Union Budget 2023-24

Union Budget 2023-24

1-Economic growth in FY23 is estimated at 7%, the highest among major economies, despite the economic disruption caused by the pandemic and war.

2- Indirect tax proposals aim to promote exports, boost domestic manufacturing, enhance domestic value addition, and encourage green energy and mobility. The government proposed to reduce the basic customs duty rates on goods other than textile and agriculture from 21% to 13%.

3-Defence budget increased to Rs 5.94 lakh crores for FY24 from last year’s allocation of Rs 5.25 lakh crores. A total of Rs 1.62 lakh crores has been set aside for capital expenditure which includes purchasing new weapons, aircraft, warships, and other military hardware.

4-Agriculture credit target increased to Rs. 20 lakh crores, with a focus on animal husbandry, dairy and fisheries

5-Outlay for Pradhan Mantri Awas Yojana enhanced by 66% to over Rs. 79,000 crores.

6- Provided Rs. 35,000 crores for priority capital investments towards energy transition and net zero objectives, and energy security.

7-Continued the 50-year interest-free loan to the state governments for one more year to spur investment in infrastructure and to incentivize them for complementary policy actions, with a significantly enhanced outlay of Rs. 1.3 lakh crores.

8-Increase the allocation to Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to Rs. 7,200 crores and allocate Rs. 646 crores to the Ayushman Bharat Health Infrastructure Mission (PM-ABHIM).

9-direct tax proposals to increase the income tax rebate limit from Rs. 5 lakhs to Rs. 7 lakhs in the new tax regime.

10-Maximum deposit limit for Senior Citizen Savings Scheme to be enhanced from Rs. 15 lakhs to Rs. 30 lakhs.

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