The Budget 2023 is being read by the Finance Minister Nirmala Sitharaman for the last time before the next election in 2024. The union budget 2023, this year is focused on building a more strengthened digital support to various industries and fields in India.
Nirmala Sitharaman began her speech speaking about the need of Inclusive development that would cover all Agriculture, Education, Tribal, Economically weaker sections, neglected sections and others. She focused on “Sabka Saath Sabka Vikas” and “Vanchito ko Variyta”.
The budget was focused on digitizing all the sectors and boosting the growth with the help of modern technology. Many PM schemes like PM Matsya Yojna and PM Housing scheme would be reinforced with sub-schemes to benefit the marginalised.
The FM pushed for a tech and knowledge-driven India. The buzz is that Nirmala Sitharaman’s fifth budget will have sops for India’s middle class and lower middle class, while she balances between populism and prudence. One key announcement is likely to be on changes to the income tax structure.
The government reportedly may introduce a new tax slab at Rs 8-10 lakh with a tax rate of 10-15 percent against 20 percent currently.