Finance Minister Nirmala Sitharaman presented her 5th union budget for the year 2023-24 in the house on Wednesday. The budget provided much relief to MSMEs and also increased provision in agriculture and education field providing digital library to schools across the country. Ample opportunities to youth in India in startup and new businesses. No tax on income upto 3 lakhs. The new tax slab provided tax rebate on income tax on income upto 7 lakh and benefit of Rs 52,000 for those having above Rs15.5 lakh income. Customs duty on import is slashed on imported battery, mobiles, lenses etc. Electric vehicles prices to be reduced which will help to control pollution by replacing diesel, petrol operated vehicles. KYC process to be simplified. Also provision of Rs10,000 cr for urban development and infrastructure development is made. Customs duty to increase on gold and silver which will make these items costlier along with clothes and cigarettes. Senior citizens saving scheme hiked upto Rs30 lakh as against Rs15,000 . The new budget is progressive for Indian economy. So the budget is a thumbs up budget for Indian economy.
