The focus of the Union Budget 2023–24, according to Finance Minister Nirmala Sitharaman, is on women's empowerment, green growth, artisans, and the tourism industry.

 

She stated during the post-budget press conference that the Budget gives capital investment a lot of leeway. Additionally, because MSMEs are the growth engine, it also emphasises micro, small, and medium-sized enterprises (MSMEs).

 

The Finance Minister stated that the budget supports capital investment and also stimulates the private sector while being accompanied by her entire team of government officials from the Finance Ministry, including Finance Secretary T.V. Somanathan and Chief Economic Adviser V Anantha Nageswaran.

 

Additionally, the budget lowers taxes for the middle class and individuals.

 

According to her, the new taxation system will now draw in more people than the previous one because no tax will be assessed on income up to Rs 7 lakh per year.

 

According to the minister, no one is being forced to participate in the new tax system by the government.

 

Those who want to continue under the previous administration can do so. However, the new plan is appealing because it offers a bigger rebate. Additionally, it offers simplified and smaller slabs, smaller lower tax rates, and nicely broken-down slabs.

 

This nation has been waiting for the simplification of direct taxation. Therefore, the new taxation regime we implemented for direct taxation two to three years ago has more incentives and appeal now, allowing people to switch from the old to the new without hesitation," she continued.

 

Sitharaman said that, with an emphasis on the agricultural industry, there has been a significant increase in the availability of agricultural credit, with about Rs 20 lakh now being made available.

 

Wheat prices will decrease as a result of the government's decision to release wheat into the market. We already took steps to lower wheat prices prior to the budget, she said.

 

The Finance Minister stated that both retail and wholesale prices have increased. Regarding price increases, the finance minister stated that as a result of the government's desired actions, both retail and wholesale price index-based inflation have decreased.

 

Sitharaman added that the government is considering a fintech industry of the future where workers will be trained in line with Industrial Revolution 4.0.

 

She stated that "we are attempting to unleash digital economy in various walks of life."

 

The budget's reiteration of the 4.5 percent fiscal deficit demonstrates that, in Somanathan's words, "we believe we have the means and the ability to reach that target by 2025-26."