(Budget 2023-24)-4: Economy on track, exemption will be given in income tax, Says Sitharaman

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New Delhi, 01 February: Union Finance Minister Nirmala Sitharaman placed the union Budget for the financial year 2023-24 on the table of Parliament. Presenting the Amrit Kaal budget in the Lok Sabha on Wednesday, Sitharaman said that the Indian economy is on the right track, moving towards a bright future. Giving great relief to the salaried, the Finance Minister announced an increase in the income tax exemption limit.

Sitharaman has increased the income tax slab from the existing Rs 5 lakh to Rs 7 lakh in the union Budget for the financial year 2023-24. With this announcement, the existing tax slab under the new tax regime has been increased from Rs 5 lakh to Rs 7 lakh.

In presenting the budget in Parliament, the Finance Minister has estimated the revised fiscal deficit to be 6.4 percent of the gross domestic product (GDP) for the financial year 2022-2023 and 5.9 percent of the GDP for the fiscal year 2023?2024.

While presenting the budget, the Finance Minister said that the growth rate of our economy in the current financial year is expected to be seven percent, which is the highest among the major economies of the world.

Presenting the budget, Sitharaman said that during the Corona pandemic, we ensured that no one sleeps hungry with the Pradhan Mantri Garib Kalyan Yojana, which supplied free food grains to over 80 crore people for 28 months. This scheme will cost the government of India Rs 2 lakh crore.The supply of free food grains to the poor under the Antyodaya scheme has been extended for one year.

Listing the seven priorities of the government in the union Budget 2023?24, Sitharaman said that they are inclusive growth, last mile delivery, infrastructure and investment, unlocking potential, green growth, youth power, and the financial sector.

She said that 157 new nursing colleges would also be set up in co-location with the existing 157 medical colleges established since 2014. A PMPBTG Development Mission will be launched to provide basic amenities to PBTG habitations, especially to improve the socio-economic condition of tribal groups. He stated that 15,000 crores would be made available for the scheme’s implementation over the next three years.

The Finance Minister stated in his budget speech that the Railways have received a capital outlay of Rs 2.40 lakh crore.The outlay of the PM Awas Yojana is being increased by 66 percent to 79,000 crores. Capital investment outlay is being increased by 33 percent to Rs 10 lakh crore, which will be 3.3 percent of GDP. He said that relief would be given to the MSMEs affected by the pandemic. A voluntary redressal scheme will be introduced for the settlement of contractual disputes.

The Finance Minister said that Rs 35,000 crore will be invested in the field of energy security. Rs 20,700 crore will be invested in the renewable energy sector. The PM Pranam Yojana will be launched to promote alternative fertilizers. 500 new plants will be set up under the Govardhan scheme.

At the same time, the fourth phase of the Pradhan Mantri Kaushal Vikas Yojana will be started. 30 Skill India National Sectors will be opened to skill the youth for international opportunities. 38,000 teachers and support staff will be recruited in the next 3 years for 740 Eklavya Model Residential Schools.

The Finance Minister said that since 2014, the efforts of the government have ensured a better quality of life and a dignified life for all citizens. The per capita income has also more than doubled to Rs 1.97 lakh. She said that in these nine years, the Indian economy has emerged as the 5th largest economy in the world.

Sitharaman said that our economic agenda is focused on facilitating opportunities for citizens, accelerating growth and job creation, and strengthening macroeconomic stability.

She further said that start-ups related to agriculture would be given priority. An agriculture accelerator fund will be set up to encourage agribusiness startups by young entrepreneurs. The agriculture credit target will be increased to Rs 20 lakh crore with a focus on animal husbandry, dairy, and fisheries. According to the Finance Minister, a National Digital Library for Children and Adolescents will be established.

Announcing the new announcements in the union Budget, Sitharaman said that the PM Vishwa Karma Kaushalya Samman package, which has been envisaged for traditional artisans and craftsmen to enhance the quality, scale, and reach of their products by integrating them with the MSME value chain, will enable improvement.

The incidental fee on cigarettes was increased by 16 percent in the budget. To improve regional air connectivity, 50 additional airports, helipods, water aerodromes, and advanced landing grounds have been announced.

Earlier, the union Cabinet, chaired by Prime Minister Narendra Modi, approved the union Budget 2023?24. Sitharaman obtained consent to present the budget from President Draupadi Murmu at Rashtrapati Bhavan before presenting the union Budget.

During this, union Minister of State for Finance Dr. Bhagwat Kishan Rao Karad, union Minister of State for Finance Pankaj Chaudhary, and senior officials of the Ministry of Finance were present. The union Budget for the financial year 2023?24 is the last and full budget of the Modi government, and Nirmala Sitharaman’s fifth union Budget.

It is worth mentioning that this time the budget was presented completely in digital format. Every detail of the union Budget 2023?24 is available on the “Union Budget Mobile Appformat. Every detail of the union Budget 2023-24 is available on the “Union Budget Mobile App,” which can be accessed on all versions of Android and Apple. The full text of Sitharaman’s budget speech can be found at http:ndiabudget.gov.in.The budget on this will be available in Hindi and English. Along with reading the budget, its subtleties will also be understood.

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