Budget 2023; this budget is unique in many ways. Let us look at the budget of a developed India! Let’s break down the Budget Takeaways.

The budget 2022-23 had earmarked ₹ 1,85,776.55 crore. A substantial amount has also been allocated for improving infrastructure along the international border, police infrastructure and modernization of police forces. Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24 in Lok Sabha on Wednesday.

Trivia: For the first time in India’s history, a female finance minister presented the budget during a parliament session presided over by a female president.

The Budget for 2023-24 kept its focus on expanding Capex showing that the Modi government’s priorities are building roads, highways, and railway lines. The middle class has been given some relief in terms of tweaks in the new income tax regime clearly pointing out that the government wants a shift towards the new regime from the older one. The FM 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

Nirmala Sitharaman began the day by visiting Rashtrapati Bhavan. She met with President Murmu; Seetharaman is the sixth finance minister to present the union budget for the fifth time in a row. She delivered the shortest budget speech in history today, lasting only 87 minutes. However, the budget was neither short nor substantive. It was applauded for all the right reasons. This year’s budget has something for everyone. Despite the tax breaks for the middle class, it is fiscally prudent. It is a bold growth strategy with a strong emphasis on the fundamentals.

We’re sure you’re aware of the following highlights:

Everyone is talking about the tax rebate right now. The largest ever investment in railways and other infrastructure. India is now expected to have the world’s fastest growing economy. Is this budget beneficial to India’s rise as an emerging power?

5 major takeaways:

1. Starting with a fundamental question, what is the rising power most in need of? Infrastructure, roads, courts, and housing projects that create jobs, increase productivity, and improve connectivity are critical to India’s growth, and India is spending heavily to achieve this. It’s known as capital spending. its going up by 33%. A whopping 122 billion dollars has been allocated to build these assets. Urban development is a big focus this time, its also an urgent need. India cities are choking. The finance minister has announced an urban infrastructure fund around 1 billion dollars. Where will the money go to build infrastructure in tier 2 and tier 3 cities of India?
2. This year’s diplomacy budget: the spotlight will be on India’s foreign policy. According to the finance minister, India has a once-in-a-lifetime opportunity. The “G20 presidency has the potential to strengthen its role in world order. Does the budget help the assistance package for the neighborhood, which has been reduced? It was around 767 million USD last year. This year, it has dropped to around 616 million USD. India appears to be taking a more targeted approach, attempting to accomplish more with less. The allocation for Bhutan and the Maldives has increased. Bhutan receives nearly 300 million USD, while the Maldives receives approximately 48 million USD. Both are important Indian Neighbour’s. There is also a budgetary allocation for Afghanistan. Despite the Taliban takeover, India continues to support the Afghan people, with approximately $24,000,000 allocated to Afghanistan and this budget. Iran is still subject to international sanctions, but India has set aside 100 crore rupees ($12,000,000) for the Chabahar port, as it did last year. Because Chabahar is a strategically important project, the budget quotas for Bangladesh, Nepal, and Sri Lanka have been reduced. There has been no change in the amount of money allocated to Africa.
3. Budget of Defense – The defense budget has increased significantly, and for good reason. In recent years, India’s security challenges have grown, as has the threat of cross-border terrorism from Pakistan, as well as the challenge from China. This year’s budget recognizes India’s growing defense means by allocating 70 billion dollars to defense. This amounts to nearly 6,00,000 crore rupees, a 13% increase over last year. A large portion of this will go toward salaries and pensions. Almost 20 billion dollars have been set aside for acquisitions, new weapons, aircraft, warships, and other military equipment.
4. Futuristic high-tech initiatives – artificial intelligence centers of excellence. The plan is to establish 100 labs to create 5G apps and the “e-courts project” to digitize courts. However, digital India appears to be taking a back seat. The budget for this flagship project, Digital India, has been significantly reduced, with a 37% reduction.
5. The fifth and final takeaway is a strong push toward green energy. The national green hydrogen mission was announced by the finance minister. The goal, as the name suggests, is to promote green hydrogen. The mission focuses on four areas: green hydrogen creation, production, utilisation, and export. Over 2 billion dollars have been allocated to enable India’s transition away from fossil fuels.

Creating a budget is a delicate balancing act. It’s even more difficult in an election year, though in India, every year is an election year with some state going to the polls, but next year is the general election, and Prime Minister Modi said there’s something in this budget for everyone.

“अमृत काल का ये पहला बजट। विकसित भारत के विराट संकल्प को पूरा करने के लिए एक मजबूत नींव का निर्माण करेगा। यह बजट वंचितों को वरीयता देता है। यह बजट आज की एस्पिरेशनल सोसाइटी, गांव, गरीब, किसान, मध्यम वर्ग सभी के सपनों को पूरा करेगा।”

प्रधानमंत्री मोदी।

So those were the major budget takeaways. The budget speech had a lot more to it, but the most talked about part was the tax relief for the middle class. If you earn INR 7,00,000 or less per year, you do not have to pay income tax; those earning up to INR 500,000 do not pay income tax in either the old or new regimes.

“I propose to increase the rebate limit to 7,00,000 in the new tax regime das persons in the new tax regime with income up to 7,00,000 will not have to pay any tax at all.”

Nirmala Seetharaman Finance Minister.

However, if you smoke, this is bad news. The national calamity contingent duty on certain cigarettes was last updated three years ago. This is proposed to be increased by about 16%.

We are largest producer where focus to become the number one exporter of Shree Anna’s “Millets.”. To establish a center of excellence in Hyderabad and make India a global hub for Shree Anna.

100 labs for 5G apps and increased investment in the sector!!

Go green and clean!! Nat Zero for Sustainable Life and Lifestyle by 2070.

Jibe on Congress: Replacing the old Political (Polluting Vehicles) is an important part of government focus.

What are the main obstacles to reducing the fiscal deficit? This is the difference between the government’s earnings and expenditures. For the coming year, the government has set a lower target of 5.9%. The fiscal deficit is forecast to be 5.9% of GDP. Another recurring theme has been the ease of doing business. A concerted effort appears to have been made in this direction, as world couples from China and India plan to transform the country into a business-friendly destination.

@Phalguni Newz Quest