A Sneak Peek Into Union Budget 2023

The Union Budget 2023-24, presented by Hon’ble Finance Minister Nirmala Sitharaman, is a well-structured plan that aims to drive the nation’s progress across multiple sectors. With a capital investment outlay of ₹10 lakh crore — increased for the third consecutive year — the budget lays a strong foundation for economic growth. Further development in infrastructure is expected to create rising demand for manpower, facility management, property management, and more. This budget can be seen as a strong step forward for all stakeholders.

Here are some key highlights from the 5th budget under the second term of Prime Minister Narendra Modi’s administration:
 

1. New Income Tax Slabs

To make the new tax regime more appealing, the government has proposed reducing the highest surcharge from 37% to 25%. Additionally, the rebate limit has been increased to ₹7 lakh. Here are the updated income tax slabs under the new system:

• Income up to ₹3 lakh – No tax 
• ₹3 lakh to ₹6 lakh – 5% 
• ₹6 lakh to ₹9 lakh – 10% 
• ₹9 lakh to ₹12 lakh – 15% 
• ₹12 lakh to ₹15 lakh – 20% 
• Above ₹15 lakh – 30%

 

2. Jobs

To tackle unemployment, the government will launch Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0. It also plans to prepare the youth for global job markets by establishing 30 India International Skill Centres across states. Additionally, 47 lakh youth will benefit from stipends through direct benefit transfers under the PAN-India National Apprenticeship Promotion Scheme over the next three years.

 

3. Clean energy  

The focus on energy transition positions India as a leader in sustainable development. Key initiatives include:

• ₹35,000 crore as priority capital for the transition to renewable energy
• Introduction of a green credit programme under the Environment Protection Act
• Viability gap funding for battery energy storage systems
• Government support for developing battery storage capacities up to 4,400 MWh
• The National Green Hydrogen Mission with an outlay of ₹19,700 crore to promote clean energy, reduce fossil fuel imports, and position India as a global leader in green tech

 

4. Digital Services & AI  

Industry estimates suggest that AI can contribute $450–500 billion to India’s GDP by 2025. The budget lays groundwork for a digital-forward economy:

• Expansion of DigiLocker services
• Establishment of 100 labs in engineering colleges to develop 5G-enabled applications, including smart classrooms, precision farming, and healthcare
• Launch of E-Courts Phase 3 with an outlay of ₹7,000 crore
• Partnerships with industry leaders to develop scalable solutions in agriculture, healthcare, and more
• The Reserve Bank of India will introduce a digital version of the Rupee in the upcoming fiscal year to modernize currency and streamline financial transactions

 

5. Urban Development  

To modernize India’s cities, the government has announced:

• An Urban Infrastructure Development Fund with an annual allocation of ₹10,000 crore
• Incentives to improve creditworthiness for municipal bonds
• 100% transition of sewer and septic tank systems in cities and towns

 
The Union Budget 2023-24 emphasizes capital expenditure, digital transformation, AI-driven innovation, and sustainable infrastructure. These initiatives are expected to boost employment, improve public services, and future-proof the Indian economy. With infrastructure and investment as the government’s third-largest priority, this budget strongly supports India’s transformation through AI, R&D in healthcare and agriculture, and expanded physical and digital infrastructure — paving the way for long-term, sustainable economic growth.