Home / News / India /  First time scheme related to 'Vishvakarma' brought in budget: PM Modi

Prime Minister Narendra Modi congratulated Finance Nirmala Sitharaman and her team for presenting an ‘inclusive’ budget on Monday. The Prime Minister, during the post-budget speech, said, “This year's Budget infuses new energy to India's development trajectory".

Citing Pradhan Mantri Kaushal Vikas Yojana 4.0, PM Modi said that those toiling traditionally through their hands for the country, 'Vishvakarma' are the creators of this country. For the first time scheme related to training and support for 'Vishvakarma' has been brought into the budget.

Budget 2023 mentioned, "Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next three years. On-job training, industry partnership, and alignment of courses with the needs of the industry will be emphasized. The scheme will also cover new-age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills. To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States".

Besides, Finance Minister said that "The digital ecosystem for skilling will be further expanded with the launch of a unified Skill India Digital platform for: enabling demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes".

On new tax slabs, PM Modi lauded the finance minister for empowering the middle class. He said, "Our government has taken several steps to empower the middle class and ensure ease of living. We have reduced tax-rate and have given relief accordingly".

This budget is for a sustainable future further encouraging green energy, green growth, green infrastructure, and green jobs. We have focused on technology and a new economy in the budget, PM Modi added.

On women's empowerment, the prime minister said, "Govt has taken several steps to make the lives of women, in rural and urban areas, easy. Women's self-help groups will further enhance them. Special savings scheme will be started empowering women in households".

On Wednesday, FM Sitharaman announced the Budget for FY2024. In her nearly 90-minute speech, Sitharaman increased the capital expenditure outlay by 33% to 10 lakh crore in 2023-24, which would be 3.3% of the GDP.

The FM tweaked the income tax slabs on Wednesday.

In the Budget for 2023-24, Sitharaman said currently individuals with a total income of up to 5 lakh do not pay any tax due to rebates under both the old and new regimes.

"It is proposed to increase the rebate for the resident individual under the new regime so that they do not pay tax if their total income is up to 7 lakh," Sitharaman said.

She further said under the new personal income tax regime, the number of slabs would be reduced to five.

Under the revamped concessional tax regime, no tax would be levied for income up to 3 lakh. Income between 3-6 lakh would be taxed at 5%; 6-9 lakh at 10%, 9-12 lakh at 15%, 12-15 lakh at 20%, and income of 15 lakh and above will be taxed at 30%.

"I propose to extend the benefit of the standard deduction to the new tax regime. Each salaried person with an income of 15.5 lakh or more will thus stand to benefit by 52,500," Sitharaman said.

To build the capacity of functionaries and professionals in the securities market, the government on Wednesday proposed that Sebi will be allowed to develop, maintain and implement norms and standards for education in the National Institute of Securities Markets (NISM).

Further, Sitharaman announced a cut in customs duty on the import of certain inputs for mobile phone manufacturing.

In her Budget 2023-24 speech, she said India's mobile phone output rose from 5.8 crore units in 2014-15 to 31 crore units last fiscal.

Sitharaman on Wednesday proposed to double the deposit limit for Senior Citizen Savings Scheme to 30 lakh and Monthly Income Account Scheme to 9 lakh. She also proposed that the maximum deposit limit for Monthly Income Account Scheme will be enhanced from 4.5 lakh to 9 lakh for a single account and from 9 lakh to 15 lakh for a joint account.

Further, the finance minister announced, 'Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra' under which a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025.

"This will offer a deposit facility up to 2 lakh in the name of women or girls for a tenor of 2 years at a fixed interest rate of 7.5% with a partial withdrawal option," she said.

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