good evening and thank you for being here Now after the budget has been laid on the table of the house, has opening remarks just give a few indications of what has been highlighted in the budget? Broadly, I think the four emphasis points are on empowering women, giving a lot more attention to their city groups which are in the rural areas trying to scale them up, give them the opportunity to brand and produce and also market their products in a farm. Oh scaled up and professional manner, emphasis on tourism and training of youth for reading themselves for tourism specific action for 50 destinations where comprehensive tourism action plans will be introduced. Then what is being called as PM Vikas Looking at Bishkek Karma. People who create things make things out of their hands using tools. In some states, they're called visual karma's. In some other states, some casts of referred to especially karma. But what we mean here is those artisans and people who do hands be using some too so not specifically only to some particular communities, but all who create the soft power of India through their craftsmanship. Then the four is green growth the fourth one, which is in every sphere of life. We have policy interventions and enabling provision made so that India moves first on the transition to renewable energy. The investments made for hydrogen mission. Renewable energy transitional facilities, which we need natural gas are also looking at bio gas. Also evacuation of power from renewable energy sources located in Ladakh to the rest of the country. So those of four highlights which are like you to go back to to see the scale in which we are approaching these issues and the impact that it will have on large sections of India's population. Then, of course, I gave seven priorities which began with talking about inclusive growth investments in infrastructure, also reaching the last mile so that also still left without a house or a sanitary facility or a road which is reaching them and so on. So the last mile reaching the last mile for those who desperately need that kind of a link are all being covered, then we are also looking at a very futuristic fintech financial sector for which we have brought in some specific ideas. We are looking at also improving the industrialisation of this country where people will be trained for industrial revolution for point or which means they're going to be trained for I I o T using Web three in other words, so training man power to ready themselves for industries which are rapidly becoming industrialised in the three context than digital economy. Unleashing the digital power of India in various walks of life. Setting up an artificial intelligence research centre in centre for excellence so on. These are in party. There's a lot of increase in the agriculture credit availability 20 lakhs being made available for agriculture credit. Also a sub scheme under the P M Maxie Sam Prada Johanna. Making sure that people are living in the coastal areas of benefit from it, fishermen are with the benefit from it. Now if largely the party has looked at these, Part B has aimed at rationalising the customs duties. Also, making sure personal income tax after a very long time has had substantial changes which will benefit the middle class and also because this country has been waiting for direct taxation to be simplified. Also waiting for direct taxation to be lot more easy in compliance and therefore the new taxation regime that we brought in for direct taxation 23 years ago has now got greater incentives, greater attraction so that people can unhesitatingly move from the old to the new. Of course, we're not compelling anybody. Those who want to remain in old can still remain. Therefore, enough justifications that they can have. But the new one, obviously will be is now attractive because it gives greater rebate. It also provides for a simplified and smaller slabs, smaller lower rates of taxation and also slaps, which nicely broken down. So with all this, I think the budget I have not gone into specifics. But I thought his opening remarks this much will be sufficient to say This is a budget which is beautifully balanced, both growth considerations Because the capital investment has never before seen double digit investment announcements. 10 lakh crore, which includes 1.3 lakh crores being given two states, is going to give a big leg up for capital investment from government. So the ban in sing that I'm talking about is looking at public sector investments, continuing that good tradition of capital investment in infrastructure and also attending to M s M's because they are the engine of growth. We've given them relief. We have also given them new access. We have extended and widened the emergency credit liquidity guarantee scheme also given them back their security's 95% of it. Even if they failed to deliver on contractually promises which were during the cove, it pandemic. So the balancing is one. We could sustain the capital infrastructure expenditure from the government simultaneously in the private sector give a lot of push an impetus for them S m e and not forgetting the individuals, the middle class individuals who needed that kind of for tax breaks and relief through taxation. So the large macro economic considerations have also been kept in mind. The fiscal consolidation has not been kept in the back burner. We have attended to it. We are respecting the glide path we gave ourselves to budgets ago. Six point for this year fiscal deficit and forthcoming year for which the budget is presented now 5.9% fiscal deficit So broadly leave it at this I