Budget 2023: Understand the special things of the budget from Dr. Aman Agarwal, the benefit or loss to the common people
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Director and Professor of Finance, Indian Institute of Finance, Dr. Aman Aggarwal described the budget as development-oriented. He said the Finance Minister nirmala sitharaman The budget presented by the Government for the financial year 2023-24 is well thought out and balanced. There is no compromise with development in this. Every effort has been made to give direction to India’s progress by taking common people along. The Finance Minister has also focused on long-term development, taking care of the youth, senior citizens, the poor and the middle class. Digital India, education, health have also been given importance. Provision has also been made to remove the problems that came in the health sector during Kovid. I think this budget is development oriented. This budget has been prepared taking forward the development programs of the Government of India. There are many provisions in the budget for the agriculture sector as well. Actually, this budget has been prepared keeping in mind everyone’s support, everyone’s development.
Finance minister took care of lower middle class and middle class in income tax
Talking about income tax, this time Finance Minister Nirmala Sitharaman has taken care of the lower middle class and middle class as well. The income tax limit has been increased from five lakhs to seven lakhs. The purpose of doing this is that people should not only keep money in banks but also consume it. Spend on your needs, be it on your children’s education, building a house, healthcare or raising your standard of living. It is obvious that when people will spend money, then the economy will definitely gain momentum. The government has also increased the tax slab to six, so that the different categories of the middle class can also save on their income.
Relief to the common man from the budget
Efforts have been made to give relief to the common man by reducing duty on automobiles, electric vehicles, cycles, toys, lithium batteries. Talking about reduction in duty on automobiles, the government wants to remove vehicles that are 10 to 15 years old from the road, as its aim is to control pollution. So when the automobile is cheap, people will definitely buy it. On the other hand, due to the cheapness of other electronic devices including mobiles, poor people will also be able to take advantage of digital library, digital university, digital banking system. Every class will be able to connect with skill development, education etc.
women respect in the budget
There has also been talk of starting Mahila Samman Bachat Patra Yojana in the budget, in which 7.5 percent interest will be given on savings of two lakhs. This step of the government is a commendable step taken towards promoting and empowering the contribution of women in the economy. The government has also understood the needs of senior citizens and has announced to increase the limit of Senior Citizen Account Scheme from 4.5 lakh to 9 lakh for single account and from 9 lakh to 15 lakh for joint account. This will not only increase the income of the elderly, but will also make their life happy. Self-help groups, which are mostly run by women, have also been encouraged. The tax rate has been reduced for them.
Emphasis on youth, common man, education, skill development, health with financial inclusion in the budget
It is necessary to discuss some more remarkable things. Our banking system is running smoothly. GST collection has also reached close to 1.5 lakh crore, due to which we are seeing growth. Capital expenditure has also been increased, due to which states are getting interest-free loans for fifty years, so that they can focus on infrastructure development. Positive growth is happening all around. India is a fast growing economy and it is expected to remain fast for the next two years. This is a big thing, which shows that the policies and programs of the Government of India are going in the right direction. Along with financial inclusion in the budget, the government has committed to take schemes related to youth, common man, education, skill development, health together, which shows that the government wants to empower every section. The government wants that every region, every class should become self-sufficient, their standard of living should rise and they should become happy. Overall, the budget outline shows that India is moving fast towards development.
(Based on a conversation with Aarti Srivastava)
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