Budget 2023: Finance Minister Nirmala Sitharaman presented the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections on 1 February, 2023. The government sweetened the new income tax regime by making income of up to ₹3 lakh exempt from income tax. With a rebate, now people earning up to ₹7 lakh need not pay any income tax. The FM also simplified the tax structure and called it the “default income tax regime”.
This can be called Nirmala Sitharaman’s ‘nirmam’ budget. There is nothing in this budget for youth, farmers, women, tribals or scheduled castes. It was made purely focusing on the upcoming elections. There is nothing for Chhattisgarh in the budget.
This budget will strengthen exports: Maharashtra Dy CM. We were once an importer of mobile phones, now we’re the second largest mobile phone manufacturer in the world. Our foreign exchange reserves went above 605 billion dollars. This budget will strengthen exports. New India becoming part of global supply chain.
Budget is anti-poor & anti-farmer. Fund allocation for NREGA is reduced by ₹29,000 crores which means additional employment will not be generated. Fertiliser subsidy reduced by ₹50,000 crores that means farmers’ expenses will be increased.
Nilesh Shah said, “This budget is a Bahubali budget. With one arrow multiple targets are shot. Fiscal prudence is achieved with lower deficit and path set till FY 26. Consumption is supported through tax cuts. Investment outlay is enhanced. No’s are realistic or conservative to enhance the credibility. The budget could have focussed more on asset monetisation but that can be pursued otherwise also depending upon market conditions. Net net a Bahubali budget.”
CEO of KOtak Mahindra group said, “Budget with vision, structure, discipline. Immediate benefits to all individual earners. Continues measured path of fiscal consolidation. Sets foundation to increase every Indian’s per capita income exponentially from 1.97 lakhs (2400$).True to its name: 1st budget for Amritkaal.”
