Union Budget Highlights: Complete Analysis: Phase-1
Union Budget Highlights: The Union Budget was presented by the Ministry of Finance(Nirmala Sitaraman). On the 1st of February introduced the Union Budget 2023-24 and the new tax regime. Union Budget 2023-24: Ms.Sitharaman announcing its last full budget before the elections which are to be held in year 2024, the NDA government focused on a slew of measures that expanded Capital Expenditure spending and tied in various priorities including Green Growth, Youth Power and Inclusive Development. It was also accompanied by major tax announcements for the salaried class, about the changes in tax slabs and a clear intention to shift to the new tax regime. The Budget 2023-24 highlighted that the current year’s economic growth is estimated to be at 7%, the “highest among all the major economies.” Finally, with regards to the fiscal deficit, she retained it to the target of 6.4% in the revised estimate for FY 2022-23 and reduced it to 5.9% for the next fiscal. The Fis...