• FY23 Telecom receipt has been revised upward from Rs528bn to Rs688bn. FY24 budgeted Telecom receipt has been set quite high, at Rs895bn.
  • Based on telcos’ rev. share payments to the government and instalments on past auctions, a realistic estimate of Telecom receipt for both the years comes to Rs410bn. This approximately implies a gap of Rs278bn/Rs485bn in FY23/24.
  • On the other hand, we also note that capital expenditure of DoT has sharply gone up to Rs542bn/Rs617bn in FY23/24 from the FY18-22 average run-rate of Rs~50bn.
  • Our industry interactions suggest that BSNL-relief package related items (some of which are non-cash transactions such as conversion of dues into equity, allotment of 4G spectrum against equity infusion, etc.) a...

Read More
  • IIFL News Service |
  • 02 February, 2023 |
  • 2:52 PM
  • IIFL News Service |
  • 02 February, 2023 |
  • 2:52 PM


  • IIFL News Service |
  • 01 February, 2023 |
  • 2:50 PM
  • IIFL News Service |
  • 31 January, 2023 |
  • 2:48 PM

Budget 2023 Expectations

  • The ailing sector seeks support from FY 24 Budget

    Expects reduction or removal of excise duty on ATF.

    The aviation sector is among the worst hit sectors from 3 years of Covid lockdowns and restrictions. The sector is therefore expecting some significant relief measures in FY 24 budget. One expectation is that the budget will lower the excise duty on Aviation Turbine Fuel (ATF). Reduction in this excise duty will bring down the fuel costs for airline companies. Fuel costs make up for around 18%-20% of total operating costs of airline companies.

    Another expectation is that the Government will continue to provide budgetary incentives for the UDAN scheme. This scheme focuses on development of airports in smaller towns and cities. This scheme has achieved a fair degree of success till now in improving regional connectivity and airport infrastructure. Number of operational airports in the country have increased from around 70, at the start of this scheme, to more than 140 now.


Focus areaMeasures announced

Read More
  • IIFL News Service |
  • 01 February, 2023 |
  • 2:50 PM
  • IIFL News Service |
  • 01 February, 2023 |
  • 2:50 PM
  • IIFL News Service |
  • 01 February, 2023 |
  • 2:50 PM




No Record Found














What is Union Budget?

Article 112 of the Indian Constitution defines the Union Budget of India as a comprehensive annual financial statement on the government's capital, revenue, and expenditures. It is a detailed financial plan for the present and future based on revenue and expenditure estimates for the Central Government.

When will Budget 2023 be presented?

Finance Minister Nirmala Sitharaman will present the budget in the parliament on February 1, 2023, from 11 am onwards. Till 2016, the Union Budget was presented on the last working day of February. Former Finance Minister (late) Arun Jaitley changed it to February 1 in 2017.

What is Economic Survey?

The Economic Survey presents the annual economic developments in the country and highlights key challenges and their possible solutions. The survey is being prepared by the Chief Economic Adviser Dr V Anantha Nageswaran.

When will the Economic Survey 2023 be presented?

The Economic Survey is presented in Parliament a day before the budget, on January 31.

What is fiscal deficit?

Fiscal deficit is the difference between total revenue and total expenditure of a government in a financial year. It is an indication of the total shortfall in a government's earnings compared with its spending. In calculating the total revenue, borrowings are not included.

What are the different budget documents?

Speech of the Finance Minister

Broad tax policy measures 

Problems faced by the economy

Government’s solutions to the problems

Key to budget

Explains key budget documents

Budget highlights

Presents key features of the budget

Annual financial statement

Shows receipts and payments of the government

Consolidated fund

Funds raised by the government via taxes, loans, dividends, etc.

Public account

Funds collected by the government via PF, small savings collections, etc.

Finance bill

Tax proposals and tax rates


Overview of tax provisions provided in the finance bill

Budget at a glance

Overview of government finances

Expenditure budget

Volume I explains ministry-wise provisions

Volume II explains trends in expenditure (planned and non-planned) over several years

Receipts budget

Details of revenue and capital receipts

Explains estimates in simple language

Customs & Central excise

Customs and excise notifications

Implementation of budget announcements

Status of implementation of initiatives announced in the speech

Macroeconomic framework statement

Assesses growth prospects of the economy and spells out key assumptions behind estimates on GDP growth, fiscal deficit, etc.

Medium-term fiscal policy statement

Presents 3-year rolling target for specific fiscal indicators

Fiscal policy strategy statement

Government policies around taxation, expenditure, lending, investments, etc.

What is the Finance Bill?

Finance Bill contains government proposals for the levy of new taxes, alterations in the present tax structure or continuance of the current tax structure. The Parliament approves the Finance Bill for a period of one year at a time, which becomes the Finance Act.

What are Direct Taxes?

These comprise taxes imposed on the income of individuals or organizations. Examples of Direct Taxes include Income tax, corporate tax, inheritance tax, etc.

What are Indirect Taxes?

Indirect taxes paid by consumers when they buy goods and services. These include excise and customs duties.

What is a Capital Budget?

The Capital Budget consists of capital receipts and payments. These components are of a long-term nature.

Capital receipts include government loans raised from the public, government borrowings from the Reserve Bank and treasury bills, loans received from foreign bodies and governments, divestment of equity holding in public sector enterprises, etc.

Capital payments include capital expenditure on acquisition of assets, investments in shares, loans and advances, etc.

What is plan and non-plan expenditure?

Plan expenditures are estimated after discussions between each of the ministries concerned and the Planning Commission.

Non-plan revenue expenditure comprises interest payments, subsidies (mainly on food and fertilisers), wage and salary payments to government employees, grants to States and Union Territories governments, pensions, etc. Non-plan capital expenditure mainly includes defence, loans to public enterprises, loans to States, Union Territories and foreign governments.