Budget 2023 Expectations LIVE Updates, Latest News: Union Finance Minister Nirmala Sitharaman is expected to present the Union budget for 2023-24, on February 1, 2023. Various sectors, industry experts are pinning high hopes on the announcements to made by Modi government. Here are all LIVE updates, latest news on Budget 2023 Expectations on Income Tax Slabs, 80C, Salaried Employees, Insurance, GST, Real Estate, Taxation, Direct tax, Indirect tax, Personal tax, Mergers and acquisitions tax, Transfer pricing, Food and agribusiness, Consumer industry, infrastructure, Education, Energy, resources and industrials
Financial services, Technology, media and telecommunications, and more:-
Read More: Punjab National Bank Hikes Interest Rates On Savings Accounts And Fixed Deposits
Telangana Handlooms and Textiles Minister K.T. Rama Rao seeks funds in Union Budget for Telangana’s textile sector
A few weeks ahead of the Union Budget 2023-24, Telangana Handlooms and Textiles Minister K.T. Rama Rao has urged the Central government to allot sufficient funds for strengthening the handlooms sector in the state, as per an IANS report.
While mentioning that the Centre did not extend financial support to the various pioneering initiatives taken up by the state government for weavers in the past eight years, he said that this is the last full budget of the current Central government, which will be followed by vote on account budget.
KTR, as the Minister is popularly known, said that multiple appeals by the State government to strengthen the sector were not considered favourably by the Centre.
Prime Minister Narendra Modi-led Central Government should prove its commitment to the weavers and textiles sector, he said.
Recognising the importance of infrastructure to usher rapid progress of the handlooms sector, the state government is establishing Kakatiya Mega Textiles Park in Warangal, he said, adding that the biggest textile park in India is attracting investments from national and international companies.
KTR said that the Centre has options to extend financial support under various schemes to the park, which is being established with Rs 1,600 crore.
“At least Rs 900 crore should be allotted in the upcoming budget towards infrastructure for the Kakatiya Mega Textile Park and other programmes,” he said.
The Handlooms and Textiles Minister appealed that the Powerloom Sector in Sircilla, which has over 25,000 powerloom machines, be recognised as Mega Powerloom Cluster and allot Rs 100 crores to it.
Listing the Worker to Owner Scheme and other programmes taken up by the State government, he said that it takes over Rs 990 crore for strengthening of value chain, modernisation of power looms in Sircilla, improvement of market, skill development, capacity building, project monitoring, and appealed that a major share of the funds has to be announced in the budget.
Stating that there are over 40,000 handloom weavers in various parts of Telangana, with most of them in Yadadri Bhuvanagiri, Gadwal, Warangal, Rajanna Sircilla, Karimnagar, KTR urged the Centre to grant Indian Institute of Handloom Technology to the state. He said that land parcels to establish the institute are available at Gundlapochampally and Yadadri Bhuvanagiri.
The Handlooms and Textiles Minister also urged for the National Textiles Research Institute, Handlooms Exports Promotion Council to be announced in this budget, and to grant Block Level Handlooms Clusters under the National Handloom Development Project.
KTR made a special appeal to scrap the GST on handlooms products to save the weavers who are in financial crisis.
He also appealed to the Centre to revive the Handlooms, Powerlooms, and Handicrafts Boards which were dissolved by the Union government, to re-introduce insurance and savings schemes for weavers, and increase yarn subsidy, alike to the state government, to 50 per cent.
Read More: Indian Overseas Bank Hikes Interest Rates on Short-Term Deposits
Commerce Ministry seeks cut in gold import duty in Budget to push jewellery exports
The commerce ministry has sought a reduction in the import duty on gold in the forthcoming budget with a view to push exports and manufacturing of the gems and jewellery sector, sources said, as per a report in PTI.
In July this year, the centre hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The basic customs duty on gold is 12.5 per cent. Along with the agriculture infrastructure development cess (AIDC) of 2.5 per cent, the effective gold customs duty will be 15 per cent.
“As the gems and jewellery industry has recommended the commerce ministry for a cut in the duty, the commerce ministry has urged the finance ministry for the same. The ministry has also asked for tweaking import duty on certain other products to boost manufacturing and exports,” the sources said, as per PTI.
The gems and jewellery exports rose by 2 per cent to USD 26.45 billion in April-November 2022 this year. Gold imports have dipped by 18.13 per cent to USD 27.21 billion during April-November this fiscal.
Gold imports have a bearing on the current account deficit (CAD). India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually.
Income tax exemption limit likely to be enhanced to Rs 5 lakh in budget
The government is likely to enhance the income tax exemption limit to Rs 5 lakh from the existing Rs 2.5 lakh in the forthcoming budget for 2023-24, sources privy to developments said, as per an IANS report.
The move, if it fructifies, may leave more disposable income in the hands of consumers. It will also boost consumption, which may also lead to an economic recovery, sources said. The move would also promote investments, sources said further.
As of now, the maximum slab of income which is not chargeable to income tax is Rs 2.5 lakh.
For persons in the age bracket of 60-80 years, the exemption limit is Rs 3 lakh and for senior citizens above 80, it is Rs 5 lakh.
