First Budget Of Amrit Kaal Will Fulfil The Dreams Of Middle Class: PM Modi On Budget 2023

PM Modi reacted to the Union Budget 2023 tabled by the Finance Minister and said, this year's budget will fullfill dreams of aspirational society including poor people, middle-class people, farmers.

New Delhi: Prime Minister Narendra Modi on Wednesday reacted to the Union Budget 2023 tabled by the Finance Minister Nirmala Sitharaman in Parliament and said, that this year's budget will fullfill dreams of aspirational society including poor people, middle-class people, farmers.

"First budget of Amrit Kaal will build a strong foundation for building a developed India. This budget will fulfil dreams of aspirational society including poor people, middle-class people, farmers," PM Modi said. He also said, government has taken several steps to make the lives of women, in rural and urban areas, easy.

"Government has taken several steps to make the lives of women, in rural & urban areas, easy. Women's self-help groups will further enhance them. Special savings scheme will be started empowering women in households," PM Modi said. 

PM Modi said that the government has taken several steps to empower the middle class and ensure ease of living. "Our Govt has taken several steps to empower the middle class and ensure ease of living. We have reduced tax-rate and have given relief accordingly," PM Modi said.

Speaking further on the budget, PM Modi said the government has focused on technology and new economy 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.

Nirmala Sitharaman on Wednesday presented the Union Budget for the fiscal year 2023-24. The minister has announced some major schemes and reforms. On the tax front, the government announced several changes. Income tax rebate extended on income up to Rs 7 lakhs in the new tax regime, Finance Minister Nirmala Sitharaman said.

"I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs, " Nirmala Sitharaman said.

Finance Minister started the personal tax speech with saying "Now, I come to what everyone is waiting for -- personal income tax. I have five major announcements to make in this regard. These primarily benefit our hard-working middle class."

She said, "The first one concerns rebate. Currently, those with income up to Rs 5 lakh do not pay any income tax in both old and new tax regimes. I propose to increase the rebate limit to Rs 7 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs 7 lakh will not have to pay any tax."

The second proposal relates to middle-class individuals. I had introduced, in the year 2020, the new personal income tax regime with six income slabs starting from Rs 2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to Rs 3 lakh, Sitharaman said.

This Budget marks the last Budget of PM Modi government in the Parliament for this term. The Union Budget was presented by the government in paperless form like the previous two years. The government had presented the first paperless budget in 2021.