TAX EXEMPTION LIMIT RAISED, RAILWAYS BUDGET ENHANCED, PM PRAISE THE BUDGET BUT RAHUL TERMS IT A BUDGET WITH NO VISION TO GENERATE EMPLOYMENT N CONTROL INFLATION

The union finance minister Dr. Nirmala Sitaraman today announced the non populist Union budget given certain reliefs to the salaried class in particular making it attractive in view of rebates in tax exemption raising the total tax exemption on the annual income upto Rs 3 lakhs which was earlier Rs. 2.5 lakhs.

From now onwards there will be a tax of 5% on the annual income of Rs. 3 to 6 lakhs which earlier was from 2.5 to 5 lakhs.

On the income of 6 lakhs to ten lakhs there will be 10% tax while on the annual income of Rs. 12 to 15 lakhs the tax imposition will be twenty percent n Rs 30% on the income above Rs 15 lakhs.

However, the increase in slab of income for income tax, no tax upto Rs 7 lakh, is applicable for new regime tax scheme only, and no exemptions applicable as under previous scheme of tax returns. The country like ours requires free basic health & education for all, as provided by mistake say some financial analysts.

While presenting the first budget of Amrit Kaal as said by the FM Dr. Nirmala Sitaraman she proudly announced that the entire world has recognised Indian economy as the brightest one foreseeing its bright future and accomplishing the growth rate of 7% being highest among the major economies of the globe.

She added that the budget 2023 is being presented at a time when the world nations are witnessing crippled economies and the Indian GDP maintains its current growth rate at 6 to 6.8 range.

Mentioning that this year’s budget is focussing on women empowerment, tourism, Vishwakarma, green growth n those thinking traditionally through their hands – Dr. Nirmala Sitaraman said that huge rebates in taxes to individuals and middle class compounded with tax rebates ,special incentives to MSME including giving maximum capital investment opportunities – the budget accords tremendous push to private sector as well added FM.

Not only this but the government has decided to release wheat into the open market to enable lowering of wheat prices thus empowering farmers and giving simultaneous relief to the consumers added FM Dr. Nirmala Sitaraman.

She announced a huge rise in capital expenditure too saying that the budget 2023 has hiked the outlay in capital expenditure from 33% to 10 lakh crore which would be the 3.3 crore of the GDP mentioned Sitaraman while presenting the annual budget.

Announcing maintaining the fiscal deficit target of 6.4 % and also endeavouring to bring it down Dr. Nirmala Sitaraman has also announced a big rise in the budget of PM AWAS VIKAS YOJANA including raising the Railway budget outlay to 2.40 lakh crore biggest ever.

According to Indian Express : There is no populism in the Union budget for 2023-24 , finance minister’s fifth budget in a row, no foreshadow of 2024, Lok Sabha election or its imperatives for a party working for a third consecutive term. If at all this budget clearly points to the continuity to the government’s economic strategy. Kindly recall that the share market BSE Sensex also rose by 1200 points after the budget announcement closing at 60.773.44 points and Nifty closing at 17.972.20 registering an increase of 1.75%.

Meanwhile prime minister Narendra Modi remarked that the first budget in the Amrit Kaal of India has established a strong base to fulfill the aspirations and resolutions of a developed India. He said that this budget gives priority to the deprived and strives to fulfill the dreams of the aspirational society, the poor, villages and the middle class.

He congratulated the Finance Minister and her team for a historic Budget. The Prime Minister termed the traditional artisans like carpenters, lohar (ironsmiths) Sunar (goldsmiths), Kumhars (potters), sculptors and many others as the creator of the nation. “For the first time, the country has come up with many schemes as a tribute to the hard work and creation of these people. Arrangements have been made for training, credit and market support for them. PM Vishwakarma Kaushal Samman i.e. PM ViKaS will bring a big change in the lives of crores of Vishwakarmas” the Prime Minister said. 

From women living in the cities to villages, employed to homemakers, the Prime Minister informed that the government has taken significant steps such as Jal Jeevan Mission, Ujjwala Yojna and PM Awas Yojana etc. that will further empower the welfare of women. He emphasized that miracles can be performed if Women Self Help Groups, which is a sector with extreme potential, is further strengthened. Underlining that a new dimension has been added to Women Self Help Groups in the new budget with the introduction of a new special savings scheme for women, the Prime Minister said that it will strengthen women especially the homemaker from common families.

This Budget, the Prime Minister said, will make cooperatives a fulcrum of the development of the rural economy. The government, he continued,  has made the world’s largest food storage scheme in the co-operative sector. An ambitious scheme to form new primary co-operatives has also been announced in the budget. This will expand the area of ​​milk and fish production along with farming, farmers, animal husbandry and fishermen will get better prices for their produce.

Emphasizing the need to replicate the success of digital payments in the agriculture sector, the Prime Minister said that this budget comes with a big plan for digital agriculture infrastructure.

He informed that the world is celebrating the International Year of Millets and noted that there are many types of millets in India with multiple names. The Prime Minister said that special recognition of millets is necessary when it is reaching households all over the world. “This superfood has been given a new identity of Shree-Anna.”, the Prime Minister said as he underlined that small farmers and tribal farmers of the country will get economic support along with a healthy life for the citizens of the country.

This budget, Shri Modi continued, will give an unprecedented expansion to Green Growth, Green Economy, Green Infrastructure, and Green Jobs for a Sustainable Future. “In the budget, we have laid a lot of emphasis on technology and the new economy. Aspirational India of today wants modern infrastructure in every field like road, rail, metro, port, and waterways. Compared to 2014, investment in infrastructure has increased by more than 400 percent”, the Prime Minister said as he underlined the unprecedented investment of ten lakh crores on infrastructure that will give new energy and speed to India’s development. He informed that these investments will create new employment opportunities for the youth, thereby providing new income opportunities to a large population.

The Prime Minister also touched upon the Ease of Doing Business which is taken forward through the campaign of credit support and reforms for industries. “An additional loan guarantee of Rs 2 lakh crore has been arranged for MSMEs”, the Prime Minister informed as he noted that increasing the limit of presumptive tax will help MSMEs to grow. He also added that a new arrangement has been made for timely payments by big companies to MSMEs.

The Prime Minister underlined the potential of the middle class in realizing the dreams of 2047. The Prime Minister informed that in order to empower the middle class, the government has taken many significant decisions in the past years that have ensured Ease of Living. He highlighted the reduction in tax rates as well as the simplification, transparency and speeding up of the processes. “Our government that always stood with the middle class has given huge tax relief to them”, the Prime Minister concluded.

However, expressing his resentment over the budget former Congress president Rahul Gandhi tweeted : Mitra Karl Budget hai, No vision to create jobs, No plan to tackle Mehangai, No plan to stem inequality,. 1% richest own 40% wealth, 50% poorest pay 64% of GST, 42 % youth are unemployed-yet PM doesn’t Care tweeted Rahul Gandhi.