Union Finance Minister Nirmala Sitharaman has presented the full-fledged last budget in this government as in 2024 general elections will come. Sitharaman earlier hinted that this year’s budget is going to be in the spirit of the earlier budgets. Before introducing the budget, Sitharaman stated that it is guided by seven priorities which she called Saptarishis.
* In a big relief for MSMEs which took a low after COVID, Sitharaman announced that the Credit Guarantee Scheme for MSMEs will be extended with an infusion of Rs 9000 crore.
* Other than textiles and agriculture, the finance minister announced the reduction of the number of basic custom duty rates on goods from 21 to 13.
* Basic custom duty on Kitchen Chimney increased and TV Panels reduced.
* Focus on Tourism – At least 50 destinations are to be selected through challenge mode to boost the tourism sector.
* Tax on Cigarettes increased by 16 percent.
* Sitharaman announced the setup of the National Financial Information repository
* Maximum Deposit Limit for Senior Citizen saving scheme increased from 15 to 30 lakhs.
* Centre to launch PM Kaushal Vikas Yojana 4.0 (Skill training for youth).