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Union Budget 2023-24 Highlights
February 3 , 2023
581 days
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- The finance minister Nirmala Sitharaman presented the Union Budget 2023-24.
- The rebate limit for paying income taxes is increased to Rs 7 lakh/annum.
- The income slabs under the new personal income tax regime have been revised from six to five.
- The tax exemption limit has been increased to Rs 3 lakh.
- The budget increased the capital outlay for railways to its highest ever at ₹2.40 lakh crore.
- The fiscal deficit is estimated to be 5.9% of the GDP in FY 2023-24.
- Net borrowings to finance the fiscal deficit is estimated to be Rs 11.8 lakh crore.
- The capital investment outlay increased for the third year in a row by 33% to ₹10 lakh crore.
- This accounts for 3.3% of the GDP.
- Agriculture credit target would be raised to ₹20 lakh crore with a focus on animal husbandry and fisheries.
- Setting up an Agriculture Accelerator Fund to encourage Agri-startups by young entrepreneurs in rural areas.
- PM Vishwakarma Kaushal Samman (PM VIKAS): The first-of-its-kind package assistance endeavours to improve the quality of, scale and reach of the products made by traditional artisans and crafts people.
- The budget provided ₹35,000 crore for priority capital investments towards achieving energy transition and net-zero objectives as well as energy security.
- A Financial assistance will be given for sustainable micro irrigation in drought-prone regions of Karnataka.
- Pradhan Mantri PVTG Development Mission will be launched, and more teachers will be recruited for 740 Eklavya Model Residential schools.
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