Budget 2023: A detailed review

The Indian government unveils the budget every year and it is nothing short of a spectacle. We all await with bated breath, wondering how this will affect our lives (and pockets). In recent times, inflation, recession, and high-interest rates –have been some of the biggest worries. Whether you like it or not, the budget always plays a key role in our lives and affects our standard of living as well.

Now, the Government of India has just released its budget for the current year, and expectations are high as ever. On the back of these high hopes and dreams, let us have a closer look at this year’s budget, find out what gets cheaper and what’s going to cost you more.

Key highlights of Budget 2023

Here are some of the key takeaways as presented by the Honourable Finance Minister of India, Nirmala Sitharaman.

  1. India’s per capita income has now increased up to ₹1.97 lakhs, in just a period of 9 years.
  2. The Indian economy is currently 5th largest in the world.
  3. At ₹27 crore, EPFO membership in the country has also more than doubled.
  4. A total of 7,400 crore digital payments were conducted on UPI, with transactions worth ₹126 crores.
  5. Under the Swachh Bharat Mission, the country has now developed 11.7 crore toilets for use in households.
  6. Based on the Ujjwala scheme, 9.6 crore LPG connections have been provided. Under the PM Suraksha Bima and PM Jeevan Jyoti Yojana, India has now extended insurance coverage to more than 44.6 crore people.
  7. The current budget has also focussed on 7 key areas which need to be developed on priority. Named ‘Saptarshi’, these are – focusing on the last mile, inclusive development for all, infrastructure, and investment, paving the way for green growth, and unleashing the potential in our citizens, youth power, and the financial sector.

What are the good things about this year’s budget?

Wanted to hear the good news about this year’s budget? We all do. Thankfully, you will have some reason to rejoice amidst all the fears about recessions and job losses. With this budget, the Government has just announced that the tax bracket will be further relaxed.

Under the new regime, there will be new tax slabs and capex spending will also be increased. This comes as a welcome move because it will be instrumental in driving growth and consumption across the country. Therefore, if you have an annual income of up to ₹7 lahks, then you will not have to pay any income tax. Just until last year, this bracket was at ₹5 lakhs.

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