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Ahead of the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword>, Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said on Sunday that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on them. <keyword id="679937" type="General" weightage="70" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that the government will raise the income tax limit and provide relief to the middle class taxpayers, besides others. "I too belong to the middle class so I can understand the pressures of the middle class. I identify myself with the middle class so I know," she said while speaking at a function organised by the Panchjanya magazine, an RSS- associated weekly. In the same breath, the minister reminded the audience that the present Modi government has not imposed any fresh taxes on the middle class. Also, she added, income of up to Rs 5 lakh is exempt from the income tax. She said the government has taken various measures like developing the metro rail network in 27 cities and building 100 smart cities to promote ease of living. The minister assured them that the government can do more for the middle class as its population is growing and it has become sizeable now. "I quite recognise their problems. The government has done a lot for them and continue doing the same," she said without making any commitment. Sitharaman said the government has been raising the outlay on capital expenditure in each Budget since 2020. For current financial year, she said, it has been increased by 35 per cent to Rs 7.5 lakh crore as it has a multiplier effect on the economy. On the banking sector, she said, the government's 4R strategy --Recognition, <keyword id="1518048" type="General" weightage="50" keywordseo="recapitalization" source="Orion">Recapitalization</keyword>, Resolution and Reform--has helped in revival of public sector banks (PSBs). As a result of this, non-performing assets (NPAs) have declined and health of PSBs has improved greatly, she said. The government implemented an unprecedented recapitalization programme for PSBs amounting to Rs 2.11 lakh crore to support capital adequacy and prevent their default. PSBs turned the corner during 2020-21 with a combined net profit of Rs 31,820 crore supported by massive recovery, reduction in NPAs and windfall gains on their bond portfolio. Subsequently, the combined profit more than doubled to Rs 66,539 crore in FY22 despite COVID-19 pressure. They had booked collective losses to the tune of Rs 2,07,329 crore for five straight years from 2015-16 to 2019-20. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> last month said, banks' gross NPA ratio has fallen to a seven-year low of 5 per cent and the banking system remains sound and well-capitalised. Speaking about farmers, Sitharaman said the government is committed to doubling their income and has taken various steps in that direction. On trade with Pakistan, she said the neighbouring country never offered Most Favoured Nation (MFN) status to India. Trade relations with Pakistan have suffered since the Pulwama terror attack in 2019, she said. With regard to freebies, the minister said, promises have to be made keeping in mind the financial health of the state and there has to be full transparency about it. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/more-unicorns-focused-on-profitability-now-than-just-burning-cash-as-funding-winter-sets-in/articleshow/97030045.cms">More unicorns focused on profitability now than just burning cash as funding winter sets in</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/over-5-4-lakh-housing-units-to-be-completed-across-top-7-cities-in-2023-anarock-report/articleshow/97029912.cms">Over 5.4 lakh housing units to be completed across top 7 cities in 2023: Anarock report</a>

I belong to middle class, understand their pressures: Sitharaman before Budget

The week-long pre-budget consultation meetings for budget 2023-24 chaired by Union <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> and Corporate Affairs Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> concluded on Monday. The meeting was held in virtual mode between November 21 and 28. According to the Ministry of Finance, more than 110 invitees representing seven stakeholder groups participated in eight meetings scheduled during this period. The stakeholder groups include representatives and experts from the agriculture and agro-processing industry; industry, infrastructure and climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations and economists. Union Ministers of State for Finance <keyword id="2528510" type="General" weightage="50" keywordseo="pankaj-chaudhary" source="Orion">Pankaj Chaudhary</keyword> and Bhagwat Kishanrao Karad, Finance Secretary TV Somanathan; Secretary, DEA, Ajay Seth; Chief Economic Advisor V Anantha Nageswaran; Secretary, DIPAM, Tuhin Kanta Pandey; Secretary, Financial Services, Vivek Joshi; Secretary, Corporate Affairs, Manoj Govil; <keyword id="299369" type="General" weightage="50" keywordseo="osd" source="Orion">OSD</keyword>, Revenue, <keyword id="301743" type="General" weightage="50" keywordseo="sanjay-malhotra" source="Orion">Sanjay Malhotra</keyword>, and senior officers from Ministry of Finance were also present during the meetings. Secretaries of other Ministries/Departments concerned participated through online mode. The Finance Ministry statement said the representatives of the stakeholder groups made a number of suggestions for the forthcoming budget that included a mechanism for green certification to help MSMEs (Micro, Small and Medium Enterprises), an urban employment guarantee programme to boost employment generation in urban areas, rationalisation of income tax, creation of innovation clusters, schemes for improving domestic supply chains, reduction of taxes on an electric vehicle, the introduction of EV policy, measures to promote India as a hub for green hydrogen, Social Sector Entrepreneurship Fund for Social Impact Companies, Training and Accreditation of Care Economy Workers, portable social benefit for children, National Regulatory Authority for water and sanitation, coverage of unorganised workers under ESIC, the continuation of Public Capex, fiscal consolidation and lower customs duties, among others. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/ten-major-trade-unions-boycott-pre-budget-meeting-with-fm/articleshow/95825047.cms">Ten major trade unions boycott pre-budget meeting with FM</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/traders-body-seeks-printing-of-indian-nutrition-rating-on-food-packets/articleshow/95830252.cms">Traders' body seeks printing of Indian Nutrition rating on food packets</a>

