Budget 2023: Nirmala Sitharaman presents Union Budget today
New Delhi:
Finance Minister Nirmala Sitharaman presents the Union Budget for FY 2024 which will lay the foundation for moving India’s economic growth to the projected rate of 6.8 percent. In her opening remarks, she said the focus of this budget is “green growth, youth power, farmers and women”.
Here’s our 10-point budget cheat sheet for 2023
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This is the first budget for Amrit KalMs. Sitharaman said in her opening remarks, referring to the Modi government’s slogan “New India”. “The Indian economy is on the right track and heading towards a bright future. India’s global profile is rising due to its world-class digital infrastructure and proactive role in the border regions” 2023 budget speech.
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The finance minister said that capital investment expenditure will rise by 33% to Rs 10,000 crore – which will be 3.3 per cent of GDP in the 2023-2024 financial year.
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Ms. Seetharaman said that the government will incur an expenditure of Rs 2.4 crore for the railways.
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The minister said that there will be a one-stop solution for reconciling identity cards held by various government agencies. The PAN will be used as a common identifier for all digital systems of selected government agencies.
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The government will create a national digital library for children and adolescents, reformulate teacher training through various programmes, and start new initiatives to promote research and innovation in medicine.
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Over the next three years, the government will hire 38,800 teachers for Ekalavia Model Residential Schools
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“The Indian economy has grown from the 10th to the 5th in the world and its per capita income has doubled. The G20 Presidency offers us a unique opportunity to enhance India’s role in the global economic system,” said Sitharaman.
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As expected, India’s middle class is looking for some form of exemption from income tax. Although the tax board has not changed and no new deduction has been announced in the past year, inflation has dampened people’s earnings. They have seen no change in the tax rate since 2017-18 and in the tax plate since July 2014.
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The Finance Ministry was considering increasing the minimum under 80 degrees Celsius, which includes investment in life insurance, fixed deposits, bonds, housing and the Public Provident Fund. If this happens, it will encourage savings and help raise rainy-day funds for people whose savings eroded at the height of the COVID-19 pandemic.
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More than half of India’s population is under the age of 30. For them, the focus will be on job security and lowering taxes on the products they prefer to buy, such as electronic goods. Better terms for education loans and other forms of financial aid for schools and higher education will be watched with interest.
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