Finance Minister Nirmala Sitharaman Presents the last full Budget before the 2024 general elections; Receives 127.5K Digital Engagement: CheckBrand
Nirmala Sitharaman, the finance minister, delivered the Union Budget 2023 today. The budget for this year is significant because it is the final complete budget before the general elections of 2024. Since 2019, the Finance Minister has presented the budget five times.
The Budget for the fiscal year 2023–24 was approved on Wednesday (1st February) by the Union Cabinet, which is led by Prime Minister Narendra Modi (April 2023 to March 2024).
Since taking office in 2014, Prime Minister Narendra Modi has increased capital expenditures, such as those for roads and energy, while luring investors with lower tax rates and labour reforms and providing subsidies to low-income households to win their support politically.
On Tuesday (31st January), Nirmala Sitharaman presented the Economic Survey for the current fiscal year. According to the report, India's economy has fully recovered from the Covid pandemic, and in the upcoming fiscal year 2023–2024, growth is anticipated to range between 6% and 6.8%. This contrasts with 7.0% for the current fiscal year and 8.7% for 2021–22.
Key Highlights of the budget are:
- 50 destinations to be selected to boost tourism sector
- Rs 7,000 crore outlay for Phase 3 of eCourts project
- Permanent Account Number (PAN) will be made as a single business identifier for all digital systems
- Govt proposes Rs 2.40 lakh crore for Indian Railways
- FM hikes capital investment outlay by 33% to Rs 10 lakh crore for 2023-24
- FM sticks to 7% GDP growth, says India 'bright star in world's economy'
- Special tax benefits and deduction for MSMEs
- Fiscal deficit revised at 6.4% of GDP
- 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
- Income tax rebate extended on income up to Rs 7 lakhs in new tax regime
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