'No Compulsion To Move To New Regime, But We Have Made It More Attractive': FM Nirmala Sitharaman

Addressing a press conference, Sitharaman said, "The four emphasis points of this budget are on empowering women, action plan for tourism, initiatives for Vishvakarmas (artisans) and green growth."

FM Nirmala Sitharaman addresses a press conference post presenting the Union Budget 2023-24 ( Image Source :Twitter/@ANI )

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said that there were four takeaways from today's budget presentation- empowering women, an action plan for tourism, initiatives for Vishvakarmas (artisans), and green growth.

Addressing a press conference post presenting the Union Budget 2023-24, Sitharaman said, "The four emphasis points of this budget are on empowering women, action plan for tourism, initiatives for Vishvakarmas (artisans) and green growth."

The four emphasis points of this budget are on empowering women, action plan for tourism, initiatives for Vishvakarmas (artisans) and green growth: Finance Minister Nirmala Sitharaman pic.twitter.com/mBZgZoP6bU

— ANI (@ANI) February 1, 2023

Speaking about the new tax regime, she stated, "The new taxation regime has now got greater incentives, and attractions so that people can unhesitatingly move from the old to the new. We are not compelling anyone. But the new one is now attractive as it gives greater rebates."

 

"We are not compelling anybody. Those who want to remain in Old can still remain there. But the new one is attractive because it gives a greater rebate. It also provides for simplified & smaller slabs, smaller lower rates of taxation & also slabs which are nicely broken down," FM further said.

 

"This country has been waiting for direct taxation to be simplified. Therefore the new taxation regime that we brought in for direct taxation two, three years ago has now got greater incentives & greater attraction so that people can unhesitatingly move from the old to the new," she added.

This country has been waiting for direct taxation to be simplified. Therefore the new taxation regime that we brought in for direct taxation two, three years ago has now got greater incentives & greater attraction so that people can unhesitatingly move from the old to the new: FM pic.twitter.com/0H71F6O8WJ

— ANI (@ANI) February 1, 2023

 

On being asked about the fintech sector, Sitharaman stated, "We are looking at a futuristic fintech sector, people will be trained through Industrial Revolution 4.0, we are trying to unleash digital economy in various walks of life."

 

Speaking on agriculture credit in the press briefing, she said, "There's a lot of increase in agriculture credit availability. Rs 20 lakhs are being made available for agriculture credit. Also, a sub-scheme under PM Matsya Sampada Yojana makes sure that people living in coastal areas are going to benefit from it."

 

According to Sitharaman, this year's budget gives a big leg-up to capital investment and it also attends to MSMEs as they are the engine of growth.

 

"It sustains capital investment and also gives a push to the private sector while also giving tax reliefs to individuals and middle class," she stated.

 

Addressing the issue of rising inflation in the country, FM said, "You have seen inflation come down, both the CPI and WPI. Action has been taken by the government, we take inflation-related steps when things develop on the ground and in response to it and that has borne results." "We are moving along to become a $5 trillion economy."

When asked about increasing wheat prices in the country, Sitharaman said, "The government has decided to release wheat into the market due to which the price of wheat will come down. Before the budget, we had already taken action to ease wheat prices."

Union Finance Secretary TV Somanathan said, "Revenue estimates in #Budget2023 conservatively assume tax buoyancy of only 1, that the commitment to 4.5% fiscal deficit was reiterated in this Budget shows that we believe we have the means and the ability to reach that target by 2025-26."