Nirmala Sitharaman's Union Budget 2023 has 'something for everyone'

FP Staff • February 1, 2023, 15:06:32 IST

On Wednesday, Finance Minister Nirmala Sitharaman delivered her shortest Budget speech so far – under 90 minutes. But the middle class is not complaining, it has got tax relief. It also focuses on infrastructure push, green economy and more

Union Finance Minister Nirmala Sitharaman with Ministers of State Bhagwat Kishanrao Karad and Pankaj Chaudhary and other officials presented the Budget for the fiscal year 2023-24 in Lok Sabha on Wednesday. AFP

The finance minister called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023. Notably, for the first time since 1947, a woman from Rashtrapati Bhavan, commenced the Budget session which was presented by another woman. PTI

The Budget session of the Parliament began on Tuesday with the President’s address. This year’s Budget session is going to have 27 sittings till 6 April with a month-long recess to examine the budget papers. The first part of the session will conclude on 13 February. Parliament will reconvene on 12 March for the second part of the Budget Session and conclude on 6 April. PTI

Budget copies were brought to Parliament, ahead of the Budget presentation that started at 11 am. This year’s Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024. ANI

Prime Minister Narendra Modi was seen arriving at the Parliament for the final Budget before the forthcoming Lok Sabha elections in 2024. “This budget will boost green growth, green economy, green infra, green jobs for sustainability. This Budget focuses on technology and the new economy. There is something for everyone in this Budget. It lays a strong foundation for New India,” said the Prime Minister. Sansad TV

The finance minister got straight to the point, starting her Budget speech with a focus on rural India.She said the Budget for 2023-24 hopes to build on the foundation of the previous budget and blueprint for India@100. Sansad TV

Sitharaman said that the Budget 2023 adopts seven priorities to guide India through the Amrit Kaal.Terming these seven priorities as the ‘Saptarishi’, or seven great sages, the economist said that they are supposed to guide the country toward a better future and handle the major challenges it is currently experiencing. Sansad TV

Additionally, in a huge relief for the common people, Sitharaman also announced that there will be no income tax up to Rs 7 lakh in the new tax regime. “The government proposes to increase income tax rebate limit from Rs 5 lakh to Rs 7 lakh in the new tax regime,” she said while presenting the budget. Sansad TV

“The new tax rates are 0 to Rs 3 lakh – nil, Rs 3 to 6 lakh – 5 per cent, Rs 6 to 9 lakh – 10 per cent, Rs 9 to 12 Lakh – 15 per cent, Rs 12 to 15 Lakh – 20 per cent and above 15 Lakh – 30 per cent. An individual with an annual income of Rs 9 lakh will have to pay only Rs 45,000 in taxes while someone with an annual income of Rs 15 lakh will have to pay Rs 1.5 lakh tax, down from Rs 1.87 lakh under the new tax structure,” she added. Sansad TV

The 63-year-old minister also stated the Indian government plans to set up three ‘Centres of Excellence for Artificial Intelligence (AI)’ in top educational institutions to realise the vision of Make AI in India and Make AI work for India. The aim is to establish a strong AI ecosystem in India and to train skilled AI professionals. Sansad TV