Nirmala Sitharaman to brief all BJP MPs on Budget 2023 on Friday

It is worth noting that the session will be attended by all the Rajya Sabha and Lok Sabha MPs.

The Budget 2023, presented by the Finance Minister on Wednesday, has been the talk of the town. With many economists and field experts calling the budget to be populist and the one that will boost the economy, the opposition is hell-bent on calling it a budget that ignores the poor, the jobless and the weaker section of the society.

In its last budget ahead of the Assembly elections, the Modi government introduced changes in the tax structure. The government made some significant amendment in the new tax structure. The tax rebate limit was increased to ₹7 lakh in the new tax structure. Whereas it remained ₹5 lakh in the old tax regime. The Finance Minister also announced that the new tax structure will become the default system this financial year.

The exempted tax limit was increased to ₹3 lakh in the new tax regime, but remained ₹2.5 lakh in the old tax structure. Apart from making changes in the structure and minimum limit, the government also extended 87A benefits and standard deduction to the new tax system.

In addition to the introduction of changes in the tax structure, the government also announced an impressive amount of ₹10 lakh crore in the capital expenditure for the FY23. The capex funding saw a 33 per cent rise this year.

Talking about the government’s fiscal deficit target for FY23, Finance Minister Nirmala Sitharaman set the limit to 5.9 % of the GDP. Along with this, funding to the Indian Railways was increased by 2.4 lakh crore. The Finance Minister tried to sum up the whole budget under seven key priorities which were named as ‘Saptarishi’. Later, most of the government schemes and policies were then presented by associating them with these priorities.