suppose when you ask questions, we can answer the rest. Thank you. Thank you for coming year today Productive That graft room and she she'll hear from Indo business line. My question is that when there is a announcement for ₹7 lakh under new tax regime that will no tax to be paid and then you are talking about rejecting the new tax. Jim, does this mean that this is the end of exemptions for various incentives? Exemptions for investment and savings well have already addressed this. I think we want to make the new tax regime, which is without exemptions, attractive enough for people to think that this will be the best option for them because it gives them better rate. It has doesn't also also make the compliance burden some exercise. If rates a solo, you're going to benefit net net by paying less attacks. Even those exemptions that you would have otherwise gained a form would have resulted in probably net amount being the Singh. So we made this a lot more tractor. But if there are people who still think that being in the exemption regime which is all regime benefits them, they welcome to continue where they want. But yes, the ultimate interest is to make the simpler regime more attractive. And that is why we come up with this. Firstly, many congratulations on the fiscal consolidation because I keep asking you that question. But the issue today is about people in terms of there is a big gamble in terms of capital expenditure. When you do that, does it actually trickle down to the people? Does it create jobs? I know you've been doing this for the last two years. Are you sure that this will really trigger of job creation one to, you know, money in the hands of the poor people. The second, of course, is about inflation. Which again you like last year, you haven't really touched about it. But you have had the letter from RBI. Your chief eggnog e economic adviser yesterday says we are in an uncertain times, but we hope that it will be under the cheque of, you know, 4 to 6%. Hopefully the lower band of be What is your you know, answer to both these points first to fall on the inflation. I think you're right and saying R B wrote a letter. But in the meanwhile, you've seen inflation come down. Both the C P and action is being taken by the government we take inflation related steps as and when things develop in the ground and in response to it and that has borne so inflation is not something which we are looking that the way while it is changing up and down, we have kept attending to it and as a result, to find result on fiscal consolidation. You've asked me the question and have already explained that we have attended to it with all earnestness. Having respected the glide path, we gave ourselves earlier jobs. Yah, first upon I find it a bit or you may want to ask this question like this capital expenditure I would have appreciated if you ask me, You said something in the B, but you have not really exhausted what you put forth. You've not really used it in the ground. It is unfulfilled in the sense targets have not achieved. I would have been happy to answer if that were to be the case. But you asking me a question about in the sense you were implying that we have fully utilised what has been kept for capital investment. Therefore it makes me feel, or that you asking a question of actually have jobs being created or not, when projects are undertaken and money is utilised and that it is utilises coming through from the budget statement, how would the projects get completed without man power? Without jobs, not all projects can be completed even 1% without human intervention. So obviously jobs are happening in the ground. So I want to ask you how what percentage of taxpayers had moved to the new tax regime in the last assessment year? And is there a number that you expect 50% 60% whatever. And number two man, there's a specific mention for expenditure towards M S M's. Now is there an estimate of how much What? Um, what was the dues that cos had claimed as expenditure and which has not actually been paid to the M S M s? We want to answer on your second question that is on the M S m E as well. We don't have that data. Certainly we don't have that data and it's not I mean, we don't take that data from the taxpayers in their returns, so that data we will not have, but certainly, you know, we are all aware of this huge problem of timely payments not being made to them SMS So in that direction, you is certainly a positive step coming. Your first question on the exemption less regime. Let me say that for cos the 22% tax regime that we got 61% of our tax Now the corporate tax more than 60% is actually coming from the exemption free tax regime, individuals data we will not have. But we are very hopeful that this particular scheme for individual taxpayers the the I think the majority would prefer I mean, all of you. If you all do your own calculations, I think majority here would be now wanting to shift the respective of their incomes and the deductions and exemptions that they claim they would be fine. I get more attractive to shift to the new tax regime. Majority of the memory. Good afternoon. Congratulations on a great budget. So clean simple, ma'am. One quick question on KPIX and one more on on petroleum Manu kpix for Ari, his lower actually in terms of the span as of now. But the doctor is greatly stepped up for for 24. So what gives the confidence that will be all utilised. Cape X KPIX Ari's Lower Man, 7.28 slightly lower A big One big jump for a ferry for So go vote gives the government the confidence that more a possible be utilised and well spent. That's one man and second