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THE HEADLINES:
Finance Minister Nirmala Sitharaman presents Union Budget for 2023-24 in Parliament.
Rebate limit for Income tax payers increased from 5 lakh to 7 lakh rupees.
India’s economic growth for current financial year pegged at 7 per cent.
Capital investment outlay to be increased by 33 percent to 10 lakh crore rupees; effective Capital Expenditure is budgeted at 13.7 lakh crore rupees.
For railways, highest ever capital outlay of 2.40 lakh crore rupees announced.
Agriculture credit target to be increased to 20 lakh crore rupees, with focus on animal husbandry, dairy and fisheries; Agriculture Accelerator Fund to be set up to encourage agri-startups.
Indian Institute of Millet Research, Hyderabad to be supported as Centre of Excellence to make India a global hub for 'Shree Anna'.
Prime Minister PVTG Development mission to be launched to improve social-economic condition of the Particularly Tribal Groups.
PM Vishwa Karma Kaushal Samman-package announced for traditional artisans and craftspeople; To be integrated with MSME value chain.
One hundred critical transport infrastructure projects to be taken up on priority with an investment of 75 thousand crore rupees.
35 thousand crore rupees priority capital investment to promote green economy.
Maximum deposit limit for Senior Citizen Savings Scheme enhanced from 15 lakh to 30 lakh rupees.
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Finance Minister Nirmala Sitharaman presented Union Budget for 2023-24 in Parliament today. She said that Indian economic is on the right track and is heading towards a bright future, despite challenging times. Ms Sitharaman said the economic growth in the current year is estimated to be at 7 per cent.
The Finance Minister said this is the first budget in the Amrit Kaal.
The Finance Minister announced that the Capital investment outlay will be increased by 33 per cent to 10 lakh crore rupees, which would be 3.3 per cent of GDP. To spur investment in infrastructure, Ms Sitharaman said, the government has decided to continue the 50-year interest free loan to state governments for one more year to incentivize them for complementary policy actions, with a significantly enhanced outlay of 1.3 lakh crore rupees.
To increase opportunities for private investment in Infrastructure, the government has established Infrastructure Finance Secretariat which will assist all stakeholders for more investment in railways, roads, urban infrastructure and power.
Focussing on the Agriculture Sector, Ms Sitharaman said an Agriculture Accelerator Fund will be set-up to encourage agri-startups by young entrepreneurs in rural areas. The Fund will aim at bringing innovative and affordable solutions for challenges faced by farmers. The Finance Minister also announced that the agriculture credit target will be increased to 20 lakh crore rupees, with focus on animal husbandry, dairy and fisheries.
Ms Sitharaman said, a plan will be implemented to set up massive decentralised storage capacity to help farmers store their produce and realize remunerative prices through sale at appropriate times. The year 2023 has been declared as the international year of millets. The Finance Minister said, the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research and technologies at the international level in order to make India a global hub for 'Shree Anna'.
Ms Sitharaman said the government will bear an expenditure of about 2 lakh crore rupees to supply free food grain to all Antyodaya and priority households for the next one year under PMGKAY.
Stating that traditional artisans and craftpeople have brought India renown for centuries, the Finance Minister said that for the time, a package of assistance under PM-VISHWAKARMA KAUSHAL SAMMAN has been conceptualized for them. The aim is to enable them to improve the quality, scale and reach of their products, integrating them with the MSME value chain.
In a further push for the government’s objective of housing for all, the Finance Minister said, an outlay for Pradhan Mantri Awas Yojana will be enhanced by 66 percent.
Shifting her focus towards education sector, the Finance Minister announced that one hundred and fifty-seven new nursing colleges will be established in co-location with the existing 157 medical colleges established since 2014. The Centre will recruit teachers and support staff for the Eklavya Model Residential Schools.
With an aim to improve socio-economic conditions of the Particularly Vulnerable Tribal Groups (PVTGs), the Finance Minister announced that Pradhan Mantri PVTG Development Mission will be launched.
Announcing relief for poor persons who are in prisons and unable to afford the penalty or the bail amount, the Finance Minister announced required financial support will be provided to them.
Ms. Sitharaman said, a Mission to eliminate Sickle Cell Anaemia by 2047 will be launched. This will entail awareness creation, universal screening of 7 crore people in the age group of 0-40 years in affected tribal areas.
The Finance Minister announced that a central assistance will be given to Upper Bhadra Project in drought prone central region of Karnataka.
The Finance Minster has announced major concessions for individual tax payers. The rebate limit has been hiked from existing 5 lakh rupees per annum to 7 lakh rupees in the new tax regime.
Now we go live to listen to Prime Minister Narendra Modi's PM's reaction to the budget -
Government has extended the benefit of standard deduction for the salaried class and the pensioners including family pensioners under the new tax regime. Each salaried person with an income of15.5 lakh rupees or more will thus stand to benefit by 52 thousand 500 rupees.
In the budget, Finance Minster has exempted excise duty on GST-paid compressed bio gas to avoid cascading of taxes on blended compressed natural gas. To further provide impetus to green mobility, customs duty exemption has been extended to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles.
The Finance Minister announced that a capital outlay of 2.40 lakh crore rupees has been provided for the Railways, highest ever outlay about 9 times outlay made in 2013-14.
Industry bodies and common people have lauded the Union Budget as growth oriented.
The Federation of Indian Chambers of Commerce and Industry (FICCI)President Subhrakant Panda termed the budget as balanced and progressive and one that gave primacy to inclusive growth.
Common people have also welcomed the budget calling it future vision for the country's development. Talking to AIR News, people said, the budget provides a big relief to the middle class with increased income tax slab.
Both the Houses of Parliament have been adjourned for the day after the presentation of the Union Budget 2023-24. After the presentation of the Budget in the Lok Sabha, the Finance Bill, 2023 was also introduced in the House. Later, the Union Budget was tabled in the Rajya Sabha.
Investors welcomed the Union Budget 2023-24. The Sensex and the Nifty surged more than half a percent in the afternoon trade.
THE HEADLINES ONCE AGAIN
India’s economic growth for current financial year is pegged at 7 per cent.