WHO IS WHO
Chairman Central Board of Direct Taxes (CBDT)
Shri Nitin Gupta
Chief Vigilance Commissioner
Shri. Suresh N Patel
Shri. Shaktikant Das
Smt. Nirmala Sitharaman
Shri. T. V. Somanathan
Shri. Shaji K V
Shri. Debasish Panda
Ms. Madhabi Puri Buch
Shri. Supratim Bandyopadhyay
LIC of India Chairman
Shri. Mangalam Ramasubramanian Kumar
National Housing Bank (NHB)
MD Shri. Sarada Kumar Hota
State Bank of India, Chairman
Shri. Dinesh Kumar Khara
IBA Chief Executive
Shri Sunil Mehta
Shri. Ravi Mital
Mr. Bhanu Pratap Sharma
Chief Economic Advisor (CEA)
Dr V Anantha Nageswaran
Key Highlights of Economic Survey 2023
• India’s GDP growth is expected to remain robust in FY 2023 at 7% (in real terms). This follows an 8.7 % growth in the previous financial year.
• GDP forecast for FY24 to be in the range of 6-6.8 %, depending on the trajectory of economic and political developments globally
• Economic Survey 2022-23 projects a baseline GDP growth of 11% in nominal terms and 6.5 % in real terms in FY 24.
• India is third largest economy in PPP (purchasing power parity) terms, fifth largest in terms of exchange rate. Credit Growth Remarkably High
• Credit growth to the Micro, Small and Medium Enterprises (MSME) sector has been remarkably high, over 30.5 per cent, on an average during Jan-Nov 2022.
• Capital expenditure of the central government, which increased by 63.4 per cent in the first eight months of FY 23, was another growth driver of the Indian economy in the current year. Agriculture and Allied Sector Performance
• Private investment in agriculture increases to 9.3% in 2020-21.
• MSP for all mandated crops fixed at 1.5 times of all India weighted average cost of production since 2018.
• Institutional Credit to the Agricultural Sector continued to grow to 18.6 lakh crore in 2021-22
• Food-grains production in India saw sustained increase and stood at 315.7 million tonnes in 2021-22.
• Free food-grains to about 81.4 crore beneficiaries under the National Food Security Act for one year from January 1, 2023.
• About 11.3 crore farmers were covered under the Scheme in its April-July 2022- 23 payment cycle.
• Rs 13,681 crores sanctioned for Post-Harvest Support and Community Farms under the Agriculture Infrastructure Fund.
• Online, Competitive, Transparent Bidding System with 1.74 crore farmers and 2.39 lakh traders put in place under the National Agriculture Market (e-NAM) Scheme.
• Organic Farming being promoted through Farmer Producer Organisations (FPO) under the Paramparagat Krishi Vikas Yojana (PKVY).
• India stands at the forefront to promote millets through the International Year of Millets initiative.
Key Highlights of Budget 2023
Income Tax payers:
• No changes in the old tax regime.
• New tax regime to become the default tax regime.
• No tax on income up to Rs 7.5 lakh a year in new tax regime.
• Govt proposes to reduce highest surcharge rate from 37% to 25% in new tax regime.
New Slabs under New Tax Regimes
Rs 0-3 lakh : Nil
Rs 3-6 lakhs: 5%
Rs 6-9 lakhs: 10%
Rs 9-12 lakhs: 15%
Rs 12-15 lakhs: 20%
• Govt proposes to cap deductions from capital gains on investments in residential houses to Rs 10 crore.
• An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000 in taxes: FM Smt. Nirmala Sitharaman.
• Income of Rs 15 lakh will fetch Rs 1.5 lakh tax, down from Rs 1.87 lakh.
• A Rs 50,000 standard deduction to taxpayers has been introduced under the new regime.
• Payment received from Agniveer Corpus Fund by Agniveers to be exempted.
• For online games, Govt. proposes to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of fiscal.
• Fully imported luxury cars and EVs to cost more as govt raises custom duty from 60% to 70% in Budget.
• Tax exemption on leave encashment on retirement of non-government salaried employees hiked to Rs 25 lakh from Rs 3 lakh.
• Next-generation Common IT Return Form to be rolled out for tax payer convenience.
• Grievance redressal mechanisms to be strengthened. Indirect Taxes:
• 16% tax hike on certain cigarettes.
• New cooperatives that commence manufacturing till March, 2024 to get lower tax rate of 15%.
• Basic customs duty on crude, glycerin reduced to 2.5%.
• Import duty on silver bars hiked to align it with gold, platinum.
• Extend customs duty cut on imports of parts of mobile phones by 1 year.