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India Union Budget 2023-24: Detailed Analysis and Observations by KNAV Expert Team

Finance Minister Nirmala Sitharaman suggested attractive incentives and refunds in the new income tax regime, a significant increase in capital spending, and the largest-ever outlay on railways in the Union Budget 2023.

The maximum rebate under the new tax system has risen from Rs. 5 lakh to Rs. 7 lakh, and the tax slabs have been reduced in accordance.

Sitharaman has proposed a 33% increase in capital spending to Rs 10 lakh crore. Additionally, states are urged to increase their infrastructure spending. The most significant sum ever allocated is the Rs 2.40 lakh crore given to Indian Railways.

The current year’s economic growth is predicted to reach 7%, the “highest among all the major economies,” according to the Union Budget 2023–24. Finally, she maintained the fiscal deficit at the target level of 6.4% in the updated forecast for FY2022-23 and decreased it to 5.9% for the following year. By 2025–2026, the fiscal deficit would be reduced to under 4.5%, according to Ms. Sitharaman.

Our KNAV team has curated the India Union budget for 2023-24 after the precise observations and the detailed analysis of each sector that contributes to the growth of the economy. Read more about Union Budget and understand what it means for you.