FM Nirmala Sitharaman present the Union Budget for 2023-24 with a digital device.
In 2019, FM Nirmala Sitharaman presented the Union Budget in a traditional ‘bahi-khata’ rather than a leather briefcase for the first time since independence. However, due to the Covid-19 pandemic in 2021, the government had to take necessary steps to maintain the security and safety of everyone. The Finance Minister moved ahead with the first paperless Budget holding a digital tablet wrapped in a red-coloured cover with the national emblem emblazoned on it.
The Union Cabinet meeting chaired by PM Modi begins at Parliament. After the Cabinet approves the Budget 2023, it will be presented in Parliament by FM Sitharaman,
Union Finance Minister Nirmala Sitharaman on Wednesday, February 1, presented the full Budget of Prime Minister Narendra Modi govt 2.0 ahead of the upcoming Assembly and 2024 general elections. Calling India ‘a bright star’, the Finance Minister said that the nation’s economic growth is the highest among all major world economies.
FM Sitharaman lists out seven priorities of PM Modi-led government
The seven priorities of the government are:
1. Inclusive development
2. Reaching last mile
3. Infrastructure and investment
4. unleashing potential
5. Green growth
6. Youth Power
7. Financial Sector
Key Points of Budget 2023
FM Sitharaman made a massive announcement in the Railways sector where she said that the Capital outlay of 2.40 lakh crore, which will be 9 times more since 2013-14
Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP, said Finance Minister Nirmala Sitharaman in her budget speech.
For business establishments required to have Permanent Account Number, the PAN will be used as a common identifier for all Digital Systems of specified government agencies: FM Nirmala Sitharaman.
Revamped credit guarantee scheme for MSMEs will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs.
Finance Minister Nirmala Sitharaman has announced a one-time small savings scheme ‘Mahila Samman Saving Certificate’. It will be available for two years. The interest rate has been fixed at 7.5 per cent per annum.
Tax exemption up to Rs 7 lakh per year under new tax regime from Rs 5 lakh per year.
The new income tax slabsup to Rs 3 lakh: NIL,Rs 3 lakh- Rs 6 lakh: 5%,Rs 6 lakh-Rs 9 lakh: 10%,Rs 9 lakh-Rs 12 lakh: 15%,Rs 12 lakh- Rs 15 lakh: 20%,Over Rs 15 lakh: 30%