Tourism development strategy expands integrated destination packages and a unified App to boost domestic tourism and local enterprises.
Announces a coordinated national policy to develop multiple destinations as complete tourism packages selected via challenge mode, and to launch an App consolidating connectivity, guides, food-street standards and security. Sector-specific skilling and entrepreneurship will be dovetailed with Dekho Apna Desh to boost domestic tourism and youth employment. Tourism amenities will be provided to border villages under the Vibrant Villages Programme. States will be encouraged to set up Unity Malls in major urban centres to market ODOP, GI and handicraft products, including those from other states, with mission-mode implementation via state participation, programme convergence and public-private partnerships.

Green Hydrogen Mission targets large scale production and energy transition support to reduce fossil fuel reliance by 2030.
The Budget establishes the National Green Hydrogen Mission targeting annual production of five million metric tonnes by 2030 to reduce fossil fuel dependence and foster technology and market leadership. It allocates priority capital investment for energy transition and net zero objectives, supports battery energy storage with viability gap funding and a pumped storage framework, proposes interstate transmission investment for renewable evacuation, and proposes a Green Credit Programme to incentivize environmentally sustainable actions.

Digital public infrastructure expansion enabling agriculture, fintech, and justice modernization through interoperable platforms and streamlined KYC processes.
A programme to build open-source, open-standard, interoperable digital public infrastructure is proposed to deliver sectoral services and enable innovation, with fiscal support for digital payments continued. Key initiatives include a farmer-centric agriculture platform for crop planning, inputs, credit and insurance linkages; a National Digital Library for children and adolescents with device-agnostic access; a digital epigraphy museum and inscription repository; one hundred 5G application labs; three AI centres of excellence; a risk-based KYC simplification; expansion of DigiLocker and creation of an Entity DigiLocker; and launch of Phase-3 of the E Courts project.

Nominal GDP growth projection signals strong nominal expansion, driven by services rebound, rural recovery, and structural reforms.
The Fiscal Policy Statement presents macroeconomic and sectoral projections for FY 2022-23, noting strong nominal and real growth supported by private consumption and a services rebound. Agriculture is sustained by higher kharif and rabi sowing and rising exports; industry shows modest recovery in vehicle and tractor sales; services drive growth through pent-up demand. Structural reforms, public digital infrastructure expansion, logistics and production-linked incentives are identified as reinforcing investment, formalisation, financial inclusion and the near-term growth trajectory.

Capital investment boost to drive growth and crowd-in private investment through enhanced public spending and facilitation.
The budget amplifies public capital spending by raising the Centre's capital outlay and aggregating direct investment with Grants in Aid to produce an elevated Effective Capital Expenditure as a share of GDP. It continues the long tenor interest free loan facility to States for another year to incentivise complementary state investment, and establishes an Infrastructure Finance Secretariat to assist stakeholders in mobilising private investment across key infrastructure sectors.

Fiscal consolidation plan with a central deficit target and long term interest free loans to states for capital spending.
The Government's fiscal strategy sets a medium term path of fiscal consolidation with a central budget year fiscal deficit target and a commitment to reduce the deficit below a medium term threshold. The budget quantifies projected receipts and expenditures, financing plans through market borrowings and other sources, projected tax revenue growth and improved tax to GDP and revenue receipt ratios. It also permits states a fiscal deficit ceiling with a portion tied to power sector reform and provides a long tenor interest free loan that must be used for capital expenditure, some of which is conditional on reforms and specified investment purposes.

New tax regime default: streamlined slab structure, extended standard deduction, reduced top surcharge, option to retain old regime.
The Budget revises the new personal income tax regime by raising the rebate threshold so certain taxpayers pay no tax, consolidating rates into a five-slab structure with an increased exemption floor, and lowering the maximum tax rate by reducing the highest surcharge in the new regime. It extends the standard deduction to salaried taxpayers and pensioners under the new regime and raises the exempt limit for leave encashment on retirement for non government salaried employees. The new regime is designated as the default while taxpayers retain the option to choose the old regime.

Presumptive taxation limits increased to ease compliance and support microenterprises and professionals, encouraging formalization and growth.
A next-generation Common IT Return form and strengthened grievance redressal are proposed to simplify compliance. Presumptive taxation thresholds for micro enterprises and certain professionals are raised subject to low cash receipts, with enhanced treatment for payments to MSMEs under the Micro, Small and Medium Enterprises Development Act. Start-up incorporation period for tax benefits is extended and carry-forward rules relaxed. Administrative reforms include deployment of appellate officers, shorter production timelines in transfer pricing enquiries, amended appeal timelines under the Benami regime, and targeted caps and exemptions including a cap on capital gains reinvestment deductions and exemption for payments from the Agniveer Corpus Fund.

Basic customs duty reduction simplifies tariffs and extends targeted exemptions to boost domestic manufacturing and green mobility.
Reduction of the Basic Customs Duty tariff structure for non-textile, non-agricultural goods and targeted customs relief-including exemptions for machinery to manufacture lithium-ion cells, concessional duties on electronic parts, exemption of denatured ethyl alcohol, and nullification of duty on seeds for lab-grown diamonds-are intended to promote domestic manufacturing and energy transition. Proposed CGST amendments raise the prosecution threshold, reduce compounding ranges, decriminalise certain offences, and limit return/statement filing to three years from the due date.

New personal income tax structure revises thresholds and reliefs, altering surcharge, TDS and capital gains provisions.
The budget restructures the personal income tax regime with higher tax free thresholds, reorganised slabs, a reduced top surcharge, expanded rebate provisions and modified TDS in non PAN cases; it increases specified limits for leave encashment and senior citizen schemes and extends start up loss carry forward relief upon change of shareholding while providing targeted LTGC exemptions for qualifying residential property disposals.

