Smt. Nirmala Sitharaman, our finance minister, unveiled the Union Budget 2023, which showed positive growth. The government has stated that it will place more emphasis on manufacturing and infrastructure.
Personal Finance & Income Tax
New Tax slabs are announced under the new tax regime :
| Total Income (in Rs) | Rate (in %) |
| Upto 3,00,000 | Nil |
| 3,00,001 to 6,00,000 | 5 |
| 6,00,001 to 9,00,000 | 10 |
| 9,00,001 to 12,00,000 | 15 |
| 12,00,001 to 15,00,000 | 20 |
| Above 15,00,000 | 30 |
Applications of the Next-Generation will be created in 5G-powered labs.
The finance minister announced the opening of 100 labs that will help engineering institutions develop apps using 5G services. Numerous opportunities, including the potential for new business models and employment, will become available because of these labs.
National Data Governance Policy
Startups and academia will be able to access anonymized data through this policy to fuel innovative insights and initiatives. According to Finance Minister Sitharaman, this policy will encourage startup companies in India to conduct innovative research.
Sustainable Farming and Bio-inputs
Ten thousand bio-input centers will assist one crore farmers in speeding up natural farming.
Tourism
Through the challenge mode, 50 locations will be chosen to be developed as a complete package for national and global tourism.
Transport infrastructure undertakings
The initiatives are anticipated to open up enormous economic opportunities and boost the transportation industry. With a contribution of Rs 15,000 crore from private sources, 100 essential transportation infrastructure projects have been undertaken for the steel, ports, fertilizer, coal, and foodgrain industries.
Inclusive Growth and Education
In the following three years, the Eklavaya Model Residential Schools will make significant strides toward closing the education gap in India. The Center will serve more than 3.5 lakh tribal pupils by hiring 38,800 teachers and staff for 740 schools.
Create your Demat account with AMG Invest to get started with your financial investment journey.