Budget 2023 - Highlights.

Nirmala Sitharaman, India's Finance Minister, presented the union budget for 2023, in Parliament today. Given below are the highlights.

* First budget in Amrit Kaal.

* Implementing free food scheme for the next one year - Rs.2 lakh crores to be borne by the centre.

* Current year's growth estimate at 7%.

* Per Capita Income doubled to 1.97 lakhs

* 7 Priorities of Budget

   - Inclusive development

   - Reaching the last mile

   - Infra investment

   - Green growth

   - Youth power

   - Financial sector

   - Unleashing potential

* Launch Atmanirbhar Clean Program

* Spend 2,200 cr on high-value horticulture

* Agri Credit target increased to 20 lakh cr

* 157 new nursing colleges to be established and co-location with the existing 157 medical colleges since 2014

* New Pharma Program for R&D through Centre for Excellence

* National Digital Library for Children and Adolescents to be set up

* 6,000 cr for promoting fusheries

* 15,000 cr  for three years for development action plan for scheduled tribes

* 38,800 teachers to be recruited for 740 Ekalavya model residential schools serving 3.5 lakh tribal students

* Capital Investment Outlay increased by 33% to 10 lakh cr (4.5% of GDP)

* Effective Cap Expenditure by entre at 13.7 lakh cr (4.5% of GDP)

* Cap Outlay of 2.40 lakh cr for Railways - highest ever outlay

* 100 critical transport infra projects for last mile connectivity to be taken up on priority

* 50 additional airports for improving regional air connectivity

* 10,000 cr per annum for Urban Infra DVPD Fund

* All cities and towns eligible for mechanical sewage de-slugging from manhole to machine hole

* Ease of doing business : > 39,000 compliances reduced

* Centres for Excellence for Air Intelligence - 3 centres to be set up in top educational institutions

* National Data Governance Policy to be brought out for access to anonymised data

* 7,000 r for phase 3 of E-Courts project

* 5G services : 100 labs for developing apps to be set up in Engineering Institutions - Smart Class rooms, Intelligent pharming etc

* Lab grown diamond - R&D grant to be provided to one IIT to reduce cost of production

* 35,000 r for energy transition and net zero objective

* Target to reach green Hydrogen production to 5 MMT by 2030

* 20,700 r for renewable energy in Ladakh

* PM PRANAM Scheme to promote balanced use of fertilisers

* 10,000 bio input resource centres to be set up

* Vehicle replacement - replacing old polluting vehicles 

   - Scrap old vehicles of central and state governments including ambulances 

   - Budget allocations to be made

* 36 Skill India International Centres to be set up across states

* Revamped Credit Guarantee Schemes for MSMEs

   - 9,000 cr infusion to corpus

   - Cost of credit will be reduced by 1%

   - Effective 01 Apr 2023

* Mahila Samman Savings Certificate for 2 year period up to Mar 2025

   - Will offer deposit facility up to 2 lakhs @ 7.5% with partial withdrawal option in the name of

      women and girl

* Revised Estimates - Total receipts 24.3 lakh cr

* Net tax receipts - 23.3 lakh cr

* FY 24 Fiscal deficit target at 5.9%

PART B

* Rebate increased from5 lakhs to 7 lakhs for tax free income in the new tax regime

* New tax slabs in the new regime

   - 0 - 3 lakhs        - 0%

   - 3 - 6 lakhs        - 5% 

   - 6 - 9 lakhs        - 10%

   - 9 - 12 lakhs      - 15%

   - 12 - 15 lakhs    - 20%

   - > 15 lakhs        - 30 %

* Highest Surcharge rate reduced to 25% from 37% in the new tax regime. Reduction of Max Tax Rate to 39%  

* New Income Tax Regime to be the Default Tax Regime

My take

The middle class has a lot to rejoice.

Tailpiece.

Got up at 6, the chores and was ready by a half past 9.

Went to town at a half past 10 to get a few utensils repaired and purchases sundries.

The evening chores.