Budget 2023: BIG Takeaways From FM Sitharamans Amrit Kaal Budget Speech
Budget 2023: BIG Takeaways From FM Sitharaman’s ‘Amrit Kaal’ Budget Speech
Budget 2023: Presenting the Union Budget 2023-24 in Parliament, FM Sitharaman said it focuses on seven priorities, which she called the “Saptrishis guiding us through Amrit Kaal”.
Budget 2023: BIG Takeaways From FM Sitharaman's 'Amrit Kaal' Budget Speech
Budget 2023 BIG Takeaways: Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for 2023 in the Parliament. Like the previous two Budgets, Union Budget 2023-24 was delivered in paperless form. While presenting the Union Budget 2023-24 in Parliament, FM Sitharaman said it focuses on seven priorities, which she called the “Saptrishis guiding us through Amrit Kaal”. These are: inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector”. She also announced no tax for those with annual income of up to Rs 7 lakh under the new tax regime but made no changes for those who continue in the old regime that provides for tax exemptions and deductions on investments and expenses such as HRA.
Here are the BIG Takeaways from Budget 2023
Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime. This means no tax will be levied on income up to Rs 7 lakh under New Regime.
She also tweaked the concessional tax regime, which was originally introduced in 2020-21, by hiking the tax exemption limit by Rs 50,000 to Rs 3 lakh and reducing the number of slabs to five.
For the agriculture sector, the government has proposed to increase the credit target to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries. The country’s agriculture sector has been growing at an average annual growth rate of 4.6 per cent in the last six years, Sitharaman told Parliament.
FM Sitharaman has proposed Mahila Samman Saving Certificate (MSSC) for a 2-year period. This will offer a deposit facility of Rs 2 lakh at 7.5% interest for two years with a partial withdrawal facility to women.
PAN will be used as common identifier for all digital systems of specified government agencies
Sitharaman announced that the Maximum Deposit Limit for Senior Citizen saving scheme will be increased from 15 to 30 lakhs.
For the salaried class and the pensioners including family pensioners, the Finance Minister proposed to extend the benefit of the standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500, she said.
States will be encouraged to set a ‘Unity Mall’ in State capital or the most popular tourist destination in the state for the promotion and sale of ‘One District, One product’ and GI products and other handicraft
All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode
To improve social-economic condition of the Particularly Tribal Groups, PMPBTG Development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 cr to be made available to implement scheme in next 3 years
Eklavaya Model Residential Schools -in the next 3 years the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students.
A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility
For realising the vision of Make AI in India and Make AI work for India, 3 Centres of Excellence for Artificial Intelligence will be set up in top educational institutions. Leading industry players will partner in conducting inter-disciplinary research, develop cutting-edge applications & scalable problem solutions in the areas of agriculture, health and sustainable cities.
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