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    Union Budget 2023: All You Need To Know

     Finance Minister Nirmala Sitharaman is presenting Union Budget 2023-24 in the parliament today. Before proceeding to the parliament, Sitharaman met President Droupadi Murmu.
    Updated at - 2023-02-01,15:20 IST
    budget for  speech nirmala sitharaman income tax

    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.


    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. 

    Don't Miss: Union Budget: What It Is & Why You Need To Understand It, Finance Expert Weighs In

    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.

    Don't Miss: Budget 2023: 5 Things Women Expect From Finance Minister Nirmala Sitharaman

    Custom Duty Cut Down On Lab Grown Diamonds

    The custom duty on lab grown diamonds has been reduced. However, there is still no announcement on natural diamonds. 

    Mission To Eliminate Sickle Cell Anemia

    The FM announced a mission to eliminate the deadly sickle cell anemia by 2047. Indian Council of Medical Research (ICMR) labs will provide medical facilities to public and private sector. 

    National Digital Library For Children

    This library will be set up for children and adolescents. National Book Trust, Children’s Book Trust will stock non-curricular titles in regional languages to digital libraries. States will be encouraged to set up physical libraries at panchayat and ward levels. 

    Mahila Samman Savings Certificate 

    The FM announced the Mahila Samman Savings Certificate for women's savings with a duration of two years. The deposit limit will be up to ₹2 Lakh and have a fixed interest rate of 7.5 per cent. For senior citizens, the maximum investment limit will be increased from ₹15 Lakh to ₹ 30 Lakh.

    Income Tax Rebate 

    Sitharaman announced an income tax rebate for individuals earning between ₹5 Lakh to ₹7Lakh. Only 5% tax on income of 9 Lakh.
    New Slabs Under New Tax Regimes

    • 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
    What are your thoughts on the budget presented by PM Modi led administration? Share your thoughts with us on our social media handles.

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