Economic Survey 2023 has said that the Indian economy has recovered from the shock of the pandemic. However, given the current global recessionary pressures, FM Sitharaman’s Budget speech will be crucial in steering the Indian economy on a stable GDP growth path.
“The Indian economy appears to have moved on after its encounter with the pandemic, staging a full recovery in FY22 ahead of many nations and positioning itself to ascend to the pre-pandemic growth path in FY23,” notes the Economic Survey 2023.
The country offers immense attraction for domestic as well as foreign tourists. The tourism sector holds huge opportunities for jobs and entrepreneurship for youth in particular. States will be encouraged to set up a ‘Unity Mall’ in the state capital or the most popular tourist destination in the state for the promotion and sale of ‘One District, One product’ and GI products and other handicrafts.
50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism.FM
The government has enhanced capital expenditure (capex) outlay by 33% to Rs 10 lakh crore which would be 3.3% of GDP. The amount is almost 3 times the outlay that was made by the government in 2020, says finance minister.
50-year interest free loans will continue for states, announces Sitharaman in Budget speech
Three centres of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’, says FM
Salaried class and pensioners including Family pensioners for whom I propose to extend the Benefit of Standard deduction to the new tax regime
Each salaried person with an income of15.5 lakhs or more to benefit by ₹. 52,500
Union Minister @nsitharaman #AmritKaalBudget pic.twitter.com/SB03yaCbWx
— PIB India (@PIB_India) February 1, 2023
Finance Minister Nirmala Sitharaman on Wednesday announced new tax slabs for 2023-24, under which no tax would be payable for income up to Rs 7 lakh per annum under the new income tax regime.
“Currently, those with an income of up to Rs 5 lakhs don’t pay any income tax. I proposed to increase the tax rebate limit to Rs 7 lakhs in the new tax regime,” Sitharaman said while presenting the Union Budget for 2023-24 in Parliament.
A tax of 5 per cent would be levied on total income between Rs 3 lakh and Rs 6 lakh, 10 per cent tax would be imposed on income between Rs 6 lakh to Rs 9 lakh, it would be 15 per cent on income between the range of Rs 9 lakh to Rs 12 lakh.
On the income range of Rs 12 lakh to Rs 15 lakh, 20 per cent tax would be levied, while tax would be 30 per cent on income slab of Rs 15 lakh and above, the finance minister informed.
Finance Minister Nirmala Sitharaman set the fiscal deficit target for 2023-24 at 5.9 per cent of the GDP, while emphasising that the government is committed to bring it below the 5 per cent-mark by 2025-26.
In her Budget speech, Sitharaman said that in 2021-22, she had announced that the government would continue on its path of fiscal consolidation and would strive to bring fiscal deficit below 5 per cent of the GDP by 2025-26.
Fiscal deficit is the difference between total expenditure and revenue of a government in a year.
In the Budget for 2022-23, the fiscal deficit target was set at 6.4 per cent of the GDP, which was later revised to 6.9 per cent of the GDP.
Personal #IncomeTax for the hardworking middle class
Currently, those with an income of Rs 5 lakhs do not pay any income tax and I proposed to increase the rebate limit to Rs 7 lakhs in the new tax regime
Finance Minister @nsitharaman
#Budget2023 #AmritKaalBudget pic.twitter.com/4PBNa3KsG5
— PIB India (@PIB_India) February 1, 2023
Tax portal processed 6.5 crore returns, processing time cut; intend to strengthen grievance redressal mechanism: FM
Goa Chief Minister Pramod Sawant on Wednesday termed the Union Budget 2023-24 as growth-oriented people’s Budget, taking forward the vision of Prime Minister Narendra Modi.
Sawant said the Budget resonates with the aim of ‘Sabka Sath, Sabka Vikas, Sabka Vishwas and Sabka Prayas’.
“I congratulate Union Finance Minister Nirmala Sitharaman for presenting a people’s Budget taking ahead the vision of Prime Minister Narendra Modi,” Sawant said.
“The Budget has covered the aspirations of the farmers, marginalised sector, youth, MSMEs, OBCs, women, entrepreneurs, salaried class and also laid great emphasis on geen growth, startups as well as local manufacturing sectors,” Sawant added.
Union Finance Minister Nirmala Sitharaman during her Budget speech on Wednesday proposed to reduce the number of Basic Customs Duty (BCD) rates on goods other than textiles and agriculture from 21 per cent to 13 per cent.
This has necessitated minor changes in the basic Customs duties, cesses and surcharges on some items, including toys, bicycles, automobiles and naphtha.
While presenting the Union Budget 2023-24 in the Parliament on Wednesday, the Finance Minister also emphasised on a simplified tax structure with fewer tax slabs to help reduce the compliance burden and improve tax administration.
The revision in income tax rates will increase the purchasing power of the middle class sections of the society and thus, push the economic growth of the country in the long run, Kolkata-headquartered Bandhan Bank’s founder, Managing Director and Chief Executive Chandra Sekhar Ghosh said.
According to him, the increase in the purchasing capability of the middle class will push the demands of the products and this will positively impact the economy of the nation.
The Union Budget for 2023-24 is a disappointing one for the Indian medical devices industry as the expectations and assurances given earlier have not been fulfilled, Association of Indian Medical Device Industry (AiMeD) Forum Coordinator Rajiv Nath said on Wednesday.
According to him, the FY24 budget has given a cold shoulder to the domestic medical devices industry.