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Indian Union Budget 2023-24: Highlights of The Union Budget 2023-24

Marking a New Era of Accelerated Growth: India’s Union Budget 2023-24:

India’s Union Budget for the fiscal year 2023-24 was presented by the Finance Minister on 01-Feb 2023. This Budget has been highly anticipated as it is the first budget of the new government. It is also the first budget of the new decade and is expected to be a game-changer in the way India views its economy.

The Budget is expected to focus on increasing the country’s growth and development, while also providing a roadmap for India to become one of the leading economies in the world. The Budget also aims to increase public spending and investments in infrastructure, healthcare, education, and other key sectors of the economy.

In addition, it is expected to provide incentives and tax breaks to encourage businesses to invest in India. Overall, it is expected to be a budget that will benefit all sections of society, from rural to urban and from the middle class to the wealthy.

The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on 01-Feb-2023.

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Highlights Of The Union Budget 2023-24:

The Union Budget 2023тАУ24 was presented in Parliament on 01-Feb-2023 by Smt. Nirmala Sitharaman, the Union Minister of Finance and Corporate Affairs. The following are the Budget’s key points:

PART A

  • Per capita income has more than doubled to тВ╣1.97 lahks in around nine years.
  • The Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years.
  • EPFO membership has more than doubled to 27 crores.
  • 7,400 crore digital payments of тВ╣126 lakh crore have taken place through UPI in 2022.
  • 11.7 crore household toilets were constructed under Swachh Bharat Mission.
  • 9.6 crore LPG connections provided under Ujjwala.
  • 220 crore covid vaccination of 102 crore persons.
  • 47.8 crore PM Jan Dhan bank accounts.
  • Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana.
  • Cash transfer of тВ╣2.2 lakh crore to over 11.4 crore farmers under PM Kisan Samman Nidhi.
  • Seven priorities of the budget тАШSaptarishiтАЩ are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and the financial sector.
  • Atmanirbhar Clean Plant Program with an outlay of тВ╣2200 crore to be launched to boost the availability of disease-free, quality planting material for high-value horticultural crops.
  • 157 new nursing colleges are to be established in co-location with the existing 157 medical colleges established since 2014.
  • Centre to recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students over the next three years.
  • The outlay for PM Awas Yojana is being enhanced by 66% to over Rs. 79,000 crores.
  • Capital outlay of Rs. 2.40 lakh crore has been provided for the Railways, which is the highest ever outlay and about nine times the outlay made in 2013-14.
  • Urban Infrastructure Development Fund (UIDF)will be established through the use of Priority Sector Lending shortfall, which will be managed by the National Housing Bank, and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.
  • Entity DigiLocker is to be set up for use by MSMEs, large businesses and charitable trusts to store and share documents online securely.
  • 100 labs to be set up for 5G services-based application development to realize a new range of opportunities, business models, and employment potential.
  • 500 new тАШwaste to wealthтАЩ plants under GOBAR Dhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme to be established for promoting a circular economy at a total investment of Rs 10,000 crore. 5 percent compressed biogas mandate to be introduced for all organizations marketing natural and biogas.
  • Centre to facilitate one crore farmers to adopt natural farming over the next three years. For this, 10,000 Bio-Input Resource Centres are to be set up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.
  • Pradhan Mantri Kaushal Vikas Yojana 4.0, to be launched to skill lakhs of youth within the next three years covering new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.
  • 30Skill India International Centre to be set up across different States to skill the youth for international opportunities.
  • Revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through the infusion of Rs 9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1 percent.
  • Central Processing Centre to be set up for faster response to companies through centralized handling of various forms filed with field offices under the Companies Act.
  • The maximum deposit limit for Senior Citizen Savings Scheme is to be enhanced from Rs 15 lakh to Rs 30 lakh.
  • Targeted Fiscal Deficit to be below 4.5% by 2025-26.
  • Agriculture Accelerator Fund to be set up to encourage agri-startups by young entrepreneurs in rural areas.
  • To make India a global hub for┬а‘Shree Anna’, the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research, and technologies at the international level.
  • тВ╣20 lakh crore agricultural credit targeted at animal husbandry, dairy, and fisheries
