GG News Bureau
New Delhi, 2nd Feb. Union Finance Minister Nirmala Sitharaman, who presented the Narendra Modi government’s final full budget before the 2024 Lok Sabha elections, will hold a briefing for BJP MPs in both the Lok Sabha and the Rajya Sabha tomorrow, according to sources.
During the meeting, she will explain the budget to the MPs.
All MPs have been informed that the briefing will take place at 9 a.m. at the Balayogi Auditorium in the Parliament Library Building in the national capital.
This briefing comes at a time when the party has asked all of its members of Parliament to go to their respective constituencies and explain to the common man what the budget means and how it was put together while keeping the interests of all strata of society in mind.
Meanwhile, Sitharaman announced on Wednesday that the income tax rebate limit will be raised from 5 lakh to 7 lakh, stating that the new tax regime will now be the default tax regime.
The Finance Minister also proposed changing the tax structure in this regime by reducing the number of tax slabs to five and raising the tax exemption limit to three lakh rupees.
The government proposed to increase capital expenditure outlay by 33 per cent to ₹ 10 lakh crore in 2023-24, which would be 3.3 per cent of the GDP, Union Finance Minister Nirmala Sitharaman said on Wednesday.
Sitharaman also stated that the government plans to increase the agricultural credit target to 20 lakh crore, with a focus on animal husbandry, dairy, and fisheries. In the last six years, the country’s agriculture sector has grown at a 4.6 percent annual rate on average.
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on Wednesday, setting the fiscal deficit target for 2023-24 at 5.9 percent of GDP (GDP).
The Finance Minister also stated that the government intends to reduce the fiscal deficit to less than 4.5 percent of GDP by fiscal year 2025-26.
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