Union Budget 2023: Finance Minister unveils ambitious plans for India’s growth

Union Budget

Union Finance Minister Nirmala Sitharaman is presenting the Modi government’s final full-fledged Union Budget before the 2024 Lok Sabha elections. The strategy is projected to increase funding for infrastructure, defence, and logistics, resulting in windfalls for linked businesses. The Budget Session of Parliament began on Tuesday and will end on February 13th. The Parliament will reconvene on March 12 for the second half of the Budget Session, which will end on April 6.

In nine years, India’s economy grew from tenth to fifth largest. 11.7 crore for Swachh Bharat Mission crore household toilets; 9.6 crore LPG ujjwala Yojana; 220 crore covid vaccines for all Indian’s; 47.8 crores PM Jan Dhan Bank yojana; 44.6 crore insurance.

According to FM, we have made tremendous progress toward many sustainable development targets. The economy has become more formalised.

We are putting in place a programme to provide free food grain. 2 million dollars in spending

“Tourism has a lot of untapped potential. Tourism promotion would be carried out on a mission basis “says Finance Minister Nirmala Sitharaman during the Budget 2023-24.

In these times of global problems, India’s leadership of the G-20 provides an opportunity to deepen India’s role in global order.

Our vision for the Amrit Kaal includes a knowledge-based, technology-driven economy with strong public finances and a thriving financial sector. It is necessary to accomplish this ‘janbhagidari’ through’sabka saath, sabka prayaas’: FM Sitharaman, Nirmala

She further added, “the government to provide Rs 5300cr asssistnace to drough-prone central region of Karantaka. PM Awas Yojana outlay hiked by 66 per cent to rs 79,000 crore.

FM said, “Capital investment outlay is being increased steeply for the third year in a row to Rs 10 trillion. Amount of 15,000 crore will be made available to implement the mission in the next 3 years under the development action plan for scheduled Tribes.”

She also mentioned, “One Stop solution for updating of identity and address of individuals maintained by various government agencies, regulators and regulated entities will be established using DigiLocker”.

Using technology to help the agriculture sector:

Agriculture policies outlined by the Finance Minister will take use of technological and digital improvements.

  • The agricultural credit objective would be raised to Rs 20 lakh crore, with an emphasis on livestock, dairy, and fisheries.
  • As a centre of excellence, the Indian Institute of Millet Research would be sponsored.
  • Digital Public Infrastructure for Agriculture will enable inclusive farmer-centric solutions and enhance access to farm inputs, market intelligence, agri industry support, and startup support.
  • The Agriculture Accelerator Fund will be established to support agri startups by young entrepreneurs in rural areas, to provide innovative and inexpensive solutions to farmers’ difficulties, to increase profitability, and to introduce contemporary technology.

The fiscal deficit is set at 5.9% of GDP, with total expenditure of 41.9 lakh crore.

Nirmala Sitharaman, Finance Minister, has set the fiscal deficit for 2023-24 at 5.9 percent.

A corpus of Rs 9,000 crore has been set aside for MSMEs.

“Given that financial services is one of the key pillars of growth during Amrit Kaal, focusing on financial stability with technology-driven innovation will characterise the financial services ecosystem in the future,” said Vivek Ramji Iyer, Partner and National Leader Financial Services, in response to the Union Budget 2023-34.

MSME Sector:

Reforms in the financial sector and use of technology have to led the inclusion better, and faster delivery.

The credit guarantee scheme for the MSME will take effect from 1st april 2023 through infusion of Rs 9,000 crore, and will enable a collateral free guaranteed credit of rs 2 lakh crores.

The fiscal deficit is expected to be 5.9% of GDP in FY24.

Finance Minister Nirmala Sitharaman stated that the revised fiscal deficit is 6.4% of GDP, with a fixed fiscal deficit target of 5.9% for 2023-24. The finance minister reaffirmed her objective to reduce the fiscal deficit to less than 4.5 percent of GDP by 2025-26.


There are six tax brackets, including a refund on income up to Rs 7 lakh.

Finance Minister Nirmala Sitharaman has proposed a new tax system that will enhance the income tax rebate maximum from Rs 5 lakh to Rs 7 lakh.

“I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 lakh,” she said.

New personal income tax brackets have been introduced.

The new personal income tax rates are as follows:

  • 0 to Rs 3 lakhs – nil
  • Rs 3 to 6 lakhs – 5%
  • Rs 6 to 9 Lakhs – 10%
  • Rs 9 to 12 Lakhs – 15%
  • Rs 12 to 15 Lakhs – 20%
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