  • A new┬аsub-scheme of┬аPM Matsya Sampada Yojana with a targeted investment of тВ╣6,000 crores to be launched to further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies and expand the market.
  • Digital public infrastructure for agriculture to be built as an open source, open standard, and interoperable public good to enable inclusive farmer-centric solutions and support for the growth of the agri-tech industry and start-ups.
  • Computerization of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of тВ╣2,516 crore initiated.
  • Massive decentralized storage capacity to be set up to help farmers store their produce and realize remunerative prices through sale at appropriate times.
  • Sickle Cell Anaemia elimination mission┬аto be launched.
  • Joint public and Private Medical research to be encouraged via select ICMR labs for encouraging collaborative research and innovation.
  • New Programme to promote research in Pharmaceuticals to be launched.
  • Rs. 10 lakh crore capital investment, a steep increase of 33% for the third year in a row, to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.
  • Aspirational Blocks Programme covering 500 blocks launched┬аfor saturation of essential government services across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure.
  • Rs. 15,000 crores for implementation of Pradhan┬аMantri PVTG Development Mission over┬аthe next three years under the Development Action Plan for the Scheduled Tribes.
  • Investment of Rs. 75,000 crores, including Rs. 15,000 crores from private sources, for one hundred critical transport infrastructure projects, for last and first-mile connectivity for ports, coal, steel, fertilizer, and food grains sectors.
  • New Infrastructure Finance Secretariat was established┬аto enhance opportunities for private investment in infrastructure.
  • District Institutes of Education and Training to┬аbe developed as vibrant institutes of excellence for TeachersтАЩ Training.
  • A National Digital┬аLibrary for Children and Adolescents to be set up for facilitating the availability of quality books across geographies, languages, genres, and levels, and device-agnostic accessibility.
  • Rs. 5,300 crores to be given as central assistance to the Upper Bhadra Project to provide sustainable micro irrigation and filling up of surface tanks for drinking water.
  • тАШBharat Shared Repository of InscriptionsтАЩto be set up in a digital epigraphy museum, with the digitization of one lakh ancient inscriptions in the first stage.
  • тАШEffective Capital ExpenditureтАЩ of Centre to be Rs. 13.7 lakh crore.
  • Continuation of a 50-year interest-free loan to state governments for one more year to spur investment in infrastructure and to incentivize them for complementary policy actions.
  • Encouragement to states and cities to undertake urban planning reforms and actions to transform our cities into тАШsustainable cities of tomorrowтАЩ.
  • The transition from manhole to machine-hole mode by enabling all cities and towns to undertake 100 percent mechanical desludging of septic tanks and sewers.
  • iGOT Karmayogi, an integrated online training platform, was launched to provide continuous learning opportunities for lakhs of government employees to upgrade their skills and facilitate a people-centric┬аapproach.
  • More than 39,000 compliances were reduced and more than 3,400 legal provisions were decriminalized to enhance the Ease Of Doing Business.
  • Jan Vishwas Bill to amend 42 Central Acts has been introduced to further trust-based governance.
  • Three centers of excellence for Artificial Intelligence to be set up in top educational institutions to realize the vision ofтАЬMake AI in India and Make AI work for IndiaтАЭ.
  • National Data Governance Policy to┬аbe brought out to unleash innovation and research by start-ups and academia.
  • One-stop solution for reconciliation and updation of identity and address of individuals to be established using DigiLocker service and Aadhaar as foundational identity.
  • PAN will be used as the common identifier for all digital systems of specified government agencies to bring in Ease of Doing Business.
  • 95 percent of the forfeited amount relating to bid or performance security, will be returned to MSMEтАЩs by government and government undertakings in cases the MSMEтАЩs failed to execute contracts during the Covid period.
  • Result Based Financing to better allocate scarce resources for competing for development needs.
  • Phase 3 of the E-Courts project to be launched with an outlay of Rs. 7,000 crores for efficient administration of justice.
  • R & D grant for Lab Grown Diamonds (LGD) sector┬аto encourage indigenous production of LGD seeds and machines and to reduce import dependency.
  • Annual production of 5 MMT under the Green Hydrogen Mission is to be targeted by 2030 to facilitate the transition of the economy to low carbon intensity and to reduce dependence on fossil fuel imports.
  • тВ╣35000 crore outlay for energy security, energy transition, and net zero objectives.
  • Battery energy storage systems are to be promoted to steer the economy on the sustainable development path.
