India will continue to be fastest-growing major economy: Sitharaman in Lok Sabha

NEW DELHI: Finance Minister Nirmala Sitharaman on Friday said the 2023-24 Union Budget aptly balances the requirement for India’s development imperatives within the confines of fiscal prudence.
She is participating in a General Budget discussion in Lok Sabha.
She also denied some of the accusations from the opposition and said the government would continue with some welfare programs for vulnerable sections.
She said every eligible beneficiary of PM-KISAN will continue to receive a subsidy of Rs 6,000 per year.
Fertilizer subsidy has been increased to Rs 2.25 million in the Budget; The Finance Minister said that despite importing at higher prices, the government did not shift the burden to farmers. Farmers’ incomes have doubled in 2022 from 2018 levels for certain crops in certain states, she added.
She also denied the government’s alleged cuts to the food subsidy budget, adding that the projected spending in the Budget is pegged at Rs 1,97 lakh. Sitharaman said the fiscal consolidation planned in the Budget is not the cost of food subsidies.
Talking about the new tax regime, Sitharaman said it will let people have a higher disposable income. This mode is “very attractive” as the duty free limit has been increased to Rs 3 lakh, from Rs 2,500 previously. Besides, a standard deduction of Rs 50,000 has also been allowed under this scheme. She said the new tax regime will benefit the majority of middle-class taxpayers, adding that a rebate has been provided for incomes up to Rs 7 lakh.
“India remains the fastest growing major economy and will continue to be,” she reminded. “The government has chosen the capex route to revive the economy because it has a huge multiplier effect.”


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