ma'am. On the petroleum front, the LP subsidy has been kept pretty low. You had announced certain additional measures last year in May, along with the Deep Carson Excise and Petrol Diesel. So what happens to those announcements regarding LP subsidy? They're not been no rolled over and plus Mandela's our demand coming in from oil cause now, after LPG losses that you have made good by giving them money that something is we done on fuel also. So the government consider asked, Something has to be done for who basically demand coming in from oil codes in terms of oil marketing company, as cash cos of money, which is now being given, is not for that. Not for that first question on capital expenditure. So, yes, the revised estimates are about 97% or 98% of the budget estimate. Yes, there is a slight deviation. It's mainly on the state capital expenditure which is falling short of the one lakh crore. Actually the central capital expenditures going to exceed the budget estimates. State capital expenditure is not expected to reach the one lakh crore figure because some portions of the state capital investment scheme have reformed conditions. So some states have not been able to meet some of the conditions. Therefore we expect I think the figures are there. But 76% of the state capital expenditure scheme is likely to be spent. That's the revised estimate. So the shortfall is actually on the state site, not on the central side Point number one. What gives you the confidence for next year? I think if you look at the allocations that have been made, they have made in actually for the increments are in four clear areas. One railways, railways has enough projects to absorb the additional capital actions. The second is highways. They have adequate projects running to absorb this capital expenditure. The third states 30,000 crores now, yes, that there will always be a challenge. But I think the states are gearing up now. This two years of this experiment has helped them to improve their spending capacity. And we are also seeing an uptick in the second half of this year on the state capital expenditures on reasonably confident that the states will absorb the one lakh 30,000 that has been provided. And the other big item on the central side is the petroleum capital expenditure, which is for retrofitting of refineries to meet emission standards and pollution standards and partly for augmenting our strategic reserves. So these I'm quite confident that we will meet the expenditure targets Tarun Sharma from ze business ma'am George Disinvestment target 65 Thousands of 50,000 Care on next year 51,000 Care to mommy See? Hm Yes. Um Jake a judo private bank Government Bank AJ of privatised Joe Joe Insurance companies Gaza Privatisation Hinata up 2024 k body Samba Vobejda Neo Pagan target Lucia Almeida Sanjay's are Yes, a cap Cupid it hockey disinvestment to market conditions or Kate is, um, Seinen To substitute practical prudent from the new Indian Express A ma'am, what was the need to low a effective for high income group at this point time and also tax collection at salt has been increased from 5% to 20% or on overseas tour package. So what is the reason behind this massive increase? See, the tour packages are generally taken by people who are who's effective. Tax rate is certainly more than 30%. So if he are charging them 20% tedious, I don't think it is high. We have attempt always has been to charge TDs at more or less similar rates, if not exactly the same rates. S so that Is that also your question number one question number two on I think you are referring perhaps, to surcharge which has been reduced well, our reads the highest tax rates in our country were amongst the highest even more than you know developed some other developed countries. And so in any case, unit rose introduced as an interim measure and so that has now been reduced so that the effective tax rate highest effective tax rate becomes 39%. Just like to supplement that there is a consistent theme if you see both on the new tax regime and on the changes that you're seeing in this budget, that the move is towards lower rates but were avoidance measures and exemption. So if you look at high net worth individuals, there are a number of tax avoidance. Removal measures in this budget, along with the reduction in search, are so if you look at market link Dementors, if you look at very high value insurance policies and a few other measures, so the marginal rate is coming down. But some of the devices used predominantly by those in the highest marginal tax rate are also being rationalised, so it's not necessarily a net reduction. It is a reduction from a high marginal rate, inducing certain avoidance devices to a lower marginal rate with fewer opportunities to avoid 70. For police once mind being part of a political party but consistent with what we believe, we placed our emphasis and priorities on those, and that's what you've seen in the budget Madam era. Zavala May. Sanjay Sharma, who Local attack Barcia When a mob covered it up. Corporate maybe Pack skeeter of sake, Giada Practically Ania like in his budget. Same my long cook. A few made anti ghar Ki my long man. I said PTT cylinder Kay Kay Atta Tessa like Ricky roti tax. 