India Budget 2023 Highlight PDF – Union Finance Minister Nirmala Sitharaman today presented the budget for 2023-24 in Lok Sabha in view of next year’s Lok Sabha elections. As general elections are due in 2024, this is the last full budget of the Modi government and that is why the finance minister made several big announcements that will bring relief to the common man. It has given the biggest relief in income tax limit. He made an important announcement that income of 7 lakhs will not be taxed in the new financial year. Along with this, many important announcements like a new savings scheme for women, and video KYC for the Jan-Dhan scheme have been made in the budget.
Union Budget 2023 Points –
Union Finance Minister Nirmala Sitharaman is presenting the Union Budget 2023-24 for the fifth consecutive time. He has submitted financial statements and tax proposals for the financial year 2023-24 (April 2023 to March 2024). As Union Finance Minister Nirmala Sitharaman stepped out of the Finance Ministry office to present the Union Budget 2023-24 in Parliament, the traditional ‘Bahi Khata Book (Traditional Red Account Book)’ has been replaced by a Made in India tablet.
Economic Survey 2022-23 (Economic Survey 2023) was released on January 31, 2023, by India’s Chief Economic Adviser V Ananth Nageswaran. The government expects the Indian economy to grow by 6.5 percent in the financial year 2023-24 (FY24). This is the first budget in ‘Amritkal’. This budget hopes to build on the foundation laid in the previous budget and the blueprint for India@100. The Indian economy is on the right track and moving toward a bright future. Budget 2023-24 focuses on seven priorities, which the FM calls “Saptrishis guiding us through Amrit Kaal”.
Union Budget Highlights 2023 –
Here are the main highlights of the Union Budget 2023-24.
- Per capita income has more than doubled to ₹ 1.97 Lahks in about 9 years.
- In the last 9 years, the Indian economy has grown in size, moving from 10th to fifth on the list of the world’s largest economies.
- EPFO membership has more than doubled to 27 crores.
- In 2022, 7,400 crore digital payments worth Rs 126 lakh crore have been made through UPI.
- 11.7 crore household toilets have been constructed under Swachh Bharat Mission.
- 9.6 crore LPG connections have been given under Ujjwala.
- 102 crore persons were vaccinated with 220 crore covid vaccines
- Insurance coverage to 44.6 crore individuals under PM Suraksha Bima and PM Jeevan Jyoti.
- An amount of Rs 2.2 lakh crore was transferred to 11.4 crore farmers under PM Kisan Samman Nidhi.
- The seven priorities of the budget are ‘Sapatrishi’, inclusive growth, reaching the last mile, infrastructure and investment, efficient utilization of capacity, green growth, youth energy, and the financial sector.
- 2200 crore self-sustainable clean plant/plantation program to increase the availability of disease-free, quality planting material for cultivation of high-value fruit crops.
- 157 new nursing colleges will be established in the vicinity of the existing 157 medical colleges established since 2014.
- In the next 3 years, the central government will recruit 38,800 teachers and support staff in 740 Eklavya Adarsh residential schools, where 3.5 lakh tribal students are studying.
- The expenditure plan for the PM Awas Yojana has been increased by 66% to over Rs 79,000 crore.
- A capital expenditure provision of Rs 2.40 lakh crore has been made for Railways, nearly nine times more than the provision made in 2013-14 and the highest ever.
Union Budget 2023 – Key Features –
Union Budget 2023 – Key Features: Following are the key features of the Union Budget 2023-24.
- Digital public infrastructure will be set up for the agriculture sector.
- The government will take initiative for the production, sale, and research of coarse grain i.e. millets.
- The Finance Minister announced that the Indian Institute of Nations will be established in Hyderabad.
- 157 to set up a new nursing college.
- The government has set a goal of eradicating sickle cell anemia by 2047.
- PMKVY 4.0 will be launched by the government to upskill the youth for job opportunities.
- 30 Skill India International Centers will be set up in various states along with a unified Skill India digital platform for youth job opportunities globally.
Union Budget 2023 -24 PDF Download Here –
Union Budget 2023 Indirect Taxes –
- The number of basic customs duties on goods other than textiles and agriculture has been reduced from 21 to 13.
- Basic customs duties, cesses, and surcharges on certain items, including toys, bicycles, automobiles, and naphtha, were marginally revised.
- GST-paid compressed biogas included in blended compressed natural gas will be exempted from excise duty.
- Customs duty on specified capital goods/equipment for the manufacture of lithium-ion cells for use in batteries of electrically operated vehicles (EVs) has been extended till 31.03.2024.
- Vehicles specified automobile parts/components, sub-systems, and tires will be exempted from customs duty when imported through a notified testing agency for the purpose of testing and/or certification subject to conditions
- Customs duties on camera lenses and their inputs/parts for use in the manufacture of camera modules of cellular mobile phones were reduced to zero and concessional duty on lithium-ion cells for batteries was extended for another year.
- Basic customs duty on open cell parts of TV panels was reduced to 2.5 percent.
- The basic customs duty on electric kitchen stoves has been increased from 7.5 percent to 15 percent.
- Basic customs duty on heating coils for the manufacture of electric kitchen stoves was reduced from 20 percent to 15 percent.
- Denatured ethyl alcohol used in the chemical industry is exempted from basic customs duty.
- Basic customs duty on acid-grade fluorspar (containing more than 97 percent calcium fluoride by weight) was reduced from 5 percent to 2.5 percent.
- The basic customs duty on crude glycerine used in the production of epichlorohydrin was reduced from 7.5 percent to 2.5 percent.
- Reduced duty on key inputs for domestic production of shrimp feed.
- Reduced basic customs duty on seeds used in the production of lab-grown diamonds.
- Tariffs on gold and platinum bars and bars increased.
- Import duty on silver doors, bars, and articles has increased.
- Basic customs exemption continues on raw materials for the manufacture of CRGO steel, ferrous scrap, and nickel cathode.
- BCD of 2.5 percent discount on copper scrap has been continued.
- The original customs duty on compound rubber was reduced to 25 percent from 10 percent or 30 per kg whichever is lower.
- The National Contingency Contingent Duty (NCCD) on specified cigarettes has increased by about 16 percent.
Conclusion – Information About Union Budget 2023
Today in this post we have learned the complete information about the budget, there have been many amendments and changes in the recent Indian budget, and we have given you the PDF link of the Indian budget in our post. You can download and see the complete budget thanks.
Thank You,