Budget 2023-2024

Union Finance Minister Nirmala Sitharaman presented the budget 2023, this is the first budget in 'Amritkal'. She has presented the budget for the 5th consecutive time. Budget 2023 focuses on seven priorities, which the Finance Minister has called the "Saptarshis guiding us through Amrit Kaal".

Highlights of the new budget: -

  • This first budget of Amrit Kaal will create a strong foundation for realizing the grand dream of a developed India.
  • This budget is going to fulfill the aspirations and dreams of the farmers, the deprived and the poor.
  • Income tax is not payable on income up to 7 lakhs.
  • A person with an annual income of 9 lakhs will have to pay only 45,000
  • On the other hand, 5% tax will be levied on blueprint income up to Rs 3-6 lakh, 10%
  • Tax on blueprint income up to Rs 6-9 lakh.
  • Fiscal deficit estimated at 5.9% of GDP for 2023-2024
  • 35 thousand crore rupees will be invested in the field of energy security.
  • Rs 20,700 crore will be invested in the renewable energy sector.
  • PM Pranam Yojana will be started to promote alternative manure. 500 new plants will be set up under the Govardhan Yojana.
  • Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched.
  • 30 Skill India National Sectors will be opened to skill the youth for international opportunities.
  • Agriculture credit target to be increased to Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries.
  • Startups related to agriculture will be given priority. Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs.

New Tax Rates:

  • 0-3 Lakh : Zero
  • 3-6 Lakh : 5%
  • 6- 9 Lakh : 10%
  • 9-12 Lakh: 15%
  • 12-15 Lakh: 20%
  • Above 15 Lakh: 30%

  Last update :  1 February 2023
  News Category :  India
  Post Category :  February 2023