Union Budget 2023-24: Focus on Inclusive Development, Environmental Consciousness, and Tax Reforms - Deepstash
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UPI lead to Increase in Economy

UPI lead to Increase in Economy

The Indian economy has increased from 10th to 5th in the world. EPFO membership doubled to 27 crore and digital payments of 126 lakh crore rupees were made through UPI.

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Priority

Priority

Priority no 1 is inclusive development - covering farmers, women, youth, OBCs, divyang, etc. The sustained focus of Jammu & Kashmir, Ladakh and the North East.

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Agritech Startups

Agritech Startups

Financial support for agritech startups, cooperative-based economic model, enabling of massive decentralized storage capacity for farmers: Sitharaman.

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Education

Education

Education - teachers' training to be re-envisioned through creative pedagogy. To build a culture of reading and make up for time lost during COVID-19, National Book Trust and Children Book Trust will be encouraged to provide non-curricular titles to physical libraries.

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Tribal Groups Development

Tribal Groups Development

15,000 crore for Primitive Vulnerable Tribal Groups Development Mission to improve socio-economic conditions of vulnerable tribal groups - safe housing, clean drinking water, access to education, etc.

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Support for poor prisoners

Support for poor prisoners

Support for poor prisoners - for those unable to afford the bail amount, required financial support will be provided.

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Railways get outlay

Railways get outlay

2.4 lakh crore outlay for Railways - 9 times the outlay made in 2013-14; 50 additional airports, velodromes, etc will be made for domestic travel

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Manual scavenging

Manual scavenging

Manual scavenging - 100 percent de-sludging of sewers to transition from manholes to machine hole mode. Focus on scientific management of dry and wet waste

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Compliances have been Reduced

Compliances have been Reduced

More than 39,000 compliances have been reduced and 3,400 legal provisions have been decriminalized to further trust-based governance. Jan Vishwas Bill to amend 42 Central Acts

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India Promotes AI

India Promotes AI

Three Centres for Artificial Intelligence to be set up at top institutions. National Data Governance Policy to be launched to enable access to anonymized data.

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Voluntary Settlement scheme

Voluntary Settlement scheme

Settling contractual disputes of govt agencies wherein the arbitral award is under challenge - a voluntary settlement scheme will be introduced. Graded settlement terms, depending on the pendency level of dispute.

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E-Courts project

E-Courts project

Phase III of the e-courts project will be launched with an outlay of 7,000 crores

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Net zero carbon emissions by 2070

Net zero carbon emissions by 2070

The movement towards an environmentally conscious lifestyle; aims for net zero carbon emissions by 2070. The focus is on green growth

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The Banking Regulation

The Banking Regulation

Amendments to Banking Regulation Act, and RBI Act are being considered

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DIRECT TAX PROPOSALS AIMED AT REDUCING THE COMPLIANCE BURDEN

DIRECT TAX PROPOSALS AIMED AT REDUCING THE COMPLIANCE BURDEN

To reduce the pendency of tax appeals at the commissioner level, 100 joint commissioners are to be deployed for the disposal of small appeals. We shall also be selective in taking up cases for scrutiny of returns already received

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No tax upto ₹7 lakhs

No tax upto ₹7 lakhs

The rebate for tax exemption increased to ₹7 lakhs

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New tax rates:

New tax rates:

0-3 lakhs - NIL

3-6 lakhs - 5 percent

6-9 lakhs - 1o percent

9-12 lakh - 15 percent

12-15 lakh - 20 percent

Above 15 lakh - 30 percent

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Conclusion

Conclusion

This was a Brief of Indian Budget 2023-24, If you wish to read the full Detield article then Click here to Read.

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CURATOR'S NOTE

A brief of Indian Budget 2023-24.

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