Union Finance Minister Nirmala Sitharaman today introduced the last Full Fledged Union Budget of PM Narendra Modi’s government before the 2024 Lok Sabha elections.
Here check the items that become cheaper and costlier and also check the key highlights of today’s budget.
Items that become Costlier
- Cigarettes
- Silver
- Articles made from gold bars
- Imitation Jewellary
- Electric Kitchen Chimney
- Imported bicycle and toys and imported Electronic vehicle.
Items that become Cheaper
- Parts for mobile phones
- Raw materials for EV industry
- Machinery for lithium ion batteries
- Parts for TV panels
Also Read :-Budget 2023 Date and Time: Expectations and Some of the Interesting Facts about Union Budget
Check Key Highlights of Todays Budget
1. Indian economy on right way
Indian economy is heading towards right way it is because of a Few achievements: a especial digital public infrastructure, Covid vaccination drive and take charge of Frontier areas.
2. Free cereal grains under PM Garib Kalyan Anna Yojana
The scheme will run for the next one year. The whole expenditure is around Rs 2 lakh crore.
3. 7 Priorities for this year’s Budget
- The priorities focus on India’s inclusive development, stepping the last mile, infrastructure and investment, green growth, Increase youth potential and economic sector.
4. Budget for Amrit Kaal –
It will add mechanization- driven potential and a knowledge- based industry with better public finances and a strong financial sector. To get this ‘Janbhagidari’ via ‘Sabka Saath, Sabka Prayaas’ is crucial.
5. Upliftment of Agriculture –
Agriculture sector will include giving expensive solutions for difficulties faced by peasants. Now, the agricultural credit goal is to raise up to Rs 20 lakh crore, with focusing on animal husbandry, Fisheries and dairy products. The government will soon launch a sub- scheme aiming the treatment of Rs 6,000 crore to help Fisherman, Fish vendors and MSMEs.
6. Health Education
- 157 New nursing college will be introduced.
- Set to promote research and innovation in Pharmaceuticals.
- The government will invest in medical research and development.
- A National Digital library will be set up that will help children getting quality books for study.
7. Outlay for PM Awas Yojana increased
- Urban poor to get affordable housing, the Yojana boosted by 66% to over Rs 79,000 crore.
8. Boost to Capital investment
- The capital investment outlay increased by 83% to Rs 10 lakh crore.
- 50- Year interest- free loans to state governments for the next one year.
9. Railway outlay at Rs 2.40 lakh crore
Now, the total outlay for Railway budget is Rs 2.40 lakh crore.
10. PAN to become a common identifier
For all Digital systems of Central government agencies.
11. Fiscal Deficit Target for Financial Year 24
- Fiscal deficit target has been reduced to 5.9 percent for Gross Domestic Product (GDP).
12. Changes in new Income Tax Regime
- Rebate increase up to Rs 7 lakh
- More Flexible than previous years.
- New rates are –
1. 0 to Rs 3 lakhs – nil
2. Rs 3 to 6 lakh – 5%
3. Rs 6 to 9 lakhs – 10%
4. Rs 12 to 15 lakhs – 20%
5. Above 15 lakhs = 30%
