Union Budget 2023 Highlights

Union Finance Minister Nirmala Sitharaman has tabled the Union Budget for the financial year 2023-24 in the Parliament. “This is the first budget in Amrit Kaal,” said Nirmala presenting the budget.

Here are the highlights:

  • The per capita income has more than doubled to Rs 1.97 lakh.
  • In the last 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world.
  • India’s growth for the current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war.
  • The Budget 2023 has seven priorities and they are infra, green growth, financial sector, youth power.
  • The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries.
  • 157 new nursing colleges will be established.
  • A budget of Rs 2.40 Lakh crore has been allocated to the Railways.
  • Rs 13.7 Lakh crore has been alloted to provide interest free to states.
  • 38,800 teachers will be hired for Ekalavya Model Residential Schools
  • Rs 5,300 crore assistance to drought-prone central region of Karnataka. This state will go for Assembly elections in another three months.
  • 50 additional airports, helipods, water aero drones, and advanced landing grounds will be revived to improve regional air connectivity.
  • Rs 35,000 crores priority capital for the energy transition.
  • Union Govt to bring National Data Governance policy.
  • Three centres of excellence for artificial intelligence will be set up in top educational institutions.
  • 100 labs for developing applications to use 5G services to be set up.
  • Rs 75,000 crore allocated for 100 critical transport Infra Projects.
  • Rs 79,000 to be invested in 100 last mile Railway Projects.
  • 30 Skill India International Centres will be set up across different States.
  • 50 tourist destinations will be selected and to be developed as a whole package for domestic and international tourism.
  • An investment of Rs 6,000 crore to enable the activities of fishermen, fish vendors and micro and small entrepreneurs.
  • 200 compressed biogas plants, including 75 in urban areas and 300 community-based plants to be set up with investment of Rs 10,000 crore
  • Taxes on cigarettes hiked by 16 percent.
  • Basic import duty on compounded rubber increased to 25 percent from 10 percent.
  • The new personal income tax regime with 6 income slabs.
  • Income tax rebate for individuals increased from Rs 5 lakhs to Rs 7 lakhs in the new tax regime.
  • The new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5 percent, Rs 6 to 9 Lakhs – 10 percent, Rs 9 to 12 Lakhs – 15 percent, Rs 12 to 15 Lakhs – 20 percent and above 15 Lakhs – 30 percent.
  • Maximum deposit limit for senior citizens enhanced from Rs 15 Lakh to Rs 30 Lakh.