Finance Minister Nirmala Sitharman on Wednesday said India is shining like a star and is the fastest-growing economy in the world according to an International Monetary Fund (IMF) report despite global challenges.
In an interview with DD News after presenting Budget 2023, Sitharaman said this is the first budget of “Amrit Kaal” in which preferences have been given to the common man of society.
“Last 5 years were not a normal period, we fought the challenge of the Covid pandemic… The robust revival of the economy is visible despite the adverse global situation. India emerged as the fastest-growing economy and in the coming, time momentum will be continued,” she said.
“Even when there are global challenges, India is shining like a star and is the fastest-growing economy in the world according to IMF report,” she added.
She said that the government is promoting the informal sector to gain from formalizing.
The Finance Minister reiterated that the old regime of taxation is complicated whereas the new regime will be helpful and benefit the people. “We have raised tax slabs and surcharges also has been reduced in the new regime. The new system will be the default system but anyone can opt for the old system. Our aim is to attract and aware people of an exemption-free regime,” she said.
The Finance Minister said Budget 2023 promotes the private sector while giving tax relief to the middle class.
Addressing a press conference after presenting the Budget 2023, Sitharaman said four emphasis points of this budget are empowering women, an action plan for tourism, initiatives for Vishvakarmas (artisans) and green growth.
Finance minister Nirmala Sitharaman presented her fifth Union Budget 2022-23 today ahead of the crucial 2024 Lok Sabha elections that lasted for nearly 1 hour 25 minutes. The biggest takeaway from her speech was the shake-up in the new tax regime for the middle class.
The government announced zero income tax for those earning up to Rs 7 lakh from the earlier Rs 5 lakh under the new regime. It also proposed to reduce highest surcharge rate from 37% to 25%. Also, the limit of 3 lakh on leave encashment increased to 25 lakh.
Other key highlights included an increase in the capital investment outlay by 33% to Rs 10 lakh crore, which will account for 3.3% of the GDP, fiscal deficit at 5.9% of GDP, and the “highest-ever” outlay for Indian Railways at Rs 2.40 lakh crore.
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