Blog

Driving through the 2023 Union Budget from the perspective of Commerce Students.

Highlights of the Union Budget 2023-23

On February 1^st 2023 Smt. Nirmala Sitharaman Union Minister for Finance & Corporate Affairs presented the Union Budget 2023-24. The prime focus was mainly on the agriculture and education sectors, the 2023 budget also offered provisions for green growth and inclusive development of all parts of society. The Union Budget 2023-24 also gave us a broad idea of India’s economy and achievements during COVID-19. Students should be taught the importance of the budget and be encouraged to critically examine its aspects keeping this in mind we asked the XII Commerce Students to give their idea and understanding of the Union Budget 2023-24.

Income Tax & Personal Finance

Tax slab rationalization is announced under the new regime with new slabs as shown below:

Total Income (in Rs)	Rate (in %)
Upto 3,00,000	Nil
3,00,001 to 6,00,000	3
6,00,001 to 9,00,000	10
9,00,001 to 12,00,000	15
12,00,001 to l3,00,000	20
Above l3,00,000	30

 

Processing time for ITR was reduced from 93 days to 60 days.

An Integrated IT portal will be established for to reclaim unclaimed shares and unpaid dividends.
Tax rebate limit raised to 7 lakhs from 3 lakhs
The enhancement of this limit to 7 lakhs means that the person whose income is less than 7 lakhs need not invest anything to claim exemptions and the entire income would be tax-free irrespective of the quantum of investment made by such an individual. This will result in giving more consumption power to the middle-class income group.

Transport Infra Projects

Finance Minister Nirmala Sitharaman announced an investment of Rs 75,000 crore to modernize and revitalize 30 additional airports, heliports, water aerodromes, and advanced landing zones across the country. 100 crucial projects of transport infrastructure for the steel, ports, fertilizer, coal, and foodgrain sectors have been identified with private sources contributing Rs 15,000 crore. The projects are expected to unlock immense economic opportunities and provide a massive boost to the transportation sector. I think this would be a massive upgradation to the transport sector of the country.
 

Atmanirbhar Clean Plant Program

The Government of India has announced the Atmanirbhar Clean Plant Programme with an outlay of Rs. 2,200 Cr. This initiative will help improve the availability of disease-free and high
-quality planting material for high-value horticultural crops, thus boosting India’s agricultural productivity. The program will provide significant support to the farmers, enabling them to produce superior-quality harvests and maximize their income. This will definitely help farmers to get disease-free and good-quality of crops, which is good for society. Also, it will increase the earnings from the agricultural sector of the country.
 

Nursing Colleges at 4 Locations

FM announced that seven new nursing colleges will be opened in four locations across the country. I think is beneficial for a lot of people to grab the opportunity to build their careers. II will enhance the medical conditions of the country in the upcoming years.

Tours Updates

50 destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism. Tourism is emerging as one of the most profitable sectors all over the globe. The decisions taken regarding the increase in the destination of the tourism sector will definitely increase the number of national as well as international tourists.

 

Unlock Limitless Knowledge with the National Digital library

The Government of India, to make up for the learning loss caused by the pandemic, is proposing to set up a national digital library for children and adolescents. This ambitious project, proposed by Finance Minister Nirmala Sitharaman, will provide an opportunity to bridge the digital divide and provide access to world-class learning content for all. These will serve as great sources for the learners to get information of their choice and voice through every corner of the country.
 

Additional Analysis of the Union Budget 2023-23

1) National Data Governance Policy:-
The government has announced the launch of a national data governance policy. This policy, in the words of Finance Minister Nirmala Sitaraman, will unleash innovation and research From New India’s Startups.

2) Transport Infra Projects:-
  Finance Minister Nirmala Sitaraman has announced an investment of Rs. 75,000 crores to modernize and revitalize 50 additional airports, heliports, water aerodromes, and advanced landing zones across the country. The projects are expected to unlock immense economic opportunities and I think they would provide a massive boost to the transportation sector.

3) Making Natural Farming A Reality
The governance aims to facilitate 1 crore farmers in adopting natural farming over the next three years.

4) THE ROAD AHEAD
With the union Budget 2023-24, the government has shown its commitment to addressing the pressing issue of global warming and its efforts to transition to a more sustainable future. This budget sets the foundation for India’s green future and sets a great example for the rest of the world.
 

Conclusion of the Union Budget 2023-23

The budget 2023 was a mixed bag for High Net-Worth Individuals (HNIs), from the reduction in surcharge rate for (HNIs) to having Capitals gains from Market-linked debentures as short-term capital gains, there were some good, and some bad news.
Overall the experts were extremely pleased by the 2023 budget terming it as growth-oriented. This was the last full budget before the 2024 general elections, The Modi government also announced relief measures to woo the middle class with incentives such as tax rebates, other key highlights of the budget included the increases in Capital outlay by 33% to Rs.10 lakh Crore, the highest ever too boost Infrastructure, Manufacturing and more. What pleased the experts further was that despite the increase in investment, the government maintained its Fiscal deficit target at 6.4% for the Financial year 2023 and reduced it to 5.9% for the Financial year 2024.
 

 

Writers: 
Anuj Agrawal (XII-D Commerce)

Krish Hariyani (Class XI Commerce)