Lagatar24 Desk
New Delhi, Feb 2: Nirmala Sitharaman, the union finance minister who delivered the last complete budget of the Narendra Modi administration before the 2024 Lok Sabha elections, would brief the BJP’s members of both the Lok Sabha and the Rajya Sabha on Friday.
In the meeting, she will discuss the budget with the MPs.
All MPs have been advised that the briefing would take place at 9 am at the Balayogi Auditorium of the Parliament Library Building in the country’s capital.
This briefing comes at a time when the party has requested each of its MPs to visit their local areas and explain to the general public what the budget entails and how it was developed while keeping the interests of all social classes in mind.
In the meantime, Sitharaman declared yesterday that the new tax system will now be the default tax system and increased the income tax rebate maximum from Rs. 5 lakh to Rs. 7 lakh.
Additionally, the Finance Minister suggested that the tax system be altered by decreasing the number of tax slabs to 5 and raising the threshold for tax exemptions to Rs 3 lakh.
According to Union Finance Minister Nirmala Sitharaman on Wednesday, the government recommended increasing capital investment outlay by 33% to Rs 10 lakh crore in 2023–24, which would equal 3.3% of the GDP.
According to Sitharaman, the government has suggested raising the goal for agricultural financing to Rs 20 lakh crore with a concentration on dairy, fisheries, and animal husbandry. Over the past six years, the country’s agriculture industry has expanded at an average annual growth rate of 4.6%.
Nirmala Sitharaman, the Union Finance Minister, set the fiscal deficit target for 2023–2024 at 5.9% of GDP while presenting the Union Budget 2023 on Wednesday (GDP).
The administration plans to reduce the fiscal deficit to less than 4.5% of GDP by the fiscal year 2025–2026, the finance minister added.
