Facts:
- Last Budget at current parliament building.
- Last Budget before the 2024 elections.
- Per Capita Income Doubled to 1.97 Lakh
7 priorities in Union Budget 2023–24:
- Inclusive Developement with tagline ‘वंचितों को वरीयता’
- Reaching the last mile
- Infra & Investment
- Unleashing the potential
- Green Growth
- Youth Power
- Financial Sector
Key points:
- Fiscal Deficit at 6.4% of GDP.
- Fiscal Deficit Estimation is 5.9% of GDP for FY2023-24.
- Fiscal Deficit Target of 4.5% by FY 2025-26
- Free FoodGrain for the next 1 year
- 2.4 Lakh Crores for Railway (9X of 2013–14 expenditure)
- 157 New Nursing Colleges will be opened in 4 locations
- 63,000 Agri Growth societies will be opened
- 19,700 Cr will be invested in Green Growth
- The goal of Net Zero Carbon Emission by 2070
- Inclusive development focusing on Jammu Kashmir, North East states & EWS category
- 740 Modern Eklavya Resident Schools for tribal students
- 100 labs for 5G service app creation
- DigiLocker for MSMEs
- Mission to eliminate sickle cell anemia
- New program for research in pharma
- National Digital Library for Children & Adolescent
- Focus on R&D by industries
- The KYC process will be simplified
- Focus on Ease of Doing Business
- 50 new regional airports
- PAN for all government identification policies
- CPE mandate for BioGas
- Scheme to replace Old Polluting Vehicles
- Pradhan Mantri Kaushal Vikas Yojana for the educational growth of youth
- 30 Skill India International centers
- Dekho Apna Desh Initiative for promoting tourism
- The maximum limit to invest in Senior Citizen Saving Scheme increased from 15L to 30L rupees.
- The maximum limit to invest in MIS increased from 4.5L to 9 Lakhs for a single account
- The maximum limit to invest in MIS increased from 9 to 15 Lakhs for joint account
- One-time small saving scheme for women
No Income Tax for net income less than 7 lakh rupees in the new tax regime.
New Tax Regime will be the default taxation.
Salaried persons & Pensioners with an income of 15.5L & above will get an standard exemption of 52,500 rupees.
Standard Deduction limit on Leave encashment of non-government salaried employees is increased from 3 Lakhs to 25 Lakhs.
New Tax Regime Structure :
0–3 Lakhs : NIL
3–6 Lakhs : 5%
6–9 Lakhs : 10%
9–12 Lakhs : 15%
12–15 Lakhs : 20%
Above 15 Lakhs : 30%
Cheaper after budget:
- Camera Lens
- Li-ion Battery (Electric Vehicles)
- Raw material related to EV industry
- Open Cell of TV Panels
- Mobile Parts
- Ethanol
Expensive after budget:
- Kitchen Chimney
- Gold, Silver articles
- Cigarette
- Imported Toys
