Some key highlights from the budget 2023;
The growth for FY 2023 seen at 7%.
The fiscal deficit target for 2023-2024 fixed at 5.9% of the GDP.
The scope of documents under Digliocker to be expanded with the aim of making it a one-stop KYC solution.
Financial regulators to carry out a comprehensive review of extant regualtions in consultation with the market players.
The government will set-up National Financial Information Registry which will serve as central repository of financial and ancillary information.
Capital investment outlay will be increased by 33% to Rs. 10 lakh crores, which would be 3.3% of the Indian GDP.
Capital outlay of Rs. 2.40 lakh crore will be provided for railways.
The central government will continue 50-year interest free loans to the state government for one more year.
Revamped credit guarantee scheme will take effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs.
In a big push for transport infrastructure projects, The government has identified 100 critical transport infrastructure projects for steel, ports, fertilizer, coal and foodgrain sectors. To invest ₹75,000 crores including ₹15,000 crores from private sources.
Cigarettes will costlier as Budget proposes a 16% hike in duty.
₹35,000 crores priority capital will be invested towards energy transition.
₹19,700 crores will be allocated towards the National Hydrogen Mission. Government has set an objective to reach hydrogen production capacity of 5 metric million tonnes by 2030.
Revised tax slabs under the new tax regime;
- 0 to Rs. 3 lakhs - Nil
- Rs. 3 lakhs to 6 lakhs - 5%
- Rs. 6 lakhs to 9 lakhs - 10%
- Rs. 9 lakhs to 12 lakhs - 15%
- Rs. 12 lakhs to 15 lakhs - 20%
- Above 15 lakhs - 30%
Income tax rebate limit increased to Rs. 7 lakhs from Rs. 5 lakhs in the new tax regime.
You can read all the announcements from the budget here: https://www.indiabudget.gov.in/
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