2023 Budget Highlights: A glance at Nirmala Sitharaman’s previous budget
The 2023 budget set out to achieve two main goals: Incentivising the private sector to create fresh jobs and push growth. And second, increasing the capital expenditure as well as disinvesting the government's stake in the PSUs.
Finance Minister Nirmala Sitharaman is all set to present her sixth union budget on February 1. With the presentation of this budget, Sitharaman will surpass the record of her predecessors like Arun Jaitley, P Chidambaram, Yashwant Sinha and Manmohan Singh, who had presented five budgets in a row.
The 2023 budget set out to achieve two main goals: Incentivising the private sector to create fresh jobs and push growth. And second, increasing the capital expenditure as well as disinvesting the government’s stake in the PSUs.
During her speech, the union finance minister laid out budget estimates for FY 2023-24 as follows:
> Total receipts other than borrowings estimated at Rs 27.2 lakh crore and total expenditure at Rs 45 lakh crore.
> The net tax receipts are estimated at Rs 23.3 lakh crore.
> The fiscal deficit is estimated at 5.9 per cent of GDP.
> Net market borrowings from dated securities estimated at Rs 11.8 lakh crore.
> The gross market borrowings estimated at Rs 15.4 lakh crore.
> Highest capital outlay of Rs 2.4 lakh crore for Indian Railways.
The highlights of the 2023 budget are as follows:
The Finance Minister also presented an update on the PM Modi’s flagship mission:
Income Tax rate:
Described as a “middle-class bonanza” by some analysts’, the last budget witnessed India’s finance minister announcing an income tax rebate limit increase to Rs 7 lakh from existing Rs 5 lakh. Sitharaman further increased the tax exemption limit to Rs 3 lakh and cut the number of slabs from six to five. Below are the tax slabs announced last year:
Credit: Press Information Bureau
Indirect Taxes:
Economy:
🔴 Measures to enhance business activities in GIFT IFSC:
🔴 Empowering SEBI to develop and regulate standards for education in the National Institute of Securities Markets.
🔴 Launching a new small savings scheme Mahila Samman Savings Certificate to offer deposit facility up to Rs 2 lakh at fixed interest rate of 7.5 per cent.
🔴 Enhancing maximum deposit limit for Monthly Income Account Scheme from to Rs 9 lakh for single account and to Rs 15 lakh for joint account.
🔴 Fiscal Deficit up to 3.5 percent of states’ GSDP allowed.
Agriculture
Energy
Defence
Education and Skill Development:
Finance Minister Nirmala Sitharaman is all set to present her sixth union budget on February 1. With the presentation of this budget, Sitharaman will surpass the record of her predecessors like Arun Jaitley, P Chidambaram, Yashwant Sinha and Manmohan Singh, who had presented five budgets in a row.
The 2023 budget set out to achieve two main goals: Incentivising the private sector to create fresh jobs and push growth. And second, increasing the capital expenditure as well as disinvesting the government’s stake in the PSUs.
During her speech, the union finance minister laid out budget estimates for FY 2023-24 as follows:
> Total receipts other than borrowings estimated at Rs 27.2 lakh crore and total expenditure at Rs 45 lakh crore.
> The net tax receipts are estimated at Rs 23.3 lakh crore.
> The fiscal deficit is estimated at 5.9 per cent of GDP.
> Net market borrowings from dated securities estimated at Rs 11.8 lakh crore.
> The gross market borrowings estimated at Rs 15.4 lakh crore.
> Highest capital outlay of Rs 2.4 lakh crore for Indian Railways.
The highlights of the 2023 budget are as follows:
The Finance Minister also presented an update on the PM Modi’s flagship mission:
Income Tax rate:
Described as a “middle-class bonanza” by some analysts’, the last budget witnessed India’s finance minister announcing an income tax rebate limit increase to Rs 7 lakh from existing Rs 5 lakh. Sitharaman further increased the tax exemption limit to Rs 3 lakh and cut the number of slabs from six to five. Below are the tax slabs announced last year:
Credit: Press Information Bureau
Indirect Taxes:
Economy:
🔴 Measures to enhance business activities in GIFT IFSC:
🔴 Empowering SEBI to develop and regulate standards for education in the National Institute of Securities Markets.
🔴 Launching a new small savings scheme Mahila Samman Savings Certificate to offer deposit facility up to Rs 2 lakh at fixed interest rate of 7.5 per cent.
🔴 Enhancing maximum deposit limit for Monthly Income Account Scheme from to Rs 9 lakh for single account and to Rs 15 lakh for joint account.
🔴 Fiscal Deficit up to 3.5 percent of states’ GSDP allowed.
Agriculture
Energy
Defence
Education and Skill Development:
