The finance minister Nirmala Sitharaman started the Budget 2023 session in the parliament today by saying, “This is the first Budget of Amrit Kaal”.
Here are the top ten points from her budget speech:
- Agriculture Growth: To boost agricultural growth in the nation, the agricultural credit target limit has been increased to Rs 20 lakh crore.
- Railways: For the development of railways, the honourable FM has proposed the highest capital outlay of Rs 2.40 lakh crore. The figure is 9 times higher than the railways capital outlay of 2013-14.
- Green Mobility: There will be an enhanced focus on battery storage systems and green hydrogen promotion to boost green mobility in India.
- Lab-Grown Diamonds: There will be a separate focus on the production of lab-grown diamonds or LGDs. Among other initiatives, a customs duty will be reduced on the seeds imported for LGDs.
- Personal Taxation: Receiving huge applause, the FM announced that the rebate limit on personal individual income will be increased to Rs 7 lakh from the current Rs 5 lakh under the new regime meaning there will be no tax overall for income under Rs 7 lakh.
- Personal Taxation: Furthermore, income tax slabs for salaried employees have been reduced to 5 from 6 earlier. The nex tax slabs are for income between:
- 0 to 3 lakh – nil
- 3 to 6 lakh – 5%
- 6 to 9 lakh – 10%
- 9 to 12 lakh – 15%
- 12 to 15 lakh – 20%
- Above 15 lakh – 30%
She highlighted that an individual earning Rs 9 lakh income will have to pay a tax of Rs 45,000 only.
- Sugar Industry: As a bid to promote ethanol blending, Nirmala Sitharaman has proposed a reduction in the customs duty of denatured alcohol.
- Savings Promotion: To celebrate the ‘Azadi ka Amrit Mahotsav’, Mahila Samaan Savings Certificate will be launched one time till March of 2025. It will provide a fixed interest rate of 7.5% to women on a maximum deposit of up to Rs 2 lakh.
- Auto Industry: As a boost to the auto industry, the Union Budget lays special emphasis on the replacement of old vehicles under centre and state governments as part of the broad Vehicle Replacement Policy.
- Financial Services: There will be revamped focus on speeding up the digital KYC processes. This will benefit financial services by promoting financial inclusion, credit expansion, and more.
Written by Vikalp Mishra
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