Tag: Union Budget

During her Union Budget 2023 address, Sitharaman informed that the Budget adopts 7 priorities that will guide everybody to the ‘Amrit Kaal.’

“The Budget takes the lead once again to ramp up the virtuous cycle of investment and job creation,” said Sitharaman.

Finance Minister Nirmala Sitharaman in her Union Budget 2023-24 speech said that the subsidies on EV batteries will be extended for one more year, hence making EVs cheaper in the country.

To provide a sharper focus to the objective of ‘reaching the last mile’, the Union government has formed the ministries of AYUSH, Fisheries, Animal Husbandry and Dairying, Skill Development, Jal Shakti and Cooperation.

To settle contractual disputes of government and government undertakings, wherein an arbitral award is under challenge in a court, a voluntary settlement scheme with standardised terms will be introduced.

The tax holiday scheme was earlier available for startups incorporated till March 31, 2023.

On the growth outlook, it noted that growth in 2023-24 will be supported by solid domestic demand and a pickup in capital investment.

In addition, the KYC process will be simplified by adopting a 'risk-based' instead of 'one size fits all' approach.

Presenting the Union Budget for 2023-24, she also said the government will facilitate 1 crore farmers to adopt natural farming.

Finance Minister Nirmala Sitharaman said teachers’ training will be re-envisioned through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation.

FM Sitharaman proposed a reduction in the number of customs duty rates on goods except for textiles, from 21 to 13.

For senior citizens, the maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakhs to Rs 30 lakhs

She further said under the new personal income tax regime, the number of slabs would be reduced to five.

Apart from income tax rebate, the Finance Minister’s budget speech outlined which items would get costlier and which would become cheaper.

The direct capital investment by the Centre is complemented by the provision made for creation of capital assets through Grants-in-Aid to State