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India closer to Amrit Kaal
In the Union Budget, Nirmala announced attractive incentives and rebates in the new income tax regime. The Budget kept its focus on expanding Capex showing that the Modi government’s priorities are building roads, highways and railway lines. It is stated in the Constitution of India in Article 112 that it is necessary to present a budget at the Parliament before the beginning of every financial year. The Union Budget contains details about the projected receivables and payables of the government for a particular fiscal year. This budget statement is divided into two major parts-capital budget and revenue budget. The general objective of the Union Budget is to bring about rapid and balanced economic growth in our country coupled with social justice and equality. The Budget mainly focuses on ensuring the efficient allocation of resources, reducing unemployment and poverty levels and changing the tax structures according to the nation’s requirements. This year Finance Minister presented her Fifth Budget speech which focuses primarily on developing a technology and innovation-driven, self-sufficient economy that will move India closer to Amrit Kaal, as it moves towards its 100th year post-independence. The budget has also provided some relief to the middle class in terms of tweaks in the new income tax regime which clearly point out that the government wants a shift towards the new regime from the older one. In regards to the budget City First brings to you the perspectives of the local people from across Rajasthan and Maharashtra.
The Budget has aimed to adhere to the traditional economic prescription by Keynes, of spending on infrastructure to create jobs for its expanding workforce until the economy recovers. Building roads, ports, and airports will go a long way toward making India a dependable investment destination, and a 33% increase in capital expenditure to 10 trillion rupees will aid the same. The budget has also reduced social spending even while it has presented a tax bonanza for the middle class by altering slab rates under the new tax regime. Shifting from the past track record, this year a reduced amount of 600 billion rupees has been allotted to rural jobs guarantee scheme. The budget in short can be described as pro-growth due to cuts in Income tax and increase in infrastructure spending. By concentrating on Education, Sustainability & Technology, new efforts are intended to alter many things from agriculture and health care to artifi cial intelligence. — CA RAJNEESH SINGHVI, Managing Partner, H.S. Darda & Co.
The budget 2023-24 announced by FM Sitharaman today looks promising, though the budget does not directly address infl ation as was much anticipated by the public, some key pointers in regard to the export and banking sector would prove to be pivotal for economic growth in the near future. The basic needs of the common man seem yet to be taken into consideration, but priority is given to areas of green growth, youth power, inclusive development highlighting the vision for a much more economically stable India. — SOUBHAGYA SHARMA, Sub-editor
Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2023-24 in the Parliament. The budget was widely awaited and was anticipated to give a push to the Indian economy and help it get back in shape. The FM announced a slew of initiatives to strengthen the infrastructure of the country. From roadways to railways, new bridges, airports and seaports, the government’s aim was to ensure the smooth and effi cient transportation of goods and services across the nation. — RAHUL FAUJDAR, Sub-Editor
There’s a sharp nudge to taxpayers to move to the new tax regime with relief in terms of the standard deduction to those opting for the new tax regime, the government has incentivised individuals in the middleincome category. The Budget is catering effectively to the aspirations of the younger generation and the needs of the senior citizens. It’s an incredible relief. — PROTIM BANERJEE, Finance Manager at L&T
It is not different from the last year’s budget, No relief for the common man. The common man is feeling cheated. There was no talk on the issues of the common man like education, health, and employment. New avenues have opened for capitalists like coastal shipping, new airports, the digital economy, etc. In the budget of Amrit Kaal, instead of the common man, nectar is visible for special men. — MEENAKSHI SETHI ZAIDI, Madad foundation
SITHA’S HAND-WOVEN SAREES... The maroon colour saree that Finance Minister Nirmala Sitharaman wore while presenting the Union Budget on Wednesday was Karnataka’s Dharwad region’s handwoven ‘Ilkal’ silk saree with traditional ‘Kasuti’ work. Kasuti is a traditional form of the folk embroidery craft, with a geographical indication (GI) tag, said to be unique to the Dharwad region.