India's Union Budget 2023-24 highlights: Income tax relief, reduction in customs duty, jobs and more

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India's Union Budget 2023-24 highlights: Income tax relief, reduction in customs duty, jobs and more

A look at everything you need to know about the announcement from the budget presentation

Published: February 01, 2023 19:15 Compiled by Lekshmy Pavithran, Assistant Online Editor and Reuters

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Budget 2023 — New Delhi: The Indian government on Wednesday unveiled a 45 trillion rupees ($549.14 billion) spending budget for the next fiscal year starting April to boost economic growth, while aiming to lower fiscal deficit before elections due next year. Image Credit: Reuters

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Budget — The aim is to have strong public finances and a robust financial sector for the benefit of all sections of society, Finance Minister Nirmala Sitharaman said. Here are the highlights of the budget: Image Credit: AFP

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Union-Budget — Total spending will rise 7.5% to 45.03 trillion rupees ($549.51 billion) in the next fiscal year starting on April 1. Image Credit: GN graphics

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India Budget highlights — Sitharaman said the government would target a fiscal deficit of 5.9% of GDP for 2023/24 compared with 6.4% for the current fiscal year and slightly lower than a Reuters poll of 6%. The aim is to lower the deficit to 4.5% by 2025/26. The government's gross market borrowing is estimated to rise about 9% to 15.43 trillion rupees next fiscal year. Image Credit: GN Graphics

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Union-Budget6 — Mobile phones and television sets manufactured in India will be cheaper due to reductions in Basic Customs Duty (BCD) on imports of their components, but smokers will pay more because the government has raised taxes. With the finance minister raising customs duty, fully imported cars, including electric vehicles, and those assembled in India with imported parts will become more expensive. Image Credit: GN Graphics

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