Union Budget 2023-24, Key Highlights

Union Budget 2023-24: Key Highlights and Key Numbers for Financial Growth and Development

The Financial Minister of India, Nirmala Sitharaman, has recently announced the Union Budget 2023-24 in the Indian Parliament. This is her fifth Union Budget. The budget includes changes in customs duties, with some items increasing in price and others becoming cheaper. The highest tax rate has been reduced from 37% to 25% in the new tax regime. The following are the key features of the 2023-2024 Budget.

Union Budget 2023-24, Key Highlights

The Union Budget of the 2023 financial year has led to an increase in the cost of certain items. These include:

  • Gold bars with an increase in custom duty
  • Kitchen electric fireplaces with a rise in custom duty from 7.5% to 15%
  • Umbrellas, liquor, gold, imported silver items, platinum, and X-ray machines, which all have higher custom duties
  • A 16% increase in the cigarette tax
  • A compound rubber tax that has gone up from 10% to 25%.

The 2023 Financial Year Union Budget: Decreased Costs for Select Items

The recent budget announcement has also brought about some reductions in custom duties for certain products. These include:

  • Mobile camera lenses, electric vehicles, clothing, mobile phones, toys, diamond jewelry, biogas-related items, lithium cells, and cycles now have lower customs duties
  • Customs duty on open cell parts for TV panels has been reduced to 2.5%
  • The government has proposed reducing customs duties on imports of certain inputs for mobile phone manufacturing
  • Basic customs duty has been reduced on seeds used in the production of lab-grown hero.

Union Budget 2023 Key Points

  • Focus on Environmental Sustainability
  • Strengthening the Financial Industry
  • Fostering Inclusive Development
  • Utilizing Digital Technology for Agricultural Growth
  • Investing in Infrastructure
  • Empowering the Youth
  • Unleashing Potential for Growth.

Highlights of the Indian Union Budget 2023:

  • Investment in green growth: Rs 2200 crore for high-value horticulture
  • Focus on financial sector development
  • Inclusive growth and development for all
  • Investment in digital infrastructure for the agriculture sector
  • Boost for infrastructure and investment
  • Empowering the youth for a brighter future
  • Unleashing potential for economic growth.

Additional Budget Numbers:

  • Capital expenditure: Rs 10 lakh crore for the fiscal year 2024
  • Increase in PM Housing Outlay: Rs 79000 crore
  • Funding for vulnerable tribal groups: Rs 15000 crore over 3 years
  • 7% growth estimated for the fiscal year 2023
  • Increased target for Agricultural credit: Rs 20 lakh crore.

This information is believed to be useful in providing an overview of the Indian Union Budget 2023, announced by Financial Minister Nirmala Sitharaman.

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