: Prime Minister Narendra Modi on 1st Feb of 2023 praised the First budget of ''Amrit Kaal'' and tweeted “This will construct a robust foundation for building a developed India. Adding more in his words "This budget will fulfill dreams of aspirational society, poor people, middle-class people, and farmers,”.
Prime Minister Narendra Modi praised the union budget 2023 presented by Finance minister Nirmal Sitharaman in the parliament. This budget will fulfill the dreams of an aspirational society including poor people, middle-class people, farmers,”
The PM added further: This budget will be focused more on the deprived classes of society. He adds more that it will fulfill the dreams of aspirational society, farmers, and middle class.'' '“This year's Budget infuses new energy to India's development trajectory”. The Prime Minister stated “ To grow the digital agriculture infra, a digital scheme will be launched to promote digital payments in the farming sectors.
The FM Nirmala Sitharaman earlier announced several big initiatives to boost the growth rate and the national economy. Along with the other major changes, the FM announced new tax slabs for 2023-24, accordingly, no tax would be levied for income up to Rs 7 lakh per annum under the new income tax regime. "Currently, those with an income of up to Rs 5 lakhs don`t pay any income tax. Sitharaman said in Parliament, the tax rebate limit to Rs 7 lakhs in the new tax regime,".
As per new income tax slabs, a tax of 5% would be levied on total income between Rs. 3 lakhs and Rs 6 lakh, a 10% tax would be levied on income between Rs 6 lakh to Rs 9 lakh,
15% tax on income Rs. 9 lakhs to 12 lakhs. 20% tax on income between Rs 12 lakh to Rs 15 lakh, while tax would be 30% on income slab of Rs 15 lakh and above.
Finance Minister said also declared that states and cities will be taken into the consideration to take up urban planning. Cities will also be prompted to develop municipal bonds. Moreover, Finance Minister declared 35 crores for priority capital investment for the energy transition, net zero objectives, and energy security by the ministry of petroleum and natural gas.
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