Key points of Union Budget 2023-24 presented by Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman today presented the Union Budget 2023, the fifth budget of the Narendra Modi government on Wednesday. In the last full-fledged Budget before the general elections next year, the Nirmala Sitharaman said that the Indian economy is on the right path and heading towards a bright future. Saptrishi (7 Priorities): FM Sitharaman lists seven priorities of Budget, including infra, green growth, financial sector, youth power.

Budget tax slab An individual with income of Rs 15 lakh will have to pay Rs 1.5 lakh tax down from Rs 1.87 lakh under new tax structure Net tax revenue foregone because of changes in direct and indirect taxes is Rs 35,000 cr FM announces reduction in tax slabs to 5 from existing 6 in new tax structure; raises tax exemption limit to Rs 3 lakh from Rs 2.5 lakh. Proposal to extend Rs 50,000 standard deduction to salary earners under new tax regime

An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000 No tax for income up to Rs 3 lakh; 5 pc tax on Rs 3-6 lakh; highest tax rate of 30 pc on income above Rs 15 lakh under new I-T regime. Railways: Capital outlay 2.4 lakh crore. This is nine times the outlay in 2013-2014. 50 additional airports, heliports, waterports and advance landing grounds will be revived for regional connectivity.

Other key highlights Current year’s economic growth is projected to be at 7% despite the pandemic. Nearly Rs 1,900 crore has been allocated in the Union Budget to the Union Law Ministry to buy electronic voting machines ahead of the 2024 Lok Sabha polls. A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility.