Union Finance Minister Nirmala Sitharaman on Wednesday presented the Budget 2023 in parliament. This is the last full-fledged budget presented by the BJP government before the 2024 General Elections. Nirmala Sitharaman stated that in Budget 2023-24 priorities have been given to inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth and the financial sector.
Here are the top key takeaways from the Budget 2023 announced by Finance Minister Nirmala Sitharaman in the parliament.
The most important announcement made by Nirmala Sitharaman which won massive praise from almost everyone was the decision to extend the tax rebate limit to Rs 7 lakh under the new tax regime. This means people with income up to Rs 7 lakh per annum will effectively pay no income tax.
Apart from this, the agriculture credit target for the financial year 2024 has been set at Rs. 20 lakhs. The government will launch the Atmanirbhar clean plant programme for better availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore. As per budget 2023 a sub-scheme under PM Matsya Sampada Yojna with an outlay of Rs 6,000 crore will be launched to enable the activities of fishermen in country. Adding to this FM announced that an agriculture accelerator fund will be set up for the growth of start-ups in rural areas.
To ensure food security for the lower-class people of country, Centre implemented PM Garib Kalyan Ann Yojana. This scheme will supply free food grain to Antyodaya and priority households for 1 year.
In order to improve the connectivity, Centre will be reviving 50 additional airports, heliports, water aerodromes and advanced landing grounds. Finance Minister Nirmala Sitharaman announced the implementation of 100 critical transport infrastructure projects.
A programme named Pradhan Mantri Kaushal Vikas Yojna 4.0 will be launched to empower youth of country with significant skills.
Taxes on cigarettes hiked by 16% in the latest proposed Budget.