Key Highlights of the Union Budget 2023-24

The Union Budget 2023-24, presented by the Honorable Finance Minister of India, has been a subject of much anticipation among the Indian citizens, businesses, and investors. The budget is considered to be a crucial document that sets the tone for the country's economic and fiscal policies for the next financial year. With the COVID-19 pandemic still affecting the global economy, the budget this year had to take into consideration the need for a balanced approach between economic growth and social welfare.

Nirmala Sitharaman poses with the 'Bahi Khata' outside the Finance Ministry at North Block, in New Delhi

In this article, we will discuss the key highlights of the Union Budget2023-24 and its impact on various sectors of the economy.

Increased Spending On Agriculture:

One of the major highlights of the Union Budget 2023-24 is the increased allocation of funds for the agriculture sector. The government has set aside a substantial amount of money to support the growth of agriculture and ensure that farmers get the right price for their produce. This is a positive step towards the development of the agriculture sector, which will, in turn, help improve the lives of millions of farmers across the country.

Focus On Infrastructure Development:

Another major highlight of the Union Budget 2023-24 is the increased focus on infrastructure development. The government has allocated a large sum of money to be used for the construction of new highways, airports, and other infrastructure projects. This will not only create job opportunities, but will also improve the connectivity between cities, making it easier for people to travel. Additionally, the allocation of funds for the development of smart cities will help create better living conditions for the citizens of India.

Health And Education Sectors:

The Union Budget 2023-24 also brings with it a lot of changes for the health and education sectors. The government has allocated a large sum of money to be used for the development of health infrastructure and the improvement of medical facilities across the country. Additionally, the allocation of funds for the education sector will help improve the quality of education and make it more accessible for people from all walks of life.

Increased Allocation Of Funds For Rural Development:

The Union Budget 2023-24 also brings with it an increased allocation of funds for rural development. The government has set aside a substantial amount of money to be used for the development of rural areas and to improve the living conditions of rural citizens. This will help bridge the gap between rural and urban areas and ensure that all citizens have access to basic amenities and facilities.

Encouragement For Starts-Up And MSME's:

The Union Budget 2023-24 also brings with it several incentives for start-ups and MSMEs. The government has allocated a large sum of money to be used for the development of start-ups and MSMEs, which will help create job opportunities and encourage entrepreneurship in the country. Additionally, the allocation of funds for the development of incubation centers will provide a platform for new ideas and innovations to flourish.

Tax Reforms:

The Union Budget 2023-24 has proposed several tax reforms aimed at simplifying the tax system and reducing the tax burden on the citizens of India. The government has proposed to increase the standard deduction for salaried individuals from Rs 50,000 to Rs 75,000, which is expected to provide relief to the middle-class.

The budget has also proposed to increase the income tax exemption limit for senior citizens from Rs 3 lakh to Rs 5 lakh, which will provide relief to the elderly citizens of the country. The government has also proposed to increase the deposit insurance cover for bank depositors from Rs 5 lakh to Rs 10 lakh, which will provide security to the citizens' hard-earned money.

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The Union Budget 2023-24 brings with it several changes and updates that are likely to impact the lives of citizens of India. The increased allocation of funds for agriculture, infrastructure, and healthcare, among other sectors, will help improve the standard of living for people across the country. Additionally, the focus on rural development and encouragement for start-ups and MSMEs will help create job opportunities and encourage entrepreneurship. We hope that these changes will help drive the growth of the country and create a better future for all.