Budget 2023 to strengthen exports: Fadnavis

MUMBAI: Maharashtra Deputy Chief Minister Devendra Fadnavis said the Union Budget 2023 will boost exports and facilitate India becoming part of the global supply chain.

Fadnavis hailed the Modi government's policies and said the country used to be an importer of mobile phones once but now it became the second-largest mobile phone manufacturer in the world.

"We were once an importer of mobile phones, now we are the second largest mobile phone manufacturer in the world. Our foreign exchange reserves went above 605 billion dollars. This budget will strengthen exports. New India is becoming part of the global supply chain," said the Maharashtra Deputy CM.

Meanwhile, Prime Minister Narendra Modi said that the Union Budget 2023 is for a sustainable future that would further encourage green energy and infrastructure resulting in jobs while underlining the potential of the middle class in realizing the dreams of 2047.

The Prime Minister said that the government has focused on technology in the budget.

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

The Prime Minister said that the government has focused on technology in the budget.

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

Referring to the latest tax rebates, the Prime Minister said that it has given relief to the middle class and underlined the potential of the middle class in realizing the dreams of 2047.

The Prime Minister informed that in order to empower the middle class, the government has taken many significant decisions in the past years that have ensured Ease of Living.

"India's middle class remains a major stream in every sphere of life. The middle class is a huge force to fulfill the dream of a prosperous and developed India. 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," he said.

Finance Minister Nirmala Sitharaman presented the Union Budget 2023 today in Lok Sabha. This was the third time in a row that the government presented the budget in a paperless form.

Notably, Union Finance Minister Nirmala Sitharaman on Wednesday announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.

The Finance Minister also proposed to change the tax structure in this regime by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.

On personal income tax, the FM announced that "Tax for income of Rs 0-Rs 3 lakh is nil, for income above Rs 3 lakh and up to Rs 5 lakh will be taxed at 5 per cent, for income of above Rs 6 lakh and up to Rs 9 lakh will be taxed at 10 per cent and for income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20 per cent and above 15 lakhs at Rs 30 per cent."