Suhasini
Quick Summary
The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament today. The highlights of the Budget are as follows: PART A Per capita income has more than doubled to ₹1.97 lakh in around nine years. Indian economy has increased
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FAQ :
The seven priorities, known as 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power, and the financial sector.
The rebate limit in the new tax regime has been increased to Rs. 7 lakh, meaning individuals with incomes up to this amount will pay no tax. The tax structure has been simplified with fewer slabs, and the highest surcharge rate has been reduced.
The capital outlay for the Railways has been set at Rs. 2.40 lakh crore, which is the highest ever and approximately nine times the outlay in 2013-14.
The budget proposes an Agriculture Accelerator Fund for agri-startups, support for the Indian Institute of Millet Research to make India a global hub for 'Shree Anna', and a targeted agricultural credit of Rs. 20 lakh crore for animal husbandry, dairy, and fisheries.
A revamped credit guarantee scheme for MSMEs will infuse Rs. 9,000 crore into the corpus, enabling Rs. 2 lakh crore in additional collateral-free credit and reducing credit costs. Additionally, 95% of forfeited bid or performance security will be returned to MSMEs that failed to execute contracts during Covid.
The budget includes the 'Atmanirbhar Clean Plant Program', 500 new 'waste to wealth' plants under the GOBARdhan scheme, a 5% compressed biogas mandate, and initiatives to facilitate one crore farmers in adopting natural farming.
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