Union Budget 2023-24: Capital investment outlay increased by 33 percent to Rs. 10 lakh crores. Effective Capital Expenditure at 4.5 percent of GDP, Fiscal Deficit estimated to be 5.9 percent of GDP in 2023-24.
Real GDP is to grow at 7 percent in Financial Year 2022-23, and Exports are to Grow at 12.5 percent in the Financial year 2023.
Atmanirbhar clean plant program with an outlay of Rs. 2,200 crores to be launched to boost the availability of quality planting material for high-value horticultural crops.
157 New Nursing Colleges to be established. The outlay for PM Awas Yojana enhanced by 66 percent to over Rs. 79,000 Crores.
Highest ever capital outlay of Rs. 2.40 lakh crore provided for Railways.
Urban Infrastructure Development Fund (UIDF) is to be established through the use of priority sector lending shortfall.
500 New Waste to Wealth Plants under Gobardhan Scheme to be established at a Total investment of Rs. 10,000 crores.
10,000 Bio-Input Resource Centres to be set up, creating a National-Level Distributed Micro-Fertilizer and pesticide manufacturing network. Mantri Kaushal Vikas Yojana 4.0 to be launched.
Union Budget 2023-24 provides substantial relief for personal income tax: New Slabs announced under the New Tax regime. A resident individual with a total income of up to Rs. 7 lahks will not have to pay any income tax under the new Tax regime. A standard deduction of Rs. 50,000 will also be available to salaried individuals under the new Tax Regime. The limit for tax exemption on leave encashment on the retirement of non-government salaried employees increased to Rs. 25 lahks.
A slew of proposals announced for the cooperative sector, Indirect Tax proposals aim to promote exports, boost domestic manufacturing, and enhance domestic value addition. encourage green energy and mobility.
The number of basic customs duty rates on goods, other than textiles and agriculture, was reduced from 21 to 13. (Maxim News)
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