Budget day is finally here. Every year, on February 1, India's annual financial statement or Union Budget is presented by the Finance Minister. FM Nirmala Sitharaman is currently presenting Union Budget for 2023-24 in the parliament and we will be bringing you all the live updates from her speech.
Union Budget 2023-24 Highlights
Amrit Kaal
FM began her speech by mentioning Amrit Kaal. She shared that this is the first budget in Amrit Kaal. President Droupadi Murmu too while addressing a joint session of Parliament talked about Amrit Kaal. She said, "India has entered Amrit Kaal completing its 75 years of Independence. Amrit Kaal is a period of 100 years of Independence and making of a developed India. These 25 years is a period for all citizens to focus on duty."
Indian Economy On The Right Track
The FM shared that Indian economy is on the right track and is heading towards a bright future. She shared that the world has recognised Indian economy as a bright star and the growth is expected to be at 7%, which is the highest among major economies.
Janbhagidari
During her speech, Sitharaman also shared that the government's vision for the Amrit Kaal is to have a technology-driven and knowledge-based economy with public finances and a strong financial sector. This would be possible with 'janbhagidari' and 'sabka saath sabka prayaas'.
Budget 2023 Priorities
The Finance Minister shared that Budget 2023 is based on seven priorities - inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
Free Foodgrains For 1 Year
The government is implementing a scheme to supply foodgrains to all National Food Security Act (NFSA) beneficiaries i.e. Antyodaya Ann Yojana (AAY) households & Priority Household (PHH) persons for the next one year. FM also shared that during COVID-19 pandemic, the government ensured that no one goes hungry to bed and this was fulfilled with a scheme to supply free foodgrains to over 80 crore persons for 28 months.
Pradhan Mantri PBTG Mission
This development mission aims to improve the socio-economic condition of the Particularly Tribal Groups. Provide them with basic failities. ₹15,000 Crores will be made available for the mission.
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Eklavya Model Schools
In the next three years, the government plans to employ over 38,000 teachers and support staff for 740 Eklavya model schools. These schools will be supporting tribal students.
AI Centers
Three centers of Aritifical Intelligence will be set up in India, says Finance Minister Nirmala Sitharaman.
Benefit For Businesses
FM Nirmala Sitharaman during the speech shared that more than 39,000 compliances have been reduced and more than 3400 legal provisions have been de-criminalised and this will further help in enhancing the ease of doing business.
A Common Identity For All Digital Systems
PAN will be used as a common identifier for all digital systems of specified government agencies.
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Custom Duty Cut Down On Lab Grown Diamonds
Mission To Eliminate Sickle Cell Anemia
National Digital Library For Children
Mahila Samman Savings Certificate
Income Tax Rebate
- Rs 0 -3 lakh - Nil
- Rs 3-6 lakh - 5%
- Rs 6-9 lakh -10%
- Rs 9-12 lakh -15%
- Rs 12-15 lakh - 20%
Big Announcements For Income Tax Payers
- New tax regime will become the default tax regime
- There will be no tax on income up to Rs 7 lakh a year in new tax regime
- The government will increase the tax rebate from Rs 5 lakh to 7.5 lakh in new tax regime
- Four new slabs will be introduced in new tax regime
