The Union Finance Minister, on February 1, 2023, presented the Union Budget for the Year 2023. Mrs. Sitharaman, during the budget presentation, assured that the Indian economy is on the right path and heading towards a brighter future. This current Budget is the first in Amrit Kaal, as celebrated by the present Union regime.
The FM also announced benefits to taxpayers, such as significant changes in tax slabs under the New Tax regime. They also scaled a big boost for railways as well as capital expenditure. Let us look at some of the critical highlights of the Budget.
First Budget of the 'Amrit Kaal' regime
As India entered its 75th Year in 2022, the Prime Minister announced a progressive period of 25 years and termed it Amrit Kaal. The Union Budget of 2023 is the first of the Amrit Kaal. So let us dive into significant highlights of the Budget.
In line with the Economic Survey, the Union Government projects the Country's GDP growth at 7%.
Divestment of half a lakh crores
For the fiscal year 2023, the Government has slated its divestment from major economic sectors at a revised amount of Rs 50,000 crores.
Credit to Agriculture Sector
More of Infra-Development
Energy Security and Transition
Green Energy for Environment
Import & Custom Duties
Credit Guarantees for the MSMEs
Railways get a Boost
Vision for the Financial Year 2024
The Union Government is assigned the following estimates for various subsidies, CAPEX requirements, and divestment targets for the year 2024:
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