  • 20,700 crore outlay provided for renewable energy grid integration and evacuation from Ladakh.
  • тАЬPM Programme for Restoration, Awareness, Nourishment, and Amelioration of Mother EarthтАЭ (PM-PRANAM)to be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.
  • тАШMangrove Initiative for Shoreline Habitats & Tangible IncomesтАЩ, MISHTI, to be taken up for mangrove plantation along the coastline and on salt pan lands, through convergence between MGNREGS, CAMPA Fund, and other sources.
  • Green Credit Programme to┬аbe notified under the Environment (Protection) Act to incentivize and mobilize additional resources for environmentally sustainable and responsive actions.
  • Amrit Dharohar scheme to be implemented over the next three years to encourage optimal use of wetlands, enhance bio-diversity, carbon stock, eco-tourism opportunities, and income generation for local communities.
  • A Unified Skill India Digital platform to be launched for enabling demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes.
  • Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme to be rolled out to provide stipend support to 47 lakh youth in three years.
  • At least 50 tourist destinations to be selected through challenge mode; to be developed as a complete package for domestic and foreign tourists.
  • Sector specific skilling and entrepreneurship development to be dovetailed to achieve the objectives of the тАШDekho Apna DeshтАЩ initiative.
  • Tourism infrastructure and amenities to be facilitated in border villages through the Vibrant Villages Programme.
  • States are to be encouraged to set up a Unity Mall for the promotion and sale of their own and also all other statesтАЩ ODOPs (One District, One Product), GI products, and handicrafts.
  • National Financial Information Registry to be set up to serve as the central repository of financial and ancillary information for facilitating the efficient flow of credit, promoting financial inclusion, and fostering financial stability. A new legislative framework to be designed in consultation with RBI to govern this credit public infrastructure.
  • Financial sector regulators to carry out a comprehensive review of existing regulations in consultation with public and regulated entities. Time limits to decide the applications under various regulations would also be laid down.
  • To enhance business activities in GIFT IFSC, the following measures are to be taken.
  • Delegating powers under the SEZ Act to IFSCA to avoid dual regulation.
  • Setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI, and IRDAI.
  • Permitting acquisition financing by IFSC Banking Units of the foreign bank.
  • Establishing a subsidiary of EXIM Bank for trade refinancing.
  • Amending IFSCA Act for statutory provisions for arbitration, and ancillary services, and avoiding dual regulation under SEZ Act
  • Recognizing offshore derivative instruments as valid contracts.
  • Amendments proposed to the Banking Regulation Act, the Banking Companies Act, and the Reserve of India Act to improve bank governance and enhance investorsтАЩ protection.
  • Countries looking for digital continuity solutions would be facilitated for setting up their Data Embassies in GIFT IFSC.
  • SEBI to be empowered to develop, regulate, maintain, and enforce norms and standards for education in the National Institute of Securities Markets and to recognize awards of degrees, diplomas and certificates.
  • Integrated IT portal to be established to enable investors to easily reclaim the unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority.
  • To commemorate Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate to be launched. It will offer a deposit facility of up to Rs 2 lakh in the name of women or girls for a tenure of 2 years (up to March 2025) at a fixed interest rate of 7.5 percent with a partial withdrawal option.
  • The maximum deposit limit for Monthly Income Account Scheme is to be enhanced from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for a joint account.
  • The entire fifty-year interest-free loan to states is to be spent on capital expenditure within 2023-24. Part of the loan is conditional on States increasing actual Capital expenditure and parts of the outlay will be linked to States undertaking specific loans.
  • A fiscal Deficit of 3.5% of GSDP allowed for States of which 0.5% is tied to Power sector reforms.
  • Revised Estimates 2022-23:
    • The total receipts other than borrowings is Rs 24.3 lakh crore, of which the net tax receipts are Rs 20.9 lakh crore.
    • The total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore.
    • The fiscal deficit is 6.4 percent of GDP, adhering to the Budget Estimate.
  • Budget Estimates 2023-24:
  • The total receipts other than borrowings are estimated at Rs 27.2 lakh crore and the total expenditure is estimated at Rs 45 lakh crore.
  • The net tax receipts are estimated at Rs 23.3 lakh crore.
  • The fiscal deficit is estimated to be 5.9 percent of GDP.
  • To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at Rs 11.8 lakh crore.
  • The gross market borrowings are estimated at Rs 15.4 lakh crore.

