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.
Manipur: Security forces nab eight militants with arms, ammunition
In a series of successful joint operations, Assam Rifles, in coordination with Manipur Police, apprehended eight hardcore militants from different locations of three districts in the violence-hit state, officials said on Wednesday.
Tripura’s unemployment ratio less than national average, says CM Saha
Of the 2,806 candidates, 2437 multi-tasking staff (Group-D) would be posted in 37 departments while 369 pharmacists and laboratory technicians would be posted in the health and other departments, Saha said and termed the day in providing government jobs as historic.
PM Modi presenting NE region as ‘Astalakshmi’: HM Amit Shah
Union Home Minister Amit Shah on Wednesday said that Prime Minister Narendra Modi, considering the huge development and enormous resources of the eight northeastern states, is presenting the region before the country as ‘Astalakshmi’.
BJP set to storm back to power in Delhi after 27 years: Exit polls
A poll of seven exit polls predicted 42-49 seats for the BJP in the Assembly election to end its 27-year jinx, signalling an end of Arvind Kejriwal’s winning streak in Delhi after three back-to-back victories. The final results will be declared on February 8.
India's gold investments surge 60 pc to Rs 1.5 lakh crore in 2024: Report
Gold investments in India saw a significant surge in 2024 with a rise of 60 per cent in value terms to reach $18 billion (approximately Rs 1.5 lakh crore) compared to 2023, according to a report on Wednesday.
Fate of 699 candidates sealed as voting for Delhi polls ends
A total of 1.5 crore eligible Delhi voters sealed the fate of 699 candidates in the Assembly election on Wednesday to pick a new 70-member House with the turnout hovering around 60 per cent till reports last came in at 6 p.m., an official said.
PM Modi condoles demise of eminent philanthropist and spiritual leader Prince Karim Aga Khan
Calling him a visionary who dedicated his entire life to service and spirituality, Prime Minister Narendra Modi on Wednesday condoled the demise of noted billionaire philanthropist and spiritual leader Prince Karim Aga Khan IV.
57.70 per cent voter turnout recorded in Delhi Assembly polls
Voting to pick a new 70-member Delhi Assembly continued peacefully on Wednesday as the turnout touched 57.70 per cent till 5 p.m. with the ruling AAP eyeing a fourth straight win and the BJP putting up a tough fight to return to power after 1998.