15 Major Highlights From Nirmala Sitharaman’s Union Budget 2023
Finance Minister Nirmala Sitharaman has announced the Union Budget for 2023-24 parliament today. FM Nirmala Sitharaman has presented the Union Budget 2023 to First Lady of India President Droupadi Murmu. The FM Niramala Sitaraman started the official budget announcement by uttering ‘Amrit Kaal’ budget which means budget in tough situations.
Here’s the major highlights from From Nirmala Sitharaman’s Union Budget 2023
1. 3 Crore+ Free homes are given to poor people under PM Awas Yojana with 75,000 Crore allocated budget
2. No Income Tax Upto 7 Lakhs, 2 Lakhs Extended compared to last year which will be a benefit middle class families
3. 50-year interest free loan to State Governments
1 Year term of interest free loan extended for State Governments of India, which is now 50-year interest free loan for State Governments
4. The New ‘Personal Income Tax slabs’ is a major relief to taxpayers
0-3 Lakh – Nil
3-6 1 Lakh – 5% Tax
6-9 Lakh – 10% Tax
9-12 Lakh 15% Tax
12-15 Lakh 20% & Above 15 Lakh – 30% Tax
After the new tax slabs, the person with Rs 9 Lakhs income will have to pay only Rs 45,000 per year as tax.
5. DBT scheme for youths
DBT scheme will support 47 Lakh youths in 3 years which is a Direct Benefit Transfer under a pan India national apprenticeship scheme
6. More support to Make In India:
Big push to ‘Make In India’ as LI battery, mobile, tv, chimney manufacturing get new and lower custom rebates.
7. Deposit Scheme for Senior Citizens has doubled
Maximum deposit scheme for senior citizens has increased from Rs 15 lakh to Rs 30 lakh
8. Teacher recruitments and new model schools:
The central government will recruit 38,800 teachers to support 740 Ekalavya Model residential schools serving 3.5 lakh tribal students across the country
9. Strengthening Air Connectivity:
With 50 additional airports, heliports, and advanced landings will be revived to improve air connectivity under Union Budget 2023
10. To ease the business, PAN cards will be used as a common identifier for all digital systems of specified Govt agencies.
11. More funds for Health & Family Welfare:
Rs 86,175 crore has been allocated by FM to the ‘Department Of Health and Family Welfare’, along with Rs 2,980 crore additional allocations for the ‘Department of Health Research’.
12. Strengthening Indian Railways:
Rs 2.4 lakh Crore capital outlay and funds provided for Indian Railways, the highest-ever since 2013-14.
13. Accelerator Fund To Improve Agriculture In India:
An agriculture accelerator fund to be set up to support Agri-tech startups in rural areas. This Accelerator Fund will bring modern technologies to Indian farms which will increase productivity.
14. What is cheaper after the Union Budget 2023?
Aero planes and other aircrafts; Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form; Base metals or silver, clad with gold, tyres, rubber, Platinum, Waste and scrap of precious metal or of metal clad with precious metal, Some TV, camera parts.
15. What is costlier after the Union Budget 2023?
Imitation Jewellery, Vehicle (including electric vehicles); Silver Dore, Naphtha; Styrene, Vinyl Chloride Monomer, Compounded Rubber, Articles of precious metals, Electric Kitchen Chimney, Bicycles, Toys and parts of toys.