On February 1, Finance Minister Nirmala Sitharaman presented a budget that was pro-market and pro-people. In keeping with its emphasis on inclusive growth, the Union Budget increased spending on agriculture and infrastructure. The Finance Minister Sitharaman’s Budget has also increased people’s access to money by reducing income tax.
Seven budget priorities were highlighted by the Union Finance Minister in her speech to the Lok Sabha today. These seven priorities are: the financial sector, maximising potential, promoting sustainable growth, bridging the gap in development, and infrastructure and investment.
In order to give some relief to the middle class, Nirmala Sitharaman said that under the new tax structure, no tax will be assessed on annual income up to Rs. 7 lakh.
The following are the main highlights of the Budget 2023:
- Two-year Mahila Samman Savings Certificates with deposits of up to Rs. 2 lakh and 7.5% interest would be made available.
- Deposit limits for the Senior Citizens’ Savings Scheme were increased from Rs. 15 lakh to Rs. 30 lakh.
- Under the new tax system, the income tax rebate limit raised from Rs. 5 lakh to Rs. 7 lakh.
- This year’s allocation to the railways is the highest ever at Rs 2.4 lakh crore.
- The goal for agricultural credit was raised to Rs 20 lakh crore.
- 50 other airports and heliports are part of Mobility Infra.
- The amount allotted for the PM Awas Yojna grew by 66% to more over Rs 79,000 crore.
- The amount spent on capital investments is expected to increase by 33% to Rs 10 lakh crore in fiscal 2024, or 3.3% of GDP.
- Effective capital spending for the centre is expected to be Rs 13.7 lakh crore.
- Tribals will receive Rs 15,000 crore over the next three years for electricity, sanitary facilities, safe housing, and water.
- Machine-hole to manhole mode Sewers and septic tanks will be completely transitioned in all cities and municipalities.
- The Eklavya Model Residential Schools will hire 38,800 teachers.
- Goals “Make AI in India” and “Make AI Work For India” would see the establishment of three centres for excellence in AI in prestigious educational institutions.
- 63,000 credit societies will be computerised at a cost of Rs. 2,516 crore.
- 100 laboratories will be set up in engineering schools to create apps leveraging 5G services.
- To reach net-zero emissions standards, an energy transition will cost Rs 35,000 crore.
- Reduced reliance on fossil fuels through the Green Hydrogen Mission.
- 4000 MWh of battery energy storage systems will be supported.
- 39,000 compliances were lowered for business efficiency.
- There will be 30 international centres for Skill India.
- One crore farmers would receive aid with natural farming.
- A new credit guarantee scheme for MSMEs with an investment of Rs 9,000 crore will be introduced from April 1.