Union Budget 2023: All Updates

Sitharaman announces new tax regime for 2023-2024

​New tax regime per year

1. Rs. 0-3 lakh: No tax
2. Rs. 3-6 lakh: 5 percent tax
3. Rs. 6-9 lakh: 10 percent tax
4. Rs. 9-12 lakh; 15 percent tax
4. Rs. 12-15 lakh: 20 percent tax
6. Above Rs. 15 lakh: 30 percent tax

​Note: ​T​ax rebate upto announced upto Rs. 7 lakh ​

FM announces 'one-time, new small savings scheme for women'

One-time, new small savings scheme for women- Mahila Samman Savings Patra (certificate)- will be made available for two year period up to March 2025.

This will offer deposit facility for women/girls upto to 2 lakh for two years tenure at fixed 7.5 percent interest rate with partial withdrawal option.

For senior citizen maximum deposit limit for saving scheme will be enhanced from Rs 15 lakh to Rs 30 lakh

The Monthly income scheme (MIS) increased to Rs 9 lakh, up from Rs 4.5 lakh, for single account. For joint accounts the limit has gone up to Rs 15 lakh, up from Rs 9 lakh.

FM announces new tax regime

Sitharaman has announced new tax regime where rebate extended to upto Rs 7 lakh. No change in tax in old tax regime.

No tax on income upto 7 lakh: FM

Sitharaman said, "Those with income upto 7 lakh will not have to pay any tax at all."

States to be encouraged to set up unity mall in state capitals: FM

Sitharaman said, "States to be encouraged to set up unity mall in their state capital for the promotion and sale of their 'one district one product', GI products, and other handicraft products and for providing space for such products of all other states."

50 additional airports, helipods, water aerodromes and advanced landing grounds to be revived for improving regional air connectivity: FM

157 new nursing colleges will be established in core locations: FM

Sitharaman said, "157 new nursing colleges will be established in core locations. A mission to eliminate sickle cell Anemia by 2047 will be launched entailing awareness creation & universal screening of 7 cr. people in affected tribal areas."

50-year- interest-free loan to states to continue for one more year: FM

Sitharaman said, "The 50-year interest-free loan to state governments to be continued for one more year, to spur investment in infra and to incentivize them for complimentary policy actions, with enhanced outlay of Rs. 1.3 lakh crores."

Artificial Intelligence research centres of excellence will be set up in top educational institutions: FM

Sitharaman said, "Three Artificial Intelligence (AI) research centres of excellence will be set up in top educational institutions for Make AI in India and Make AI Work for India. Leading industry players will partner in this research. FM emphasises on AI eco-system for scalable problem solution in health, agriculture and sustainable cities."

100 labs for developing applications for using 5G services will be set up: FM

Sitharaman said, "100 labs for developing applications for using 5G services will be set up. It will enable smart class room and precision farming, intelligent transportation and healtcare."

Digilocker services will be expanded: FM

PAN Cards will be used as common business identifier: FM

FM announces National Digital Library

Sitharaman has announced a national digital library for children and adolescents to make up for the learning loss during the pandemic. 

FM proposes three Artificial Intelligence (AI) research centres for Make AI in India and Make AI Work for India

FM said three Artificial Intelligence (AI) research centres of excellence will be set up in top educational institutions for Make AI in India and Make AI Work for India. Leading industry players will partner in this research. FM emphasises on AI eco-system for scalable problem solution in health, agriculture and sustainable cities.

Agriculture Credit Target to be increased to Rs. 20 lakh crores: FM

Sitharaman said, "Agriculture Credit Target to be increased to Rs. 20 lakh crores, with focus on animal husbandry, dairy and fisheries."

Govt to launch a Rs 2,200 crore Aatmanirbhar clean plan programme: FM

Govt to set up 157 nursing colleges: FM

Agriculture credit target expanded to Rs 20 lakh crore: FM

Sitharaman said, "Agriculture credit target expanded to Rs 20 lakh crore."

FM proposes to increase capital expenditure

FM proposes to increase capital expenditure by 33 percent to Rs 10 lakh crore, which would be 3.3% of the GDP.

FM states seven focuses in Budget

Sitharaman said, "7 focuses in Budget. 1. Inclusive development. 2. Reaching last mile. 3. Infrastructure and investment. 4. unleashing potential. 5. Green growth. 6. Youth Power. 7. Financial Sector."

Economic empowerment of women can be transformative: FM

Sitharaman said, "Economic empowerment of women is one opportunity which can be transformative in achieving our vision by focusing on the above areas."

ICMR labs will be made available for private sector for collaborations: FM

Sitharaman said, "ICMR labs will be made available for private sector for collaborations."

Tourism will be promoted in private and public partnership: Sitharaman

Sitharaman said, "Promotion of tourism will be taken up with active support of states and in private and public partnership."

Govt's focus on reforms and sound policies helped us in trying times: Sitharaman

Sitharaman said, "Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments."

India's economy growing at 7 percent: Sitharaman

FM sees economy growing at 7 percent in the current fiscal year, which is the highest among major economies.

Indian economy increased to fifth largest in the world in 9 years: Sitharaman

Sitharaman said, "Indian economy has increased in size from being tenth to 5th largest in the world in the last 9 years, we have made significant progress in many SDGs, economy has become lot more formalized, efficient implementation of schemes has brought about inclusive development."

G20 Presidency helps to strengthen India's role in world economic order: Sitharaman

Sitharaman said, "G20 Presidency gives us a unique opportunity to strengthen our role in the world economic order, we are steering an ambitious people-centric agenda to address global challenges and facilitate sustainable economic development."

Entire expenditure of PM Garib Kalyan Anna Yojana borne by Centre: Sitharaman

Sitharaman said, "Entire expenditure of about Rs. 2 lakh crore under PM Garib Kalyan Anna Yojana is being borne by the central government, for supplying free food grains for one year to all Antyodaya and priroity households." 

Indian economy on right track: Sitharaman

Sitharaman said, "The Indian economy is on the right track, heading to  a bright future. Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments."

The world recognized India as bright star: Sitharaman

Sitharaman said, "The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war."

This is the first budget in Amrit Kaal: Sitharaman

Sitharaman said, "This is the first budget in Amrit Kaal, this budget hopes to build on the foundation laid in previous budget and the blueprint laid for India@100, we envision a prosperous and inclusive India in which the fruits of development reach all."

Nirmala Sitharaman arrives in Parliament

Sitharaman calls on President Murmu before presenting budget

Nirmala Sitharaman to present Budget 2023 from 11 am