Union Budget 2023 Highlights: Union Budget 2023 will enlighten the path for India’s economy during a tough phase when advanced economies would be stumbling from the recession. Today, Finance Minister Nirmala Sitharaman started the presentation of the Indian Union Budget 2023-24 in Parliament on Wednesday, 1st February 2023. On 31st January, the finance minister presented the Economic survey 2022-23 in Parliament. It is Nirmala Sitharaman’s 5th Union Budget and the current Government’s last Union Budget before the Lok Sabha polls in 2024.FM Sitharaman proposes to increase income tax rebate limit from Rs 5 lakh to Rs 7 lakh in new tax regime
Union Budget 2023 Key Highlights
The key highlights of Union Budget 2023-24 as announced on 01st February 2023 by Finance Minister are enlisted below-
- Finance Minister Nirmala Sitharaman has called the Indian Union Budget 2023 the first budget of Amritkaal.
- Education sector to receive incentives this time.
- New tax regime has been announced under which No tax will be deducted for income up to 3 lahks per year. Tax exemption of up to Rs. 7 lahks a year under the New Tax Regime. Increase income tax rebate limit from Rs 5 lakh to Rs 7 lakh in new tax regime
- Finance Minister Nirmala Sitharaman proposed increase in the agriculture credit target in the Budget 2023 to Rs 20 lakh crore.
- Hotel stocks moved higher as investors cheered Finance Minister Nirmala Sitharaman’s push for the tourism industry in the Budget 2023.
- The projected economic growth is 7%, the highest among the major economies. Moreover, the Union Budget 2023 has seven priorities including infrastructure and investment.
- Taxes on cigarettes hiked by 16 percent
- Basic import duty on compounded rubber increased to 25 percent from 10 percent.
- Govt proposes to reduce customs duty on the import of certain inputs for mobile phone manufacturing.
- A sub-scheme of PM Matsya Sampada Yojana with a targeted investment of Rs 6,000 crore.
- The Union Budget has fixed the fiscal deficit target for 2023-24 at 5.9 per cent of GDP. The government has assumed nominal GDP growth of 10.5 per cent for 2023-24
- The world recognises India as a bright star as its GDP is the highest among major economies.
- In the coming year, India would be aiming for Tech and knowledge-driven economy.
- A one-time new small saving scheme Mahila Samman Saving Certificate will be made available for two years up to 2025.
- A revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will be launched from April 1
- Centre will launch the ‘Dekho Apna Desh’ initiative to promote domestic tourism.
- Fiscal support for digital public infrastructure (DPI) will continue from 2023-2024. Rs 7,400 crore digital payments of Rs 126 lakh crore through UPI in 2022.