FM concludes week-long consultation meetings for Budget 2023-24

<ul><li>The <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> Estimates for 2023-24, will be provisionally finalised after completion of pre-Budget meetings.</li><li>It will be the fifth Budget of the Narendra Modi 2.0 government and Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>.</li><li>The Budget 2023-24 is likely to be presented on February 1, during the first half of Parliament's Budget session. </li></ul> The government on <keyword id="21684" type="General" weightage="20" keywordseo="monday" source="Orion">Monday</keyword> will kick off its annual Budget making exercise for financial year 2023-24, that is expected to look at measures to revive growth amid a gloomy <keyword id="23764" type="General" weightage="20" keywordseo="global" source="Orion">global</keyword> outlook. The meeting would start with consultations with various ministries and departments on the revised estimates (RE) of expenditure for ongoing financial year and the fund requirement for 2023-24. On the first day on Monday, RE meetings with <keyword id="48413" type="General" weightage="20" keywordseo="Ministry" source="Orion">Ministry</keyword> of Environment, Forest and Climate Change, Ministry of Labour And Employment, Ministry of Information and Broadcasting, Ministry of Statistics and Programme Implementation and Ministry of Youth Affairs and Sports would take place. Most of these discussions to finalise RE for ongoing financial year (2022-23) and Budget Estimate for 2023-24 would be chaired by the <keyword id="46929" type="General" weightage="20" keywordseo="Finance-Secretary" source="Orion">Finance Secretary</keyword> and Expenditure Secretary. The month-long deliberations would end on November 10, with consultations with Ministry of Cooperation, Department of Agriculture and Farmers Welfare, Department of Agricultural Research and Education, Ministry of Road Transport and Highways, Ministry of Railways and Ministry of Petroleum and Natural Gas, as per a notification of Budget Division of the finance ministry. The Budget Estimates for 2023-24, will be provisionally finalised after completion of pre-Budget meetings. These meetings would take place against the backdrop of many institutions, including the <keyword id="50847" type="General" weightage="20" keywordseo="Reserve-Bank" source="Orion">Reserve Bank</keyword> and the World Bank slashing India's growth forecast to 7 per cent and 6.5 per cent, respectively. It will be the fifth Budget of the Narendra Modi 2.0 government and Finance Minister Nirmala Sitharaman and the last full Budget before the general elections due in April-May 2024. During the <keyword id="6359191" type="General" weightage="20" keywordseo="election" source="Orion">election</keyword> year, the government presents Vote on Account for the limited period. Usually, the Budget is cleared till July. The Budget 2023-24 is likely to be presented on February 1, during the first half of Parliament's Budget session which usually begins in the last week of January every year. The Budget 2022-23 had projected a growth rate of 7-7.5 per cent in real terms while fiscal deficit was pegged at 6.4 per cent of gross domestic product (GDP). Prime Minister Narendra Modi-led government scrapped the colonial-era tradition of presenting the Budget at the end of February. The then finance minister Arun Jaitley had for the first time presented the annual accounts on February 1, 2017. With the change in the date of Budget presentation, ministries are now allocated their budgeted funds from the start of a financial year beginning April. This gives government departments more leeway to spend as well as allow companies time to adapt to business and taxation plans. Previously, when Budget was presented at the end of February, the three-stage Parliament approval process would get completed some time in mid-May, weeks ahead of the onset of monsoon rains. This meant government departments would start spending on projects only from August-end or September, after the monsoon season ended. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/pakistani-rupee-becomes-worlds-best-performing-currency/articleshow/94724119.cms">Pakistani rupee becomes 'world's best performing currency'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/middle-east-destinations-see-an-upsurge-amongst-indian-travellers/articleshow/94723228.cms">Middle East destinations see an upsurge, amongst Indian travellers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/people-struggle-as-prices-of-vegetables-grains-go-through-roof-says-report/articleshow/94723150.cms">People struggle as prices of vegetables, grains go through roof, says report</a>

