Union Budget- 2023 Highlights

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Union Finance Minister Nirmala Sitharaman presented the Budget 2023-2024 in Parliament. These are the budget Highlights till now.

Nirmala Sitharaman stated the growth rate of the country is developing rapidly. India's development has been recognized by world countries.

Income tax limits increased from 5 lakhs to Rs.7 lakhs, so Tax exemption up to Rs.7 lakhs

Big Relief for Salaried People

0 Lakhs  -2. 5 lakhs       Nil 2.5 lakhs -  5 Lakhs          5% (tax rebate u/s 87A is available) 5 Lakhs - 10 Lakhs         20% Above 10 Lakhs               30%

Old Regime Tax Rates

INR 0-3 lakh                             Nil INR 3-6 lakh                              5% INR 6-9 lakh                             10% INR 9-12 lakh                           15% INR 12-15 lakh                         20% Above INR 15 lakh                  30% *People earning INR 7 lakh annually are entitled for a rebate.

New Regime Tax Rates

She said like ‘SaptaRishi’, this year budget priority will be given to seven sectors.

7 Preferred Sectors

The Center has given good news for new home buyers. The funds for PM Awas Yojana Funds have increased by 66 percent this time compared to last year which is a total increase of Rs.79 thousand crores.

New Schemes

Encouragement to small grain farmers through Shri Anna Scheme. The research will be conducted in Hyderabad. Allocation of Rs. 20 lakh crore for agricultural loans

A new scheme of ‘Matsya Sampada Yojana’ on which 6 thousand crores are allocated.

The Atmanirbar Bharat Clean plant scheme announced in the budget will help push green growth. Also a special fund for the development of agriculture start-ups

Allocation of Rs. 2.4 lakh crores for Railways. Higher allocation of funds compared to 2013-14

75 thousand crores for one hundred key infrastructure projects. An allocation of Rs.10 lakh crore for capital expenditure in this budget

Recruitment of 38,800 teachers to Ekalavya schools.

A total of 79 thousand crores has been allocated for PM Awas Yojana

Interest-free loan scheme to states extended for another year i.e an amount of  Rs. 13.7 lakh crores.

A new scheme named Mission Karma Yogi Scheme through which the houses will be constructed for civil service employees.

5MMT hydrogen manufacturing target by 2023. Allocation of Rs.20,700 crore for green energy in Ladakh

2516 crores for National Collaborative Data Base.

100 labs set up for designing and building 5G applications