Nirmala Sitharaman presented fifth financial budget in the Parliament
On Febt 1,2023, the Finance Minister of India, Nirmala Sitharaman announced the budget for 2023. This budget is announced just when a possible recession is around the corner.
A major focus was on the increase in captial expenditure and fiscal consolidation. The capital expenditure hiked by a whopping 33% to ₹ 10 crore.
It was announced that the Modi government will prioritise building railway lines and roads.
The middle class can expect a relief in terms of income taxes. The government communicated its intention to discard the old tax regime and establish a new one. People earning upto ₹ 7 lakh will not be required to pay any tax.
New tax slabs:
Up to Rs 3 lakh income there is 0% or NIL tax
From Rs 3 lakh to Rs 6 lakh the tax rate is 5%
From Rs 6 lakh to Rs 9 lakh the tax rate is 10%
From Rs 9 lakh to Rs 12 lakh the tax rate is 15%
From Rs 12 lakh to Rs 15 lakh the tax rate is 20%
Above Rs 15 lakh the tax rate is 30%
The budget also focused on technology and development. Several technology developers from Hydrabad commended the attractive updates on technology.
"This is the first Budget of Amrit Kaal", with these words finance minister Nirmala Sitharaman started the announcement of the last full Budget of the Modi government before the Lok Sabha elections of 2024.
Report by Anoushka Tanwar
Graphics by Sanskar Dubey
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