The 2023 Union Budget, hailed as the first budget in ‘Amrit Kaal,’ outlines a robust financial plan aimed at promoting macroeconomic stability, infrastructure, green growth, technology, and job creation. With a keen focus on providing tax opportunities for citizens, especially the youth, the budget introduces several groundbreaking measures. Here are the most significant highlights of the 2023 Union Budget:
1. Revisions to Direct Tax Regime: Last year’s budget brought modifications to income tax slabs, exempting those opting for the new tax regime from paying income taxes on annual earnings up to Rs 7 lakh.
2. Surcharge Relief for HNIs: High Net Worth Individuals (HNIs) witnessed a reduction in income tax surcharge from 37% to 25% when their income exceeded Rs 5 crore, resulting in a decreased effective tax rate.
3. Development of Infrastructure: A substantial increase in capital expenditure to Rs 10 lakh crore, with Rs 1.10 lakh crore allocated for infrastructure development, including roads, railways, airports, ports, and highways.
4. Agriculture and Rural Economy Boost: Initiatives like the ‘Atmanirbhar Bharat’ horticulture clean plant program, ‘Shree Anna’ scheme for millets, and a focus on enhancing storage capacity aimed at boosting the agricultural sector.
5. Healthcare Boost: Plans to establish new nursing colleges, a sickle cell anaemia elimination mission, and programs to promote research in the pharmaceutical industry, demonstrating a robust boost to the healthcare sector.
6. Educational Improvements: Revamping teacher training through Direct Institutes of Education and Training, setting up the National Digital Library, and encouraging states to establish physical libraries at the grassroots level.
7. Empowering Women in Society: Introduction of the Mahila Samman Saving Certificate, offering a fixed interest rate of 7.5% with a provision for partial withdrawal, aimed at empowering women economically.
8. ‘Green Growth’ Strategy: The budget emphasizes a ‘green growth’ strategy, promoting sustainable development with measures such as green fuel, farming, mobility, buildings, and equipment, along with proposals for energy efficiency across various sectors.
As the nation navigates through the financial roadmap outlined in the 2023 Union Budget, these highlights signify a comprehensive approach to economic growth, environmental sustainability, and societal empowerment.
