Key highlights from Union Budget 2023-24

TIL Desk #TILBudget2023/Nirmala Sitharaman presented Budget 2023 in Parliament. “First Budget of Amrit Kaal,” she said. “Indian economy is on the right track, heading towards a bright future,” said the Finance Minister. Key highlights of Union Budget 2023-24 speech in Parliament.

• “G20 presidency gives us unique opportunity to strengthen India’s role in world economic order,” said Ms Sitharaman.
• Economy has growth from tenth to fifth largest in the world, said Nirmala Sitharaman.”The world appreciates India’s achievements,” said Finance Minister.
• “India’s growth at 7 per cent in current fiscal highest among major economies; Indian economy on right track,” said Nirmala Sitharaman.
• “We ensured that no one went hungry during pandemic by providing free foodgrains to 80 crore poor people,” said Ms Sitharaman.
• “Government implementing scheme to supply free grains to poor under PMGKAY with expenditure of ₹ 2 lakh crore from Jan 1,” said the Finance Minister.
• “Promotion of tourism will be taken up on mission mode,” she said.
• Nirmala Sitharaman On 7 Priorities of Budget
• Inclusive development, Reaching last mile, Infrastructure and investment, Unleashing potential, Green growth, Youth power, Financial sector.
• “Agriculture accelerator fund will be set up to fund agri startups,” said Nirmala Sitharaman. “Indian economy has become more formalised as witnessed by significant enhancement in digital payments,” said Ms Sitharaman.
• The government also aims to empower women by way of self-help groups focused on raw material supply, branding and marketing of products, she said.
• “Indian Institute of Millet Research will be supported as centre of excellence,” said Nirmala Sitharaman.
• The government will launch the Atmanirbhar Clean Plant Programme to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of ₹ 2,200 crore, Ms Sitharaman said.
• Will set up several cooperative societies for farmers, she said.”Continuing our commitment to food security, we are implementing from January 1. a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana,” the Finance Minister said.
• Mission to eliminate sickle cell anaemia by 2047, she said. New programme to promote research and innovation in pharma through centres of excellence, Ms Sitharaman said. The government will set up an agriculture accelator fund to encourage startups in rural areas. The Indian Institute to Millet Research will be supported as a centre of excellence, she said.
• “National digital library for children and adolescents will be set up for facilitating quality books,” she said. “The National Book Trust, Children’s Book Trust will replenish non-curricular tirles in regional languages and english to digital libraries,” she added.
• “Capex outlay being increased 33% to 10 lakh crore. Will make up 3.3 per cent of GDP,” she said.66 per cent increase in PM Awas Yojana to 79,000 crore, said Ms Sitharaman. Government announces ₹ 2.4 lakh crore for railways.
• 50 additional airports, heliports, water aerodromes, advanced landing zones to be revitalised.”One stop solution for reconciliation of IDs maintained by various government agencies. PAN will be used as common business identifier,” she said.”
• 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 be encouraged to increase creditworthiness for municipal bonds,” said Ms Sitharaman.
• “This Budget focuses on green growth. India heading for net zero “Panchamrit” goal by 2070. 35000 crore for priority capital investment for green energy transition. Battery energy storage systems of 4000 MWH will be supported,” she said.
• Green credit programme will be notified to encourage companies, individuals, she said.1 crore farmers will get assistance to adopt natural farming, she said.The government announces MISHTI schemes for mangroves, said Ms Sitharaman.
• Coastal shipping will be promoted, said Ms Sitharaman”Vehicle replacement programme for old polluting vehicles,” said Ms Sitharaman.
• The government will launch Pradhan mantri Kaushal vikas yojana 4.0, she said.”30 skill india international centres across different states will be set up,” the Finance Minister said.
• “50 destinations to be selected in challenge mode . Every destination to be developed at a complete package under ‘Dekho Apna Desh’ initiative,” she said.
• Credit guarantee for MSMEs – ₹ 9000 crore infused in corpus. National financial information registry to be set up – facilitate credit flow and boost availability of information, announced Nirmala Sitharaman.
• Fiscal support for digital public infra, she said.Mahila Samman Savings certificate for a 2-year period. This will offer deposit facility of up to 2 lakh at 7.5 per cent interest.Maximum investment for senior citizens – from ₹ 15 lakh to ₹ 30 lakh in small savings, she announced.
• Fiscal deficit expected to be 5.9% of GDP. We aim to Aim to reduce it to 4.5% by 2025-26, said Ms Sitharaman.Basic customs duty rates to be reduced from 21 to 13 per cent, she announced.
• “Relief in customs duty on mobile phone parts extended for another year. Reduce customs duty on TV panel parts,” said the Finance Minister.
• “Tax receipts for next fiscal budgeted at ₹ 23.3 lakh crore,” said Ms Sitharaman.Cigarettes duty revised upwards, announced the Finance Minister.
• “To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at ₹ 11.8 lakh crore, said Nirmala Sitharaman.
• Next generation common IT form to be rolled out.MSMEs and professionals – if their cash receipts is no more than 5% presumptive tax limits increased to ₹ 3 crore (turnover) and ₹ 75 lakh (income) respectively said, Nirmala Sitharaman.
• High value insurance policies – returns will now be taxed and capitals gains on sale of property for over ₹ 10 crore will be higher, she announced. Rebate limit increased to ₹ 7 lakh in the new tax regime, Ms Sitharaman’s big announcement.
• Tax structure changed from six slabs to five slabs. Reduction in tax liability for those under regime. New income tax regime is now the default regime, she announced. Standard deduction under new tax regime Highest tax rate 42.7 per cent. Propose to reduce highest surcharge rate from 37 per cent to 25 per cent under new tax regime. Reduction of maximum rate to 39 per cent.
• Limit of ₹ 3 lakh on leave encashment increased to 25 lakh. Finance Minister Nirmala Sitharaman is presenting the Union Budget for fiscal 2024 that will set the foundation for taking India’s economic growth to the forecast rate of 6.8 per cent.