National Calamity Contingent Duty increase on specified cigarettes announced, raising per thousand stick excise rates effective from the budget.
National Calamity Contingent Duty is proposed to increase by about sixteen percent in Budget 2023-24, effective from the Budget date. The change revises per thousand stick excise/NCCD rates across specified cigarette categories-non filter and filter cigarettes by length bands, an "other cigarettes" category, and cigarettes of tobacco substitutes-superseding rates last revised three years earlier.

Capital expenditure surge to drive infrastructure-led growth with expanded state assistance and contained revenue growth.
The Budget 2023-24 prioritises a steep expansion of capital expenditure to drive infrastructure-led growth, concentrates outlays in key strategic ministries, and commits to equitable geographic investment. It expands the scheme of financial assistance to the States for capital projects as part of cooperative fiscal federalism and increases devolution under the Fifteenth Finance Commission. Revenue expenditure is projected to rise modestly, dominated by interest payments, subsidies, pensions and transfers to States, with total expenditure up year-on-year.

Customs exemptions and notification amendments update tariff reliefs, cess treatments, and validity extensions for select imports.
Multiple customs notifications are amended to revise exemptions, adjust levy or exemption of Agriculture and Infrastructure Development Cess, modify Social Welfare Surcharge exemptions (including rescission of certain SWS notices), update tariff treatment for specified electronic goods, alter Project Import Regulations, implement India-UAE trade agreement provisions, confirm exemptions for precious metals under specified schemes, and extend or prescribe end dates for notification validity, including extension for equestrian horse imports. Separately, a central excise amendment exempts Compressed Natural Gas to the extent excise equals GST paid on blended Biogas or Compressed Biogas.

Budget 2023-24 raises capital spending, expands agricultural credit, and simplifies taxes to spur growth and jobs.
Budget 2023-2024 prioritises seven strategic areas to drive growth and jobs by raising capital expenditure, providing conditional 50 year interest free loans to states, and identifying major transport projects. It expands agricultural credit and storage, supports rural start ups and horticulture, and increases social sector spending on health and education. Tax measures simplify personal taxation, extend incentives for start ups and cooperatives, and adjust customs duties to boost domestic manufacturing. Financial reforms include a national financial information registry, MSME credit guarantees, digital governance and green transition incentives.

Union Budget documents: constitutionally mandated financial statements and fiscal policy statements frame estimates and parliamentary scrutiny.
The Union Budget package comprises constitutionally and statutorily mandated documents that present estimates and enable parliamentary authorisation and scrutiny: the Annual Financial Statement distinguishing Consolidated Fund, Contingency Fund and Public Account and revenue/capital accounts; Demands for Grants converting estimates into voteable items with voted and charged classifications; the Finance Bill as the Money Bill for taxation measures; FRBM-mandated Macro Economic and Medium Term Fiscal Policy Statements setting fiscal targets and assumptions; and explanatory documents including Expenditure and Receipt Budgets, Expenditure Profile, Budget at a Glance, Memorandum on the Finance Bill, Output Outcome Monitoring Framework, Key Features and Implementation status reports.

New personal income tax regime default simplifies slabs, raises rebate and cuts top surcharge, easing middle class tax burden.
Major tax reforms make the new personal income tax regime the default with simplified slabs, higher rebate and expanded standard deduction in that regime, and reduction of the top surcharge to lower the maximum marginal tax rate. Complementary direct tax measures raise presumptive taxation thresholds for MSMEs and professionals, extend start up reliefs, provide targeted cooperative sector concessions, and introduce anti avoidance and compliance provisions. Indirect tax proposals rationalise customs duties to promote domestic manufacturing and green mobility, amend customs and GST statutes to decriminalise certain offences and limit return filing windows, and revise excise duties for select products.

Union Budget 2023-24: Finance Act enacts revised tax rates, surcharge bands, withholding rules and new compliance measures.
The Finance Act, 2023 prescribes income tax rates and a graduated surcharge structure for AY 2023 24, mandates a four percent Health and Education Cess on tax and surcharge, and provides computation rules where agricultural income is relevant. It amends wide-ranging Income tax provisions-redefining officer titles, adjusting exemptions, introducing an Agniveer Corpus Fund deduction, revising capital gains and acquisition rules, and inserting measures for taxation and withholding on online gaming-while also modifying procedural, GST and customs provisions and empowering rule making for implementation.

Tax policy changes may reshape middle class liabilities and MSME support as budget previews slab, rate and capital gains reforms.
Union Budget 2023 preview focuses on proposed revisions to income tax rates and slabs, benefits for the salaried class, support and incentives for MSMEs and start ups, and rationalisation of the capital gain tax regime as fiscal measures to stimulate growth and improve taxpayer compliance.

Green bonds issuance to mobilise sovereign finance for low carbon projects under ICMA principles and strengthened sustainability reporting.
The Economic Survey 2022 23 presents policy measures to align development with climate goals by strengthening conservation programmes that have increased forest and mangrove cover, advancing a 50% non fossil installed capacity target, launching the National Green Hydrogen Mission, and mobilising finance through a sovereign green bond framework aligned with Green Bond Principles alongside mandatory Business Responsibility and Sustainability Report disclosures for top listed entities to steer capital into low carbon projects.

Food Security expanded: free foodgrain coverage and nationwide ration portability strengthen beneficiary access and subsidy delivery.
The Survey reports record agricultural outputs alongside targeted policy measures: free foodgrain distribution expanded for one year, nationwide ration portability via One Nation One Ration Card, large-scale financing through the Agriculture Infrastructure Fund for post-harvest projects with interest subvention and credit guarantees, and sectoral programmes including PMMSY for fisheries, MIDH for horticulture clusters and PMKSY/PMFME for food processing and value-chain formalisation.