Before the 2024 Lok Sabha elections on February 1, 2023, Union Finance Minister Nirmala Sitharaman is delivering the last full-fledged Union Budget of the Modi administration. The strategy is anticipated to increase funding for logistics, defence, and infrastructure, benefiting allied businesses. The first half of the Parliamentary Budget Session, which began on Tuesday, will end on February 13. For the second half of the Budget Session, which will end on April 6th, the Parliament will reconvene on March 12.
New tax slabs under old tax regime
0-3 lakh nil
3-6 lk 5%
6-9 lk 10%
9-12 lk 15%
12-15 lk 20%
above 15 30%
FY2024 fiscal deficit target at 5.9% of GDP
FY2024 fiscal deficit target at 5.9% of GDP: FM
Maximum deposit scheme for senior citizens
Maximum deposit scheme for senior citizens – ₹15 lakh to 30 lakh
More from FM’s speech
– To reclaim unclaimed shares/ dividends, an integrated IT portal will be established.
– Certain amendments to be made to the Banking Regulation Act, Banking Companies Act and RBI Act to improve governance
FM on digital payments
– Increase 76% in transactions
– 91% in value
‘NFIR to be designed in consultation with RBI’
Permitting acquisition financing by IFSC units of foreign banks
National Financial Information Registry to promote credit, facilitate inclusion. NFIR to be designed in consultation with RBI
Credit guarantee for MSME
Credit guarantee for MSME, revamped scheme will take effect from April 1, 2023 with infusion of ₹9,000 crore corpus. Cost of Credit tp be reduced by 1%.
Centre to support states to scrap old vehicles
– digital ecosystem for skiling to be further expanded
– To empower our youth, realised their dreams we have formulated the national education policy
– Centre to support states to scrap old vehicles