PART тАУ B

DIRECT TAXES

  • Direct Tax proposals aim to maintain the continuity┬аand┬аstability┬аof taxation, further┬аsimplify┬аand rationalize┬аvarious provisions to┬аreduce the compliance burden, promote the┬аentrepreneurial spirit,┬аand provide tax relief to citizens.
  • The constant endeavor of the Income Tax Department to improve Tax Payers Services by making compliance easy and smooth.
  • To further improve taxpayer services, a proposal to roll out a next-generation Common IT Return Form for taxpayer convenience, along with plans to strengthen the grievance redressal mechanism.
  • The Rebate limit of Personal Income Tax is to be┬аincreased to Rs. 7 lakhs from the current Rs. 5 lahks in the new tax regime. Thus, persons in the new tax regime, with income up to Rs. 7 lahks do not pay any tax.
  • Tax structure in the new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five┬аand┬аincreasing the tax exemption limit to Rs. 3 lahks. Change to provide major relief to all taxpayers in the new regime.

New Income Tax Slabs as Proposed Indian Budget 2023-24:

Total Income (Rs) Rate (percent)
Up to 3,00,000 Nil
From 3,00,001 to 6,00,000 5%
From 6,00,001 to 9,00,000 10%
From 9,00,001 to 12,00,000 15%
From 12,00,001 to 15,00,000 20%
Above 15,00,000 30%
  • Proposal to┬аextend the benefit of standard deduction of Rs. 50,000 to salaried individuals, and deduction from family pensions up to Rs. 15,000, in the new tax regime.
  • The highest surcharge rate is to reduce from 37 percent to 25 percent in the new tax regime. This to further result in a reduction of the maximum personal income tax rate to 39 percent.
  • The limit for tax exemption on┬аleave encashment on the retirement of non-government salaried employees is to increase to Rs. 25 lahks.
  • The new income tax regime to be made the┬аdefault tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime.
  • Enhanced limits for micro-enterprises and certain professionals for availing the benefit of presumptive taxation were proposed. Increased limit to apply only in case the amount or aggregate of the amounts received during the year, in cash, does not exceed five percent of the total gross receipts/turnover.
  • Deduction for expenditure incurred on payments made to MSMEs is to be allowed only when payment is actually made in order to support MSMEs in the timely receipt of payments.
  • New co-operatives┬аthat commence manufacturing activities till 31.3.2024 to get the┬аbenefit of a lower tax rate of 15 percent, as presently available to new manufacturing companies.
  • The opportunity provided to sugar co-operatives to claim payments made to sugarcane farmers for the period prior to the assessment year 2016-17 as an expenditure. This is expected to provide them relief of almost Rs. 10,000 crores.
