Budget 2023: Major income tax relief, push for infrastructure before 2024 polls | Highlights of FM Sitharaman’s speech
FM Sitharaman called Union Budget 2023 the "first Budget of Amrit Kaal" and noted that India’s economy has grown from 10th to 5th largest in the world.
Union Budget 2023 news: Union Finance Minister Nirmala Sitharaman today tabled Union Budget 2023 in Parliament. The Budget 2023-24 included significant capital outlay in infrastructure and agriculture sectors but the major announcement made by FM Sitharaman was about change in tax slabs.
Here are key highlights of Union Budget 2023
- Seven priority areas have been highlighted by the Centre in the budget 2023. The areas, Union finance minister Nirmala Sitharaman said, are "inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector".
- FM Sitharaman called Union Budget 2023 the "first Budget of Amrit Kaal" and noted that India’s economy has grown from 10th to 5th largest in the world.
- FM Sitharaman announced in her budget speech that capital investment outlay will be raised by 33% to Rs 10 lakh crore.
- Announcing a major relief for income tax payers, FM Sitharaman announced that there will be no tax on income of upto Rs 7 lakh a year - up from ₹ 5 lakh.
- FM Sitharaman announced an outlay of Rs 2.4 lakh crore for Indian Railways. Thus is the highest in almost a decade and four times the last year's budget. "This is about nine times the outlay made in 2013-14," FM Sitharaman noted.