India will be developed thanks to the budget, claims Prime Minister Modi.
Live updates on India’s 2023 budget: According to Finance Minister Nirmala Sitharaman, the new tax system will now be the default tax system.
Live updates on the India Budget 2023 and Nirmala Sitharaman’s budget speech: Prime Minister Narendra Modi praised the Union Budget 2023–24 after Finance Minister Nirmala Sitharaman’s address, saying it lays the groundwork for creating a developed India. Large incentives under the new income tax system and a significant push for capex are two of the Budget’s most important lessons. Equity benchmarks Sensex and Nifty increased in value during the Budget presentation in early session.
The new government has raised the income tax rebate cap from Rs. 5 lakh to Rs. 7 lakh. The new tax system will now be used by default. Additionally, the FM decreased the number of tax slabs under the new tax system (Read this for more details). The amount allocated for capital investments has increased by 33% to Rs 10 lakh crore, or 3.3% of the GDP. There will be one more year of the state governments’ 50-year, interest-free loan. The FM said that the amount allotted to Indian Railways, Rs 2.40 lakh crore, is the biggest amount ever.
Women’s empowerment has been prioritised in the budget, according to PM Modi
The Prime Minister said, “The administration has taken various efforts to make the lives of women, in rural and urban areas, easy. This is in line with the government’s renewed focus on women. Self-help organisations for women will improve them even more. A special savings programme will be launched to support household women.
PM Modi says that the budget lays the groundwork for a developed India.
Prime Minister Narendra Modi stated after the Union Budget was presented: “The first Budget of Amrit Kaal will lay a solid basis for creating a developed India. This budget will realise the aspirations of all segments of society, including the poor, middle class, and farmers.
After the Budget announcements, the Sensex rises by more than 1,200 points.
In the afternoon trade on Wednesday, the benchmark BSE Sensex surged over 1,200 points as market participants applauded the Union budget recommendations made by Finance Minister Nirmala Sitharaman in the Lok Sabha.
The 30-share BSE barometer rose 60,773.44 points, or 2%, to reach its intraday high. The larger NSE Nifty increased to 17,972.20 by 310.05 points, or 1.75 percent. In light of the slowing economy, increasing inflation, and rising interest rates, the market had mixed expectations for the budget, assuming it would be populist and leave little leeway for the government to manoeuvre. However, with a finely adjusted balance between stability and growth, the government has moved it into a new zone.
Increased capital investment
“The economy is receiving a boost from the increase in capital spending, which increased by 33% to Rs 10 lakh crore. While several programs and tax breaks for taxpayers and the rural economy would boost India’s consumer growth. exceeding expectations, beneficial to both corporations and households. A 10-on-10 budget is used “said Vinod Nair, the Geojit Financial Services’ head of research.
MarketsMojo’s Sunil Damania, Chief Investment Officer, praised the budget’s overall quality as “outstanding.” “A huge source of optimism is the absence of bad news. And this budget has received rave reviews from the stock market.
Tax slab modification
“The new income-tax regime’s modifications to the slab rate and the reduction of personal income tax by up to Rs 7 lakh have a significant positive impact on the Indian market. The FM left the capital gains alone, which encouraged the markets “the SAMCO Securities research analyst Sanjay Moorjani remarked.
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