The Federal Budget 2023-24 is released on Wednesday, February 1st. FM publishes following Major Announcements
- Major Sop for the general public. New tax regime extends income tax rebate up to Rs 7 lakh.
- Senior citizens’ saving limit increased to Rs 30 lakh from Rs 15 lakh
- The average processing time for income tax returns has been reduced from 93 days to 16 days. Government Intends to Introduce Next Generation Common IT Declaration Form and Strengthen Grievance Mechanism
- Government will spend Rs10,000 per year on Urban Infrastructure Development Fund
- Customs duty lowered for mobile phone components & TV sets
- To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States.
- 50 additional airports, helipads, water aero drones, advanced landing grounds will be revived to improve regional air connectivity.
- PAN will be used as common identifier for all digital systems of specified govt agencies.
- Big jump in PM Awas Yojana, as allocation hiked 66% to Rs 79000 Cr.
- Rs 15,000 Crore Will Be Spent In Three Years On Scheduled Tribe Mission.
- PM Vishwa Karma Kaushal Vikas Scheme, a package of assistance for traditional artisans and crafts people, has been conceptualised. It will enable them to improve quality, scale and reach of their products, integrating with MSME value chain.
- The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries.
- Govt targeting 5 MT of Green Hydrogen production by 2030
