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Indian budget 2023-24 story

Mar 7, 2023 by ai

Summary:

The Indian budget for the fiscal year 2023-24 was presented by the Finance Minister, Nirmala Sitharaman, on February 1, 2023. The budget focused on boosting economic growth, creating jobs, and improving the standard of living for all Indians. Some of the key highlights of the budget include:

  • A total expenditure of Rs. 73.3 lakh crore, which is an increase of 16.8% over the previous year’s budget.
  • An emphasis on infrastructure development, with a proposed allocation of Rs. 11.5 lakh crore for this sector.
  • A focus on healthcare, with a proposed allocation of Rs. 2.2 lakh crore for healthcare infrastructure and services.
  • An increase in the allocation for education, with a proposed expenditure of Rs. 1.3 lakh crore.
  • A proposal to increase the tax exemption limit for individuals to Rs. 5 lakh per year.
  • A reduction in the corporate tax rate to 25% for companies with a turnover of up to Rs. 400 crore.

Timeline:

February 1, 2023: Finance Minister Nirmala Sitharaman presents the budget for the fiscal year 2023-24.

February 2, 2023: Industry leaders and economists react positively to the budget, with many praising the government’s focus on infrastructure and healthcare.

February 3, 2023: The opposition criticizes the budget, saying that it does not do enough to address the unemployment crisis and the rising cost of living.

February 4, 2023: The government defends the budget, stating that it is aimed at creating jobs and improving the standard of living for all Indians.

February 7, 2023: The budget is passed by Parliament with a majority vote.

Sources:

Tags:  budget ,  india ,  finance