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ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The Union Budget 2023-24 focuses on infrastructure development with a substantial increase in capital expenditure and allocates significant funds for agriculture and rural development.
The expected GDP growth for India in 2023–2024 is projected to range between 6.8% and 7.0%, contingent upon global economic and political developments. Presenting the annual financial report to the Parliament, Finance Minister Nirmala Sitharaman introduced the “Union Budget of 2023–24, the first budget in Amrit Kaal,” describing the government’s revenue and expenditure plans for the upcoming fiscal year.
The Union Budget 2023-24 has been heralded as a pro-people and pro-market Budget. The Union Budget outlined the government’s plans and policies for the upcoming financial year. It endeavored to build on the foundation laid in the previous Budget.
The Union Budget 2023-24 emphasized a boost for technology, green growth, infrastructure, and macroeconomic stability & facilitated ample tax opportunities for citizens, especially youth, with a strong impetus to job creation. This important document acts as a road map for developing the country’s economy and outlines the government’s intentions for social welfare, public services, and economic growth.
The theme of the Indian Union Budget 2023 is poised to address the nation’s multifaceted challenges and opportunities. As the government unveils its vision, the budget is expected to reflect a forward-looking approach, balancing short-term economic recovery with long-term sustainability and inclusive growth.
A technology-driven and knowledge-based economy with sound public finances and a thriving financial sector are all part of the government’s vision for Amrit Kaal. Jan Bhagidari through Sabka Saath Sabka Prayas is necessary to accomplish this. The three main objectives of the economic plan for realizing this goal are
The seven priorities included in the budget work well together and serve as our “Saptarishi” as they lead us through the Amrit Kaal.
The Union Budget 2023 presents a comprehensive approach to strengthening the country’s economy and promoting growth. The budget’s emphasis on agriculture, rural development, women empowerment, entrepreneurship, infrastructure, healthcare, and education is commendable. Some of the major highlights of Union Budget 2023 are as follows:
A long-awaited revised tax slab has been introduced in the Union Budget, bringing about significant changes in the income tax slabs under the new tax regime. The salaried class in India had been anticipating a simplified and easily compliant direct tax structure. According to the revised regulations, individuals are exempted from paying income tax on earnings up to ₹7 lakh p.a. in the new tax regime, providing relief through rebates.
The surcharge imposed on income tax for high-net-worth individuals earning over ₹ 5 crore was previously set at a substantial 37%. Under the new tax regime, this surcharge has been reduced to 25%, resulting in an effective tax rate decrease of 39%, down from the previous 42.74%.
Experiencing a substantial increase, the capital expenditure (capex) has reached ₹ 10 lakh crore, marking a 33% surge from the budget estimate of ₹ 7.5 lakh crore for 2022-23. The government’s ₹ 1.10 lakh crore allocation for infrastructure development encompasses roads, railways, airports, ports, and highways.
The Finance Minister emphasized that investments in infrastructure and productive capacity significantly affect growth and employment, fostering job creation and economic stimulation. The proposal includes establishing new medical colleges and hospitals to enhance healthcare facilities, while ₹10,000 crore annually is earmarked for urban infrastructure development. Moreover, the government plans to revive 50 additional airports, helipads, water aero drones, and advanced landing grounds to improve regional air connectivity.
The budget prioritizes agriculture with various initiatives to support farmers and rural areas, allocating ₹2.83 lakh crore for agriculture and rural development. Emphasizing the augmentation of farmers’ income and generating employment opportunities in rural regions, the government will spend ₹2 lakh crore on providing free food grains to all priority households under the PM scheme. The budget also proposes establishing a new agency for providing credit and support services to farmers, along with a scheme to offer insurance coverage for farmers, anticipating improvements in livelihoods and increased food production.
Recognizing the pivotal role of women in society, the budget allocates ₹28,600 crores for various women-centric schemes and programs. This includes support for initiatives like the Pradhan Mantri Mahila Shakti Kendra and the Beti Bachao Beti Padhao initiative, contributing to women’s empowerment across diverse sectors.
The government has proposed various measures to encourage entrepreneurship, including tax incentives for start-ups and increased access to financing. To facilitate ease of doing business, the government has declared PAN as a common identifier for all digital systems of Government agencies.
The budget has allocated ₹64,180 crores for healthcare, focusing on increasing the availability of affordable healthcare facilities, especially in rural areas. The government has the mission to eliminate sickle cell anemia by 2047.
The budget has allocated ₹3,000 crores for promoting digitalization, focusing on increasing access to digital infrastructure and services. The budget aims to promote digital transactions and boost the country’s digital infrastructure. The government has proposed to set up a new institution to provide digital infrastructure and services and increase the use of digital payments by incentivizing merchants.
The government has allocated ₹93,224 crores for education, focusing on improving the quality of education and increasing access to education for all. The Government has plans to set up a National Digital Library for children and adolescents to facilitate the availability of quality books across geographies, languages, genres, and levels.
The Union Budget focuses on a ‘green growth’ strategy; it prioritizes adopting green fuel, energy, and building practices to reduce carbon intensity and create new green job opportunities.
Simplification in Indirect Taxes to deliver:
Changes to Custom Duty on |
Benefits |
Import of capital goods for Li-ion battery manufacturing |
For greener mobility |
Import of mobile camera lens |
Deepening value addition |
Denatured ethyl alcohol |
For chemical industry |
Key inputs for producing shrimp feed |
More marine exports |
Seeds for manufacturing lab-grown diamonds |
Export promotion |
Continuing concessional basic customs duty on copper scrap |
Augmenting raw material availability for MSMEs |
Compounded rubber to bring it at par with natural rubber |
To curb duty circumvention |
To Reduce The Compliance Burden, Promote Entrepreneurial Spirit And Provide Tax Relief To Citizens:
Sectors |
₹ in Lakh Crore |
Ministry of Defence |
5.94 |
Ministry of Road Transport and Highways |
2.70 |
Ministry of Railways |
2.41 |
Ministry of Consumer Affairs, Food and Public Distribution |
2.06 |
Ministry of Home Affairs |
1.96 |
Ministry of Chemical and Fertilizers |
1.78 |
Ministry of Rural Development |
1.60 |
Ministry of Agriculture and Farmer’s Welfare |
1.25 |
Ministry of Communications |
1.23 |
There are a few other small alterations. The Explanatory Memorandum and other pertinent budget documents can be consulted for more information on the budget plans.
The Union Budget 2023-24 reflects a comprehensive and forward-looking approach, addressing immediate challenges while setting the stage for sustainable and inclusive growth. The highlights of the budget underscore the government’s commitment to economic recovery, technological advancement, social welfare, and environmental responsibility. As these strategies unfold, they are poised to shape India’s economic trajectory and position the nation for a resilient and prosperous future.
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999