Read Good and Disappointing part of India Union budget 2023
The government has finally launched the Union budget 2023 today; here are some important points.
The Narendra Modi government mainly focuses on economic growth and job creation in the Budget 2023. On Wednesday, Union finance minister Nirmala Sitharaman presented the final Budget before the 2024 elections.
While presenting the Budget, finance minister Sitharaman said this would help attract more private investments.
Here’s what Govt brings for you in Union Budget 2023:
Personal income tax:
There is a rise in the income tax rebate limit from ₹5 lacks to ₹7 lacks, stating that the new tax regime will be the only tax regime.
New slabs under new tax:
₹0-3 lakh: Nil
₹3-6 lakhs: 5%
₹6-9 lakhs: 10%
₹9-12 lakhs: 15%
₹12-15 lakhs: 20%
₹Over 15 lakhs: 30%
There will be a reduction of 2.5 per cent on crude, glycerine basic custom duties.
Import duties will be increased on silver bars to align them with gold and platinum.
Reduction of 2.5 per cent on customs duty on open cells of TV.
Senior citizens:
The will be a rise in Senior Citizen Savings Scheme from Rs 15 lakhs to Rs 30 lakhs. The deposit limit for Monthly Income Account will also be increased; it will be ₹4.5 lahks to ₹9 lahks for a single account and ₹9 lahks to ₹15 lahks for a joint account.
Mahila Samman Bachat Patra:
A new savings scheme named Mahila Samman Saving Certificate will be available for two years to mark the Azadi Ka Amrit Mahotsav.
PM Awas Yojana:
PM Awas Yojana is being improved by 66 per cent; it has reached around ₹79,000 crores.
Help for poor prisoners:
The prisoners who cannot pay the penalty for their bail amount will be helped financially.
Health and education sector:
Around 157 new medical colleges will be set up in co-locating the existing medical colleges established in 2014.
Around 38,800 teachers and support staff will be recruited by the government for 740 Eklavya Model Residential Schools, helping tribal students.
A Mission to destroy Sickle Cell Anaemia by the year 2047 will be launched.
Support for the State Government:
The interest-free loan scheme for the state government has been continued for one more year.
Indian Railways:
The Indian railways have got the highest push of ₹2.40 lakh crore by FM.
Regional connectivity:
Advance landing grounds and fifty new airports will be created for better regional connectivity.
PAN is a common identifier:
For all digital systems of selected government agencies, PAN (Permanent Account Number) will be used as a common identifier.
5G the future:
One hundred labs for creating apps using 5G services will be set up.
Digital payment:
In 2022, digital payment marked a rise of 76 per cent in transactions, and support for digital public infrastructure will continue in 2023-24.
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