Union Finance Minister Nirmala Sitharaman has tabled the Union Budget for the financial year 2023-24 in the Parliament. “This is the first budget in Amrit Kaal,” said Nirmala presenting the budget.
Here are the highlights:
The per capita income has more than doubled to Rs 1.97 lakh.
In the last 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world.
India’s growth for the current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war.
The Budget 2023 has seven priorities and they are infra, green growth, financial sector, youth power.
The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries.
157 new nursing colleges will be established.
A budget of Rs 2.40 Lakh crore has been allocated to the Railways.
Rs 13.7 Lakh crore has been alloted to provide interest free to states.
38,800 teachers will be hired for Ekalavya Model Residential Schools
Rs 5,300 crore assistance to drought-prone central region of Karnataka. This state will go for Assembly elections in another three months.
50 additional airports, helipods, water aero drones, and advanced landing grounds will be revived to improve regional air connectivity.
Rs 35,000 crores priority capital for the energy transition.
Union Govt to bring National Data Governance policy.
Three centres of excellence for artificial intelligence will be set up in top educational institutions.
100 labs for developing applications to use 5G services to be set up.
Rs 75,000 crore allocated for 100 critical transport Infra Projects.
Rs 79,000 to be invested in 100 last mile Railway Projects.
30 Skill India International Centres will be set up across different States.
50 tourist destinations will be selected and to be developed as a whole package for domestic and international tourism.
An investment of Rs 6,000 crore to enable the activities of fishermen, fish vendors and micro and small entrepreneurs.
200 compressed biogas plants, including 75 in urban areas and 300 community-based plants to be set up with investment of Rs 10,000 crore
Taxes on cigarettes hiked by 16 percent.
Basic import duty on compounded rubber increased to 25 percent from 10 percent.
The new personal income tax regime with 6 income slabs.
Income tax rebate for individuals increased from Rs 5 lakhs to Rs 7 lakhs in the new tax regime.
The new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5 percent, Rs 6 to 9 Lakhs – 10 percent, Rs 9 to 12 Lakhs – 15 percent, Rs 12 to 15 Lakhs – 20 percent and above 15 Lakhs – 30 percent.
Maximum deposit limit for senior citizens enhanced from Rs 15 Lakh to Rs 30 Lakh.