The much-awaited Union Budget for the financial year 2023-24 was presented today by India’s Finance Minister Nirmala Sitharaman in the Lok Sabha. In the shortest budget speech of her career, Sitharaman made some announcements that could affect the financial dynamics of every person in the country.
Sitharaman presented her fifth consecutive budget, “the first budget of Amrit Kaal”, which has something for almost all sectors of the economy.
According to the Economic Times:
- A 16% tax hike has been levied on certain cigarettes.
- Import duty on silver bars hiked to align it with gold and platinum.
- To promote TV manufacturing, customs duty on open cells of TV panels reduced to 2.5%.
- An outlay of Rs 2.4 lakh crore provided for railways in the Financial Year 2024.
- The defense budget increased to Rs 5.94 lakh crore from last year’s Rs 5.25 lakh crore.
- The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0
- 30 Skill India International Centres will be set up across different states.
- Govt to spend Rs 10,000 crore per year for the urban infra development fund.
- 157 new nursing colleges will be established.
The high point of the year’s budget was the increased income tax rebate limit from Rs 5 lakh to Rs 7 lakh.
Union Budget 2023
New tax rates:
0 to Rs 3 lakhs – Nil
Rs 3 to 6 lakhs – 5%
Rs 6 to 9 Lakhs – 10%
Rs 9 to 12 Lakhs – 15%
Rs 12 to 15 Lakhs – 20%
Above 15 Lakhs – 30%No income tax will be charged till Rs 7 lakh in new tax regime.
— Anshul Saxena (@AskAnshul) February 1, 2023
The FM said that the budget will benefit the middle-class people of the country, which are in huge numbers. After the announcement of the intensive budget, people took to Twitter to share their two cents on the matter with memes.
Middle Class Ki dua kubool hui!!!!
Tax-Free #IncomeTax Limit is raised to Rs 7 lakh in the new tax regime only. #Budget2023 CNBCTV18 LIVE pic.twitter.com/SBL4Cd4Dnu
— Akbar Kazi (@akbarkazi_) February 1, 2023
#middleclass right now😎#Budget2023 pic.twitter.com/IwU2JdWpbA
— Vikalp Sharma (@vikalprs) February 1, 2023
After today's budget#Budget2023 #NirmalaSitharaman #incometax
Section-80c be like : pic.twitter.com/VM89ueONIT
— Raj Ranpariya (@RajRanpariya2) February 1, 2023
No Tax upto 7 lacks #middleclass #Budget2023 #NirmalaSitharaman pic.twitter.com/MuhJH6fisB
— Shivraj Patil (@meShivrajPatil) February 1, 2023
Every Indian on #Budget2023 pic.twitter.com/rvi4qcT1H5
— Ravi Prasad (RSP) 🇮🇳 (@Stockstudy8) February 1, 2023
Middle Class people while watching today's budget: #Budget2023 #BudgetSession2023 #incometax #NirmalaSitaraman #middleclass pic.twitter.com/IqdYe2NnSI
— Ankit Narang (@smiling_buddhha) February 1, 2023
Economists on twitter today……#Budget2023 pic.twitter.com/B9H7tORhkQ
— Krishna (@Atheist_Krishna) February 1, 2023
#middleclass After seeing #BudgetSession Every year!😅 pic.twitter.com/VKNY9ytoeC
— swarnkar akshay (@AkshayS76155090) February 1, 2023
Cigarette smokers listening to budget waiting to know if prices have increased again.#Budget2023 pic.twitter.com/hzMryjxvad
— Pakchikpak Raja Babu (@HaramiParindey) February 1, 2023
No tax liability till ₹7 lacs under the new tax regime.
Le: Middle class right now 😂😄😊#incometax #Budget2023 #taxation #middleclass #UnionBudget2023 #TaxPayers pic.twitter.com/Ype0uh737k— Pawan Kewat (@pwnkewat) February 1, 2023
Smokers be like. #Budget2023 pic.twitter.com/f5zluNu29W
— Sagar (@sagarcasm) February 1, 2023
Middle-class to the Finance Minister after #Budget2023: pic.twitter.com/y3gqEVOcMP
— Tickertape (@TickertapeIN) February 1, 2023
You can hear the Finance Minister’s full speech here:
We hope the Indian economy moves in the right direction and, as promised, the people of the country will be able to take a sigh of relief.