In her fifth Budget presentation Finance Minister Nirmala Sitharaman on Wednesday announced the tax portal processed 6.5 crore returns and intends to strengthen the grievance redressal mechanism. The Budget 2023 offered relief to taxpayers by extending income tax rebate extended on income up to Rs 7 lakhs under the new tax regime. Other measures were also announced related to investments that will boost savings.

 

Among other measures, monthly Income Scheme limit has been doubled to Rs 9 lakh and Rs 15 lakh for joint accounts. Mahila Samman Savings Certificate will allow maximum deposit of up to Rs 2 lakh having 7.5 per cent interest, the FM noted.

 








This was a crucial Budget being the last full Budget of the Modi Government before the 2024 general elections. From major industries to MSMEs, salaried classes to farmers, and education to healthcare, everyone was eyeing some relief from this Budget.

 

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To make people aware of the pro-people measured announced in the Budget, the BJP will start a 12-day nationwide campaign on Wednesday.


India’s Budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world even as the world is going through a global economic turmoil, Prime Minister Modi said.


Addressing the media ahead of the Budget Session of Parliament, Modi said recognised voices in the world of the economy were bringing positive messages from all sides.


On Tuesday, Union Finance Minister Nirmala Sitharaman tabled the Economic Survey (2022-23) in Parliament. The Economic Survey 2022-23 has forecast India’s GDP growth for the next fiscal 2023-24 in a broad range of 6-6.8 per cent. Its baseline forecast for real GDP growth is 6.5 per cent.  


According to the Economic Survey 2022-23, the Indian economy is “staging a broad-based recovery across sectors”, positioning itself to “ascend to the pre-pandemic growth path in FY23."