Union Budget 2023: Highlights of speech presented by FM Nirmala Sitharaman

Union Budget 2023: Highlights of speech presented by FM Nirmala Sitharaman

All major updates of the Union Budget 2023 presentation by Finance Minister Nirmala Sitharaman here.

Personal income-tax | Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime: FM Sitharaman

Income upto 7 lakh do not have to pay income tax - Finance Minister

I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs: FM Nirmala Sitharaman

Personal Income Tax: "The new tax rates are 0 to Rs 3 lakhs - nil, Rs 3 to 6 lakhs - 5%, Rs 6 to 9 Lakhs - 10%, Rs 9 to 12 Lakhs - 15%, Rs 12 to 15 Lakhs - 20% and above 15 Lakhs - 30%, " says Union Finance Minister Nirmala Sitharaman

Average processing time for income tax returns reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism: FM Sitharaman

I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, automobiles: FM Nirmala Sitharaman

I propose to provide relief on Customs Duty on import of certain parts & inputs like camera lens & continue the concessional duty on lithium-ion cells for batteries for another year: FM Nirmala Sitharaman

Custom duty on cigarettes increased: FM Nirmala Sitharaman

To promote value addition in the manufacturing of TVs, I propose to reduce the Basic Customs Duty on parts of open cells of TV panels to 2.5%: FM Nirmala Sitharaman

The revised fiscal deficit is at 6.4% of GDP: FM Sitharaman
FY-2024 fiscal deficit target at 5.9% of GDP: FM Sitharaman
I reiterate my intention to bring the fiscal deficit below 4.5% of GDP by 2025-26: FM Nirmala Sitharaman

100 labs for developing apps using 5G services will be set up in engg institutions. To realise new range of opportunities, business models&employment potential, labs will cover among others, apps like Smart Classrooms,Precision Farming,Intelligent Transports Systems&Healthcare:FM

To provide support to 47 lakh youths in 3 years, a Direct Benefit Transfer under a pan India national apprenticeship scheme will be rolled out: FM Sitharaman

Credit guarantee for MSMEs - Rs 9000 crores infused in the corpus which will allow additional collateral-free credit of Rs 2 lakh crores; to be effective from 1st April 2023: FM Sitharaman

50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism: FM Nirmala Sitharaman

States will be encouraged to set a ‘Unity Mall’ in State capital or the most popular tourist destination in the state for the promotion and sale of ‘One District, One product’ and GI products and other handicraft: FM Sitharaman

A one-stop solution for reconciliation & updating of identity and address of individuals maintained by various govt agencies, regulators and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity: FM Nirmala Sitharaman

To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States: FM Nirmala Sitharaman

The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0: FM Nirmala Sitharaman

Rs 35,000 crores priority capital for the energy transition; Battery storage to get viability gap funding: FM Nirmala Sitharaman

50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity: FM Nirmala Sitharaman

For realising the vision of Make AI in India and Make AI work for India, 3 Centres of Excellence for Artificial Intelligence will be set up in top educational institutions: Union Finance Minister Nirmala Sitharaman

Leading industry players will partner in conducting inter-disciplinary research, develop cutting-edge applications & scalable problem solutions in the areas of agriculture, health and sustainable cities: Union Finance Minister Nirmala Sitharaman

To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data: FM Nirmala Sitharaman

For business establishments required to have Permanent Account Number, the PAN will be used as a common identifier for all Digital Systems of specified government agencies: FM Nirmala Sitharaman

Finance Minister announces Agriculture Accelerator Fund

Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up: FM Nirmala Sitharaman

Capital outlay of Rs 2.40 lakh cr for Railways in next financial year: FM Nirmala Sitharaman

All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode: FM Nirmala Sitharaman

Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP: FM Sitharaman

50-year interest free loan to State governments extended for one more year: FM Sitharaman

A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility: FM Nirmala Sitharaman

States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources: FM Nirmala Sitharaman

The outlay for PM Awaas Yojana being enhanced by 66% to over Rs 79,000 crores: FM Nirmala Sitharaman

To improve social-economic condition of the Particularly Tribal Groups, PMPBTG Development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 cr to be made available to implement scheme in next 3 years: FM Nirmala Sitharaman

Eklavaya Model Residential Schools -in the next 3 years the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students: FM Nirmala Sitharaman

PM Vishwa Karma Kaushal Samman-package of assistance for traditional artisans and craftspeople has been conceptualised, will enable them to improve quality, scale & reach of their products, integrating with MSME value chain: FM Nirmala Sitharaman in Parliament

Seven Priority area of Budget are:

1 Inclusive development

2 Reaching the last mile

3 Infrastructure investment,

4 Unleashing the potential

5 Green growth,

6 Youth

7 Financial sector

157 new nursing colleges will be set up in the country in co-location with the medical colleges established since 2014. Sickle cell anemia to be eliminated by 2047.

An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs: Finance Minister Nirmala Sitharaman

The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries

Indian Institute of Millet Research will be supported as a centre of excellence

The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments: Finance Minister Nirmala Sitharaman

"Promotion of tourism will be taken up on mission mode," says Finance Minister Nirmala Sitharaman

The country offers immense attraction for domestic as well as foreign tourists. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular: FM Nirmala Sitharaman

The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war: FM Sitharaman

Govt's efforts since 2014 have ensured for all citizens, a better quality of life & life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world: FM Sitharaman

During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman presents #UnionBudget 2023-24 "This is the first Budget in Amrit Kaal," FM says.

Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this 'janbhagidari' through 'sabka saath, sabka prayaas' is essential: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has begun the presentation of Union Budget for the fiscal year 2023-2024 on Wednesday, 1 February, in the Lok Sabha.

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