Finance minister Nirmala Sitharaman, in her Budget for 2023-24 on Wednesday, announced that the government proposes to continue 50-year interest-free loans to state governments for one more year. and has significantly enhanced outlay to Rs 1.3 lakh crore.
Confederation of Indian Industry president Sanjiv Bajaj on Wednesday welcomed the Union Budget for the financial year 2023-24 by saying that this will have a multiplier effect on the economy.
Looking to acquire major weapon systems including fighter aircraft, submarines and tanks, the defence services today got a hike of around 13 per cent in their budget for 2023-24 as Rs 5.94 lakh crore were allocated to them from the Rs 5.25 lakh crore given last year.
Union Finance Minister Nirmala Sitharaman, during the Budget session today, announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.
Presenting the Union Budget 2023, Union Finance Minister Nirmala Sitharaman Wednesday, Union Finance Minister Nirmala Sitharaman pegged the fiscal deficit target for 2023-24 at 5.9 per cent of GDP.
In her budget speech, she said that the Centre will recruit 38,000 teachers and support staff for the 740 model Eklavya Model Residential Schools serving 3.4 lakh tribal students.
The Budget session started on a high note after slogans of 'Modi-Modi' and 'Jodo Jodo Bharat Jodo' were echoed in the parliament building on Wednesday during the Union Finance Minister Nirmala Sitharaman's Budget speech.
Sitharaman started her Budget speech at 11 am, the last full Budget of the Modi government in its second term. Like the previous two Union Budgets, Union Budget 2023-24 is also presented in paperless form.
Overall, the government proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 per cent of the GDP, said Union finance minister Nirmala Sitharaman.