Union Finance Minister Nirmala Sitharaman will present the Budget 2023 in Parliament after only 15 days. Naturally, people from every sector of the country are hoping for something profitable for them. There is usually curiosity about what the budget has in store for the middle class. This year is no exception. In this regard, the Union Finance Minister gave good news for the middle class people.
Nirmala Sitharaman said, she understands the difficulties of the middle class. At the same time, he said, no new tax has been imposed on the middle class. No tax on income up to Rs five lakh per annum. That is, people of a large part of the country are exempted from income tax. Besides, the Finance Minister said that the Center has increased the capital expenditure to Tk 7.5 lakh crore. The positive effect of which has been seen in the country’s economy.
Finance Minister said plans to build 100 smart cities to facilitate and promote business. At the same time, Nirmala Sitharaman said about the construction of metro rail network in 27 cities of the country. Besides, the finance minister assured the middle class. He said that the number of middle class people in the country is increasing. So the government can make more arrangements for this class.
The Union Finance Minister said that from 2020, the government is emphasizing on increasing capital expenditure in every budget. He said that the capital expenditure has increased to Tk 7.5 lakh crore in the current financial year. A positive effect on the country’s economy has also been observed. The Center is working to strengthen the banking sector of the country.
The Center is working to further improve India’s banking sector and deliver more services to customers. The government is working on four main things in this sector. Center active in recognition, recapitalization, resolution and reform of banking. This strategy has brought down non-performing assets or NPAs in public sector banks. As a result, the burden on the finance ministry has been reduced.