Indian Union Budget 2023-24 Highlights

Summary of the union budget 2023-24

The Union Budget for FY 2023-24 this year aims to further strengthen India's economic status. In the 75 th Year of India's Independence, the World has recognized the Indian Economy as a 'bright star' with its Economic Growth estimated at 7 per cent, which is the highest among all major economies. In 2023-24, capital expenditure is expected to increase by 37.4% over the revised estimates of 2022-23, to Rs 10,00,961 crore. Revenue expenditure is expected to increase by 1.2% over the revised estimates of 2022-23 to Rs 35,02,136 crore. 65,000 crore. The disinvestment target for 2023-24 is Rs 51,000 crore.

• Union budget 2023-24 presents a vision for Amrit Kaal - a blueprint for an empowered and inclusive economy.
• A three-pronged focus driven by four transformative opportunities constitutes the foundation of Amrit Kaal.
• Capital investment outlay increased by 33% to rs. 10 lakh crore.
• Effective capital expenditure at 4.5% of GDP.
• Fiscal deficit estimated to be 5.9 % of GDP in 2023-24.
• Real GDP to grow at 7% in FY 2022-23.
• Exports to grow at 12.5% in FY 2023.
• Atmanirbhar clean plant program with an outlay of ₹2200 crore to be launched to boost the availability of quality planting material for high-value horticultural crops.
• 157 new nursing colleges to be established.
• The outlay for PM Awas Yojana was enhanced by 66% to over rs. 79,000 crore.
• Highest ever capital outlay of rs. 2.40 lakh crore provided for railways.
• Urban Infrastructure Development Fund (UIDF) is to be established through the use of priority sector lending shortfall.
• 500 new 'waste to wealth' plants under the Gobardhan scheme to be established at a total investment of rs 10,000 crore.
• 10,000 bio-input resource centers to be set up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.
• Mantri kaushal vikas yojana 4.0 to be launched.
• Union budget 2023-24 provides substantial relief for personal income tax.
• New slabs are announced under the new tax regime.
• Resident individuals with a total income of up to ₹ 7 lakhs will not have to pay any income tax under the new tax regime.
• A standard deduction of ₹ 50,000 will also be available to salaried individuals under the new tax regime.
• A new tax regime for individuals and HUF will be the default regime.
• The limit for tax exemption on leave encashment on the retirement of non-government salaried employees increased to ₹ 25 lakh.
• A slew of proposals was announced for the cooperative sector.
• Indirect tax proposals aim to promote exports, boost domestic manufacturing, enhance domestic value addition, and encourage green energy and mobility.
• The number of basic customs duty rates on goods, other than textiles and agriculture, was reduced from 21 to 13.