One of the major highlights announced by FM Nirmala Sitharaman today was increasing the Income Tax bracket in the new tax system.
New Delhi: Finance Minister Nirmala Sitharaman on Wednesday (February 1), presented a pro-people and pro-market Budget. The Union Budget increased expenditures on infrastructure and agriculture in line with its emphasis on inclusive growth. By reducing income tax, the Finance Minister Sitharaman’s Budget has also given individuals access to more money.
The Union Finance Minister listed seven Budget priorities during her speech in the Lok Sabha today. These seven priorities are: financial sector, unleashing potential, green growth, reaching the last mile, inclusive development, and infra and investment.
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Nirmala Sitharaman announced that under the new tax system, no tax would be assessed on annual income up to Rs 7 lakh, adjusting the slabs to provide some relief to the middle class.
Here are the major highlights of the Budget 2023
Mahila Samman Savings Certificate will be made available for two years, deposits of up to Rs 2 lakh at 7.5 per cent interest
Senior Citizens` Savings Scheme deposit limit raised to Rs 30 lakh from Rs 15 lakh
Income tax rebate limit increased from Rs 5 lakh to Rs 7 lakh under new tax regime
Railways get Rs 2.4 lakh crore, which is the highest ever allocation to it
Agricultural credit target increased to Rs 20 lakh crore
Mobility Infra — 50 additional airports, heliports
Allocation for PM Awas Yojna increased by 66 per cent to over Rs 79,000 crore
Capital investment outlay to be raised by 33 per cent to Rs 10 lakh crore, which will be 3.3 per cent of GDP in fiscal 2024
Read More: Union Budget 2023: Railways Allocated Rs 2.4 Lakh Crore Capital Outlay | Deets Inside
Effective capital expenditure of centre to be – Rs 13.7 lakh crore
Tribals to get Rs 15,000 crore over next three years for safe housing, sanitation, drinking water, and electricity .
Manhole to machine-hole mode — All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks .
Eklavya Model Residential Schools – 38,800 teachers will be hired
Goal `Make AI in India`, `Make AI Work For India` — three centres for excellence for AI will be set up in top educational institutes
Rs 2,516 crore for Computerisation of 63,000 credit societies
100 labs to develop apps using 5g services to be set up in engineering institutions
Rs 35,000 crore for energy transition to net-zero emission goals
Green Hydrogen Mission for reduced dependence on fossil fuel
Battery energy storage systems of 4000 MWh will be supported
39,000 compliances reduced for ease of doing business
30 Skill India international centres to be set up
Natural Farming – one crore farmers will get assistance
A revamped credit guarantee scheme for MSMEs with an outlay of Rs 9,000 crore will be launched from April 1
