The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament today. The key Feature of the Budget are as follows:
The union Budget for 2023-24 kept its focus on expanding Capex. It also showing that the Government’s priorities are building highways, railway lines and roads. Key feature of budget include relief to the middle class in terms of tweaks in the new income tax regime. It clearly pointing out that the Government wants a shift towards the new tax regime from the older tax regime.
The Government has increased the rebate limit from Rs 5 lakh to 7 lakh. There is a corresponding easing of the income tax slabs. The new tax regime is the default. Finance Minster has proposed an increase in capex by 33 per cent to Rs 10 lakh crore.
Incentives also provided to States to spend more on infrastructure. Rs 2.40 lakh crore has been allocated for Indian Railways, which is the highest it has ever been. The Finance Minister stuck to the fiscal deficit roadmap in the Budget with a target of 5.9% in FY 24 and adhering to the target for the current.