The
fifth budget under Modi 2.0 was unveiled on Wednesday by Union Finance Minister
Nirmala Sitharaman. Nirmala Sitharaman said that the Indian economy is on the
right track and is set for a bright future in the final comprehensive budget
before the general elections next year.
Sitharaman
emphasised important changes to the tax slabs under the new tax regime as well
as a major boost in funding for capital projects and railways, all of which
will have a significant positive impact on the economy and taxpayers.
There are sector-wise detailed reading of the numerous measures Finance Minister Sitharaman announced in Budget 2023:
In
terms of Export and Imports, The Reserve Bank of India (RBI) last year extended
the programme until March 2024 in order to increase outbound exports for MSME
Sector. The programme gives exporters access to bank financing at a lower
interest rate. Here you can get the detailed information about the recent
notification from the budget 2023-24.
According
to Commerce and Industry Minister Piyush Goyal, a variety of initiatives, such
as adjustments to customs taxes on specific products, outlined in the Union
Budget for 2023–24 will helps in boosting the nation's exports.
Despite
the uncertainty in the global economy, he claimed, India's exports of both
commodities and services are growing by roughly 14–15% according to Export import data.
Experts
have suggested stronger measures be included in the union budget for 2023–24
around the interest equalisation programme for pre and post shipment rupee
loans for MSME exporter, which accounts for about 50% of the country's exports.
In
order to boost exports abroad, the Reserve Bank of India (RBI) last year
extended the scheme through March 2024. Through the scheme, exporters can
obtain bank funding at a reduced interest rate.
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