Indian Union Budget 2023-24: Key highlights

The Union Minister of Finance said that the Indian economy is on the right track and heading towards a bright future

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Indian economy has increased in size from being the 10th to 5th largest in last nine years, she said, stating that the per capita income has increased to Rs 1.97 lakh

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“Our focus on reforms and sound policies resulting in ‘Jan Bhagidari’ helped us in trying times, our rising global profile is due to several accomplishments,”

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Sitharaman also fixed the fiscal deficit for 2023-24 at 5.9 per cent. She reiterated that the fiscal deficit would be brought down to below 4.5 per cent by 2025-26

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Sitharaman announced that the tax rebate limit is being increased from Rs 5 lakh to Rs 7 lakh

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Government also proposed to reduce highest surcharge rate from 37 per cent to 25 per cent in the new tax regime.

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An individual with income of Rs 15 lakh will have to pay Rs 1.5 lakh as tax, down from Rs 1.87 lakh

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The Centre launched a Rs 15,000 crore development fund for the tribal and marginalised sections, the finance minister announced in her speech

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A reduction in the number of customs duty rates on goods except for textiles, from 21 to 13, was also proposed

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The National Green Hydrogen Mission, which has an allocation of Rs 19,700 crore, will facilitate the transition of the economy into a low-carbon intensity and green economy

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On foodgrains for poor, Sitharaman said that the entire expenditure of about Rs 2 lakh crore under the PM Garib Kalyan Anna Yojana

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he government proposes to increase the agricultural credit target to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries, she told the Parliament.

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