Budget Speech
Finance Minister Nirmala Sitharaman presented her fifth straight budget on 1st Feb 2023. This was also the last full budget of the Modi 2.0 govt before the next parliamentary elections in 2024. 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 hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. We envision a prosperous
and inclusive India, in which the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes.
Budget 2023 India – Key Features of Budget 2023-24
- Under new tax regime, income of Rs 0-3 lakh is nil.
- Income above Rs 3 lakh and up to Rs 6 lakh to be taxed at 5% under new regime.
- Income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10% under new regime.
- Income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20% under new regime.
- Income above Rs 15 lakh to be taxed at Rs 30%.
- FY-2024 fiscal deficit target at 5.9% of GDP
- Outlay for capital spending increased 33% to 10 trillion rupees in 2023/24
- Cigarettes to get costlier as Budget proposes 16% hike in duty
- To set up agriculture accelerator fund
- Increases budget allocations to 790 bln rupees for affordable housing in 2023/24
- Finance Minister says increase in public capex key to crowding in private investments
- Indian economy has become the fifth-largest economy in the world in last nine years
- Budget adopts seven priorities including inclusive, green growth
- Agricultural credit target raised to 20 trillion rupees ($244.42 billion) for 2023/24
- Sitharaman says the economy is growing the fastest among major economies
Budget Speech – Budget announcements 2023
- Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP: FM Sitharaman
- An agriculture accelerator fund to encourage agritech startups by young entrepreneurs in rural areas. Fund will focus on bringing innovative solutions for challenges faced by farmers.
- The government will launch the Atmanirbhar Clean Plant Programme to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore.
- PM Vishwa Karma Kaushal Samman – package of assistance for traditional artisans and craftspeople has been conceptualized, will enable them to improve the quality, scale and reach of their products, integrating with MSME value chain.
You can download the Budget Speech PDF using the link given below.
