Major announcements of Union Budget 2023
Here are some of the major announcements made by Finance Minister Nirmala Sitharaman in Union Budget 2023.
Government Priorities include:
1. Inclusive Development
2. Reaching Last Mile
3. Infrastructure Investment
4. Unleashing Potential
5. Green Growth
6. Youth Power
7. Financial Sector
Big announcement for Taxpayers!
Rebate limit increased from Rs 5 lakh to Rs 7 lakh in the new tax regime.
Tax slabs and rates in the new regime:
Rs 0-3 lakh: NIL
Rs 3-6 lakh: 9 per cent
Rs 6-9 lakh: 10 per cent
Rs 9-12 lakh: 15 per cent
Rs 12-15 lakh: 20 per cent
Above Rs 15 lakh: 30 per cent
The government will bring in Agriculture Accelerator Fund to boost agriculture startups by young professionals.
Capital investment outlay is being increased for the third year by 33 per cent to Rs 10 lakh crore, which will be 3.3 per cent of GDP.
Railways capex outlay of Rs 2.40 lakh crore, highest ever; 9x of what was in 2013.
Govt to reduce customs duty on shrimp feed to promote exports.
Taxes on cigarettes hiked by 16 per cent.
Basic import duty on compounded rubber increased to 25 per cent from 10 per cent.
Basic customs duty hiked on articles made from gold bars.
Customs duty on kitchen electric chimneys increased to 15 per cent from 7.5 per cent.
Customs duty on parts of open cells of TV panels cut to 2.5 per cent.
Government proposes to reduce customs duty on the import of certain inputs for mobile phone manufacturing.
The maximum deposit for the senior citizen saving scheme is to be increased from Rs 15 lakh to Rs 30 lakh.
The government will launch a sub-scheme for PM Sampada Yojyna to target invest Rs 6,000 crore to target fishermen, small entrepreneurs, etc.
The government is on a mission to eradicate Sickle Cell Anemia. This will encourage the industry to invest in R&D in Pharma.
New program to promote R&D in pharma will be taken up through a centre of excellence dedicated to multi-disciplinary courses for medical devices.
157 new nursing colleges to be established.
Collaboration between farmers, state and industry will be done, and Rs 2200 crore will be outlayed for this collaboration.
Indian Institute of Millet Research will be supported as a centre of excellence.
Outlay for PM Awas Yojana increased by 66 per cent to over Rs 79,000 crore.
Effective capex will be Rs 13.7 lakh crore, forming 4.5 per cent of the GDP.
To improve the social-economic condition of the Particularly Tribal Groups, the PMPBTG Development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 crore to be made available to implement the scheme in next 3 years.
More than 39,000 compliances were reduced to enhance ease of doing business and over 3400 legal provisions were decriminalised.
National Data Governance policy, to unleash innovation, will be brought out to enable access to anonymised data.
KYC process will now be adopting a risk-based approach rather than a one-size-fits-all approach.
100 labs for effectively developing 5g services will be set up.
Niti Ayog to continue for 3 years, announced Nirmala Sitharaman.
For business establishments required to have Permanent Account Number, the PAN will be used as a common identifier for all Digital Systems of specified government agencies.
"Replacing old polluting vehicles is important in 'greening our economy", said Nirmala Sitharaman.
Rs 19,700 crore outlay for green hydrogen plan.
FM announced Rs 35 crore for energy transition and net-zero carbon emission target.
Revamped credit guarantee scheme for MSMEs will take effect from 1 April 2023 with an infusion of Rs 9000 crore into the corpus.