 "budget 2023")
On February 1, Union Finance Minister (FM) Nirmala Sitharaman presented the Union Budget 2023-24 in the Parliament. All eyes were on the Budget as it is the last full-fledged Budget ahead of the 2024 Lok Sabha election.
Here are the highlights of the Budget speech.
Budget 2023: New tax slabs
Finance Minister Nirmala Sitharaman delivered pragmatic, populist-in parts but growth-oriented Budget, giving a special big push for capital expenditure and warming the hearts of middle-class income taxpayers with tax slab overhauls ahead of the 2024 general polls and nine state Assembly elections this year.
The income tax relief measures were aimed primarily at the middle class and senior citizens, with changes to basic income exemption limits and a reduction in the number of income tax slabs from six to five. Simply put, under the new tax regime, a citizen earning up to Rs 700,000 is exempt from paying income tax.
Given below are the various tables for the revised income tax slabs and rates for FY23-24:
| Income Tax Slab | Income Tax Rate |
| Rs 0-300,000 | Nil |
| Rs 300,000-600,000 | 5 per cent |
| Rs 600,000-900,000 | 10 per cent |
| Rs 900,000-1,200,000 | 15 per cent |
| Rs 1,200,000-1,500,000 | 20 per cent |
| Rs 1,500,000 and above | 30 per cent |
Budget 2023: No one went hungry during pandemic
Presenting the Budget, the Finance Minister said that the government ensured that no one went hungry during the Covid-19 pandemic by providing free foodgrains to 80 million poor people.
Union Budget 2023: Development push
Finance Minister Nirmala Sitharaman said that states and cities will be encouraged to take up urban planning.
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She said that all cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from manhole to machine hole mode. "Cities will also be encouraged to increase creditworthiness for municipal bonds," she added.
Union Budget 2023: Rs 990 crore allocated for G20 presidency
According to the Budget for 2023-24, the government had allocated Rs 990 crore for the G20 presidency. The finance minister had said during the Budget that the presidency gave India a unique opportunity to strengthen its role in the world economic order.
Naming millets as 'Shri Anna', FM announces firm steps for farm sector
Digital public infrastructure for agriculture will be built as an open source, open standard on mission mode, and an interoperable public good, Finance Minister Nirmala Sitharaman said while presenting the Budget for 2023-24.
She stated that it would aid in crop planning, provide farmers with easier access to inputs and credit, and support the agritech industry and startups with crop estimation and market intelligence activities.
Terming millets as "Shri Anna", Sitharaman said India is at the forefront of popularising the nutri cereals. She further announced that the Hyderabad-based Indian Institute of Millet Research will be promoted as a centre of excellence of international standards for sharing best practices in research and technology.
Budget 2023: Infrastructure development capex hiked by 33% to Rs 10 trillion
Presenting the Budget for 2023-24, Nirmala Sitharaman announced that the capital expenditure will go up by 33 per cent to Rs 10 trillion for infrastructure development for 2023-24 and will be at 3.3 per cent of the Gross domestic product (GDP).
She further said the newly established infrastructure finance secretariat will help attract more private investment.
She added that an expert committee will also be set up to make infrastructure classification and financing framework suitable for Amrit Kaal.
Also Click here for all updates on Budget 2024
Also Click here for all updates on Budget 2024
Amrit Kaal refers to the next 25 years (up to 2047) leading to the centenary of India's independence. The Narendra Modi government has pitched this period as the time when India can strive to turn into a developed country.
Budget 2023-24: Affordable housing gets a boost with PMAY
The Union Budget 2023-24 allocated Rs 79,000 crore for the Pradhan Mantri Awas Yojana (PMAY), giving a further boost to the government's housing programme for the urban poor.
Finance Minister Nirmala Sitharaman, while presenting the Budget, said the outlay of PMAY is being enhanced by 66 per cent to over Rs 79,000 crore.
Union Budget 2023: Seven pillars or 'Saptarishi' of Budget
Presenting the Budget for FY23-24, the Finance Minister laid down the seven pillars or 'Saptarishi' to usher growth and development. The seven pillars are as follows:
1. Inclusive development
2. Reaching last mile
3. Infrastructure investment
4. Unleashing potential
5. Green growth
6. Youth power
7. Financial sector.
Union Budget 2023-24 Budget: Push for consumer electronics
In her Budget speech, Finance Minister Nirmala Sitharaman said, "... to promote value addition in the manufacture of televisions, I propose to reduce the basic customs duty on parts of open cells of TV panels to 2.5 per cent."
Earlier, the basic customs duty on these specified parts of open cells for TV panels was at 5 per cent.
Budget 2023: Rs 35,000 crore outlay for growth in green energy transition
The Union Budget for the financial year beginning April 2023 proposed an allocation of Rs 35,000 crore for energy transition initiatives.
"This Budget provides Rs 35,000 crore for priority capital investments towards energy transition and net-zero objectives, and energy security by the Ministry of Petroleum & Natural Gas [MoPNG]," Sitharaman said in her Budget speech on February 1.
Budget 2023-24: FM announces 50 new airports, helipads, & aerodromes
In a bid to improve regional connectivity, Finance Minister Nirmala Sitharaman announced that India will make operational 50 new airports, helipads, and aerodromes.
"50 additional airports, aerodromes, helipads, and water routes to be built to enhance connectivity," she said while presenting the Budget.
Budget 2023: Highest-ever capital outlay of Rs 2.4 trillion for Railways
The Union Budget proposed a record budgetary allocation of Rs 2.4 trillion for the Indian Railways on February 1. Union Finance Minister Nirmala Sitharam said the allocation was over nine times the amount earmarked in the financial year 2013-14.
Budget 2023-24: Govt extends tax holiday for startups till March 2024
In a major announcement for startups, Finance Minister Nirmala Sitharaman extended the date of incorporation for startups to avail of income tax benefits to March 31, 2024. Earlier, the tax holiday was available for startups incorporated till March 2023.
"We propose to extend the date of incorporation for income tax benefits startups from 31.3.2023 to 31.3.2024. I further propose to provide the benefit of carry forward of losses on change of shareholding of startups from seven years of incorporation to ten years," Sitharaman said.
In a bid to reduce the pendency of appeals, the minister also announced the deployment of 100 Joint Commissioners to adjudicate small appeals. She also said that the government would be more selective in taking up cases for scrutiny of returns already received this year.
Budget 2023: Rs 1.12 trillion allocated for education sector
The Union Budget 2023-24 witnessed a surge in allocation for education. The highest allocation ever, it earmarked a total of Rs 1.12 trillion to the Ministry of Education. This is a 13 per cent increase from FY23's revised allocation of Rs 0.99 trillion.
While Rs 68,804.85 crore was allocated for school education and literacy, the Department of Higher Education got Rs 44,094.62 crore.
First Budget of Amrit Kaal
The first Union Budget of Amrit Kaal, or the 25 years in the run-up to 2047 when Independent India turns 100, will build a strong foundation for a developed India and fulfil the dreams of an aspirational society including the poor, the middle-class, and farmers, Prime Minister Narendra Modi said on February 1.
In a televised speech soon after Union Finance Minister Nirmala Sitharaman presented the Budget in Parliament, PM Modi said the provisions prioritise the deprived sections, including craftspersons, who he dubbed as the creators of the nation.
He further highlighted that the Budget has the potential to help the middle class in realising their dreams in the run-up to 2047.
