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Union budget 2023-24 highlights | Etrending News

The Union Minister of finance and Corporate Affairs recently went ahead and presented the union budget for the fiscal year of 2023-24. Given below are the major highlights of this year’s Union budget. 

The government has primarily focused on two particular aspects:

  • To provide incentives to the private sector in the economy to encourage it to invest in the product of capacity, which in turn will lead to job creation and economic growth.
  • Through the methods of privatization and disinvestment, the government plans to increase its revenues and capital expenditure. This move will help the government maintain its fiscal prudence.

So this begs the question as to what is the exact status of the economy as per the union budget for this year:

Income tax:

Speaking in terms of the income tax, the rebate limit for personal income tax has been increased from 5 lakhs to 7 lakhs, which gives a little more breathing room to the general public.

Fiscal deficit:

Under the revised estimates from the fiscal year of 2022-23, the fiscal deficit is estimated to be 6.4% of our current GDP. However, the fiscal deficit for this year is estimated to reach 5.9% of the current GDP.

Per capita income:

Estimates have shown that the per capita income within our country has reached the 1.9 lakh Rupee mark over the past nine years.

It asks the question of the salient programs and schemes set to be launched within this physical year:

Aatmanirbhar clean plant program: 

The scheme will be found to increase the availability of Disease rid, high-quality material for horticultural crops.

Agriculture accelerator fund:

This is a particular fund being set up by the government to provide monetary funds to new Agro-startups by young entrepreneurs in rural regions of our society.

National data governance policy:

This is a policy launched by the government to aid Research and Innovations by startups.

Urban infrastructure development fund:

This plan will be established using the priority sector lending shortfall. It will be managed by the national housing bank and is said to be used by public agencies to create urban infrastructure in cities labeled Tier 2 and Tier 3.

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