Budget 2023 Live updates:No tax on income up to Rs 7 lakh under new tax regime: FM

Finance Minister Nirmala Sitharaman is presenting her sixth Union Budget when she presents financial statements and tax proposals for fiscal year 2023-24.

7 Priorities of #Budget2023 

1. Inclusive development

2. Reaching last mile

3. Infrastructure and investment

4. unleashing potential

5. Green growth

6. Youth Power

7. Financial Sector

- Finance Minister

Digital Public Infrastructure for Agriculture to be built as open source, open standard, interoperable public good

Will enable inclusive farmer-centric solutions & help improved access to farm inputs, market intel, support for agri industry, startups - FM

Agriculture Accelerator Fund to be set up to encourage agri startups by young entrepreneurs in rural areas, will bring innovative and affordable solutions for farmers' challenges, will also enhance profitability and bring modern tech - FM

The 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 priority households: FM

Aatmanirbhar Clean Plant Programme to boost availability of disease free, quality planting material for high value horticultural crops at outlay of Rs. 2,200 crores: FM

Our mission for #AmritKaal includes a technology driven & knowledge-based economy  

The economic agenda focuses on facilitating opportunities, providing strong impetus to job creation & strengthening macroeconomic stability: FM

"India is largest producer and second largest exporter of Shree Anna, to make India a global hub for Shree Anna, Indian Institute of Millet Research Hyderabad will be supported as Centre of Excellence for sharing best practices at int'l level": FM

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

New sub scheme of PM Matsya Sampada Yojana, with targeted investment of Rs. 6000 crores, to further enable activities of fishermen, fish vendors and micro and small entrepeneurs, improve value chain efficiences and expand the market: FM

The Economy has become a lot more formalized as reflected by the doubling of EPFO membership to 27 crore and ? 7,400 crore digital payments of ?126 lakh crore through #UPI in 2022: FM

63,000 Primary Agricultural Credit Societies are being computerized with investment of Rs. 2,516 crores; model bylaws were formulated for PACS, national database is being prepared, with this, massive decentralized storage capacity to be set up : FM

PM Vishwa Karma Kaushal Samman 

For the first time package of assistance for traditional artisans and craftspeople has been conceptualized, which will enable them to improve the quality, scale, and reach of their products, integrating with the MSME value chain

This will help farmers store their produce and realize better prices for their produce, Govt. will faciliate setting up of larger number of coop societies, primary fishery societies and dairy coop societies in uncovered villages in next 5 years: FM

157 new nursing colleges to be established in colocation with existing 157 medical colleges set up since 2014: FM

Mission to eliminate sickle cell anaemia by 2047 to be launched, will entail awarness creation, universal screening of 7 crore people in 0 - 40 years in affected tribal areas, and counselling : FM

New programme to promote research and innovation in pharmaceuticals to be taken up through centres of excellence, industry to also be encouraged to invest in research and development in priority areas : FM

Capital outlay of Rs 2.40 lakh crore has been provided for #Railways; This highest ever outlay is about nine times the outlay made in FY 2013-14: FM

National Digital Library for Children and Adolescents to be set up for facilitating availability of quality books across languages, geographies and genres; states to set up physical libraries and provide infra to access the library resources: FM

National Child Trust, Children's Book Trust and other sources to be encouraged to provide and replenish non curricular titles in regional languages and English, to these libraries; collaboration with NGOs working in literacy also to be done : FM

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

A new sub-scheme of PM Matsya Sampada Yojana to be launched, with a targeted investment of Rs. 6000 crores: FM

We are implementing programs like green fuel, green energy etc. for efficient use of energy across economic sectors

These green growth efforts help in reducing carbon intensity of economy & provide large scale job opportunities: FM

Aspirational Blocks programme covering 500 blocks has been launched for saturation of govt. programmes;  Pradhan Mantri Primitive Vulnerable Tribal Groups Development Mission is being launched to improve conditions of vulnerable tribal groups: FM

The Mission will saturate these families with basic facilities such as safe housing, clean drinking water, improved access to education, health, nutrition and sustainable livelihood opportunities; Rs. 15,000 crores to implement the Mission in 3 years: FM

