Union Budget 2023: Key Highlights Of The Budget 

Yesterday, Finance Minister Nirmala Sitaraman presented the Union budget 2023-24. There were high expectations from this budget, especially from the middle class. During her speech, the finance minister announced the changes in the tax slab and the boosting of capital investment for creating new jobs for youth. The Modi Government presents this budget as accelerating its vision of Amrit Kaal. Since the budget is presented at a time when the global economy is going through a slowdown, it also shows India’s future financial strategy to grow its GDP before the 2024 Lok Sabha Election.

In her speech, FM Nirmala Sitaraman said, “Budget 2023-24 gives a big leg-up to capital investment, it also attends to MSMEs as they are the engine of growth, it sustains capital investment and also gives a push to the private sector while also giving tax reliefs to individuals and middle class.”

Highlights Of The Union Budget 2023

  • Over the last few years, the middle class complained about the unfavored income tax slabs and wanted relief. This time the Government addressed this concern and rebated the tax slab in which an individual doesn’t need to pay a tax on an income of 7LPA. 
  • The health sector has been allocated a massive budget of Rs 89,155 crore in the Union budget of 2023-24. It is 13 percent more than the previous financial year’s budget.
  • There is also the benefit of senior citizens in that the deposit limit in senior citizen schemes increased from Rs 15 to Rs 30 lakhs.
  • The Government also widened the support of capital expenditure by providing interest-free loans for 50 years.
  • People have to pay more custom duty on items like toys, jewelry, bicycles, luxury automobiles, vinyl chloride, etc.
  • Honorable FM Nirmala Sitaraman provides some relief to the middle class by reducing customs duty on items like clothes, polished diamonds, camera lenses, mobile phones, petroleum products, etc.

Also Read: Union Budget 2023-24: Everything Explained In Details

The budget presented in the Lok Sabha yesterday addresses the majority of concerns of the middle class. What are your views on the Union Budget 2023?

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