Union Budget 2023: 'It Fulfills Dreams of...,' PM Narendra Modi Hails FM Nirmala Sitharaman's 'Amrit Kaal Budget'

NEW DELHI: Prime Minister Narendra Modi on Wednesday hailed the Union Budget 2023 presented by Finance Minister Nirmala Sitharaman in Parliament. “First budget of Amrit Kaal will build a strong foundation for building a developed India. This budget will fulfill dreams of aspirational society including poor people, middle-class people, farmers,” he said in his address.

 

First budget of Amrit Kaal will build a strong foundation for building a developed India. This budget will fulfil dreams of aspirational society including poor people, middle-class people, farmers: PM Narendra Modi on #UnionBudget2023

(Source: DD) pic.twitter.com/AkrIl5pr1h — ANI (@ANI) February 1, 2023

 

The Prime Minister said that the Union Budget gives priority to the deprived sections of society, adding that it ''will fulfill the dreams of aspirational society, farmers, middle class.'' '“This year's Budget infuses new energy to India's development trajectory”, the PM said.

The PM added that those toiling traditionally through their hands for the country are the 'Vishvakarma' and the creators of this country. "For the first time scheme related to training & support for 'Vishvakarma' has been brought into the budget," PM Narendra Modi said.

The Prime Minister also went on to suggest that the success of digital payments has to be replicated in the agriculture sector, stressing that "In Union Budget we have brought a scheme for digital agriculture infra.

Union Finance Minister Nirmala Sitharaman earlier announced several big initiatives to boost the growth rate and the national economy. Among other major initiatives, the FM announced new tax slabs for 2023-24, under which no tax would be payable for income up to Rs 7 lakh per annum under the new income tax regime. "Currently, those with an income of up to Rs 5 lakhs don`t pay any income tax. I proposed to increase the tax rebate limit to Rs 7 lakhs in the new tax regime," Sitharaman said in Parliament.

A tax of 5 per cent would be levied on total income between Rs 3 lakh and Rs 6 lakh, 10 per cent tax would be imposed on income between Rs 6 lakh to Rs 9 lakh, it would be 15 per cent on income between the range of Rs 9 lakh to Rs 12 lakh. On the income range of Rs 12 lakh to Rs 15 lakh, 20 per cent tax would be levied, while tax would be 30 per cent on income slab of Rs 15 lakh and above, the Finance Minister said.

She also announced that states and cities will be encouraged to take up urban planning. FM Sitharaman said that all cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from "manhole to machine'' hole mode. Cities will also be encouraged to increase creditworthiness for municipal bonds, the Finance Minister said.

The world has recognised India as a ''bright star'' as the country is recording healthy economic growth despite global uncertainties, Finance Minister Sitharaman said as she began her Union Budget speech in Parliament. India's growth at 7 per cent in the current fiscal is the highest among major economies and the Indian economy is on the right track, she said in her Budget speech. In the 75th year of Independence, the world has recognised India as a bright star, the minister said, adding the world appreciates India's achievements.

The Budget 2023 marks the last Budget of PM Modi's government in the Parliament for this term. The Union Budget was presented by the government in paperless form like the previous two years. The government presented the first paperless budget in 2021.

However, Congress didn’t appreciate the Union Budget 2023. Congress General Secretary KC Venugopal slammed the Union Budget and said the government is not addressing the serious economic conditions in the country including the common man`s plight.

While talking to ANI, the Congress General Secretary said, "The government is not addressing the serious concerns of the country`s economic condition and the common man`s plight. This is my first reaction."

Stating that people are in a distressed mood in the country, he said, "The actual problem is whether the Budget is addressing the current economic issues including price rise, and unemployment. There is no income for the people. How can they benefit by increasing the tax limit?"