“World has recognized Indian economy is on the right track and as bright as a star.”
Understanding the Budget is tough work because it’s a very complex thing. So, Here we are giving quick short points to understand Union Budget 2023.
1) Economy is to grow at 7% in the current year.
2) The Budget will hope to build on the foundation laid in the previous budget and the blueprint drawn for India@100.
3) The center will spend Rs 2 Lakh cr on free food grains for all priority households under PM Garib Kalyan Yojana.
4) The focus on strengthening macroeconomic stability.
5) Target to bring current account deficit within the red line of 2.5-3 percent of GDP.
6) The FY22-23 growth is estimated at 7%.
7) The vision for a technology-driven and knowledge-based economy, strong public finances, and a robust financial sector.
8) Indian Economy has increased from the 10th to 5th largest in the last nine years.
9) The implementation of many programs for green growth across various economic sectors.
10) The Jet fuel price was hiked by 4 percent.
11) Focus on India becoming a global hub for Sri Ann or Millets.
12) New scheme of PM MATSYA SAMPADA YOJANA. This should help boost agriculture demand.
13) Govt to increase capital expenditure by 33 percent to Rs 10 lakh crore, which would be 3.3 percent of the GDP.
14) The 50-year, interest-free loan to states for capex purposes has now been increased to Rs 1.3 lakh crore, 30 percent more than the previous.
15) Highest ever capex for Railways, 2.40 lakh crore.
16) For ease of doing business, more than 39,000 compliances have been reduced, and over 3,400 legal provisions decriminalized.
17) Vivad se vishwas 2.0 is to be implemented.
18) National Digital Library for children and adolescents.
19) Focus on the National green hydrogen mission.
20) 64 percent increase in allocation for PM Awaas Yojana to Rs 79,000 crore.
21) Old government vehicles scrapping policy.
22) Reduction of cost of credit for MSMEs.
23) New savings scheme for women with a tenure of two years to offer a 7.5 percent interest rate.
24) Fiscal deficit target for 2023-24 at 5.9 percent of GDP.
25) Simplified tax structure reduces compliance burden and improves tax administration.
26) 16% increase in calamity cess imposed on cigarettes.
27) Income tax rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime.
28) New as well as old income tax regimes in place to opt-out.
29) Maximum personal tax rate of 30 percent on income above Rs 15 lakh under the new tax regime.
30) Nominal GDP growth of 10.5 percent for 2023-24 is assumed.
31) Saptrishi focus: i) Green Growth
ii) Youth Power
iii) Inclusive Development
iv) Reaching the Last Mile
v) Infrastructure & Investment
vi) Unleashing the potential
vii) Launch of Digital Platform
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