30 Important Highlights Union Budget of India.

30 Key Highlights of India Budget-2023:-

1. Budget Estimates (2023-2024):-

(i) Total estimated receipts (excluding borrowings):-Rs.27.2 Lakh Crore

(ii) Total estimated expenditure:-Rs45 Lakh crore.

(iii) Net tax receipts:-Rs.23.3 Lakh Crore

(iv) Fiscal deficit:-5.9% of GDP

(v)The fiscal deficit in 2023-2024, the net market borrowings from dated 

Securities are estimated at Rs. 11.8 Lakh Crore.

(v)The gross Market borrowings are estimated at Rs. 15.4 Lakh Crore.

2. Personal Income Tax:-

 Rs. 5 lacs do not pay income tax in both the old and new tax regimes. The income of Rs 7 Lacs will not have to pay any tax in the new regime.

The New Tax exemption limit to Rs. 3 Lacs. The New Tax rate is as follows.

The New Income tax Slab is as follows:-

1. Rs0Lacs – Rs.3 Lacs= Tax Nil

2. Rs.3Lacs –Rs.6Lacs=5%

3. Rs.6Lacs- Rs.9 Lacs=10%

4. Rs.9Lacs-12Lacs=15%

5. Rs.12 Lacs-Rs. 15 Lacs=20%

6. Rs.15 Lacs above=30%  

(i)Standard Deduction:-The New tax regime was proposed to increase the standard deductions for salaried individuals to Rs. 50,000 and the deductions for family pensions up to Rs. 15,000.

(ii)Increase in rebate from tax enhanced to Rs. 25000 from Rs. 12,500, where the total income does not exceed Rs.7,00,000. 

(iii) Surcharge rates for income exceeding Rs.5,00,000,00 reduce to 25% from 37%.

3. Health Education & Skilling:-

(i) 157 new nursing colleges will be established in co-location with the 157 medical colleges established since 2014.

(ii)In the next three years center will recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential School serving 3.5 Lakh tribal students.

(iii)Teacher’s training will be re-envisioned through innovative pedagogy, curriculum transactions, and continuous professional development. The District Institute of Education and Training will be developed as a vibrant Institution of excellence.

(iv) A National Digital library for children and adolescents will be set up to facilitate the availability of quality books across geographic, languages, genres, and levels and device-agnostic accessibility. 

The state will be encouraged to set up physical libraries for them at panchayat and ward levels and provide fractures for accessing the National Digital Library resources.

4. Green Growth:-

(i) 500 new Waste to Wealth plants to be established under the GOBARDHAN scheme for promoting circular economy.

(ii)Setting up 10,000 bio-input resource centers to facilitate farmers to adopt natural farming.

(iii)Promotion of Battery energy storage system.

(iv) Promotion of coastal shipping for energy efficient 

Transportation.

(v)Funds to be allocated for replacing old Polluting vehicles.

5. Allocation of funds for specific Ministries:-

• Ministry of Defence:-5.94 Lakh CroreMinistery of 

• Road Transport and Highways:-2.70 Lakh core ministry of 

• Railways:-2.41 Lakh CroreMinistery of 

• Consumer Affairs Food & Public Distribution:-2.06Lakh Crore
• Ministry of Home Affairs:-1.96 Lakh Crore
• Ministry of Chemical & Fertilizers:-1.78 Lakh Crore
• Ministry of Rural Development:-1.60 Lakh Crore
• Ministry of Agriculture & Farmers welfare:-1.25 Lakh Crore
• Ministery of Communication:-1.23 Lakh Crore.

6. Financial Sector:-

(i)Credit Guarantee for MSMEs:-

In 2022 the credit guarantee schemes for MSMEs were revamped and will take effect from 1st April 2023 through the infusion of Rs. 9000 Crore in the corpus. There is additional collateral–free guaranteed credit of Rs 2 Lakh crore in this budget 2023-24.

(ii)Financial Information Registry:-

There is a National Financial Information Registry will be set up in 2023-24 to serve as the central repository of financial and ancillary information. This will facilitate an efficient flow of credit, promote financial inclusion and foster financial stability. A new legislative framework, designed in consultation with RBI, will govern this credit public in fracture.

(iii) Small Savings Schemes:-

To commemorate Azad Ka Amrit Mahotsav, a one-time new small saving scheme, Mahila Samman Savings Certificate will be made available for two years up to March 2025. This will offer a deposit facility up to Rs.2 lacks in the name of women or girls (fixed rate of interest of 7.5%) with a partially withdrawn option.

The maximum deposit limit for Senior Citizen Scheme will be enhanced from Rs.15 Lakhs to Rs.30 Lakhs. 

7. Focus on new age technologies such as 5G:-

Setting up 100 labs to develop 5G applications, covering areas such as precisions farming, smart classrooms, and health care. This will aid economic growth by creating new industries, products, and business models.

8. Tourism development in mission mode:-

Development of unity mall, the launch of one district one product scheme, and the development of 50 select tourist destinations as a complete package for domestic and foreign tourists.

Tourism in India is a significant driver of economic and social development. It stimulates economic growth by generating income, employment, investment, and exports in the country.

9. Exemption on lithium-ion cell machinery to enhance electric vehicle mobility:-

Exemption from import duties on lithium-ion cell batteries from 21% to 13%to drive the adoption of electric vehicles in the country and provide a boost to battery manufacturing.

10. Youth Power:-

Formulation of the National Education policy for youth empowerment, skilling, and policies that facilitate job creation at scale. Launch of PMKVY4.0 which includes new courses such as coding, AI, and 3D.

National Apprenticeship Promotion Scheme to offer a stipend to 47 lakh youths over three year.