Key Points of the Budget 2023–2024 :See who benefits and who loses

The Union Budget 2023–24, which is unveiled today on February 1 by Finance Minister Nirmala Sitharaman, focused more of an emphasis on the rural sector, social sector schemes, infrastructure development, and the middle class.

The Modi government's goals are the construction of roads, highways, and railway lines, as seen by the Budget for 2023–24's continued emphasis on increasing Capex. With revisions to the new income tax system, the middle class has received some relief, making it quite evident that the government intends to switch from the old system to the new one. With a target of 5.9% in FY 24 and adherence to the aim for the current, the FM stuck to the fiscal deficit path outlined in the Budget.

Key Updates to Budget 2023

- For people choosing the new tax regime, the budget reduced their tax burden.

- The Government has suggested a Rs. 10 crore cap on the amount that can be deducted from capital gains on investments in residential properties under sections 54 and 54F.

- Limiting the income tax exemption from proceeds of insurance policies with very high value is another proposal with a similar goal in mind.

- The government would double the Senior Citizens Savings Scheme's deposit cap to Rs. 30 lakh and the Monthly Income Account Scheme's cap to Rs. 9 lakh.

- Additionally, the government suggested raising the maximum deposit amounts for the Monthly Income Account Scheme from 4.5 lakh to 9 lakh and from 9 lakh to 15 lakh for joint accounts.

- The Investor Education and Protection Fund Authority will build an integrated IT site for investors to reclaim unclaimed shares and unpaid dividends.

- In the Budget, funding for the Ministry of Road Transport and Highways (MoRTH) has increased by 36% to around Rs 2.7 lakh crore for 2023–24.

- The MoRTH capital expenditure plan for 2023–2024 includes an estimated Rs 1.62 lakh crore for the National Highways Authority of India (NHAI).

- According to the updated projections from the government, the NHAI will spend Rs 798 crore as IEBR in 2022–2023.

- Inclusive growth

Many groups have benefited from the government's Sabka Saath Sabka Vikas policy, including women, SC, ST, OBC, and other disadvantaged groups.

- Reaching the last mile

We just introduced the Aspirational Blocks program, encompassing 500 blocks for saturation of government services, building on the tremendous success of the Aspirational District programme.

- Investment and infrastructure

The capital expenditures are being sharply boosted by 33% to Rs 10 lakh crore, or 3.3% of the GDP.

- Realizing potential

A National Data Governance Policy will be introduced, allowing startups and academic institutions to access anonymized data to promote innovation and research.

Financial industry

By injecting Rs 9,000 crore into the corpus, the revamp schemes will go into action as of 2023.

- Green growth

The Ministry of Petroleum and Natural Gas would invest Rs 35,000 crore in capital projects to support the energy transition, the net zero aim, and energy security.

- Youth power

The PM Kaushal Vikas Yojana 4.0 will be introduced in order to train thousands of young people. The initiative will include courses in the new age.