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{{Short description|2023 Union budget}}
{{Infobox government budget|year=2023|title=[[Union Budget of India]]|bill=|image=Emblem_of_India.svg|imagesize=100px|caption=[[Emblem of India]]|date_submitted=|submitter=[[Finance Minister of India|Minister of Finance]]|submitted_to=[[Parliament of India]]|presented=2023|passed=|parliament=[[17th Lok Sabha|17th]] {{small|([[Lok Sabha]])}}|party=[[Bharatiya Janata Party]]|minister=[[Nirmala Sitharaman]]|treasurer=|chancellor=|Total_Revenue={{Increase}}{{INRConvert|42.3|t}} (in 2023)|Total_Expenditures={{Increase}}{{INRConvert|45|t}} (in 2023)|spending=|tax_cut=None|debt_payment=|surplus=|deficit=5.9% {{decreasePositive}}{{small|(0.5%)}} (in 2023)|debt=|gdp=|url={{URL|https://www.indiabudget.gov.in/}}|previous_budget=2022 Union budget of India|previous_year=2022|next_budget=2024 Union budget of India|next_year=2024|country=India}}

The '''2023 Union Budget of India''' was presented by the [[Minister of Finance (India)|Minister of Finance of India]] on February 01, 2023. This was the fourth budget of [[Narendra Modi]]-led [[National Democratic Alliance|NDA]] government's second term, starting from 2020. The [[Economic survey of India|Economic Survey]] for 2022–2023 was released on January 31,2023 before the budget.

== History ==
The Union Budget is the annual financial report of India; an estimate of [[income]] and [[Expense|expenditure]] of the government on a periodical basis. As per Article 112 of the [[Constitution of India|Indian Constitution]], it is a compulsory task of the government. The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. The first Union Budget of Independent India was presented by [[R. K. Shanmukham Chetty|RK Shanmukham Chetty]] on 26 November 1947.<ref>{{Cite web |title=First Union Budget, November 1947: The crying concern was to dress wounds of uprooted humanity |url=https://www.telegraphindia.com/india/the-first-union-budget-of-india-in-november-1947-tried-to-deal-with-aftermaths-of-the-partition/cid/1741154 |access-date=2022-09-02 |website=www.telegraphindia.com}}</ref>

While presenting the 2023 Union Budget, Finance Minister Nirmala Sitharaman said in her speech: "This Budget lays a futuristic 'Amrit Kaal' for women, youth and marginalised communities, big public investment for infrastructure guided by PM Gati Shakti, productivity enhancement, energy transition and climate action and financing of investments."<ref>{{Cite web |title=Decoding 'Amrit Kaal' from FM Nirmala Sitharaman's Union Budget 2023 speech |url=https://www.livemint.com/news/india/what-is-amrit-kaal-decoding-the-term-from-fm-nirmala-sitharaman-s-union-budget-2023-speech-11675244285059.html |access-date=2023-02-02 |website=www.livemint.com}}</ref>

=== New tax slab ===
New slabs under new tax regimes for individual

* ₹0-3 lakh : Nil
* ₹3-6 lakhs: 5%
* ₹6-9 lakhs: 10%
* ₹9-12 lakhs: 15%
* ₹12-15 lakhs: 20%
* Over ₹15 lakhs: 30%

== Reactions ==

=== Political ===
[[Akhilesh Yadav]], president of the [[Samajwadi Party]], said that the budget proposed by the BJP government actually makes things worse, such as unemployment and inflation. He further added that the BJP has never cared about the interests of regular people and will not do so in the foreseeable future either.<ref>{{Cite web |title=Opposition Parties Slam Budget 2023, Say It Doesn't Address Inflation and Unemployment |url=https://thewire.in/politics/opposition-reaction-budget-2023-inflation-and-unemployment |access-date=2023-02-24 |website=The Wire}}</ref>

[[Mamata Banerjee]], the [[Chief Minister of West Bengal]], criticised the Union Budget 2023-2024, calling it "anti-people" and "totally opportunistic."<ref>{{Cite news |date=2023-02-01 |title=West Bengal CM Mamata Banerjee terms Budget 'anti-people' and 'opportunistic' |work=The Economic Times |url=https://economictimes.indiatimes.com/news/politics-and-nation/mamata-banerjee-terms-budget-anti-people-and-opportunistic/articleshow/97522253.cms?from=mdr |access-date=2023-02-24 |issn=0013-0389}}</ref>

=== Business ===
[[Sanjiv Mehta (Indian businessman)|Sanjiv Mehta]], the chairman and managing director of [[Hindustan Unilever Limited]] said, "The provision that you will get a tax reduction only if you pay being on cash basis, is really good for the industry."<ref>{{Cite web |last=Bureau |first=BW Online |title=Industry Chiefs On Budget 2023 Implications |url=http://businessworld.inhttps//www.businessworld.in/article/Industry-Chiefs-On-Budget-2023-Implications/01-02-2023-464002 |access-date=2023-02-24 |website=BW Businessworld |language=en}}</ref>

