Budget 2023 Updates
Finance Minister Smt. Nirmala Sitharaman presented the much-awaited Finance Bill 2023 today on 01st February 2023. This article updates the readers about the major proposals made by the Central Government which are crucial looking into the fact that the parliamentary elections are slated next year. This budget is also important as this is the first budget in the "Amrit-Kal" as stated by the FM. According to the FM, the Indian economy is on the right track looking into the economic growth figures.
- 7% growth rate despite worldwide economic slowdown
- Indian economy has risen from 10th to 5th place
- EPFO numbers double to 27 crores
- Per Capita Income has more than doubled
- 11.4 crore farmers got Rs. 2.2 Trillion in cash
- Green Energy Push shall remain the Government's priority
- 7 'Sapta Rishi Mantras' in the Budget- Seven Thrust Areas for this years' budget
- Agricultural Accelerator fund to boost agricultural start-ups
- Focus on inclusive development
- India to be global hub for Sri anna (Millets)
- Special scheme to boost fisheries- Outlay of Rs. 6000 crores for fisheries proposed
- Clean Plant Program to be launched
- Ministry for Co-operative Development Formed
- New Courses on medical devices to skill youth
- National Digital Library for youth, physical libraries at Panchayat level, Adding regional titles to libraries on priority
- PBTG Development Mission to be launched- Rs. 15,000 Crores amount to be made available in the next three years
- Rs. 5300 crores proposed for "Upper Bhadra Project"
- Capital Investment Outlay proposed to be increased by 33% to Rs. 10 Lakh Crores
- 50 Years Interest-Free Loans to the states to continue
- Rs. 2.40 Lakh crores outlay proposed for railways
- 50 new airports, Heliports proposed to be made
- Rs. 10,000 crores per year proposed for Urban Infra Fund
- Ease of Doing Business- more than 39000 compliances reduced & 3000 provisions de-criminalised
- 3 Centres of excellence for Artificial Intelligence to be set up
- PAN will be used as a common identifier for all Government schemes thus KYC process simplified
- Rs. 3,000 Crores for Phase 3 of e-courts
- Specialized Digi-Locker Scheme for MSMEs
- Jan Vishwas Bill to amend 42 laws
- Rs. 19,700 Crores proposed for National Green Hydrogen Fuel Program
- PM Pranam Scheme proposed- to promote alternative fertilizers
- Gobardhan Scheme for 200 Bio Gas Plants
- 10,000 Bio Input Research Centres proposed to be set up
- PM Awas Yojana to be expanded by 66%
- Amrit Darohar Scheme to promote wetlands
- Replacing old polluting vehicles a Government priority- more funds for old vehicle scrapping policy
- Stipend support for 47 Lakhs youth
- States will be promoted to set up Unity Mall to promote tourism
- Dekho Apna Desh Scheme to promote tourism
- Rs. 9000 crore corpus for MSMEs, reducing cost of MSME credit guarantee by 1%
- Mahila Samaan Saving Certificate to be made available for a period of 2 years- Deposit facility in the name of women or girl with interest rate of 7.5%
- Digital transactions up by 76% (91% in value)
- Senior Citizens Saving Scheme deposit limit doubled to Rs. 30 Lakhs
- Fiscal deficit estimated at 5.9% of GDP in the next year
- National Financial Info Registry Launched
- Custom Duty reduced from 21% to 13%
- Custom Duty exemptions on import of capital goods
- GST exemption on blended CNG
- Customs duty on TV parts cut by 2.5%
- New IT Return forms for easier filing
- Higher limit of TDS on cash withdrawals of Rs. 3 crores in case of co-operatives
- The limit of rebate under section 87A increased to Rs. 7 Lakhs in new tax regime- no tax upto Rs. 7 lakhs
- New slabs for those opting new tax regime- No tax till Rs. 3 Lakhs, Rs. 3-6 Lakhs tax is 5%, Rs. 6-9 lakhs tax is 10%, Rs. 9-12 Lakhs tax is 15%, Rs. 12 -15 lakhs tax is 20%, Above Rs. 15 Lakhs tax is 30%
- Highest Surcharge rate reduced from 37% to 25%
- New tax regime shall be default tax regime, however the taxpayers can continue to take benefit of old tax regime
