Aiming at the 100th anniversary of independence, the Union Budget presented by Finance Minister Nirmala Sitharaman, which envisioned India’s development till 2047, is hoping for the country’s youth, young entrepreneurs, farmers and the rural sector.
The budget’s provisions serve as a guide for future growth for the following 100 years.
Nirmala Sitharaman hopes to advance Industrial advancement in India through self-reliance and a new resurrection of the small and medium industrial sector through tax exemptions and customs duty reduction.
She startled the middle class by proposing income tax exemptions under the new method.
Economic Growth
According to the Finance Minister, the Nation’s economic growth would soon reach 5% to 7%.
- The decision to decrease customs duty to 13% will also give the industry fresh vitality and confidence.
- Duty reductions were made on imported parts like cameras, lithium-ion batteries for mobile phones, and lithium batteries for electric cars, but taxes on tobacco, gold, silver, and cigarettes were raised.
- The middle class will be relieved that the cost of CNG, ethanol, electric fireplaces, etc. will decrease. TV panel import taxes will drop to 2.5%.
- The price of mobile phones manufactured in the country will be reduced by up to 2.5%.
As a result, the cost of televisions will go down nationwide. The concessions have been made in order to maintain the enormous boom that the nation’s mobile phone manufacturing experienced in 2022.
Industries
Even in the Nation’s Industrial sector, private investment has surged by 33%.
Steps to expand investment this fiscal year are also included in the budget. The budget pledges to expand investment in the road, energy, and railroad industries. There will be 50 airports and heliports built for regional aviation connectivity. It intends to quicken industrialisation and domestic air travel.
Make AI for India
To fully utilise artificial intelligence’s potential in the industrial sector, Make AI for India will be put into practise. With cutting-edge research facilities, three AI centres will be established in the nation with the goal of creating AI-based technologies for sustainable cities, healthy living, and agriculture.
Banking
The banking industry and its procedures support the Industrial sector’s seamless development. Additionally, the budget pledges to boost national digital investment.
There will be changes to the Banking Regulation Act. The quality of banking services will rise. PAN cards will become the standard document for all digital transactions with the government. PAN is accepted as identification by all government entities. The KYC process will be made simpler. Digital KYC will become a reality.
5G Applications
The budget calls for establishing 100 labs, including those in prestigious institutions, to create 5G applications. A yearly budget of 10,000 crores is suggested for urban development.
Railways
The largest ever allocation is for the development of the railways, totaling 2.4 lakh crore.
This help comes just in time to hasten the building of the Vande Bharat trains. Through this, numerous private and public sector businesses in the nation will have the chance to produce and trade materials for the railways, both inside the framework of the Atmanirbhar Bharat programme and outside of it.
