Union Budget 2023-24 Highlights PDF Summary
Dear readers, here we are offering Union Budget 2023-24 Highlights PDF to all of you. The Union Budget 2023-24 has been published by The Finance Minister of India Nirmala Sitharaman. The Finance Minister said that the efforts of the government since 2014 have improved the lives of all citizens.
Due to the Lok Sabha elections next year, this budget was considered very important for the Modi government. With this being the last full budget of the Modi government before the general elections, the people and the corporate sector too had high expectations from it.
The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has moved from 10th to 5th position in size. The finance minister announced that an agriculture fund would be created to encourage agri-startups by young entrepreneurs. At the same time, work will be done in mission mode to promote tourism.
Union Budget 2023-24 Highlights PDF
- The government announced an 11% hike in agriculture credit target to Rs 20 lakh crore for next fiscal year.
- The government has also announced to provide a 2% interest subsidy to ensure farmers get short-term loans of up to Rs 3 lakh at effective rate of 7% per annum.
- The RBI has decided to raise the limit for collateral-free agriculture loans from the previous ampunt of Rs 1 lakh to Rs 1.6 lakh.
Budget 2023 Highlights New Budget Tax Slab
Under the new personal tax regime, six income slabs have been reduced to six. The government has also increased the tax exemption limits in some of these categories.
|
Income |
Tax |
| 0-3 lakh- | nil |
| 3-6 lakh – | 5% |
| 6-9 lakh – | 10% |
| 9-12 lakh- | 15% |
| 12-15 lakh – | 20% |
| Above 15 lakh – | 30% |
People who are earning an income of Rs 9 lakh a year will have to pay only Rs 45,000 a year as tax. That is 5% of their income or a reduction of 25 percent from the Rs 60,000 they were paying earlier.
Budget 2023 Highlights for Fintech Sector
- Digital payments rose 76% in transaction and 91% in value terms in 2022
- 7,400 crore digital payments of Rs 126 lakh crore through UPI in 2022.
- Fiscal support for digital public infrastructure (DPI) will continue in 2023-2024
- The scope of documents available in DigiLocker for individuals will be expanded
- An entity DigiLocker will be set up for use by MSMEs and large businesses
- PM VIKAS scheme will now include access to digital payments and social security.
- Subsidy for UPI expected to jump two-folds to Rs 2,137 crore in FY23 over previous fiscal.
- Allocation for digital payments promotion remains stagnant at Rs 1500 crore for last three years
You can download Union Budget 2023-24 Highlights PDF by clicking on the following download button.