[[Sanjiv Bajaj]], the chairman and managing director of [[Bajaj Finserv]] and the current chairman of [[Confederation of Indian Industry]] said, "The government managed a tough balancing act of meeting the priorities of growth through capital spending while keeping a fiscal deficit under check. While at the same time very strong focus on inclusion to ensure prosperity for the masses."<ref>{{Cite news |date=2023-02-01 |title='Will create more jobs...': CII president Sanjiv Bajaj welcomes Union Budget 2023-24 |work=The Times of India |url=https://timesofindia.indiatimes.com/business/budget/will-create-more-jobs-cii-president-sanjiv-bajaj-welcomes-union-budget-2023-24/articleshow/97522636.cms?from=mdr |access-date=2023-02-24 |issn=0971-8257}}</ref>

[[Sajjan Jindal]], the chairman of [[JSW Group]] said, "This govt has been giving a huge push to the infrastructure upgradation of our nation & an increase in spending on road & rail infrastructure is a testament to their philosophy. This will help maintain the momentum of our economic growth, contrary to the world scenario."<ref>{{Cite web |last=Bureau |first=Our |date=2023-02-21 |title=Private sector alone can propel India to different level: JSW Group’s Sajjan Jindal |url=https://www.thehindubusinessline.com/news/private-sector-alone-can-propel-india-to-different-level-jsw-groups-sajjan-jindal/article66536707.ece |access-date=2023-02-24 |website=www.thehindubusinessline.com |language=en}}</ref>

Pravin Chandan, Indian entrepreneur and business consultant, noted a meaningful focus on AI technologies, particularly the establishment of Centers of Excellence for Artificial Intelligence and "a significant budget for AI research and development, skill development, and creation of an AI ecosystem."<ref>{{Cite web |last=Chandan |first=Pravin |date=7 February 2023 |title=India's AI Future Shaped by Union Budget 2023 |url=https://pravinchandan.com/blog/post/india-s-ai-future-shaped-by-union-budget-20235 |url-status=live |access-date=9 March 2023 |website=Pravin Chandan}}</ref>

[[V. Vaidyanathan]], the managing director and CEO of [[IDFC First Bank]] called it "a natural progression of the previous Budgets in terms of direction, consistency, and the overarching growth objective."<ref>{{Cite web |last=Vaidyanathan |first=V. |title=Union Budget 23-24 And The 9-year Trendline |url=http://businessworld.inhttps//www.businessworld.in/article/Union-Budget-23-24-And-The-9-year-Trendline/13-02-2023-465253 |access-date=2023-03-13 |website=BW Businessworld |language=en}}</ref>

[[Amitabh Chaudhry]], the managing director and CEO of [[Axis Bank]] wrote in [[The Economic Times]], "The budget grasped the opportunity to consolidate India's macroeconomic fundamentals. Even as developed economies slow down in 2023, India is likely to remain a bright spot, with falling inflation and robust growth. The prudence demonstrated over the past couple of years by the budgets - in conjunction with a finely tuned monetary policy - has helped India's economy emerge relatively unscathed despite a series of public health and economic shocks."<ref>{{Cite news |last=Chaudhry |first=Amitabh |date=2023-02-02 |title=Budget 2023: A focus on growth and transition path to a $7-trillion economy |work=The Economic Times |url=https://economictimes.indiatimes.com/news/economy/indicators/budget-2023-a-focus-on-growth-and-transition-path-to-a-7-trillion-economy/articleshow/97534935.cms?from=mdr |access-date=2023-03-13 |issn=0013-0389}}</ref>

=== Stock markets ===
After the 2023 budget was announced, the Indian stock markets stayed very unstable. The [[BSE SENSEX]] went up more than 1100 points during the day before falling by 1% at the end of the day. Despite this, it still managed to end the day with a slight gain. On the other side, the [[NSE NIFTY 500]] closed in the red for the session, with index heavyweight [[Adani Enterprises]] being the primary contributor to the NIFTY's decline.<ref>{{Cite web |title=Sensex, Nifty react cautiously to Budget 2023; How stock market has performed on budget days in past? |url=https://www.financialexpress.com/budget/how-sensex-nifty-may-react-on-budget-day-2023-heres-a-track-record-of-last-10-years-2966908/ |access-date=2023-02-24 |website=Financialexpress |language=en}}</ref>

== References ==
<references />

[[Category:Union budgets of India]]

2023 Union budget of India - Revision history

Bot at 12:01, 13 March 2023