  • Provision of a┬аhigher limit of Rs. 2 lakh per member┬аfor cash deposits to and loans in cash by Primary Agricultural Co-operative Societies (PACS) and Primary Co-operative Agriculture and Rural Development Banks (PCARDBs).
  • A┬аhigher limit of Rs. 3 crores for TDS on cash withdrawal to be provided to cooperative societies.
  • The date of incorporation for income tax benefits to start-ups is to be┬аextended┬аfrom 31.03.23 to 31.3.24.
  • Proposal to provide the benefit of carrying forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years.
  • Deduction from capital gains on investment in residential houses under sections 54 and 54F to be capped at Rs. 10 crores for better targeting of tax concessions and exemptions.
  • Proposal┬аto limit income tax exemption┬аfrom proceeds of┬аinsurance policies with very high value. Where the aggregate of premium for life insurance policies (other than ULIP) issued on or after 1st April 2023 is above Rs. 5 lakh, income from only those policies with aggregate premiums up to Rs. 5 lakh shall be exempt.
  • Income of authorities, boards, and commissions set up by statutes of the Union or State for the purpose of housing, development of cities, towns, and villages, and regulating, or regulating and developing an activity or matter, proposed to be exempted from income tax.
  • Minimum threshold┬аof Rs. 10,000/- for┬аTDS to be removed┬аand taxability relating to online gaming to be clarified. Proposal to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of the financial year.
  • Conversion of gold into the electronic gold receipt and vice versa is not to be treated as a capital gain.
  • TDS rate to be reduced from 30 percent to 20 percent on the taxable portion of EPF withdrawal in non-PAN cases.
  • Income from Market Linked Debentures to be taxed.
  • Deployment of about 100 Joint Commissioners for disposal of small appeals in order to reduce the pendency of appeals at the Commissioner level.
  • Increased selectivity in taking up appeal cases for scrutiny of returns already received this year.
  • Period of┬аtax benefits┬аto funds relocating to┬аIFSC, GIFT City┬аextended till 31.03.2025.
  • Certain acts of omission of liquidators under section 276A of the Income Tax Act to be┬аdecriminalized with effect from 1st April 2023.
  • Carry forward of losses on strategic disinvestment including that of IDBI Bank to be allowed.
  • Agniveer Fund┬аto be provided┬аEEE status. The payment received from the Agniveer Corpus Fund by the Agniveers enrolled in Agnipath Scheme, 2022 proposed to be exempt from taxes. Deduction in the computation of total income is proposed to be allowed to the Agniveer on the contribution made by him or the Central Government to his Seva Nidhi account.

