Union Budget 2023: Finance Minister Nirmala Sitharaman to Brief BJP MPs Tomorrow

The Finance Minister also proposed to change the tax structure in this regime by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh, details below.

Image Credits: ANI

New Delhi: Union Finance Minister, Nirmala Sitharaman who presented the Narendra Modi government`s last full budget ahead of the 2024 Lok Sabha elections, will hold a briefing for the BJP MPs both of Lok Sabha and Rajya Sabha on Friday, sources said. She will explain the budget to the MPs in the meeting.The briefing will be held at 9 am at the Balayogi Auditorium in Parliament Library Building in the national capital, all MPs have been informed.

This briefing comes at a time when the party has asked all its members of Parliament to go to the respective constituencies and tell the common man what does budget means and how it has been brought out, keeping the interest of every stratum of society in mind. Meanwhile, Sitharaman yesterday announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.

The Finance Minister also proposed to change the tax structure in this regime by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.The government proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 per cent of the GDP, Union Finance Minister Nirmala Sitharaman said on Wednesday.

Further, the government proposed to increase the agricultural credit target to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries, Sitharaman said. The agriculture sector of the country has been growing at an average annual growth rate of 4.6 per cent in the last six years.

Presenting the Union Budget 2023, Union Finance Minister Nirmala Sitharaman on Wednesday pegged the fiscal deficit target for 2023-24 at 5.9 per cent of gross domestic product (GDP).The Finance Minister further said that the government intends to bring the fiscal deficit below 4.5 per cent of GDP by the financial year 2025-26.