Union budget 2023-24

Every year the Union Budget is presented by the Union Finance Ministry. The budget for the current financial year 2023-24 was presented on 1 February 2023. The upper middle class and the lower class almost all have an eye on the budget.

After the presentation of the budget, it is understood that the prices of some things are decreasing and the prices of some things are increasing. Apart from this, many other information including income tax, employment comes forward through the budget.

Union Finance Minister Nirmala Sitharaman presented the budget for the current financial year on 1 February 2023. Lok Sabha polls are ahead in 2024, before which there are 9 state assembly polls. The financial budget was released in this vote.

Union Finance Minister Nirmala Sitharaman said at the beginning of the release of the budget that, “The economic growth of the country has reached close to 7 percent.

This budget was presented thinking about the backward people. Our focus is on economic reforms.….Seven specific objectives of this budget. So we are looking at this budget as ‘Saptarshi’.

So let’s briefly know what has changed in the current financial budget (Budget Highlights) and will the middle class get any benefits?

1) Income tax exemption up to 7 lakh rupees. Earlier, citizens used to get income tax exemption up to Rs 5 lakh. Currently, that amount has been increased by two lakh rupees.

2) New scheme called PM Vikas is being introduced for Handicrafts. The government will arrange for the sale of industrial goods and this step will benefit the economically backward people of the country.

3) All the problems faced by the farmers will be spent.

4) 63000 Primary Agricultural Credit Card Societies will be computerized to facilitate farmers in providing accurate prices of produce. All data will be preserved. The government will ensure that the farmers get the right price.

5) Alliances will be given in the field of drug manufacturing research.

6) Several new nursing colleges will be opened across the country.

7) New digital library will be created to emphasize child education.

8) 6000 crore rupees have been allocated by the central government for improvement in animal husbandry and fisheries.

9) The money allocated to Pradhan Mantri Awas Yojana has increased to 79 thousand crores.

10) More than 2.4 lakh crore rupees have been allocated for Indian Railways.

11) Eklavya Model Residential School (Eklavya Model School) will be appointed 38 thousand 800 teachers for about three lakh tribal students in the next three years.

12) Central assistance of 5300 crore rupees will be provided to Karnataka for improvement of irrigation system.

13) From now on, PAN card will be considered as the main identity card in the digital field.

14) Interest free loan for 50 years for development projects of states.

15) Women can save Rs 2 lakh for two years and interest will be paid at the rate of 7.5 percent. This project is named Mahila Sanmanpatra. Deposits can be made till March 31, 2025.

16) The maximum deposit limit in Saving Scheme for senior citizens has been increased from Tk 15 lakh to Tk 30 lakh.

17) The price of cigarettes will increase.

18) Exemption from internal duty on mobiles, TV panels etc. has been announced.

19) In case of income up to 9 lakh rupees, 25 percent income tax will be reduced, currently 45 thousand rupees will be paid.

20) Prices of mobiles, TV panels, diamonds made in cycle workshops, LED TVs, clothes, mobile chargers, toys etc. will decrease.

21) Gold, platinum, single or multiple loudspeakers, kitchen chimneys for home, headphones/earphones,
X-ray machines, parts of electronic toys, umbrellas, silver utensils, foreign goods, imitation jewelery etc. will increase in price.

22) Earlier the defense budget was Tk 5.25 lakh crore, this allocation has been increased to Tk 5.94 lakh crore at present.

23) Under the Pradhan Mantri Kaushal Bikash Yojana 4.0 for youth employment, 30 International Skill Centers will be set up in various states of the country.

24) Emphasis will be given to developing tourism centers in the villages of the border areas.

25) Government will emphasize on replacing old and polluting vehicles.