Budget 2023 Live Updates: Nirmala Sitharaman Presents First Budget Of 'Amrit Kaal'

This marks the end of the budget session for 2023. The finance minister made several key announcements. Scroll below to read in detail.

Finance minister Sitharaman said that the proposed new tax regime will be the default option, however, people will have the option to follow the old tax regime.

Nirmala Sitharaman said, "I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from â‚¹2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to â‚¹3 Lakhs."

The new tax rates are:

0 to â‚¹3 lakhs - nil; 

₹3 to 6 lakhs - 5%;

₹6 to 9 Lakhs - 10%;

₹9 to 12 Lakhs - 15%;

₹12 to 15 Lakhs - 20%; and 

Above 15 Lakhs - 30%

Nirmala Sitharaman has announced that the income tax rebate for individuals has been increased from Rs 5 lakhs to Rs 7 lakhs in the new tax regime.

There will be a relief in customs duty on import on certain parts like camera lens and concession on import of lithium ion batteries to promote mobile phone manufacture in India.

Centre has proposed an increase in the basic customs duty on kitchen chimneys from 7.5 per cent to 15 per cent and on heat coils reduced from 20 per cent to 15 per cent. Also, a reduction in customs duty on TV panels and parts to 2.5 per cent was announced to promote value addition on TV prodcution.

The Union finance minister said that India is on track for fiscal consolidation targeting to achieve 4.5 per cent fiscal deficit of GDP by 2025-26.

The Maximum Deposit Limit for Senior Citizen saving scheme will be increased from 15 to 30 lakhs, Sitharaman announced.

The PM PRANAM programme will ensure restoration, awareness, nourishment and amelioration of the planet and will help incentivise states and union territories in promoting alternative fertilizers.

The KYC process will be simplified and PAN card will be used as a common identifier for all digital systems of specified government agencies, Sitharaman informed.

Witht he focus on animal husbandry, dairy, and fisheries, the Agriculture Credit Target will be increased to Rs 20 lakh crores. She also informd that a new sub-scheme of PM Matsya Sampada Yojana will also be launched with a targeted investment of Rs. 6000 crores.

In a bid to improve regional air connectivity, the finance minister announced that that 50 additional airports, helipods, water aero drones, advanced landing grounds will be revived.

Sitharaman announced the that 157 new nursing colleges will be constructed in co-location with the existing 157 medical collegessince 2014.

"The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war," the finance minister said.

Sitharaman highlighted that the Indian economy has increased in size from being tenth to 5th largest in the world in the last nine years. 

• Inclusive development

• Reaching last mile

• Infrastructure and investment

• Unleashing potential

• Green growth

• Youth Power

• Financial Sector

Sitharaman stressed that the ndian economy is on the right track and heading to a bright future. 

"Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments," she said.

Sithamaran presented the first budget of 'Amrit Kaal' and started her address at the Parliament following a cabinet meeting chaired by Prime Minister Narendra Modi.

Live Updates