30 Important Highlights Union Budget of India.
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Union Budget of India 2023-2024, placed in parliament by union Finance Minister Nirmala Sitharaman and presented to the Parliament on February 1, had a greater emphasis on the rural sector, social sector schemes, fracture creation, and the middle class.


The Union Budget of India is also referred to as the Annual statement in Article 112 of the Constitution of India. It is the Annual budget of the Republic of India. The Government of India presents this budget it on the first day of February 2023 so that it could be completed before the new financial year in April-2023.


In the 75th year of Independence, the world recognized the Indian economy as a bright star. Our current year’s economic growth is estimated to be 7%, which is the highest among all the major economies in the world.


Today we are many global challenges. The G20 Presidency gives us a unique opportunity to strengthen India’s role in the world economic environment.


With the theme of “Vasudhaiva Kutumbakam”, we are steering an ambitious, people-centric agenda to address global challenges and facilitate sustainable economic development in India during 2023-24.


The Indian economy has increased in size from being the 10th to the 5th largest economy in the world in 2023.

30 Important Highlights Union Budget of India.
The key highlights of union budget-2023

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 



(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.

11. Budget for the Defence Sector:-

In this budget 2023-24, the Ministry of Defence has received the highest allocation among all ministries of the Government, at Rs. 5.94 Lakh Crore .this fund will be utilized in Bharat Electronics, Bharat Dynamics, Hindustan Aeronautics Defence, and BEML.


12. Budget for IT Ministery:-

The budget estimates for the Ministry of Electronics and Information Technology have been increased to Rs.16,549.04 Crore. 


13. Start-ups:-


The date of incorporation for eligibility start-ups for claiming tax holidays is extended by one more year (i.e) start-ups incorporated till 31 st March 2024 to be now eligible.


Benefit for carry forward of business losses on change in shareholding of eligible startups increased from seven years of incorporation to ten years. 


14. Budget Railways:-


The government in this budget 2023-24 is likely to announce plans for more than 400 new Vande Bharat Trains in this year’s Budget. The Government is likely to announce a new sleeper version of the Vande Bharat express train, which would reportedly be launched in the first quarter of 2024.


The Railway ministry expects total capital expenditure to increase more than 20% and to exceed Rs.3 trillion in FY 2024 as against Rs. 2.45 Lakh crore in FY2023-24. 



One hundred critical transport in fracture projects, for last and first-mile connectivity for ports, coal, steel, fertilizer, and food grains sectors have been identified. They will be taken up on priority with an investment in Logistics of Rs.75000 crore, including Rs. 15000 crores from the private sector.


(16)Regional connectivity:-


Fifty additional airports, helicopters, water, aerodromes, and advance 

landing grounds will be revived all over the country for improving regional air connectivity throughout India.

(17)Urban Infracture Development fund:-


Like RIDF an Urban In fracture Development Fund (UIDF) will be established through the use of priority sector lending shortfall. This will be managed by the National Housing Bank and will be used by public agencies to create urban Infracture in Tier 2 and Tier 3 Cities.


(18)Centres of Excellence for Artificial Intelligence:-


For realizing the vision of “ Make AI in India and make AI work for India” three centers of excellence for Artificial intelligence will be set up at the top educational institutions.


 Leading industry players will partner in conducting interdisciplinary research, developing cutting-edge applications, and stable problem solutions in the areas of agriculture, health, and sustainable cities.  


(19)Simplification of Know your customer (KYC) process:- 


The KYC process will be simplified by adopting a risk-based instead of one size fits all approach. The financial sector of India will regulators and also be encouraged to have a KYC system fully amenable to meet the needs of Digital India.

(20)Common Business Identifier:-


The business establishment is required to have a Permanent Account Number (PAN), the PAN will be used as the common identifier for all digital systems of specified government agencies. This will bring ease of doing business and will be facilitated through a legal mandate.

(21)Vivad se VishwasI-Relief for MSMEs:

In cases of failure by MSMEs s to execute contracts during During the Covid period 95% of the forfeited amount relating to the bid or performance security will be returned to them by the government and government undertakings. This will provide relief to MSMEs.



