The Union Budget 2023 was unveiled on Wednesday by Finance Minister Nirmala Sitharaman. This is the final Modi 2.0 budget before the general elections in 2024. She stated during her address that this is “Amrit Kaal’s” first budget. According to her, the budget for 2023 aims to expand upon the groundwork laid down during the previous budget.
The nation will see the highest growth among all the world’s major economies in FY23, at 7%.
Here are some of the key points of the Budget ‘23:
- Under the ‘PM Kisan’ Yojana, the center has completed cash disbursements of ₹2.2 trillion
- There are already 96 Mn new LPG connections, 2.2 Bn Covid-19 vaccinations, and 478 Mn new ‘Jan Dhan’ accounts.
- To ensure food security, From January 1, the center has started offering all Antyodaya and priority households a year of free food grain as part of the ‘PM Garib Kalyan Ann’ Yojana.
- A large potential would be tapped in the domain of tourism and the promotion of the tourism sector would be taken up in the “mission mode”.
- FM Sitharaman also highlighted the budget’s top seven priorities. These include the financial sector, unleashing potential, infrastructure and investment, young power, green growth, and inclusive development.
- In addition, the Center is concentrating on three key areas as India draws closer to India@100. There are also: facilitating a wealth of options for citizens, giving growth and job creation a powerful boost, and enhancing macroeconomic stability.
- The Center will establish an agricultural accelerator fund to support Agri entrepreneurs in rural areas. As an open-source, and interoperable public benefit, digital public infrastructure for agriculture will also be developed.
- The Aatmanirbhar Clean Plan programme, worth ₹2,200 Cr. would be introduced by the centre.
- Capital outlay of ₹2.40 trillion for railways fixed for 2023-24
Other Updates:
Salaried, pensioners are to pay nil tax on income up to ₹7.5 lakh in the new tax regime.
Income Tax Rates are as follows:
- ₹0-3 Lakhs: Nil
- ₹3-6 Lakhs: 5%
- ₹6-9 Lakhs: 10%
- ₹9-12 Lakhs: 15%
- ₹12-15 Lakhs: 20%
- ₹15 Lakhs and more: 30%
Life insurance proceeds are taxable for premiums over ₹5 lakh.
Metals like gold, silver, platinum, etc. to be expensive whereas, electronic and other input items like camera lenses, mobile phones, parts of mobile phones, TV panels, ion batteries, etc. to be cheaper.
EVs, imported cars, etc. to be expensive as customs duty is hiked to 70 percent.
PAN can be used as a common identifier at any government office or agency.
Stipend to be provided to 47 lakh youngsters via a 3-year apprenticeship scheme.
The rebate limit has increased to ₹7 Lakh.
The surcharge rate has been changed from 37% to 25%.
Budget set for ‘National Green Hydrogen Mission’ is ₹19700 Crores.
You can also check, Updates of Union Budget 2021: Big Takeaways of Budget for Startups, MSMEs and Businesses