ANI | Union Budget 2023 growth-oriented and pro-development, says Hardeep Singh Puri

Feb 01,2023

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Wednesday hailed the Union Budget 2023- 2024 for being growth-oriented and pro-development.

"Money spent on urban infrastructure will benefit people. Expenditure incurred through economic activities especially infrastructure building and capital expenditure is productive. This budget will give benefits to all sections of society whether it is youth, women, SCs and STs," he added.

Union Finance Minister Nirmala Sitharamn in her budget speech said that government will create Urban Infrastructure Development Fund on the lines of the Rural Infrastructure Development Fund which will be managed by the National Housing Bank.

Finance Minister Nirmala Sitharaman presented the Union Budget 2023 today in Lok Sabha. This was the third time in a row that the government presented the budget in a paperless form.

Highlights of the budget presented by the Union Finance Minister included significant incentives under the new income tax regime.

The IT rebate limit in the new regime has been increased from Rs 5 lakh to Rs 7 lakh and the new tax regime will be the default tax regime, the Finance Minister said. Capital expenditure outlay has been increased by 33 per cent to Rs 10 lakh crore, accounting for 3.3 per cent of the GDP.