Union Finance Minister Nirmala Sitaram presented the Budget for the financial year 2023-2024 in the Lok Sabha at 11 AM. It is believed that it will be the last full-fledged budget of the Modi government before the Lok Sabha elections in 2024. 

The scenario of the Union budget 2023
Image Source: The Leaflet

The highlights of the budget are as follows:

  • Supply of free foodgrains from Jan 1, 2023, to all priority households to continue for the next 1 year
  • Agriculture accelerator fund for agri start-ups
  • 157 new nursing colleges will be established in core locations
  • Agriculture credit target to be increased to Rs 20lakh crore
  • National digital library for youth
  • New courses on medical devices to skill youth
  • Capital investment of the government will be increased by 33% to Rs 10 lakh cr
  • 50-year interest-free loans for State Governments to continue
  • Railways- capital investment from the Government of Rs 2.40 lakh crore
  • Urban infrastructure development fund to be established – in tier II and tier III cities- Rs10,000 crore p.a. 
  • Three centres for AI to be set up to conduct research and develop cutting-edge solutions
  • 50 airports to be developed for better air connectivity
  • Government investment of Rs 19,700 crore for the National Hydrogen Mission
  • Rs 35,000 crore investment to reach India’s goal of net zero carbon emissions
  • Generation of 13 Gigawatts of green energy from Ladakh; investment of Rs 20,700 crore
  • For ‘Amrit Peedhi”, to skill lakhs of youth over 3 years. New courses on Al and technology will be brought. 30 skilling centres to be set up. Stipend support will be given to 47 lakh youths
  • Credit guarantee for MSMEs revamped scheme from 1st April 2023 with Rs 9000 crore infusion cost of credit 1%
  • The maximum limit on Fixed deposits for senior citizens hiked from Rs 15 lakh to 30 lakhs
  • Income Tax Changes 

Income tax rebate increased to Rs 7 lakh per year (up from Rs 5 lakh)

This means you will pay no income tax if you earn less than Rs 7 lakh per year.

New Income tax slabs 

Above 15 30
  • Super Rich tax cut: Highest surcharge rate was reduced from 37% to 25% in the new tax regime

In this Union Budget 2023 the things that will become more expensive are cigarettes, articles made from gold bars, imitation jewellery, silver, electric kitchen chimney, imported bicycles and toys, electronic vehicle imports 

And the things that will get cheaper are the parts for mobile phones, parts for TV panels, machinery for lithium-ion batteries, and raw materials for the EV industry.   

Chief Justice of India (CJI) DY Chandrachud has hailed the allocation of Rs 7,000 crore for phase three of the e-courts project in the Union Budget 2023. This will not only help in enhancing the accessibility of judicial institutions but also improve the efficiency of the justice delivery system in India, he said.

  “Growth is the main focus. We want to sustain that recovery, sustain that growth,” Sitharaman said. 

Union Finance Minister Nirmala Sitharaman believes that with more money in the hands of taxpayers under the new income tax regime, they would be the best judge to decide their own choice for investment.

Union Finance Minister Nirmala Sitharaman said on February 4 that regulators are monitoring the developments on the Adani group and that they are functioning independently.

Her statement comes a day after banks such as the State Bank of India (SBI) and Life Insurance Corporation (LIC) revealed their exposure to the group currently mired in controversies.                              

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