For efficient administration of justice, Phase 3 of the E-courts projects 

will be launched with an outlay of Rs. 7000 Crore.

(23)5G Services:- 


One hundred labs for developing applications using 5G services will be set up in the engineering institutions to realize a new range of opportunities, business models, and employment potentials.


This lab will cover, among others applications such as smart classrooms, precisions farming, intelligent transport system, and healthcare applications.


(24)Green Hydrogen Mission:-


The recently launched National Green Hydrogen Mission, with an outlay of Rs.19700 Crore will facilitate the transition of the economy to low carbon intensity, reduce dependency on fossil fuel imports, and make India, assume technology and market leadership in the sunrise sector. The target in this budget is to reach an annual production of 5 MMT by 2030.


(25)Bhartiya Prakritik Kheti Bio-Inputs Resourses Centres:-

Over the next 3 years, the government will facilitate 1 crore farmers to adopt natural farming. For this 10,000 Bio Inputs Resources Centres will be set up creating a national-level distributed micro-fertilizer and pesticide manufacturing network. 


(26) pradhan Mantri Kushal Vikas Yojana 4.0:-


Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youths within the next three years. On-job training, industry partnership, and alignment of courses with the needs of the industry will be emphasized.


The scheme will also cover new-age courses for Industry 4.0 like coding, AI robotics, mechatronics, IOT, 3D printing, drones, and soft skill. To 

skill youth International opportunities, 30 Skill India International Centres will be set up across different states.

(27)Credit Guarantee for MSMEs:-


Last year Government proposed revamping the credit guarantee scheme for MSMEs.It is happy to announce that the revamped scheme will take effect from 1st April 2023 through an infusion of Rs. 9000 Crore in the corpus. This will enable additional free guaranteed credit of Rs. 2 Lakh Crore.


(28) GIFT IFSC:- 


This enhances business activities in GIFT IFSC, with the following measures Will be taken.

  • Delegating powers under the SEZ Act to IFSCA to avoid dual registration.
  • Setting up a single window IT System for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI & IRDA. Permitting acquisition financing by IFSC Banking 
  • Units of Foreign Banks. Establishing a subsidiary of EXIM Banks 
  • For trade and refinancing. Amending IFSCA Act for statutory arbitration ancillary services and avoiding dual regulation under SEZ Act.

(29) Capacity Building in Securities Market:-


To build the capacity of functionaries and professionals in the securities 

market, SEBI will be empowered to develop, regulate, maintain, and enforce norms and standards for education in the National Institute of securities markets and to recognize degrees, diplomas and 



(30)National Financial Information Registry:-


A National Financial information registry will be set up to serve as the central repository of financial and ancillary pieces of information. This information will facilitate the efficient flow of credit, promote financial inclusion, and foster financial stability in the country.


A new legislative framework will govern this credit public in fracture and it will be designed in the constitution with RBI.

30 Important Highlights Union Budget of India.

Note:-Where does Rupee Come from and Where does it Go in this Budget?

Rupee comes from:-

  • Income Tax=15%Union Excise Duty=7%
  • Corporation tax=15%
  • Goods & Service tax=17%
  • Customs=4%
  • Non-Debt Capital receipts=2%
  • Non Tax receipts=6%
  • Borrowing & Other Liabilities=34%

Rupees go to:-

  • Pensions=4%
  • The state share of Taxes & Duties=18%
  • Finance commission & other transfers=9%
  • Central Sector scheme=17%
  • Defence=8%
  • Subsidies=7%
  • Centrally sponsored scheme=9%
  • Interest & Payments=20%
  • Other Expenditure=8%


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I am Ajay Kumar Patra. ( M.com & MBA-Finance) with 27years of Accounts & Taxation Experience in Large Manufacturing Units in India. In 2021 I started my own tax consultancy firm called “Ajay Tax consultant”. I started my Digital marketing on my website "www.odiyadigitalworld.com".I have already published more than 100 Blogs on Business, Finance, startups, Digital marketing & Tours & Travel for my viewers.