In her post-budget address to the media, Finance Minister Nirmala Sitharaman, on Wednesday, 1 February, said that the budget is 'beautifully balanced' in her opening remarks.
She further highlighted that the Union Budget 2023 focuses on women empowerment, action plan for tourism, initiatives for artisans and green growth.
Sitharaman also said that the government is focusing on 'futuristic Fintech sector.'
"People will be trained through Industrial Revolution 4.0, we are trying to unleash digital economy in various walks of life," she said in an address to the media.
Here are the highlights from Finance Minister's post-budget address.
New Tax Regime has Better Incentives: "The new taxation regime has now got greater incentives, and attractions so that people can unhesitatingly move from the old to the new. We are not compelling anyone. But the new one is now attractive as it gives greater rebates."
People Can Stay in Old Tax Regime: "We are not compelling anybody. Those who want to remain in old (tax regime) can still remain there. But the new one is attractive because it gives a greater rebate. It also provides for simplified & smaller slabs, smaller lower rates of taxation & also slabs which are nicely broken down."
Budget, A Leg-Up to Capital Investment: "The Budget gives a big leg-up to capital investment, it also attends to MSMEs as they are the engine of growth, it sustains capital investment and also gives a push to the private sector while also giving tax reliefs to individuals and middle class."
Wheat Price to Fall: "The government has decided to release wheat into the market due to which the price of wheat will come down. Before the budget, we had already taken action to ease wheat prices."