What Do Budget 2023 Highlights Have in Store for YOU?

By Ruchi Sharrma

Do you want to know the major highlights of Union Budget 2023-24 but the complex terms get your head reeling? Don’t worry! We feel you! So, from an Economics background person, here’s an attempt at bringing to you the major highlights in simple terms that all women MUST know!

As we know the Budget 2023 was tabled in the Lok Sabha by the Finance Minister Nirmala Sitharaman, just a few minutes back and there have been some major announcements for all sectors of the economy. With an aim to boost the development of the country and thrust on ‘Sabka Saath, Sabka Vikaas’, these proposals seek to get a balance of providing relief to the citizens and simultaneously pushing the startups, businesses, agricultural sector etc. to push to do better. For women too there were some special announcements. 

Presenting the Highlights of Union Budget 2023-24, that all women must definitely know:

SPECIALLY for Women:

• Mahila Samman Bachat Patra: Commemorating Azaadi ka Amrit Mahotsav, a one time new small saving scheme was announced for women for a two year period upto March 2025. Women can avail a deposit facility for upto Rs. 2 Lakhs for a period of two years that will have a fixed interest rate of 7.5%. There will be an option of partial withdrawal too.
• Outlay for PM Awas Yojana increased with benefits to be extended to eligible beneficiaries from both rural and urban areas. (69% of houses constructed till September 2022 were partially or fully owned by women).
• With supporting policies, 81 lakh women SHGs (Self Help Groups) will be enabled to reach the next level of economic empowerment.
• Package of assistance announced for traditional artisans and craftsmen, under PM VIshwakarma KAushal Samman (PM VIKAS), this scheme will greatly benefit women artisans.

Direct Taxes (Income Tax)

It’s common but very important for all citizens of the nation and this time all eyes are on this as 5 major announcements were made, 2 of the major highlights were:

• Instead of people having income upto 5 lakhs being exempted from paying any tax in both old and new regimes, people having income upto 7 lakhs will be exempted and they would not have to pay income tax because they would be eligible for a tax rebate, this is applicable only on new tax regime. 
• Under the new tax regime, the number of slabs have been reduced from 6 to 5. Here’s the new tax slabs:

Pic Source: IndiaToday

Savings and Investment

• Maximum deposit limit for Monthly Income Account Scheme increased from 4.5 lakhs to 9 lakhs for single accounts and from 9 lakhs to 15 lakhs for joint accounts.
• Under the Senior Citizen Saving Scheme also, maximum deposit limits have increased from 15 lakhs to 30 lakhs.
• Income tax exemption on insurance policies with very high value to be dropped.
• On converting physical gold to electronic gold receipt and vice versa, no capital gains tax to be applicable.

Career

• For agri-startups, an agricultural start up fund to be set up for young entrepreneurs.
• Reduction in compliances and decriminalisation of some legal provisions for improving ease of doing business.
• For boosting skilled workforce, 30 Skill India centres are proposed to be set up across the states.
• Direct Benefit Transfer under a pan India National Apprenticeship Scheme to be rolled out for supporting 47 lakh youth in 3 years.

Education

• For supporting tribal students, more support staff and 38,000 teachers to be employed by the government for Eklavya School Model.
• New nursing colleges to be established in core areas.
• National Digital Library for children and adolescents to be set up.

With a focus on ‘Green Growth’ and inclusive development there were many more announcements in this budget with a focus on making India a global manufacturing hub. But we hope you loved the highlights! Do tell us which announcement are you most excited about and was there anything you were expecting that’s not there?

Information Source: indiabudget.gov.in

Image in Banner Source: Indiatimes