shortly.


9:55 am: Finance Minister Nirmala Sitharaman met President Droupadi Murmu and will then attend the Union Cabinet Meeting. Sitharaman will present the last full budget of the Modi government 2.0 at 11 am.


9:25 am: Finance Minister Nirmala Sitharaman reached Rashtrapati Bhavan to call on President Droupadi Murmu and will further attend the Union Cabinet Meeting.


9:00 am: Finance Minister left for the Parliament with Bahi Khata, to present the Budget 2023 at 11 am.


All eyes are on Union Budget 2023 as it will be presented by Finance Minister Nirmala Sitharaman today at 11 am. Ahead of the Budget 2023, Sitharaman reached the finance ministry where she is expected to meet President Droupadi Murmu.

This is this government’s last full-fledged Budget before the Lok Sabha polls early next year. Union Budget 2023-24 will also be the first normal budget after the coronavirus pandemic.

On Tuesday, Prime Minister Narendra Modi along with President Droupadi Murmu started the Budget Session and addressed the Lok Sabha and Rajya Sabha. In his address, PM Modi said the budget will aim the hopes and aspirations of the common citizen.

Union Budget 2023: 5 big expectations from Nirmala Sitharaman

Budget 2023: No tax cuts yet but it is raining memes already

India News

Piyush Goyal to visit UK for talks on India-UK trade pact implementation

Commerce Minister Piyush Goyal will travel to the UK this week to review preparations and discuss implementation of the India-UK trade agreement before it comes into force on July 15.

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Union Commerce and Industry Minister Piyush Goyal is set to visit the United Kingdom from June 25 to 27 for high-level discussions aimed at ensuring the smooth implementation of the recently concluded India-UK trade agreement.

The visit comes ahead of the scheduled enforcement of the India-UK Comprehensive Economic and Trade Agreement (CETA) and the Double Contribution Convention (DCC) on July 15. During the trip, Goyal is expected to engage with senior British officials and industry representatives to review preparedness for the rollout of the landmark agreements.

Focus on implementation issues

During his stay in London, Goyal is expected to meet UK Secretary of State for Business and Trade Peter Kyle to discuss key implementation-related matters, including operational frameworks, regulatory coordination and measures to facilitate bilateral trade and investment.

The discussions are also likely to cover industry concerns and unresolved issues related to the practical execution of the agreement, with both countries seeking a seamless transition before the pact comes into force.

Trade pact to take effect from July 15

India and the UK had earlier announced that the Comprehensive Economic and Trade Agreement, along with the Double Contribution Convention, would become operational from July 15. The agreement is expected to deepen economic engagement between the two countries by reducing tariffs, improving market access and strengthening investment ties.

The upcoming visit is being viewed as a significant step in ensuring that businesses on both sides are prepared to benefit from the agreement from day one.

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Iran invites PM Modi to attend former Supreme Leader Ali Khamenei’s funeral

Iran has reportedly invited Prime Minister Narendra Modi to attend the state funeral ceremonies of former Supreme Leader Ayatollah Ali Khamenei.

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PM Narendra Modi

Prime Minister Narendra Modi has reportedly been invited by Iranian President Masoud Pezeshkian to attend the funeral ceremonies of former Iranian Supreme Leader Ayatollah Ali Khamenei, according to diplomatic sources and media reports.

Iran is preparing to hold extensive state funeral and burial ceremonies for Khamenei, who served as the country’s Supreme Leader for more than three decades. The ceremonies are expected to take place over several days and are likely to witness the participation of senior leaders and dignitaries from across the world.

According to reports, the Iranian leadership has extended formal invitations to several international leaders, including Prime Minister Modi, as part of the planned state mourning events.

However, there has been no official confirmation so far from India’s Ministry of External Affairs regarding whether Prime Minister Modi will attend the ceremonies.

The invitation comes amid longstanding diplomatic and strategic ties between India and Iran. New Delhi had earlier conveyed condolences following Khamenei’s death and reiterated its support for peace and stability in the region.

Iran had earlier announced that the state funeral ceremonies, initially postponed, would be held between late June and early July. Authorities in Tehran are expecting a massive turnout for the final rites, with millions of mourners anticipated to participate in the ceremonies.

Ayatollah Ali Khamenei remained Iran’s highest political and religious authority from 1989 until his death, playing a central role in shaping the country’s domestic and foreign policies for decades.

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India News

315 districts across India at high risk as rainfall deficit and El Nino raise drought concerns

The Centre has identified 315 vulnerable districts across India as rainfall deficit and El Niño concerns threaten the ongoing kharif season.

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With the southwest monsoon recording a sharp rainfall deficit and concerns mounting over the impact of El Nino, the Centre has identified 315 districts across the country as vulnerable to below-normal rainfall during the ongoing kharif season.

According to the Union Agriculture Ministry, the country had recorded a rainfall deficit of around 43 per cent till June 23, prompting authorities to initiate a nationwide preparedness exercise to minimise the impact on agriculture and rural livelihoods.

The identified districts have been categorised based on irrigation coverage, which determines their ability to withstand prolonged dry spells. Of the total, 111 districts with irrigation coverage of less than 25 per cent have been classified as the most vulnerable. Another 76 districts with irrigation coverage between 25 and 50 per cent fall under the medium-risk category, while 128 districts with irrigation coverage exceeding 50 per cent have been placed in the relatively lower-risk category.

Officials have directed state governments to activate district-level contingency plans to protect crop production during the crucial monsoon season. These plans include measures such as promoting drought-tolerant crops, revising sowing schedules and strengthening water conservation efforts.

The government has also set up dedicated monitoring mechanisms, including an El Nino Monitoring Cell and a Crop Weather Watch Group, to closely track weather developments and coordinate response measures.

Meteorological agencies have forecast below-normal monsoon rainfall this year, with El Nino conditions expected to strengthen during the June-September period. The weather phenomenon is historically associated with weaker monsoons in India and can adversely affect agricultural output, water availability and rural incomes.

The southwest monsoon contributes nearly 70 per cent of India’s annual rainfall and remains critical for the country’s agriculture sector, particularly for rain-fed crops such as rice, pulses and oilseeds.

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