Finance Minister Nirmala Sitharaman presented the last full budget of the Modi government on 1 February 2023. Talking about the big announcement in this budget, there will be no tax on income up to Rs 7 lakh under the new tax regime. However, there has been no change in the old tax tax system. Let us know on which sectors the Finance Minister has focused.
1- Who got the gift?
Farmers have always been in the Modi government center. Before this budget, many schemes like PM Kisan Samman Nidhi have been launched by the Modi government keeping in mind the farmers. In the budget for the financial year 2023-24, the government has increased the expenditure on agriculture. Which will be 19 percent of the entire economy. Sir, a lot of money has been showered on this sector to promote horticulture, agriculture startups etc. Listed companies of the stock market like Kaveri Seeds, Dhanuka Agritech, Bombay Super Highbridge Seeds and Rashtriya Chemical and Fertilizers Limited can benefit from the government’s announcement.
There are also immense possibilities of tourism in India. Keeping this in mind, the government has announced to identify 50 domestic tourism areas and promote them. Apart from this, an app will be made from where tourists can get information about food, security, connectivity etc. IRCTC, Thomas Cook India, Indian Hotels and EIH Limited can be benefited from this announcement.
The current government has a special focus on infrastructure. Keeping this in mind, it has been announced to build 50 new airports and heliports. Apart from this, a record allocation of Rs 2.4 lakh crore has been made in this budget. Adani Airports, GMR Airports Infrastructure Limited, GVK Airport Developers Limited, L&T and Bharat Heavy Electrical Limited.
What is standard deduction in which tax payers will get exemption of Rs 52,500
tax payers relief
The government has given a big relief to the taxpayers after a long time. People adopting the new tax system will not have to pay any tax on income up to Rs 7 lakh. Apart from this, the number of tax slabs has also been cut.
metal and cement
The government has allocated a huge amount in the budget for infrastructure. Which will be good for the metal and cement industry. Companies like Tata Steel, JSW Steel, Jindal Steel and Power Limited can benefit from this announcement of the government.
The government has announced a reduction in custom duty on lithium oil batteries. The benefit of which will be direct to this sector.
The government has already announced its intention to cut carbon emissions. A similar announcement has been made in the budget as well. The government will provide financial assistance to companies making 4000 MW battery energy storage systems.
2- In which sectors the hands remained empty?
KMPG aerospace head Gaurav says that the country’s capital expenditure has increased by 33 per cent but the military budget has been increased by only 7 per cent. Gaurav says that this is quite surprising amid rising tensions with China. Government company Hindustan Aeronautics Limited and Mazagon Dock Shipbuilders Ltd have been badly affected. Both companies fell more than 6 percent on February 1.
cigarette became expensive
The government has increased the tax on cigarettes. Due to which the shares of the companies making it have seen a decline on the budget day. Tell me, the government’s announcement will be effective from February 2.
The shares of jewelery companies have also seen a decline after the budget. Its big first government has not made any change in the import tax of gold. Apart from this, the import tax on the import of silver has been increased by the government.
No announcement has been made by the government for oil refinery companies as well. While the Oil Ministry had said in its proposal that the government should meet the losses of these companies from the budget.
foreign car manufacturers
Automobiles, including electric vehicles imported from abroad, will now have to pay higher taxes. The government has increased the import tax on cars and EVs above $40,000 from 60 percent to 70 percent.
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