New DelhiOne hour ago
Finance Minister Nirmala Sitharaman presented her fifth budget. In this, Indian electric vehicles and mobile phones made in India have been made cheaper. The scheme of distribution of free ration to the poor, started during the Corona period, has been extended for one more year. The budget for education and agriculture was increased, while the budget for arms purchase of the army was reduced. Let us know who got what in the budget.
First know the 5 biggest things of the budget
- For middle class: No income tax on income up to 7 lakhs.
- For lower class: Free food grains will be available for one more year under Garib Kalyan Anna Yojana.
- for youth: Startup fund, and allowance will be given for 3 years, International Skill India Centers will be set up.
- For Tribal Area: 38 thousand 800 teachers will be appointed for Eklavya schools. 15 thousand crores for the development of tribal villages.
- Expensive-Cheap: LED TV-mobiles will be cheap. Tax on cigarettes was increased by 16%. Now it will be expensive.
Tax slab changed after 8 years
The biggest thing in Finance Minister Nirmala Sitharaman’s budget speech was the change in income tax slab. He changed the slab after 8 years and announced tax exemption on income of 7 lakhs.
This is Sitharaman’s 5th budget and the country’s 75th budget. He took less time this time than before. This time the speech was just 1 hour 27 minutes.
This year there is election in 9 states and next year the country has elections. Its effect was visible in the budget speech. Sitharaman said that when the whole world is on the path of recession due to Corona and war, India’s growth is stronger than other countries.
Sitharaman’s statements on 3 big issues after the budget
- Dearness: You have seen that inflation has come down. We have taken steps. That is our focus. It has been decided to release wheat in the market. This will reduce the price of wheat. There will be less inflation in the kitchen. This action has already happened. Women are part of the family, they will also get the benefit of income tax exemption.
- employment: Capital investment of 10 lakh crore has been made. Projects are going on, money is being given for them. How can these projects be completed without employment.
- Objective of the budget: The budget focuses on women empowerment, action plan for tourism, schemes for Vishwakarma and green growth.
Know what were announced for you in the budget…
1. Income Tax: Exemption limit increased after 8 years
Now income tax will not have to be paid on earning up to Rs 7 lakh annually. This exemption will be available only under the new tax regime. Still there will be 2 options for filing income tax return. Till now the income up to Rs 2.5 lakh was tax free. The last time the income tax slabs were changed in the 2014-15 budget. (Understand from experts about this income tax exemption, click…)
2. What is cheap, what is expensive
TVs will be cheaper. Because custom duty on spares has been reduced from 5% to 2.5%. Mobile phones will also be cheaper as custom duty on some parts for manufacturing has been reduced. The prices of diamonds will be less. Duty has been reduced on seed used in manufacturing. Tax on cigarettes increased by 16%, it will be expensive. Silver items will be costlier as custom duty has been increased. (Experts are telling what is cheap, what is expensive…click to know)
Before moving ahead, watch the most interesting moment of the budget speech…
During the budget announcement on serious issues, a funny moment also came. Sitharaman was referring to the scrap policy. During this, she called the old polluted vehicle as the old political vehicle. Then said- Sorry… Sorry, will remove the old polluted vehicles. (Click to see budget moments…)
3. Employment
This year, the Finance Minister used the word employment or jobs only 4 times in the entire budget. Talked about launching the 4.0 version of the PM Kaushal Vikas Yojana. Said- 30 Skill India Centers will be opened to prepare the youth for jobs at the international level. Under the National Apprenticeship Scheme, allowance will be given for 3 years to support 47 lakh youth. (Understand from experts what the employment sector got)
4. Farmer
Government announced to increase Agriculture Credit Card (KCC) by 20 lakh crores. It was Rs 18.5 lakh crore last year. Apart from this, through the Digital Public Infrastructure for Agriculture, farmers will be able to get information from fertilizers, seeds to markets and startups. Through the Agriculture Accelerator Fund, youth in villages will get a chance to start startups. (Click to know what is in the budget for agriculture…)
Look at the budget through the eyes of cartoonist Mansoor Naqvi
5. Industry-Startup
There are more than 6 crore small and medium industries in the country and more than 84 thousand startups. For these, the new credit guarantee scheme will be applicable from 1 April 2023. In this, credit up to Rs 2 lakh crore will be given to small and medium enterprises without guarantee. PM Vishwakarma Kaushal Samman package will be launched, which will help MSME’s to increase production and reach the market. (Understand the budget announcements for these sectors from experts, click…)
6. Education
The seven priorities of the budget were called Sapta Rishi budget, there is no focus on education, although youth power is definitely included. When it was announced to open 157 nursing colleges and excellence institute for teachers training, it was said to recruit 38,800 teachers and supporting staff in Eklavya schools. (Understand the announcements of education budget from experts, click…)
some more big announcements
- railway: A budget of Rs 2.40 lakh crore has been given. Compared to 2014, this rail budget is 9 times more.
