Union Finance Minister Nirmala Sitharaman presented the Union Budget (2023-24) on Wednesday, which was her fifth consecutive budget and the last full budget in this government's tenure.
Post the budget speech, Prime Minister Narendra Modi described it as the first Budget of "Amrit Kaal" (the 25-year period from 2022 till 2047, when the country will celebrate 100 years of Independence), which would lay a strong foundation for a developed India.
He said that it is a historic budget and gives priority to the deprived. It will fulfil the dreams of an aspirational society including the poor, middle-class people, and farmers.
Looking at where the Centre's income comes from and where it goes, the highest share comes from borrowings and other liabilities, accounting for 34 per cent of the total income. However, the maximum amount is also spent on paying the interest on borrowings, which is 20 per cent.
The second highest share comes from the Goods and Services Tax (GST) and other taxes, making up 17 per cent. It is followed by income tax and corporate tax, both standing at 15 per cent.
Seven per cent of the Centre's income comes from excise duties. The rest are non-tax receipts (6 per cent), customs (4 per cent) with non-debt capital receipts being the lowest at 2 per cent. The non-tax receipts comprise rent, penalties and fines.
According to the Budget, after the maximum amount is spent paying the interest on borrowings, the states' share of taxes and duties stands at 18 per cent, followed by the central sector schemes at 17 per cent.
The allocations towards the centrally sponsored schemes and the Finance Commission and other transfers are the next two big expenses accounting for 9 per cent each of the total expenditure.
Defence and other expenditure make up 8 per cent each. Subsidies and pensions follow with 7 and 4 per cent, respectively.
One of the announcements by Sitharaman, which has got everyone talking is the new income tax regime (NTR), where the tax exemption limit has been raised from Rs 5 lakh per annum to Rs 7 lakh. Also, the benefits of standard deductions have been extended to the salaried class and pensioners.
However, experts say that the NTR may not necessarily be beneficial for all taxpayers.
‘Pahalgam incident deeply disturbing & tragic’: Former Pakistan PM Imran Khan
Former Pakistan Prime Minister Imran Khan on Tuesday termed the Pahalgam terror attack as disturbing & tragic and also condoled the victims and their families.
Congress finally deletes 'Gayab' post targeting PM Modi after outrage
Under fire from the BJP over its social media post targeting Prime Minister Narendra Modi, Congress finally, on Tuesday, took down the controversial post.
Guterres calls EAM Jaishankar, Pak PM Sharif; stresses pursuing justice in Pahalgam terror attack
Secretary-General Antonio Guterres stressed the importance of pursuing justice in the Pahalgam terrorist attack while speaking with External Affairs Minister (EAM) S Jaishankar and Pakistan’s Prime Minister Muhammad Shebaz Sharif, his Spokesperson Stephane Dujarric said on Tuesday.
Congress organises ‘Save Constitution’ rallies across NE states
The opposition Congress has been organising ‘Samvidhan Bachao’ (Save Constitution) campaign in the northeastern states. Claiming that the Constitution is in danger under the BJP-led Central government, the opposition Congress held a massive rally in Agartala on Tuesday.
RSS chief Bhagwat meets PM Modi after security huddle: Signs of a hard-hitting response in the works
In a significant political development, RSS chief Mohan Bhagwat met Prime Minister Narendra Modi at his official residence at 7, Lok Kalyan Marg on Tuesday evening.
What PM Modi's free hand to armed forces against terror means for cross-border action?
Prime Minister Narendra Modi’s unambiguous message during a high-level security meeting - ‘India is determined to deliver a crushing blow to terrorism’ - marks more than just a strong statement of resolve.
Justice BR Gavai appointed as next Chief Justice of India
Justice Gavai was elevated as a Judge of the Supreme Court on May 29, 2019. Appointed as Additional Judge of the Bombay High Court in November 2003, he became a permanent Judge in November 2005.
Three more Bangladeshi nationals held in Tripura
The Tripura Frontier of the Border Security Force (BSF) on Tuesday apprehended three Bangladeshi nationals, including a woman, for illegally entering India, officials said.