Highlights of the Union Budget 2023: On February 1, 2023, Finance Minister Nirmala Sitharaman delivered the Union Budget 2023–24 to Parliament. Here are the main points, explanations, and in-depth analysis from Sitharaman’s budget address.
Featured in the 2023 Budget: On February 1 (Wednesday), Finance Minister Nirmala Sitharaman delivered the Union Budget 2023, the fifth budget. According to the finance minister, the total growth of the Indian economy from a global viewpoint was the goal of the Union Budget 2023–24. Additionally, she stated that the Budget recommendations for the 2023–24 fiscal year are based on the idea of a successful and inclusive India, in which all regions and people, particularly our young, women, farmers, OBCs, Scheduled Castes, and Scheduled Tribes, share in the benefits of growth.
“This Budget hopes to build on the foundation laid in the previous Budget and the blueprint drawn for India@100,” said Finance Minister Nirmala Sitharaman. The rewards of progress should be enjoyed by all areas and people in India, notably our young, women, farmers, OBCs, Scheduled Castes, and Scheduled Tribes.
The Finance Minister further stated, “In these nine years, the Indian economy has grown in size from being the 10th to the 5th biggest in the world. According to a number of international indicators, we have greatly strengthened our reputation as a country with sound governance, innovation, and a favorable economic climate. There are numerous Sustainable Development Goals where we have achieved tremendous progress.
The economic plan for realizing this vision focuses on three key areas: first, creating enough chances for individuals, particularly young people, to realize their dreams; second, giving growth and job creation a powerful boost; and third, enhancing macroeconomic stability.
India Budget 2023 Overview
- In RE 2022-23, the total expenditure has been estimated at 41,87,232 crore which is more than the Actuals of FY 2021-22 by 3,93,431 crore. The total capital expenditure in RE 2022-23 is estimated at 7,28,274 crore.
- The total expenditure in BE 2023-24 is estimated at 45,03,097 crore of which total capital expenditure is 10,00,961 crore. Budget 2023-24 reflects continuing strong commitment of the Union Government to boost economic growth by investing in infrastructure development leading to an increase in capital expenditure by 37.4 percent over RE 2022-23. Effective Capital Expenditure, at 13,70,949 crore in BE 2023-24, shows an increase of 30.1 percent over RE 2022-23.
- Total resources being transferred to the States including the devolution of State’s share, Grants/Loans and releases under Centrally Sponsored Schemes, etc. in BE 2023-24 is 17,97,537 crore, which shows an increase of 1,43,056 crore over Actuals of FY 2021-22.
Priorities of Budget 2023-24:
The Budget 2023-24 adopts the following seven priorities. They complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal.
- Inclusive Development
- Reaching the Last Mile
- Infrastructure and Investment
- Unleashing the Potential
- Green Growth
- Youth Power
- Financial Sector
Budget 2023 Highlights: Top 10 Key Summary
The new personal income tax system saw notable alterations in the Union Budget 2023–24 in just one year. In both the old and new tax systems, anyone with income up to Rs. 5 lakhs are now exempt from paying any income tax. In the new tax system, the rebate cap has been raised to Rs. 7 lakhs. People under the new tax system would not be required to pay any tax on income up to Rs. 7 lakh.
The second idea, which targets middle-class people, was unveiled in 2020. Six income slabs, each starting at Rs. 2.5 lakhs, make up the new personal income tax system. This regime’s adjustment to the tax system is decreasing the number of tax slabs to five and.
|Annual Income||New Tax Slab|
|3-6 lakh||5 percent|
|6-9 lakh||10 percent|
|9-12 lakh||15 percent|
|12-15 lakh||20 percent|
|Above 15 lakh||30 percent|
Last 5 Years Budget Highlights & Speeches PDF
|Budget 2023-24||PDF Download|
|Budget 2023 at a Glance (Full)||PDF File|
|Budget 2023 at a Glance||PDF File|
|Budget 2023 Deficit Statistics||PDF File|
|Transfer of Resources to States and Union Territories with Legislature||PDF File|
|Budget 2023 Profile||PDF File|
|Budget 2023 Receipts||PDF File|
|Budget 2023 Expenditure||PDF File|
|Budget 2023 Major Schemes||PDF File|