Prime Minister Narendra Modi on Wednesday said that the Union Budget 2023 is for a sustainable future that would further encourage green energy, infrastructure resulting in jobs while underlining the potential of the middle class in realizing the dreams of 2047.
The Prime Minister said that the government has focused on technology in the budget. “This budget is for a sustainable future further encouraging green energy, green growth, green infrastructure, and green jobs. We have focused on technology & new economy in the budget,” PM Modi said reacting to the budget.
Referring to the latest tax rebates, the Prime Minister said that it has given relief to the middle class and underlined the potential of the middle class in realizing the dreams of 2047.
The Prime Minister informed that in order to empower the middle class, the government has taken many significant decisions in the past years that have ensured Ease of Living.
“India’s middle class remains a major stream in every sphere of life. The middle class is a huge force to fulfill the dream of a prosperous and developed India. Our government has taken several steps to empower the middle class and ensure ease of living. We have reduced tax-rate and have given relief accordingly,” he said.
He highlighted the reduction in tax rates as well as the simplification, transparency and speeding up of the processes. “Our government that always stood with the middle class has given huge tax relief to them”, the Prime Minister said.
PM Modi also touched upon the investment in the infrastructure sector and said that there has been a jump of 400 per cent than in 2014.
“Investment in infrastructure has increased by more than 400 per cent as compared to the year 2014. An unprecedented investment of Rs 10 lakh crore on infrastructure will give new energy and pace to the progress of India. This investment will generate employment for the youth and new income opportunities for a large population,” he said.
He referred to digital payments and said that its success has to be repeated in the agriculture sector.
“We have to repeat the success of digital payments in the agriculture sector. We have brought a big scheme for digital agriculture infrastructure,” he said.
The Prime Minister mentioned the millets and said that the “superfood” has given a new identity in the name of ‘Shri Anna’.
“Today, when millets are becoming popular all over the world, the maximum benefit is in the hands of the small farmers of India. Now this ‘super food’ has been given a new identity in the name of ‘Shri Anna’. With ‘Shri Anna’, our small farmers and tribal brothers and sisters doing farming will get financial strength,” he said.
Finance Minister Nirmala Sitharaman presented the Union Budget 2023 today in Lok Sabha. This was the third time in a row that the government presented the budget in a paperless form.
Highlights of the budget presented by the Union Finance Minister included big incentives under the new income tax regime. The IT rebate limit in the new regime has been increased from
Rs 5 lakh to Rs 7 lakh and the new tax regime will be the default tax regime, the Finance Minister said. Capital expenditure outlay has been increased by 33 per cent to Rs 10 lakh crore, accounting for 3.3 per cent of the GDP
