A Brief Overview of Union Budget 2023

Date: 1-February,2023Last Updated: 1-April,2023
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Nirmala Sitaraman, the Finance Minister, delivered the Indian Union budget 2023 on Feb 1st, 2023. The budget, compared to its predecessors, is said to be more populist and was oriented toward the evolution of the Indian economy.

Nirmala Sitharaman is also the sixth finance minister of the nation to have presented the Union budget five times in a row. She started the speech by stating that this is the first budget in Amrit Kaal. And this is the first time the finance minister presented the budget in a digital device rather than the traditional "bahi khata" or the leather briefcase.

She also stated that the economic growth of our country is expected to be at 7 percent, one of the higher among the major economies, and our digital infrastructure is unmatched.

So without further ado, let's explore the key highlights of the Indian Budget 2023.

Union Budget 2023 Key Highlights

Union Budget 2023: Technology

The government will be setting up 100 new labs for developing applications using 5G services to strengthen our core tech infrastructure. 3 centers of excellence for AI (artificial intelligence) are to be set up "Make AI for India" and "Make AI work for India."

A National Digital-Library will be set up to facilitate quality books for children and adolescents.

Union Budget 2023: Real Estate

The very first point to be noted is that the PMAY (PM Awas Yojana) outlay increased by 66%, which is up to Rs 79,000 crore. This is Positive for Affordable housing finance COS like Aavas financiers & Home First Finance etc.

The minister also proposed a cap deduction from capital gains on investment on a residential house under Section 54 & Section 54 F to Rs 10 Crores.

An Urban Infrastructure Development Fund will be created and managed under National Housing Bank.

Union Budget 2023: New Income Tax Slabs

The new tax slab is the talk of the country. Compared to the last year's Income tax slabs, there are considerable changes, and also, a whole new tax regime has been set up aimed at the middle class.

New Tax Slab 2023 is as follows

New Income Tax Slab 2023

  • Rs 0-3 Lakhs p.a.: Nil
  • Rs 3-6 Lakhs: 5%
  • Rs 6-9 Lakhs: 10%
  • Rs 9-12 Lakhs: 15%
  • Rs 12-15 Lakhs: 20%
  • Rs 15 Lakhs and above: 30%

And under the new tax regime Income rebate limit increased to Rs 7 lakh from current Rs 5 lakh. This will be the default rebate regime, but if anyone wants to opt out of the same, he or she can go back to the old regime. The announcement has made the whole nation cheer for the budget though there are criticisms from certain angles.

New IT Returns Forms will be introduced to ease up the process for taxpayers, and the process itself will be fastened.

Union Budget 2023: Agriculture & Green Energy

Agriculture Accelerator Fund shall be created to encourage agri-startups by entrepreneurs. The rural economy will be boosted by these programs along with women centric economic empowerment. Rs 1.25 Lakh has been allotted for farmers' welfare and Rs 1.60 Lakhs for rural development. There will be additional support for the green energy initiative. Rs 35,000 crore is allocated for the energy transition in the country.

Union Budget 2023: Price Changes

Now let us check out the most important and awaited information. Union Budget of 2023 has also brought about changes in prices for certain products and commodities.

Price Increased for:

  • Gold, Silver, Platinum, and Diamond
  • Clothes
  • Cigarettes
  • Copper
  • Compounded Rubber

Prices Decreased for:

  • Mobiles
  • Cameras
  • Televisions
  • Electric Chimneys
  • Denatured Ethyl Alcohol
  • Acid Grade Fluorspar
  • Domestic Manufacture of Shrimp

These are the major changes in the prices this year.

So, folks, these are the highlights of the Union Budget 2023. Do share your thoughts in the comments.

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