- Senior Citizen: The limit of the amount to be kept in the savings account will be increased from Rs 4.5 lakh to Rs 9 lakh.
- Woman: Samman Savings Letter Scheme will be started. In this, women will get 7.5% interest annually on savings of Rs 2 lakh.
- Infrastructure: The budget of PM Awas Yojana has increased by 66%. The sector has now become worth Rs 79 thousand crore. Since 2014, 157 new nursing colleges will be opened along with the existing 157 medical colleges. 50 new airports, helipads and water aero drone centers will be built. Sewage will be cleaned with machines in all cities.
- 5G Service: To develop apps running on this service, 100 labs will be set up in engineering institutes. New opportunities, business models and employment possibilities will be created through these labs.
- environment: Green Hydrogen Mission to reduce dependence on fossil fuel. 35 thousand crores for energy transition. New Green Credit Program under the Environmental Protection Act.
- Digital India: DigiLocker for Business and Charitable Trust. To promote Artificial Intelligence, 3 Centers of Excellence will be set up in large institutions.
Saptarshi of budget, Finance Minister told what is Saptarshi
Finance Minister Nirmala Sitharaman told the seven bases of the budget. They have been called Saptarshi. 1. Inclusive growth, 2. Preference to the underprivileged, 3. Infrastructure and investment, 4. Capacity expansion, 5. Green growth, 6. Youth power, 7. Financial sector.
The Finance Minister said that the vision of Amrit Kaal is to create a technology driven and knowledge based economy. For this, government funding and help from the financial sector will be taken. For this ‘public participation’, ‘everyone’s support, everyone’s effort’ is essential.
Took President Murmu’s approval before the budget…
Nirmala Sitharaman took President Draupadi Murmu’s approval before presenting the budget.
Sitharaman’s 4 budgets, something new each time
1. 2019 first budget: Bookkeeping instead of briefcase budget
Sitharaman started breaking traditions with the first budget itself. In 2019, instead of the briefcase budget, she arrived in red cloth with budget documents i.e. bookkeeping. Recorded speech for 2 hours 17 minutes. Earlier, the longest speech was given by Jaswant Singh. In 2003, he spoke for 2 hours 15 minutes.
This picture of February 1, 2019 became history, when Sitharaman reached the Parliament with a briefcase instead of the budget.
2. Second Budget 2020: The longest budget speech in history
Sitharaman gave a speech for 2 hours 42 minutes. This was the longest budget speech in Indian history. When his health deteriorated, he could not read the last two pages at all. Told the bench that these two pages should be considered as read.
3. 2021 Third Budget: Paperless budget for the first time
Sitharaman arrived with the budget in a red colored tablet. History made. The country’s first paperless budget was presented. Paperless budget had already been introduced in 3 states of the country, Himachal (2015), Odisha (2020) and Haryana (2020).
4. 2022 Fourth Budget: Halwa ceremony did not happen, shortest budget speech
Sitharaman gave her shortest budget speech. 1 hour 30 minutes. Due to Corona, the pudding ceremony that was to be held before the printing did not even take place. Sweets were distributed to the officers. However, this ritual came back in the 2023 budget. Sitharaman distributed halwa to the officers. This is the beginning of the lock in process. That is, these officers are cut off from the outside world till the release of the budget. This is done for the sake of confidentiality.
In 2022, there was no Halwa ceremony. In 2023, on January 26, Sitharaman herself distributed pudding to the printing colleagues and started the lock-in process.
See some interesting facts…
Also read this news related to Finance Minister Nirmala Sitharaman…
1. Sarees like Nirmala’s 10 to 2000 notes: Finance Minister Sambalpuri, who considers saris as pride, is fond of Ikat, Kanjeevaram; avoiding black
Finance Minister Nirmala Sitharaman has a beautiful collection of sarees. The colors of their sarees are often seen matching the currency of the country. She is seen on several occasions in a matching sari of Rs 10 to Rs 2,000 notes. Read the full news here…
2. Lowest budget in 3 years for arms purchase, Agneepath brought to save money
Amid tensions with China, the defense budget has seen the lowest increase in the last three years for the purchase of arms. This time the capital budget has increased only by Rs 10,000 crore. Which is about 12% less than in 2021. Read full news…
Income tax free up to 3. 7 lakhs, no announcement of direct jobs; Stipend to 47 lakh youth
This is Nirmala Sitharaman’s fifth budget and the Modi government’s tenth budget. Speech of one hour 27 minutes. It is a bit difficult for you to give so much time. So read the budget of 2023 in 23 points here. There are some statistics in these and some important policy decisions, which can have an impact on you. Read full news…