Union budget 2023-24
Finance Minister has presented the Union Budget 2023 in Parliament. Among the key takeaways are big incentives under the new income tax regime and a big push in capex. As the Finance Minister presented the Budget, equity benchmarks Sensex and Nifty gained momentum in morning trade. The income tax rebate limit in the new regime has been increased from Rs 5 lakh to Rs 7 lakh. The new tax regime will now be the default tax regime. The FM also reduced the number of tax slabs in the new tax regime. Capital investment outlay has been increased by 33 per cent to Rs 10 lakh crore, which will account for 3.3 per cent of the GDP. The 50-year interest-free loan to state governments will continue for a year more. Rs 2.40 lakh crore has been allocated for Indian Railways, which the FM said is the highest ever.