The general union budget for the financial year 2023.

1. Budget 2023: Brief Explanation of 5 Key point
The general union budget for the financial year 2023-24 (Review) is going to be
presented by the Union Finance Minister Nirmala Sitharaman on 1 February
2023, this year it will be the fifth consecutive budget by the Finance Minister.
This is the time when the Indian economy is recovering after the Covid-19
pandemic. A massive public spending program for the Indian economy was
announced by the finance minister. Government likely to give tax relief also.
Budget 2023-24
Through Budget 2023, the capital expenditure for the financial year 2022 2023
has been increased by 35.4 percent to Rs 7.5 lakh crore by the finance minister,
which was Rs 5.5 lakh crore in the previous year, that is, 2.5 lakh in Budget 2023
for this financial year 2023 2024.
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Budget 2023:
Finance Minister Nirmala Sitharaman said that this budget will inspire me a lot,
that is, it will take India forward and will be similar to the previous Budget 2023.

2. Not only this, India’s growth rate estimate for the financial year 2022 2023 has
been reduced by many institutions, but the growth rate for the current financial
year has also been reduced by RBI to 6.8 percent.
Government give biggest Priority to Healthcare and Education to 45 % and on
Infrastructure speeding will 33 % in Budget 2023. Also, Government May be
going to reduce tax for Income tax so many people are taking benefit of that.
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Budget 2023-24
Article title Budget 2023
Category Budget 2023 Presentation
Budget 2023 Date 1 February 2023
Finance Minister Smt. Nirmala Sitharaman
Financial Year 2023-2024
Country India
Website www.mygov.in
Table Budget 2023-24

3. Key Points of Budget 2023:
1. Income tax Relief
2. Local Manufacturing Push
3. Rural and Welfare Spending
4. Infrastructure Development
5. Green energy Boost
Income Tax relief:
A few days ago, Finance minister Nirmala Sitharaman said the BJP Government
has put not on Tax burden on middle class people. but at the same time, no
measures have been announced in recent years to help citizens cope with higher
inflation and sluggish income growth.
The experts says to government to increases deduction under 80C and 80D
section. also, Revamping tax slabs and lowering tax slabs under the optional
income tax. Many experts suggest to relief thx and reduce the burden of Middle-
class people. so, we see some tax relief in Budget 2023. Standard deduction may
be increases 50000 to 1,00,000 Rs in 2023.
Local Manufacturing Push:
Local manufacturing is Expected to boost in upcoming budget. Government
including most production sector under the scope of successful production linked
incentive scheme. Government also increases the allocation for the small industry
and emerging industry to grow.
In 2022 Government announced a total Rs 1.97 Lack Crore under OLI scheme.
and we expected to increases at least 20-30 Percent in budget 2023 (Review) to
boost local business. Government most focus on Made in India and make in India.

4. It's also created more employment to Indian youth and it's contribute in growth
of country.
Rural and Welfare Spending:
Now, In India government focusing to make smart village. So according to data
government focusing in Rural development in union Budget 2023. A recent
Goldman Sachs report also highlighted that more money will be allocated towards
welfare and rural spending ahead of the general elections in 2024.
IF rural areas are developed than growth of country are also increases in 2023-
2024.
Infrastructure Development:
Infrastructure could also feature strongly in the government’s financial plan for
the next financial year. The Infrastructure is a big driver of growth of any country
and create jobs. so, Government try to allocated higher value to infrastructure
development in Budget 2023.
We also see the smart village, Smart city projects drive by government of India.
According to that this sector allocated higher funds in budget (Review).
Green energy Boost:
This sector are the future of India. so, Government focusing on Green energy and
renewable energy and also Focusing on electric vehicles. So, Government can
allocated higher funds to this sector in budget 2023.
The government could announce new schemes and incentives to promote
renewable energy sources, as the country remains committed to achieving net-
zero emissions by 2070.
About Railway Budget 2023:

5. Railway is a back bon of India. Mostly people are travel through railway to reach
destination. Indian government are more focus to develop Indian railway to next
level. There may be big announcements for railways in budget 2023. Including
Plan to roll out 35 Hydrogen-fueled Trains. 400-500 Vande bharat trains. (Budget
review)
Rail Budget 2023-24
Nearly 4000 newly designed automobile carrier couches. Approximately 58,000
Wagons in next three year in Railway budget.
Railway get ab allocation of nearly Rs. 1.9 Lack Crore for 2023-24. For
Improvement and electrification of tracks and achieving target of 0% carbon
emission bye 2030.
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