A summary of the schemes announced in the Union Budget for 2023-24, the allocation of funds and highlights including tax hike and reduction.
New Delhi: The Budget Session of Parliament began yesterday with president Draupadi Murmu's address. Finance Minister Nirmala Sitharaman presented the Union Budget 2023-2024 at 11:00 am today.
With the Lok Sabha elections due next year, it was expected that since this is the last full budget of the BJP-led government, several new announcements will be made to woo the middle class.
Let's take a look at which department has been allocated how much funds in this budget.
An additional Rs 20 lakh crore credit facility will be provided to the agriculture sector.
Rs 75,000 crore allocated for transport projects.
Rs 2,200 crore allocated for horticulture sector.
Rs 2 lakh crore allocated for food and grain supply scheme.
Rs 6,000 crore allocated for fishermen welfare and development of fisheries sector.
Rs 9,000 crore allocated for micro, small and medium enterprises (MSMEs) loan guarantee scheme. Decided to reduce the interest rate on the loan by 1%.
Rs 70,000 crore allocated for Pradhan Mantri Awas Yojana.
Similarly, let's take a look at the schemes announced in the Budget, the tax hike and the reduction in tax cuts.
1) The most important announcement of the Budget is the announcement that the personal income tax ceiling will be raised to Rs 7 lakh.
2) Pan card will be used as a common identity card for all financial activities of the government.
3) New machines will be introduced to prevent manual scavenging.
4) 157 new nursing colleges will be set up at prominent locations across the country.
5) 100 laboratories will be set up for 5G service upgradation.
6) A separate app will be created to promote the tourism sector.
7) A new savings scheme called Mahila Samman will be created. 7% interest will be given on savings in the name of women for two years.
8) A new scheme will be implemented to innovate in the field of medicine.
9) Garib Kalyan Anna Yojana scheme to be extended for the next one year. This will provide free foodgrains to 80 crore families.
10) A scheme to promote cow and allied economies will be implemented with an investment of Rs 10,000 crore.
11) 50 new airports will be developed across the country with helipads.
12) Cigarettes and other tobacco products will be taxed up to 16 per cent.
13) Increase in customs duty on gold, silver and diamond jewellery.
14) Lithium ion battery import duty has been reduced.
15) 2.5% reduction in customs duty on TV panels.
16) Customs duty on cell phone spare parts reduced from 21% to 13%.
17) Import duty on bicycles and toys is reduced.
Several such announcements have been made by Union Minister Nirmala Sitharaman.
With the Lok Sabha elections due next year, it was expected that since this is the last full budget of the BJP-led government, several new announcements will be made to woo the middle class.
Let's take a look at which department has been allocated how much funds in this budget.
An additional Rs 20 lakh crore credit facility will be provided to the agriculture sector.
Rs 75,000 crore allocated for transport projects.
Rs 2,200 crore allocated for horticulture sector.
Rs 2 lakh crore allocated for food and grain supply scheme.
Rs 6,000 crore allocated for fishermen welfare and development of fisheries sector.
Rs 9,000 crore allocated for micro, small and medium enterprises (MSMEs) loan guarantee scheme. Decided to reduce the interest rate on the loan by 1%.
Rs 70,000 crore allocated for Pradhan Mantri Awas Yojana.
Similarly, let's take a look at the schemes announced in the Budget, the tax hike and the reduction in tax cuts.
1) The most important announcement of the Budget is the announcement that the personal income tax ceiling will be raised to Rs 7 lakh.
2) Pan card will be used as a common identity card for all financial activities of the government.
3) New machines will be introduced to prevent manual scavenging.
4) 157 new nursing colleges will be set up at prominent locations across the country.
5) 100 laboratories will be set up for 5G service upgradation.
6) A separate app will be created to promote the tourism sector.
7) A new savings scheme called Mahila Samman will be created. 7% interest will be given on savings in the name of women for two years.
8) A new scheme will be implemented to innovate in the field of medicine.
9) Garib Kalyan Anna Yojana scheme to be extended for the next one year. This will provide free foodgrains to 80 crore families.
10) A scheme to promote cow and allied economies will be implemented with an investment of Rs 10,000 crore.
11) 50 new airports will be developed across the country with helipads.
12) Cigarettes and other tobacco products will be taxed up to 16 per cent.
13) Increase in customs duty on gold, silver and diamond jewellery.
14) Lithium ion battery import duty has been reduced.
15) 2.5% reduction in customs duty on TV panels.
16) Customs duty on cell phone spare parts reduced from 21% to 13%.
17) Import duty on bicycles and toys is reduced.
Several such announcements have been made by Union Minister Nirmala Sitharaman.