In the next three years the center will recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools serving 3.5 Lakh tribal students: FM

Outlay for PM Awas Yojana is being enhanced by 66% to over Rs. 79,000 crores: FM

Central assistance of Rs. 5,300 crores to be given to o Upper Bhadra Project in drought prone central regions of Karnataka, to provide sustainable microirrigation and filling up of service tanks for drinking water: FM

The government proposes to set up a national digital library for facilitating the availability of quality books

States will be encouraged to set up physical libraries at panchayat and ward levels and provide infrastructure for accessing the national digital library resources: FM

Required financial support to be provided to poor persons who are in prison and unable to afford penalty or bail amount: FM

Capital investment outlay is being increased steeply for the third year in a row, by 33%, to Rs. 10 lakh crores, which would be 3.3% of GDP, this will almost be 3 times outlay made in 2019-20: FM

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: FM

100 critical transport infrastructure projects for last and first mile connectivity for ports, coal, steel, fertilizer and food grain sectors to be taken up on priority with investment of Rs. 75000 crores, including Rs. 15000 crores from pvt. sources: FM

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

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 : FM

Cities will be incentivized, through property tax governance reforms and ring fencing user charges, to improve their creditworthiness for municipal bonds: FM

Urban Infrastructure Development Fund to be established through priority sector lending shortfall, to be managed by National Housing bank, to be used by public agencies to create urban infra in tier-2 and tier-3 cities: FM

100 labs for developing apps using 5G services will be set up in engineering institutions: FM 

To realize new range of opportunities, business models & employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent & Transports Systems: FM

For enhancing Ease of Doing Business, more than 39,000 compliances have been reduced & more than 3,400 legal provisions have been decriminalized

The Jan Vishwas Bill has been introduced to amend 42 central acts & unleash the potential of our economy: FM

All cities and towns to be enabled for 100% mechanical desludging of septic tanks and sewers, to transition from manhole to machine-hole mode; enhanced focus on scientific management of dry and wet waste: FM

For realizing vision of Make AI in India and Make AI Work for India, 3 Centres of Excellence for Artificial Intelligence to be set up in top educational institutions, leading industry players to partner to conduct research & develop applications: FM

National Data Governance Policy to be brought out, will enable access to anonymized data, KYC process to be simplified, adopting risk-based instead of one size fits all approach, fin regulators to be encouraged to adopt KYC system fitting needs of Digital India: FM

PM has given a vision for a lifestyle for the environment. India is moving forward firmly for the 'panchamrat' - the net zero carbon emission by 2070

This budget builds on our focus on green growth: FM

To encourage indigenous production of LGD (Lab-Grown Diamonds) seeds & machines and to reduce import dependency, a research & development grant will be provided to one of the IITs for five years: FM

One stop solution for reconciliation and updating of Identity and Address of individuals, maintained by various govt. entities, to be set up using DigiLocker services and Aadhaar as foundational identities: FM

For business establishments required to have Permanent Account Number, PAN to be used as common identifier of all digital systems of specified govt. agencies, this will bring Ease of Doing Business: FM

For obviating need for separate submission of same info to different govt. agencies, system of Unified Filing Process to be set up, filing of info on common portal will be shared with other agencies as per filer's choice: FM

In cases of failure by MSMEs to execute contract during COVID period, 95% of forfeited amount relating to bid or performance security to be returned to them by government and govt. undertakings, will provide relief to MSMEs: FM

For commemorating #AzadiKaAmritMahotsav, a one time new small savings scheme 'Mahila Samman Bachat Patra' will be made available up till March 2025

This will offer deposit facility up to ?2 Lakhs at a fixed interest rate of 7.5% with partial withdrawal option : FM

Phase 3 of e-courts project to be launched with outlay of Rs. 7000 crores, for efficient administration of justice : FM

To enable more fintech services, scope of documents available on Digi Locker for individuals to be expanded,  an entity DigiLocker will be set up for use by MSMEs, large businesses and charitable trusts for securely storing and sharing documents online: FM

Personal #IncomeTax for the hardworking middle class

Currently, those with an income of Rs 5 lakhs do not pay any income tax and I proposed to increase the rebate limit to Rs 7 lakhs in the new tax regime : FM