Here are the highlights of the Budget:
GOVT BORROWING
* Govt targets gross borrowing of 15.43 trillion rupees in 2023/24
* Net market borrowings seen at 11.8 trillion rupees
FISCAL DEFICIT TARGET
* Aims to achieve fiscal deficit of 4.5% of GDP by 2025/26
INDIVIDUAL TAX PROPOSALS
* Proposes to cut highest surcharge rate to 25% from 37.5% under new income tax regime
* Proposes to raise rebate limit to 700,000 rupees under personal income taxes
HIGHER SPENDING
* Outlay for capital spending increased 33% to 10 trillion rupees ($122.29 billion) in 2023/24
* The allocation is higher than the 7.5 trillion rupees budgeted for in the previous year and the highest on record
* Agricultural credit target raised to 20 trillion rupees for 2023/24
* Increases budget allocations to 790 billion rupees for affordable housing in 2023/24
* To provide 350 billion rupees for energy transition
* To provide incentives to replace old, polluting vehicles used by the central and state governments
* Revamps scheme for credit guarantee for small and medium businesses from April 1
* To provide collateral free credit of 2 trillion rupees under revamped scheme
TAX PROPOSALS FOR INDUSTRY
* To consider a cut in customs duty on lab-grown diamonds
* Propose higher import duties on silver dores
* To increase duties on items made from gold, platinum
* Customs duties on compounded rubber being raised.
* Custom duty exemption extended to EV batteries
AIMS FOR HIGHER PRIVATE INVESTMENTS
* Finance Minister Sitharaman says increase in public capex key to crowding in private investments
* Says economy has become the fifth-largest economy in the world in the last nine years
* Says the economy is growing the fastest among major economies
* Says budget adopts seven priorities including inclusive, green growth
