Budget 2023

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Budget 2023

Finanace Minister Nirmala Sitharaman, presenting Union Budget 2023-24 in Parliament, said that Rs 2.40 lakh have been allocated for Indian Railways. Finance Minister Nirmala Sitharaman listed seven key priorities of Union budget, including inclusive development, reaching the last mile, green growth, youth power. The Finance Minister said: “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.

Budget 2023 PDF holds much significance as this is the last full Budget before the 2024 general elections. This is the Finance Minister’s fifth Budget presentation since 2019. The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday approved the Budget for the fiscal year 2023-24 (April 2023 to March 2024).

Budget 2023 Highlights – Budget 2023-24

  • On the health front, the Finance Minister made the following announcements:
    • 157 new nursing colleges to be established in co-location with existing 157 med colleges established since 2015
    • Mission to eliminate sickle cell anemia by 2047
    • Facilities in select ICMR labs will be made available for research by public & pvt medical facilities
    • A new programme to promote research & innovation in pharmaceuticals will be taken up by Centres of Excellence
  • Agricultural and tourism measures announced by the Finance Minister
    • The agricultural credit target will be increased to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries.
    • The Indian Institute of Millet Research will be supported as a centre of excellence.
    • Promotion of tourism will be taken up on mission mode with active participation of states, the convergence of government programmes and public-private partnerships.
  • For fisheries and assistance for artisans: The government will launch a sub-scheme under PM Matsya Sampada Yojana with an outlay of Rs 6,000 crore to further enable those involved in fisheries, said Finance Minister Nirmala Sitharaman. She added that the PM Vishwa Karma Kaushal Samman — a package of assistance for traditional artisans and craftspeople — has been conceptualized that will enable them to improve quality, scale and reach of their products, integrating with MSME value chain.
  • PM Awaas Yojana outlay enhanced by 66%: Finance Minister: The outlay for PM Awaas Yojana has been enhanced by 66 per cent to over Rs 79,000 crore, says Finance Minister Nirmala Sitharaman.
  • Focus on capital expenditure continues: The focus on capital expenditure continues as Finance Minister Nirmala Sitharaman hikes capital investment outlay by 33 per cent to Rs 10 lakh crore for 2023-24
  • Income Tax Slab Rate
    • No tax payment for those earning up to ₹7 lakh per annum: In a major announcement, FM says those earning up to ₹7 lakh per annum will not have to pay any tax, under new regime. Limit extended from ₹5 lakh per annum.

New Income Tax Slab Rate for AY 2023-24 PDF

Tax Amount Tax Rate
0 to Rs. 3Lakh 0
Rs. 3 to Rs. 6 Lakh 5%
Rs. 6 to Rs. 9 Lakh 10%
Rs. 9 to Rs. 12 Lakh 15%
Rs. 12 to Rs. 15 Lakh 20%
Above 15 Lakh 30%

For more details download the Budget 2023 PDF using the link given below.

2nd Page of Budget 2023 PDF
Budget 2023

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