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Now the fiscal light part that you have that you have given is 4.5% by 2025 26 which may be considered slightly bold But does it also indicate your confidence in continuing tax buoyancy in the coming years. Jonathan has already Unser did. He has tax buoyancy. As you saw even yesterday. GST collection figures have come direct taxation. Buoyancy is also observed in the current year. That is one thing I think, to the credit of the steam, there's been a very robust management of macroeconomic that's up the buzzer impact. So you all of us might talk about this particular step or that particular step. But I think to gather revenue expenditure, dis investment banking, all of us together have worked in such a way that where you can earn more through tax avoidance related measures and similarly where you can bring in more people into the tax met, you are taking steps. Similarly prudent ways of effective expenditure without cutting down expenditure, committed expenditure or other expenditure are always in which you making money mean move. And for every rupee that you spend, you get a better a better set of returns. So I think efficient management also has a very big role to play. I just wanted to add to your question the estimates in the budget the revenue estimates in the budget do not assume and buoyancy greater than one for the coming financial year, it assumes a buoyancy of one. Gross taxes are expected to grow by the same 10.5% by which we have estimated the GDP to grow, which is slightly lower than the figure imply implied by the economic survey and therefore we are assuming only a buoyancy of one. But if the experience of this year is repeated next year, then it may in fact be more than one. But we have taken a conservative assumption and I think the very fact that the commitment to 4.5% was reiterated word by word in this budget gives you an indication that we feel that we have the means and the ability to reach that target by 2025 26. I would also point out that many of our expenditure increases are on discretionary spends. We have kept a very tight lid on the irreducible types of expenditure and therefore there is room in the budget both on the revenue side and on the expenditure side for us to reach that fiscal deficit target by 2025 26. And it is not likely that the finance minister has reiterated its in parliament today. Man Tum CJ Puree A from CNBC TV 18 ma'am are I have two questions firstly on the TDs reforms. You've come out with two specific reforms for 1 20% tedious on foreign investments. Why has this been introduced? Is it to curb the flight of capital or investments which was going outside the country? And secondly, on students who are going outside to study on that? Also, the TDs has come to a A 5% that has been levied or it has no change on education or not. But what happens to the amount that one a spends in staying there? Student Worst correct thing which you have said because us a very powerful voice and that can spread among your those can go out. No change has been made for education or health purpose. I hope my voice not audible much more than Tim sees. Thank you for correcting me, ma'am, but on the foreign capital on the foreign investment, the TDs of 20%. If you think this question was asked and I already answered it to say that this is actually coming from income and the income acts rates for those categories of people who are using this lRS to spend send money outside is much more than 20%. And so they were in any case, you know, to pay for the tax. And in case they don't have to pay for the tax, they can always get a refund. It is our impression, and there are there is enough information to indicate that are quite a lot of people who are able to make these Remittances, but whose tax returns are disproportionately low compared to what they send as Remittances. Now that means if you don't collect the tax at source, you have to take measures later to catch them. That is much more difficult. This if you are able to make Remittances, to invest in a property in Manhattan or in a stock brokerage account in Dubai, Or, you know, if you are going to take a 30 days tour of the world almost certainly or effective tax rate will be 20%. So, yes, economic survey and there be report that there is a lot of public investment and private consumption. Are you still happy with the private investment? Are you still expecting it to grow for do think. For the moment, it is only public investment that will go on Hi. Yesterday in the press conference, we answer this question and we also had a slide up there and the presentation we made yesterday that private capital investment has been improving every year in the last three years. For example, in the first half of 2021 based on quarterly earnings reports filed by listed companies, the capital expenditure was 2.1 lakh crores, which increased to two point for lakh crores in 21 22 in the first half, April to September 22 23. It has gone up to 3.3 lakh crores, and then you look at the RBI survey on capacity utilisation and investment spending plants of the respondents. There is a very clear sign that many private sector companies are looking to enhance the capital expenditure, so both in terms of intent and in terms of actual spend private capital investment is showing very clear signs of revival. Thank you, ma'am. A. This is federal Narayan from News rise Member, This is your fifth budget and when you started with in the first budget you talk about India reaching to a five trillion economy by 2025. So just I wanted to know what is the situation, because yesterday CIA has put forward another goal post of becoming a seven till in economy nous seven years. So what is happening to that target? This is that is my simple question. We are moving along to achieve our targets both minus mer achieve the Laci. Good afternoon, ma'am. This is Chatham from India today group, ma'am, by calculating the fiscal A match 1 24 how did you assume other disruptive variables like