Financial Minister Ms Nirmala Sitharaman presented the Union Budget 2023 in the parliament on 1st February. The Budget is going to be for the financial year 2024. One another Serious note- in times of Global challenges, the G20 presidency has allowed India to show up its role in the world economic order. For a better economic impression and development, India is aiming for-
- Tech and Knowledge driven circumstances.
- Achieving the climate-related Goals
- Mission Life and National Hydrogen Mission.
- The focus concerns in the Budget were mainly on the development of- Youths, Women, Farmers OBCs, Scheduled casts, and Scheduled tribes. This is the first Budget in Amrit Kal. The current year’s economic growth is esteemed to be at 7% and notably, it is the highest among all the developing major economies.
- The Indian Government is also going to continue the commitment to ensuring food and Nutritional security implementation from 1st January 2023, a scheme to supply free food grain to all Anthyodaya and all the Priority households for the next year under PM Gareeb Kalyan Anna Yojana.
- Tourism- As India offers tourist attractions domestically as well as foreign tourists. The sector builds huge opportunities for Jobs and Entrepreneurism for youths particularly.
- The finance minister has also further expressed the intention of relief to the middle class under the New Tax Regime.
Seven Priorities- The Saptarushi
“Priorities of this budget- budget adopted the following seven Priorities, they complement each other and act as a Saptarushi guiding us through the Amrit kal.” Ms. Nirmala Sitharaman started her speech by considering the Connection of modern India to its ancient cultural roots.
The seven-mentioned priorities in the respected Union budget are-
- Inclusive development
- Reaching the last mile.
- Infrastructure and development
- Unleashing the potential
- Green Growth
- Youth power
- Financial sector
What are the benefits for the common people from the Union budget?
From Digital Public Infrastructure to Innovative Rural Start-ups, to encourage and initiate all the fields over the small corner, the Government’s new Agriculture Accelerate fund summarises the Tech-driven growth of the Government. Similarly, targeted funding of 20 lakhs Crore rupees will boost the Agricultural sector. These are going to help India Achieve its Inclusive Development priority.
Infrastructure and Investment, spending, and the Capex push. The finance minister has announced 10 lakh crore Capex, which is 33% more than last year. Which is the highest capital outlay in the Indian government’s History. The Indian government is focusing on job creation and Development.
The finance minister has also pointed out her significant allegations on Green energy and energy transition. 35 thousand Crore Rupees outlay has been announced to fix the Goal of net Zero carbon emission till the year 2070, in the financial year. Some of the schemes are also announced further which will be playing a significant role in preserving a better and sustainable environment.
The most trending topic over the 2020-24 budget topic for every salaried class is The New Tax Regime Rebate limit being increased from rupees 5 lahks to 7 lakhs. No income tax will be anymore applicable if the annual income is 7 lakh rupees or below. The complete clarity on the slab changes decision is still pending.
The government is encouraging the salaried class to switch to the new tax regime. Also, the new tax regime is announced as the default tax regime. But in some cases, you can still follow the old tax regime where the tax deductions are under section 80c.
The government has announced some new schemes and also some updates to existing schemes. The Finance Minister has launched the One Time Small Saving Scheme for Indian Women and Young Girls under the title- Mahila Sanman Saving Certificate, this is a deposit facility with a tenure of 2 years with a 7.5% interest rate.
For senior citizens, under the Senior Citizen saving schemes, the maximum investment amount limit which was 15 lakhs is increased to 30 lakhs. Monthly income scheme now the deposit amount limit is increased to 9 lakh rupees. In cases of joint accounts, the limit was up to 9 lakhs now it is increased to 15 lakhs.
Here are the top Highlights and announcements from the Union budget for the financial year. 2023-24. We will keep you updated with the clarity of the dimensions in the upcoming Budget.