Highlights of Budget 2023

Indian Union Budget 2023 Key Points

The Indian Union Budget 2023 was presented by Finance Minister Nirmala Sitharaman on February 01, 2023, and focused on boosting the country's economic growth and creating a more inclusive society. Here are the key points of the budget: 

• Boosting Growth: The budget aims to revive economic growth by increasing public investment in infrastructure, agriculture, and rural development.

• Focus on Agriculture: The government has allocated a substantial amount of money to the agriculture sector with the aim of supporting farmers and improving their livelihoods. This includes funding for new agri-market infrastructure, irrigation and storage facilities, and other rural development initiatives.

• Health and Education: The budget has increased the allocation for the health sector, with a focus on enhancing the availability of essential medicines and vaccines, and improving the health infrastructure. 157 new nursing colleges will be established in core locations

• 3 centers of excellence for artificial intelligence (AI) to enable 'Make AI for India and 'Make AI work for India' 

• Highest ever Railway outlay at 2.4 lakh crore, boosting affordable regional connectivity & logistics of cargo freights.

Personal Income Tax: 

• 0 to Rs 3 lakh - 0%
• Rs 3 to Rs 6 lakh - 5%
• Rs 6 to Rs 9 lakh - 10%
• Rs 9 to Rs 12 lakh - 15%
• Rs 12 to Rs 15 lakh - 20%
• Above Rs 15 lakh - 30%

The tax rebate under the New Tax Regime has been recommended to be increased to Rs 7 Lakh by Finance Minister Nirmala Sitharaman. This indicated that under the New Regime, No tax will be due on income up to Rs & lakh.

Things that will become Cheaper:

• Toys
• Bicycles
• Mobile phones 
• LED TV
• Machinery for lithium-ion batteries
• Raw materials for the EV industry
• Things that are set to be costlier:

Things that will become Costlier:

• Cigarettes
• Imitation Jewellery
• Silver 
• Electric kitchen chimney
• Imported bicycles and toys
• Electronic vehicle imports

In conclusion, the Indian Union Budget 2023 focuses on boosting economic growth, supporting agriculture and rural development, and creating a more inclusive society. The budget will support the government's efforts to make India a self-reliant and prosperous nation.