New Delhi. Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023 for the year 2023-24 in the Parliament. She said that the Indian economy is on the right track and is moving towards a bright future. Sitharaman gave a speech of 1 hour 27 minutes on Wednesday. In this, she told the country that when the whole world is on the path of recession due to Corona and war, then India's growth is stronger than other countries.
Currently, announcements are also made for the Indian Railways in the general budget itself. However, before 2017, a separate Rail Budget was presented for the Indian Railways. In the first term of the Modi government, the then Finance Minister Arun Jaitley abolished the 92-year-old practice. From the year 2017, he also started making announcements of the railway budget in the general budget itself.
During the Covid pandemic, we ensured that no one sleeps hungry with a plan to supply free food grains to over 80 crore persons for 28 months, said Sitharaman.
Wooing middle class
tax limit has been hiled to woo the middle class. Sitharaman said that in personal tax, the Modi government has given a big relief to the working class and now under the new tax system, annual income up to 7 lakhs has become tax-free.
This exemption was earlier up to 5 lakhs and under the old tax regime, the tax exemption limit has now been increased from 2.5 lakhs to 3 lakhs.
Elections are to be held next year, so the Finance Minister has tried to please the middle class. Finance Minister Nirmala Sitharaman has given a big relief to the taxpayers and now no tax will have to be paid on income up to Rs 7 lakh.
What became cheap and what became costlier
Cheaper
Domestically-manufactured TV sets, mobiles
Shrimp feed
Fish lipid oil used in manufacturing aquatic feed
Seeds for lab-grown diamonds
Capital good
Machinery for manufacturing lithium ion cell to be used in electric vehicles.
Costlier
Cigarettes
Kitchen chimney
Imported bicycles and toys
Fully imported cars and Electric Vehicles
Imitation jewellery
Compounded rubber
Silver dores
Naphtha
Full attention to seniors and women
Nirmala Sitharaman said that the limit of Senior Citizen Account Scheme will be increased from 4.5 lakh to 9 lakh. Mahila Samman Bachat Patra Yojana will start. In this, women will get 7.5% interest on savings of Rs 2 lakh. Nirmala Sitharaman said that the expenditure of PM Awas Yojana is being increased by 66% to Rs 79,000 crore. Over the next three years, the government will employ 38,800 teachers and support staff for 740 Eklavya Model Schools supporting tribal students.
Expert opinion
Dr. Suryabhushan, Professor of Economics, while reacting to this budget, calls it satisfactory. He said that considering the election year, the middle class has been wooed, so something has been kept for everyone. The government has tried not to antagonize anyone. This is the first budget of Amrit Kaal which looks like public welfare.
This budget is a budget to empower and enable poor farmers, tribals, Dalits, backward, deprived, economically backward, middle class. This budget is going to emphasize on the education of children, earning of the middle class and the welfare of the elderly. It would have been even better if the money spent on education and health increased.
Directionless, says Opposition
As expected, the opposition called this budget directionless. SP President Akhilesh Yadav said the BJP's budget doesn’t give anything to anyone. Bihar's Deputy Chief Minister Tejashwi Yadav described the budget as disappointing, while Congress President Mallikarjun Kharge will say something only after taking the opinion of experts.
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