Union Budget 2023-24: Highlights and Analysis

Here are some of the Union Budget 2023–24's highlights:

Pay attention to infrastructure: The budget allots the biggest amount of money ever—10 lakh crore—for capital expenses. This will be utilized as funding for infrastructure initiatives including building new highways, railroads, and airports.

 Tax reduction: Both people and corporations will receive tax reduction under the proposal. On income up to Rs. 15 lakh, people who choose the new tax system will pay a lower tax rate of 25%. Additionally, businesses will pay a lower 25% tax rate on their profits.

Increased social assistance spending: Spending on social welfare initiatives like the Pradhan Mantri Jan Dhan Yojana and the Pradhan Mantri Garib Kalyan Yojana is increased by the budget. The lives of the underprivileged and disenfranchised will be improved as a result.

Increased emphasis on healthcare and education: Spending on healthcare and education is rising in the budget. The country's healthcare and educational systems will benefit from this.

Green growth promotion: By offering incentives for the use of renewable energy sources and electric vehicles, the budget supports green growth. India's carbon footprint will be reduced as a result of this.

The following are some more budget highlights:

New individual income tax slabs: The following are the new tax slabs for individuals:

    * Tax-free income up to Rs. 3 lakh

    *5% tax on income from 3 lakh to 7.5 lakh

    * 10% tax on income between 7.5 and 10 lakh rupees

    * 15% tax on income from ten lakh to twelve lakh rupees

    *Tax rate for income between $12.5 and $15 lakh: 20%

    *Tax on income over Rs. 15 lakh: 25%

Increased medical expense tax deduction cap: For senior citizens, the maximum tax deduction for medical expenses has been raised from 5 lakh to 7.5 lakh, while for other taxpayers, it has been raised from 75,000 to 1 lakh.

New pension plan for public sector workers: The National Pension System (NPS), a new pension program for government employees, is being introduced by the government. In accordance with the new plan, the government will contribute 14% and employees 10% of their salaries, respectively, to the NPS.

Increased agriculture spending: The budget raises agricultural spending by 20%. The agriculture industry's productivity will rise as a result, and farmers' incomes will rise as well.

* **Increased rural development spending:** The budget allocates 15% more money for rural development. The infrastructure and amenities in rural communities will benefit from this.

A progressive budget, the Union Budget 2023–24 emphasizes inclusive growth and development. Tax relief is given to both individuals and corporations, spending is increased on social welfare programs, infrastructure, and healthcare, and green growth is encouraged.