Govt to kick off FY24 Budget making exercise on Monday

The government is unlikely to announce capital infusion for public sector banks (PSBs) in the upcoming <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">Budget</keyword> as their financial health has improved significantly and they are on track to earn a combined profit of Rs 1 lakh crore, sources said. Their capital adequacy ratio is much above the regulatory requirement and varies between 14-20 per cent. To augment their resources, banks are raising growth funds from the market and also by selling their non-core assets, they added. The government last provided capital support to banks in 2021-22. It had earmarked Rs 20,000 crore for recapitalisation of PSBs through supplementary demands for grants. The government infused Rs 3,10,997 crore to recapitalise banks during the last five financial years i.e., from 2016-17 to 2020-21, out of which Rs 34,997 crore were sourced through budgetary allocation and Rs 2,76,000 crore through issuance of recapitalisation bonds to these banks. Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> is scheduled to present the fifth and final full Budget of the Modi 2.0 government on February 1. All the 12 public sector banks earned a cumulative profit of about Rs 15,306 crore in the first quarter which increased to Rs 25,685 crore in the September quarter. On a year-on-year basis, the growth was 9 per cent in the first quarter while it surged to 50 per cent in the second quarter. During the second quarter, <keyword id="13451504" type="COMPANY" weightage="80" keywordseo="sbi" source="Orion" meta.marketcap="528426.26077014" meta.tagname="State Bank of India" meta.tagpopularcount="0" meta.sectorid="15" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="11984" meta.tagseoname="state-bank-of-india" meta.sector="Banks" meta.tagnameorg="State Bank of India">SBI</keyword> reported the highest-ever profit of Rs 13,265 crore. On a year-on-year basis, this was 74 per cent higher. In the first half of FY23, the cumulative net profit of all PSBs increased by 32 per cent to Rs 40,991 crore. The combined profit more than doubled to Rs 66,539 crore in 2021-22 despite COVID-19 pressure. Many state-owned banks after a hiatus also declared dividends in last financial year. In all, nine banks, including SBI, declared dividends of Rs 7,867 crore to shareholders. Recently, the Finance Minister had said the government's efforts to reduce bad loans are yielding results with 12 PSBs reporting a 50 per cent jump in combined net profit at Rs 25,685 crore in the September quarter. NPAs declined as a result of the government's 4Rs strategy of Recognition, Resolution, Recapitalisation and Reforms, she had said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-breaches-80-level-against-usd-for-the-first-time-in-2-months/articleshow/97241273.cms">Rupee breaches 80 level against USD for the first time in 2 months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/canara-bank-q3-profit-surges-92-to-2882-crore/articleshow/97245895.cms">Canara Bank Q3 profit surges 92% to ₹2,882 crore</a>

Govt may not announce capital infusion for PSU banks in Budget 2023-24

<ul><li>The global investment firm said the government may provide a "credible path" for fiscal deficit reduction in 2023-24</li><li>The government will also reiterate the medium-term roadmap to lower the central government's deficit to 4.5 per cent of GDP.</li><li>On the capital expenditure, <keyword id="48670" type="General" weightage="80" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword> expects capital expenditure spending to increase to 2.9 per cent of GDP in 2023-24.</li></ul> In its <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> for 2023-24, the Indian government is expected to focus on gradual fiscal consolidation, continuing to favour investment-driven growth with a push for both public and private capital expenditure, besides focusing on improving the ease of living for its people, said Morgan Stanley. The global investment firm said the government may provide a "credible path" for fiscal deficit reduction in 2023-24 and reiterate the medium-term roadmap to lower the central government's deficit to 4.5 per cent of GDP. "We expect the central government's fiscal deficit to narrow to 5.9 per cent of GDP in F2024 from 6.4 per cent in F2023 (estimate). We expect fiscal consolidation on the back of lower subsidy payments, which will also ensure that focus on public capex spending is sustained, thus supporting the growth outlook," it said in a report. "We build in a gradual fiscal consolidation path as we believe that continued focus on capex spending is beneficial not only from a cyclical perspective but also for the medium-term growth potential of the economy." On the capital expenditure, Morgan Stanley expects capital expenditure spending to increase to 2.9 per cent of GDP in 2023-24, a tad higher than the 2.8 per cent estimated for the current financial year. Further, on the inflation, it said the price rise is likely to moderate in 2023-24 as the effect of higher commodity prices wears off on year-on-year terms and supply chains continue to normalize. <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s retail inflation is set to moderate to 5.4 per cent in 2023-24 and to 4.8 per cent in 2024-25 from 6.6 per cent in 2022-23, the Morgan Stanley report said. Meanwhile, India's retail inflation during the month of December was at 5.72 per cent, data released last week showed. India's retail inflation rate based on Consumer Price Index was 5.88 per cent in November from 6.77 per cent in October. Retail inflation in India had remained above 6 per cent till October for over three quarters, which was beyond <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>'s comfort zone. Budget 2023-24: The government is in the process of finalising the Budget document to be presented on February 1. The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10. Budget 2023 is likely to be the last full Budget of the Modi government in its second term with the next <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> election due in April-May of 2024. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pakistan-is-south-asias-weakest-economy-world-bank-report/articleshow/97079183.cms">Pakistan is South Asia's weakest economy: World Bank report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/pm-modi-asks-bjp-workers-to-refrain-from-making-unnecessary-comments-about-films/articleshow/97080001.cms">PM Modi asks BJP workers to refrain from making 'unnecessary' comments about films</a>

You Searched For "budget 2023 24" and got 5 results

I belong to middle class, understand their pressures: Sitharaman before Budget

PTI

FM concludes week-long consultation meetings for Budget 2023-24

ANI

Govt to kick off FY24 Budget making exercise on Monday

PTI

Govt may not announce capital infusion for PSU banks in Budget 2023-24

PTI

Budget 2023: Morgan Stanley sees focus to be on fiscal consolidation, investment-led growth

ANI

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