the crude prices and of course, China and locking 100 back non commodity prices? What was what? This is a question that keeps coming every budget and I keep giving you the same answer that there is no part of the budget mathematics that has a crude price number as an input in any spreadsheet. The because there is no direct subsidy on any petroleum product. Unlike the fertiliser price or the price of the MSP, these have direct impact on the budget. The petrol price would have an impact only if it triggers some major change in the tax system. otherwise the patrol diesel oil prices do not directly affect our budgeting. So it is not that there were days maybe 10, 15 years ago when there was a lot of subsidy on these commodities. At that time, crude price assumption was inherent in the budget. Today there is no in The assumption we are making in the budget is only that there will be no subsidies on patrol and diesel, and the global prices will be such that there will be no subsidies what the global price will be. I don't need to make an assumption. So no assumption has been made confusion since last year when people referred to what was said in the economic survey as though it was said in the budget it sent the budget. Didn't say then the budget doesn't say it now. Amid who? News nations say PAL assault a Yankee Jabal Sure what Tracy Modi Sarkar que toca hockey are through a stock. A better car. Nikolay Carve a good Pena pulling or Bahati Callum Majors League. A starting may like AJ, yet a cranky Sarkar could janata go k a tsunami budget high schoo Monty Oh, pilot do Saeki income tax Magister, The key seem ahead. Gopala phase Hi APPA. Just a phase A Polack take is estimated. We have said it in the budget speech itself as to what is the net revenue for gone? Mosca Gosh PNA heika chuka Hm Kidney racket So again 70,000 Status is direct Taxes 37,000 crore Indirect taxes 1000 crore Additional revenue through indirect taxation measures 3000 crores and so net is 35,000 crore This is another from economic times in your budget speech Ma'am, you spoke about the review of financial sector regulators So can you elaborate lately that something some of these exercise when the regulations are brought in the summer purpose thereafter economy changes So all the regulators have been doing it as part of There's a time not to take up a comprehensive review and he will recall RBI had formed a committee. They did it in 2020. They came out with a report in 2021 that is an ongoing process and other regulators also will travel in that direction. That there is regulations are what the economy needs today Whatever tweaking is required they will take up the steps they their own review, not buy them. My, um congratulations on your member. Um I audible man relation will large, full budget and I just want to understand you have mentioned alluded to Banking Regulation Act Amendment and Banking Communities Act amendment. Is it indication that this year will see privatisation on that front public sector banking front? And if you could also give some, throw some light on what kind of amendment it will undertake Apart from allowing a public sector bank for privatisation, peace measures are for improving the governance of the boards and then investors production etcetera. These are not to do with any disinvestment of the privatisation measure. These are the different set of measures over a period of time. The things have changed and the Banking regulation act also fall in line for not following line has to be aligned with the present day needs what the directors are, who can be their what their terms are going to be so those can departments by there and one component. Of course, he is on the investors production areas as well. Good afternoon, ma'am. Um Arema Sharma from put symbolise question. My question is regarding sector in the north, east, north east, especially in Assam. Gamuda. During send a make that Assam handle um sector and bamboo sector badly affected many attic and forced to close their work. So in your budget we have saying something here sector. We have given some relief and widen the possibilities. So as governments are also getting this time, so do you have any special relief for the Assam and Otis Turn A T J and special in the hell um sector and bamboo sector in the last year's budget itself, I think, for sustaining livelihoods and also making sure that the northeast livelihoods are attended to. We came up with a specific programme called PM Divine for the development of Northeast and that was executed through the Northeastern Council. So that programme continues and that will take care of livelihood related, whether it is in the waivers or in any other such community, but the after getting a take in diagram. Usha, they have any special a package for the encourage Raj Helen checked. So that is something which the state government will have to tag along with the existing programmes, either through the handicap, either through the handicrafts programme, the artisan and other things that were coming up with for which the rules will come out. Either they can use it or the textile ministries. I am sure they can always find out from the Textile Ministry for G it tag. They can ask for a dispensation, so this is possible. But that is for the state government to interact with the respective minutes. Can you mail? It'll be elaborate on what kind of state government to deal with it for the respective minutes in your budget. Really? For kind of relief you have. Can you little bit tab elaborated in my budget. Real sector for M. S m me or for GAM Usha of G water. You asking I'll send you some