Annual Indian Budget 2023

Chandigarh, India. Today on the occasion of the presentation of Union Budget 2023 by Hon’ble Finance Minister Smt. Nirmala Sitharaman, BJP Chandigarh organized a viewing and discussion on the same at its State Head Office, Kamlam, Sector-33, Chandigarh. The same was attended by prominent Chartered Accountants, Lawyers, Financial Experts, Traders, Industrialists and various other intellectuals from varied walks of life.

The gathering was unanimous in its appreciation of the Budget presented on account of it being highly progressive as well as all inclusive. Building upon the previous Budgets of the Modi Government which have propelled India to being the 5th largest economy from earlier 10th position and growing at the pace of 7%, among the highest in the world, this Budget too is highly growth oriented on the Macro-Economic front. A huge 33% increase in Capital Investment has been made to Rs. 10 Lakh Crores, which will have a cascading beneficial impact on all the segments of the economy.

Special attention has been paid to empowerment of women, youth, SC/ST/OBC/Underprivileged sectors by creating support infrastructure to facilitate their income through heightened entrepreneurship moving towards “Aatam Nirbharta”.

The budget seeks to expand access to credit facilities for the agricultural sector and increase the Capital outlay at both the Central and State levels. In addition, the government has allocated funds for health and education sectors.

With regards to personal taxation, the Finance Minister proposed the New Tax Regime as the default system, with no tax applicable for income up to Rs. 7 lakhs. The basic tax slabs have also been revised, providing relief to taxpayers.

For non-government salaried employees, the exemption limit on leave encashment has been increased to Rs. 25 lakhs from Rs. 3 lakhs. This huge jump will benefit a very large number of retiring employees.
In the spirit of “Minimum Government Maximum Governance”, ease through digitization for doing business as well as for the common man has been ensured. The provision of ‘Unified Filing Process’ will obviate the need for separate submission of same information to different government agencies. The concern for the financial betterment of senior citizens and women was particularly appreciated by the group.

Prominent among those attending at BJP Chandigarh Head Office, were Sh. Chander Shekhar, Dr. Dharinder Tayal, CA Vishal Puri, CA Tarsem Garg, CA Parmod Bindal, CA Shiv Gupta, CA Ravinder Garg, CA Vineet Aggarwal, CA Alok Krishan, CA HS Khurana, CA Naveen Soni, CA Anil Kalia, CA Amit Sondhi, Advocate Hitesh Puri, Advocate Ruchi Sekhri, Sh. Gajendar Sharma, Dr. Ruchit Uppal, Sh. Kailash Jain.
BJP Chandigarh also organized viewing and discussion of Budget 2023 at District Level across the city under the District Presidents which were attended by hundreds of professionals and citizens.


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