NEW DELHI: Finance minister on Wednesday offered the federal government’s final full budget in parliament earlier than a common election due subsequent 12 months that Prime Minister Narendra Modi is extensively projected to win.

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Nirmala Sitharaman is predicted to decrease the federal government’s fiscal deficit whereas saying spending and different measures to maintain India as one of many fastest-growing main economies on the planet.

Since taking workplace in 2014, Modi has ramped up capital spending together with on roads and vitality, whereas wooing traders by way of decrease tax charges and labour reforms, and providing subsidies to poor households to clinch their political assist.

Union Budget 2023 Key Highlights: Finance Minister

Nirmala Sitharaman announced hiking the capital expenditure by 33 percent to Rs 10 lakh crore for infrastructure development for 2023-24 and will be at 3.3 per cent of the GDP. She further added that India will target a budget deficit of 5.9% of GDP for 2023/24.

Budget 2023 highlights: All eyes are glued to the Budget announcements being made by Finance Minister Nirmala Sitharaman in the Parliament. Govt is planning to spend Rs 2200 crore for high-value horticulture and an increase in agri credit target to Rs 20 lakh crore are some of the key announcements so far. Finance minister Nirmala Sitharaman’s budget comes amid looming global recessions and slowing growth. Sitharaman also announced that PAN will be used as a common identifier for all digital systems of specified government agencies.

In the Economic Survey 2023, the finance ministry forecasted gross domestic product growth of 6.5% in the fiscal year ahead, compared with the 7% estimated for the current period.

Union Budget 2023 Highlights: New tax regime

Union Budget 2023 Highlights: New tax regime The new tax regime is now the default tax regime. The government has taken a slew of measures to make the voluntary tax regime more attractive and will forego revenue in the process.

Budget 2023 Highlights: Direct Taxes

Budget 2023 Highlights: Direct Taxes Processed more than 6.54 cr Returns this year on the tax portal, average processing period of 93 days in FY13-14 reduced to 16 days now; 45% Returns processed within 24 hours