information, ma'am. Let's move on with other good evening ma'am are from Business Standard Mama in this year's fiscal policy statement. Also use speaking about unprecedented global headwinds and challenges, and again, you have not given forecast for the two succeeding years in these case at 5 24 25 25 26. Although you have an internal consolidation road map, so are we going to see these. This is a new normal where you're not amending the BMX again and you're not giving to succeeding years forecast. But but you will continue having an internal roadmap. India. Yeah, but you're not amending for the third consecutive year. You're not amending. Therefore, be, um, act and not giving to succeed in years targets. But we have given a light path, and we are every budget stating whether we have aligning with the guide glide path, given or not right so that pandemic was the new normal for two years. Hasn't it been money control? The gross boring numbers 15 point for close net is grows boring is 15 point for lock natives 11.8 lakh, especially with real entries. Real interest rates return into positive territory and territory in the last few months. With our be hiking rates, do see boring cost for cos rising specially and perhaps the government crowding out the private sector. And could that impact private investments? So I think the question of crowding out actually the increase in borrowing over the previous year is 8%. The economy has grown at a nominal rate of 15% over the same period. So this is a level of borrowing which I think will not lead to any incremental crowding out intact as a percentage of the size of the nominal economy. The total gross borrowing is actually went well over in 23 20 for than in 22 23. So incremental crowding out, I think, is not a significant issue and that I do not think will lead to any impact on borrowing costs in the private sector. Re treating that point that expected the required borrowings for the next year of the same order what they are in the current year, a court the size of the economy has gone up. It is not that the move money is being taken out of the savings which are available into the economy. So we don't see that impacting because it is of the same order. And even if you go two years back and just increased by nominal rates, the boring zar net boring sort of the same order. In fact, there are they are less than 2% more than the actual Sze to figure stated were, I think for the B, but actually it will be only you know, estimates are that it will be less than 2%. Economy is nominally expected to grow at more than 10 point at at 1.5%. So I mean, that should answer your question. Manish Swarup a level from India today from opposition parties have been calling this null Bottas Jonathan Not good enough. Budget to your comments. Follow you Hindi. Would you say that against ma'am? They said not good enough. Most of the opposition parties for the budget. Mammy of government Not good enough for what re since. Man, if you would like to repeat their words there certain, Um, most of the political thing. If you could please repeat their words and say not good enough. For what reasons? Person. They said nothing. Nothing. Nothing much for the middle class. Most of the p r. This is what those parties, ma'am, do you believe do believe India will remain a bright spot. Man, Next question, please. Mm. My name is Mukesh on the work for news rise. This wanted to know Is there a component of green bonds in the Does it contain green bonds also? I mean, we're but with the component of green modes. Sor angry Question. Please. Basically, in this overall gross borrowing that we have for the year, what component of that would be former Green Bonds C. For the current year of $2 billion.01 instalment has already been done. One week back, someone will done a week later. So for the next and the money which you are going to raise now through these bonds used for the project's been identified and projects require in the pipe and that they require more money, then we will raise money through the green bonds. But that will be part of the overall boring, which have been suggested no target for green bonds for next year. It is something which will evolve as the, um um this pre monk shoe from Ananda Aboutrika. You have said that your capital expenditure has reached your capital expenditure has reached tell a crore, but the interest payment expenditure that is also there has also reached tell a crew and the interest payment barred and it is almost 40% of the revenue receipt. So do you think it is a matter of concern, for it is always desirable for government to have its interest payments as low as possible. But you are aware of the reasons for which government had to borrow a lot over the last three years and all that I can say is the borrowings have been used very constructively towards growth inducing investments and have not been frittered away on unproductive expenditure. Therefore, if the economy keeps growing at the rate that it has started to grow at now, then this is unlikely to be an unsustainable debt burden. We are quite confident interest burden will gradually come down as the GDP keeps growing and to sustain that growth, the quality of expenditure, the quality of government expenditure is increasing. The revenue deficit is falling even faster than the fiscal deficit. So we are actually seeing an improvement in the quality of public expenditure which will enable us to sustain this higher interest burden, which is a result of history. Two years of ca vid, where the entire globe has seen an increase in interest burden in all governments all over the world,
