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Finance Minister Nirmala Sitharaman tabled the Union Budget 2023-2024. Like previous Union Budgets, this fiscal year focuses on Inclusive Development (financial inclusion of small Businesses and support ease of doing business), promoting Public-Private Partnerships, Skilling (teaching-upskill), and setting off medium to long-term national development programs. Here is a roundup of key highlights of the Union Budget 2023.
Key Union Budget 2023 Highlights
The ease of doing business just got easier:
MSMEs Unbound
Union budget 2023 focused mainly on the Micro, Small, and Medium Enterprises (MSMEs) sector.
Extended Tax holidays and a little more for StartUps
The Centre announced tax holidays along with many regulatory changes for Startups. They will be listed below:
Indirect Taxes and Custom Duties were relaxed
Indirect taxes like GST and Customs form a significant part of the government's revenue and deeply impact daily lives and manufacturing costs. Here below are the changes announced in the Union Budget 2023:
Increase in CAPEX to boost Indian Infra
Infrastructure is the backbone of any economy. To ensure that India is as robust as possible, the government has increased the capital expenditure allocation to Rs. 10 lakh crore, a massive 33% increase. It will significantly benefit logistics-heavy businesses and sectors in India and make transportation less hassle for Indian entrepreneurs. Reduction in logistics costs will give a much-needed boost to commerce in Tier 2 and 3 cities.
Stepping into the future
Looking at the Union Budget 2023, the government has pushed financial inclusion and digitalization of finances across industries. In this Union Budget, the FM extended financial aid to businesses, digitalized the agriculture industry, relaxed many business regulations to attract FDI, and boosted capital expenditure to support business growth. In summary, the budget is aspirational and grounding, with a plan for sustainable development and making India an economic superpower.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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