NEW DELHI: Union Finance Minister Nirmala Sitharaman's Union Budget 2023 speech on Wednesday made the lawmakers in the lower house of Parliament burst into a peel of laughter over her "slip of the tongue''. 'The live telecast of FM Nirmala Sitharaman’s Union Budget 2023 speech on Sansad TV showed a majority of ruling NDA MPs bursting into laughter the moment she said "Replacing the old political'' in place of ''replacing old polluting vehicles.’’


COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The Finance Minister, however, was quick to realise her mistake and improvised by saying, "Replacing old polluting vehicles is an important part of greening our economy." Finance Minister, briefly paused and continued her speech with a smile and stressed that ''vehicle replacement is an important ongoing policy.''


"In furtherance of Vehicle Scrapping Policy mentioned in the Budget 2021-22... states will also be supported," she added.


The Union Finance Minister earlier announced several big initiatives to boost the growth rate and the national economy. Among other major initiatives, the FM announced new tax slabs for 2023-24, under which no tax would be payable for income up to Rs 7 lakh per annum under the new income tax regime. "Currently, those with an income of up to Rs 5 lakhs don`t pay any income tax. I proposed to increase the tax rebate limit to Rs 7 lakhs in the new tax regime," Sitharaman said in Parliament.


A tax of 5 per cent would be levied on total income between Rs 3 lakh and Rs 6 lakh, 10 per cent tax would be imposed on income between Rs 6 lakh to Rs 9 lakh, it would be 15 per cent on income between the range of Rs 9 lakh to Rs 12 lakh. On the income range of Rs 12 lakh to Rs 15 lakh, 20 per cent tax would be levied, while tax would be 30 per cent on income slab of Rs 15 lakh and above, the Finance Minister said.


She also announced that states and cities will be encouraged to take up urban planning. FM Sitharaman said that all cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from "manhole to machine'' hole mode. Cities will also be encouraged to increase creditworthiness for municipal bonds, the Finance Minister said.


The world has recognised India as a ''bright star'' as the country is recording healthy economic growth despite global uncertainties, Finance Minister Sitharaman said as she began her Union Budget speech in Parliament. India's growth at 7 per cent in the current fiscal is the highest among major economies and the Indian economy is on the right track, she said in her Budget speech. In the 75th year of Independence, the world has recognised India as a bright star, the minister said, adding the world appreciates India's achievements.