Indian Budget
The Union Budget contains information on the government’s expenses and income
The estimated government payables and receivables for a specific fiscal year are stated in the union budget. There are two main sections to the Union Budget. The two are the capital and revenue budgets.
Capital Budget-
The capital budget covers capital expenditures and revenue for the government. Loans obtained from the general public or the Reserve Bank of India are included in capital receipts (RBI). The cost of developing and maintaining medical facilities, equipment, and educational facilities, on the other hand, is covered by capital outlay.
Revenue Budget-
Revenue Budget The revenue budget articulates all revenue-related expenses and receipts, as its name implies. This shows the income from taxes and other sources along with its outgoing costs. The government experiences a revenue deficit if revenue expenditures are higher than revenue receipts.
Union Budget 2023-24
The Union Budget for 2023–24 was announced by Nirmala Sitharaman, Minister of Finance for the Union. In this budget, there have been numerous announcements about women, young people, and seniors. The biggest development this time was the announcement of a change in the tax slab after nine years. On 01 February, Budget 2023–24 was unveiled in Parliament by Finance Minister Nirmala Sitharaman.
- Nirmala Sitharaman, the finance minister, unveiled the fifth Budget 2023 of the Modi administration’s second term. Five major announcements regarding personal income tax were made to help the nation’s hardworking middle class. These announcements concern exemptions, structural changes to the tax code, the extension of standard exemption benefits under the new tax law, a decrease in the peak surcharge rate, and an increase in the tax exemption limit for non-government salaried workers’ leave encashment upon retirement.
- No income tax has been announced in the budget for income up to Rs 7 lakh, providing relief for the middle class. Aside from that, it was announced to reduce the number of tax slabs to 5 and raise the threshold for tax exemption to 3 lakhs.
- At least 50 locations will be chosen, and each location will be developed as a whole, according to Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman, made the announcement today, February 01, 2023, during the presentation of the Union Budget 2023–24 in Parliament. The focus of tourism development, he said, would be on both domestic and foreign tourists, and these destinations would be chosen in a challenge mode using an integrated and creative approach.
- Apart from aspects like physical connectivity, virtual connectivity, tourist guides, food streets, and higher standards of tourist safety, the Finance Minister proposed the launch of an app in which all pertinent aspects would be made available on one app.
- To achieve the goal of the “Dekho Apna Desh” initiative, coordination will be established in the budget for 2023–2024 for area-specific skill development and entrepreneurship development. The Swadesh Darshan scheme was started to integrate the development of theme-based tourist circuits.
- For the third year in a row, the Finance Minister has suggested raising the capital investment budget by 33% to Rs 10 lakh crore, which would represent 3.3% of GDP and almost three times the budget for 2019–20. According to the government, this will generate job opportunities.
- The budget again revised the capital expenditure outlay to Rs. 10 lakh crore in FY 2023–24, a growth of 37.4% as compared to Rs. 7.28 lakh crore in the revised estimate for 2022–23. This revision was made to accelerate the cycle of investment and job creation. This is consistent with the government’s focus and commitment over the next 25 years to the 4 I’s: Infrastructure, Investment, Innovation, and Inclusion.
Indian Defence budget update-
On Wednesday, Union Finance Minister Nirmala Sitharaman presented the country’s budget to Parliament. There was also information about defence spending in this report. According to the General Budget 2023-24, the defence budget for this year will be Rs 5.94 crore. In 2022-23, the defence budget was 5.25 lakh crores. That is, there has been a 12.9 per cent increase this year. A total of Rs 1.62 crore has been set aside for capital expenditure in this. This includes the purchase of new weapons, aircraft, and warships. India’s defence budget this year is Rs 5.94 crore. That is, an increase of approximately 69 thousand crore rupees has occurred. Our borders are well-known to many countries. There are options in such a situation.
Different objectives highlighting the significance of the Union Budget-
The government works to ensure that the resources it has available are distributed to different heads in a way that serves the interests of the nation as a whole through the Union Budget. The government can use its resources more effectively by allocating them rationally. By doing this, money is raised to support ongoing programmes that advance the welfare of the nation.