Key Highlights and Features of Budget 2023

The Union Budget 2023 has outlined a vision for Amrit Kaal which aims to create opportunities for citizens and youth, job creation and a strong and stable economic environment. The budget has prioritized Inclusive development, reaching the last mile, Infra and investment, Youth power, unleashing the potential, financial sector and green growth. It has allocated Rs 5.94 lakh cr for defence, Rs 2.70 lakh cr for road transport and highways, Rs 2.41 lakh cr for railways, Rs 1.96 lakh cr for Home Affairs, Rs 1.60 lakh cr for Rural Development, Rs 1.25 lakh cr for Agriculture & Farmers Welfare, and more. It has introduced Saptarishi-7 priorities, Agriculture Accelerator Fund, 157 new Nursing colleges, Anaemia elimination mission, revamped Teachers’ training, National Digital Library, Pradhan Mantri-PVTG Development Mission, and more. It has also launched Mahila Sammman Bachat Patra, a one time new small savings scheme, Pradhan Mantri Awas Yojana, Scheme for Faster Adoption and manufacturing of EVs, N-E special infrastructure development scheme, Eklavya Model Residential Schools and more. It has enhanced the maximum deposit for senior citizens savings scheme from Rs 15 lakhs to R 30 lakhs, increased the income limit for rebate of income tax from Rs 5 lakh to Rs 7 lakh in the new regime, and extended the date of incorporation by 1 year for income tax benefits to startups.