Finance Minister Nirmala Sitharaman’s speech on January 31st, 2023, focused on providing major income tax relief and pushing for infrastructure development ahead of the 2024 polls. The Finance Minister outlined the government’s plans to boost the economy and improve the standard of living for citizens.
Income Tax Relief: The Finance Minister announced that the government will raise the income tax exemption limit from INR 2.5 lakh to INR 3 lakh. This move is expected to provide relief to nearly 30 million tax-paying citizens and increase their disposable income. Additionally, the standard deduction limit has been increased from INR 50,000 to INR 1 lakh, providing additional tax benefits to salaried individuals.
Infrastructure Development: The government plans to invest heavily in infrastructure development, with a focus on roads, highways, and airports. The Finance Minister stated that the government plans to construct 10,000 km of highways in the next year, which is expected to generate employment opportunities and boost economic growth. The government also plans to develop 100 airports by 2024, which will improve connectivity and encourage tourism.
Other Initiatives: The government plans to provide support to the agriculture sector through increased investment in irrigation and other infrastructure projects. Additionally, the Finance Minister announced plans to encourage entrepreneurship by providing financial and administrative support to start-ups and small businesses. The government also plans to develop a comprehensive health insurance scheme to provide affordable healthcare to all citizens.
In conclusion, the Finance Minister’s speech focused on providing major income tax relief and pushing for infrastructure development ahead of the 2024 polls. These initiatives are expected to boost the economy, create employment opportunities, and improve the standard of living for citizens. The government’s commitment to these projects reflects its determination to build a better and more prosperous India.