INDIRECT TAXES

  • Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21.
  • Minor changes in the basic customs duties, cesses, and surcharges┬аon some items including toys, bicycles, automobiles and naphtha.
  • Excise duty is exempted on GST-paid compressed biogas┬аcontained in blended compressed natural gas.
  • Customs Duty on specified capital goods/machinery for the manufacture of the lithium-ion cell for use in batteries of electrically operated vehicles (EVs)┬аextended to 31.03.2024
  • Customs duty exempted on vehicles, specified automobile parts/components, sub-systems, and tyres when imported by notified testing agencies, for the purpose of testing and/ or certification, subject to conditions.
  • Customs duty on the camera lens and its inputs/parts for use in the manufacture of the camera modules of cellular mobile phones was reduced to zero and concessional duty on lithium-ion cells for batteries was extended for another year.
  • Basic customs duty reduced on┬аparts of open cells of TV panels to 2.5 percent.
  • Basic customs duty on┬аelectric kitchen chimneys increased to 15 percent from 7.5 percent.
  • Basic customs duty on┬аheat coil for the manufacture of electric kitchen chimneys was reduced to 15 percent from 20 percent.
  • Denatured ethyl alcohol used in the chemical industry is exempted from basic customs duty.
  • Basic customs duty reduced on┬аacid grade fluorspar (containing by weight more than 97 percent of calcium fluoride) to 2.5 percent from 5 percent.
  • Basic customs duty on┬аcrude glycerin for use in the manufacture of epichlorohydrin reduced to 2.5 percent from 7.5 percent.
  • Duty reduced on key inputs for domestic manufacture of┬аshrimp feed.
  • Basic customs duty is reduced on seeds used in the manufacture of lab-grown diamonds.
  • Duties on articles made from┬аdore and bars of gold and platinum┬аincreased.
  • Import duty on┬аsilver dore, bars, and articles┬аincreased.
  • Basic Customs Duty exemption on raw materials for the manufacture of CRGO Steel, ferrous scrap, and nickel cathode continued.
  • Concessional BCD of 2.5 percent on copper scrap is continued.
  • Basic customs duty rate on┬аcompounded rubber increased to 25 percent from 10 percent or 30 per kg whichever is lower.
  • National Calamity Contingent Duty (NCCD) on┬аspecified cigarettes was revised upwards by about 16 percent.

Legislative Changes in Customs Laws

  • Customs Act, 1962 to be amended to specify a time limit of nine months from the date of filing an application for passing final order by the Settlement Commission.
  • Customs Tariff Act is to be amended to clarify the intent and scope of provisions relating to Anti-Dumping Duty (ADD), Countervailing Duty (CVD), and Safeguard Measures.
  • CGST Act to be amended
  • to raise the┬аminimum threshold of tax amount for launching prosecution under GST from one crore to two crores;
  • to reduce the┬аcompounding amount from the present range of 50 to 150 percent of the tax amount to the range of 25 to 100 percent;
  • decriminalize certain offenses;
  • to┬аrestrict the filing of returns/statements┬аto a maximum period of three years from the due date of filing of the relevant return/statement; and
  • to enable unregistered suppliers and composition taxpayers to make an intra-state supply of goods through E-Commerce Operators (ECOs).

Top 10 Highlights of Budget 2023-24 By Nirmala Sitaram.

1. A fiscal deficit of 6.8 percent of GDP in FY2022-23, lower than the estimated 7.5 percent, is expected to help IndiaтАЩs economic recovery.

2. To support the economic recovery, the Government has set aside тВ╣35,000 crore for the Agriculture Infrastructure Fund.

3. To improve healthcare infrastructure, an additional тВ╣64,180 crore has been allocated.

4. To boost employment and reduce the impact of the pandemic, an Allocation of тВ╣1.5 lakh crore has been made for the Pradhan Mantri Awas Yojana.

5. To create employment opportunities, the Government has allocated тВ╣20,000 crore for the National Employment Mission.

6. To improve the transport infrastructure, тВ╣1.18 lakh crore has been allocated for the Bharatmala Pariyojana.

7. To increase the availability of affordable housing, the Government has set aside тВ╣2.83 lakh crore for the Pradhan Mantri Awas Yojana.

8. To promote digital payments and create a cashless economy, the Government has allocated тВ╣1,500 crore for this purpose.

9. To promote scientific innovation, the Government has allocated тВ╣50,000 crore for the National Research Foundation.

10. To promote tourism and hospitality, the Government has allocated тВ╣1,400 crore to promote the Aspirational Districts Programme.

Conclusion

The Indian Budget 2023-24 presented by Finance Minister Nirmala Sitharaman on 01-Feb 2023, is a budget that focuses on inclusive growth and development. It has allocated substantial resources for healthcare, infrastructure, and social welfare, and has also proposed tax relief for individuals and businesses. The budget has also highlighted the government’s commitment to the Make in India initiative, which is a major focus of the government. All in all, the budget has been well-received by the people of India and provides a much-needed boost to the economy.

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