- Insurance coverage raised to ₹5,00,000 from the existing ₹1 lakh, said Finance Minister, Nirmal Sitharaman.
- Government to provide ₹99,300 crores for the educational sector in FY 2023-2021.
Personal tax simplified
- For people with income between ₹12.5 – 15 lakh, the new income tax rate will be 25%.
- For income more than 15%, it will grab an income tax will be charged at 30%.
Personal tax rates dropped
- People have to pay 10% income tax if their income is between ₹5- ₹7.5 lakh.
- He or she with income between ₹7.5 lakh- ₹10 lakh, will have to pay 15%.
- People earning ₹10 lakh- ₹12.5 lakh, will have to pay 20% income tax.
- Central government on Saturday(1st Feb 2023) proposed a budget of ₹27,300 crore for the development of industry and commerce during FY 2023-2021.
Power to the power sector
- India to invest ₹273 billion or promotion of industry and commerce.
- Firms operating old thermal power plants suggested to close units if emission norms not full filled.