Finance Minister Nirmala Sitharaman presented her fifth Budget – the Narendra Modi government's last full-fledged Budget before the 2024 general elections – in the Parliament on Wednesday.
As seen in the last two years, this year's Budget too is in paperless form and is available on the Union Budget Mobile App for Members of Parliament (MPs) and the general public to access.
While presenting the Budget, the FM said this is the first Budget in Amrit Kaal and the government hopes to build on foundation of previous Budget and blue print for India@100.
"In 75th year of Independence, world has recognised India as a bright star," she said.
Among the 7 priorities – called ‘Saptarishi’ – of the government this Budget are:
-Inclusive development
-Last mile delivery
-Infrastructure
-Green growth
-Youth power
-Financial inclusion
-Unleashing potential
Here are the highlights of the Union Budget based on the 7 priorities:
-Government proposes to increase the income tax rebate limit from ₹5 lakh to ₹7 lakh in the new tax regime
-The new tax regime to now be the default tax regime
-Finance Minister proposes to change the tax structure in this regime by reducing the number of tax slabs to 5. The new tax slabs are as follows:
*Income of ₹0-3 lakh: nil.
*Income above ₹3 lakh and up to ₹6 lakh: 5%
*Income of above ₹6 lakh and up to ₹9 lakh: 10%
*Income above ₹12 lakh and up to ₹15 lakh: 20%
*Income above ₹15 lakh: 30%
-For pensioners, the finance minister announced extending the benefit of standard deduction to new tax regime. Each salaried person with an income of Rs. 15.5 lakh or more to benefit by Rs. 52,500
-"A person earning ₹9 lakh a year will now be paying just ₹45,000 instead of Rs. 60,000 currently. Similarly, a person earning ₹15 lakh will now pay only 10 per cent of this as tax," said the FM.
-Pradhan Mantri Kaushal Vikas Yojna 4.0 will be launched to skill lakhs of youth
-State govts will be encouraged to set up Unity Mall for promotion and sale of 'one district one product' items and GI products
-Revamped credit guarantee scheme for MSMEs with infusion of ₹9,000 cr to be launched from April 1
-Govt to launch Dekho Apna Desh initiative to promote domestic tourism
-Financial sector regulators will be asked to carry out comprehensive review of existing regulations
-Govt to set up National Financial Information Registry for facilitating efficient flow of credit, foster financial stability
-Govt to set up single window system for registrations and approvals in IFSC Gift City
-Central Processing Centre to be set up for faster response to companies filing forms under Companies Act
-One time new small saving scheme Mahila Samman Saving Certificate to be made available for 2 years up to 2025
-Integrated IT portal will be set up for reclaiming unclaimed shares and dividends
-Mahila Samman Savings Certificate to allow maximum deposit of up to ₹2 lakh having 7.5 pc interest
-FM says 50-year interest-free loans to state govts has to be spent on capital expenditure within 2023-2
-States to be allowed 3.5pc of GDP as fiscal deficit
-Monthly Income Scheme limit doubled to ₹9 lakh and ₹15 lakh for joint accounts
-Govt proposes to reduce customs duty on import of certain inputs for mobile phone manufacturing
-Customs duty on parts of open cells of TV panels cut to 2.5 pc
-Mobile phone output rose from 5.8 crore units in 2014-15 to 31 crore units last fiscal
-Basic customs duty hiked on articles made from gold bars
-Expert committee to be set up to make infrastructure classification and financing framework suitable for Amrit Kaal
-Enhanced Capex of ₹10 lakh cr for infra development is 3.3 pc of the GDP
-Capital outlay of ₹2.40 lakh crore for railways fixed for 2023-24
-Capital outlay of ₹2.4 lakh cr provided for Railways; highest-ever allocation since 2013-14
-100 critical transport infrastructure projects have been identified for implementation
-All cities and towns will be enabled for 100 pc transition of sewers and septic tanks from manhole to machine hole mode
-For enhancing ease of doing business, more than 39,000 compliances have been reduced, over 3,400 legal provisions decriminalised
-Govt to create Urban Infrastructure Development Fund on lines of Rural Infrastructure Development Fund; to be managed by NHB
-Three centres of excellence for artificial intelligence will be set up in top educational institutions
-One stop solution for reconciliation and updating of identity of individuals be established
-Govt to bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes
-100 labs for developing applications for 5G services will be set up in engineering institutions
-Govt to provide R&D grant to one of the IITs to encourage indigenous production of lab-grown diamonds in a bid to reduce imports
-Customs duty on lab grown diamonds to be reduced
-Govt targeting 5 MT of Green Hydrogen production by 2030
-Budget provides for ₹35,000 cr for priority capital investment towards energy transition & net zero objective
-Govt to spend ₹10,000 crore per year for urban infra development fund
-Govt to support setting up of battery energy storage of 4,000 MwH
-Green credit programme will be notified under the Environment Protection Act
-PM Pranam to be launched to incentivise states and UTs to use alternative fertilisers
-Govt to facilitate 1 crore farmers to adopt natural farming.
-Green credit programme will be notified to incentivise environmentally sustainable and responsible actions by companie
-Govt to set up Gowardhan Scheme for promoting circular economy with total investment of ₹10,000 cr
-Govt to take up mangrove plantation along the coastline under the new MISHTI scheme
-Govt to promote conservation values through a scheme to encourage optimal use of wetlands
-Allocating adequate funds for scrapping old polluting vehicles of govt
-30 Skill India international centres to be set up
-Govt to select 50 destinations through 'challenge mode' to promote tourism
-Large potential to be tapped in tourism; promotion of tourism to be taken up in mission mode
-Green growth efforts to help reduce carbon intensity; create green job opportunities
-Digital public infrastructure for agriculture will be built as open source, open standard and interoperable public good
-To enhance yield of extra long staple cotton, government will adopt a cluster-based and value chain approach
-Govt to support Hyderabad-based millet institute as centre of excellence
-National cooperative database is being created to map cooperative societies
-Agriculture credit target increased to ₹20 lakh cr for FY'24, with focus on animal husbandry, dairy and fisheries
-New programme to promote research in pharmaceuticals
-Govt plans to set up massive decentralised storage capacity to help farmers.
-Govt to launch a ₹2,200 crore Aatmanirbhar clean plant programme
-Pradhan Mantri Primitive Vulnerable Development Commission being launched; ₹15,000 cr earmarked for next 3 years
-38,800 teachers will be hired for Ekalavya Model Residential Schools
-PM Awas Yojana outlay hiked by 66 pc to ₹79,000 cr
-Capital investment outlay is being increased steeply for third year in a row to ₹10 lakh crore
-Increased capital outlay for infrastructure to crowd in private investment
-PM Primitive Vulnerable Tribal Group scheme to benefit 3.5 lakh tribals
-Centre to continue 50-year interest-free loans to state governments for one more year
-Newly established infrastructure finance secretariat to assist all stakeholders in more private investment
(With inputs from agencies)
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