The evening recap of Budget '23

5G gets a push, personal income tax takes a cut.

Union finance minister Nirmala Sitharaman presented the “first budget in Amrit Kaal” and the last before the country goes to polls next year.

Here are the key takeaways from the budget speech:

• 100 labs to develop 5G apps to be set up in leading engineering institutes.

• Three centres of excellence for artificial intelligence to realise the vision of 'make AI in India' and 'make AI work for India'.

• A National Data Governance Policy will be brought out. The aim is to enable access to anonymized data.

• The government will roll out a pan-India National Apprenticeship Promotion Scheme. It will provide stipend support to 47 lakh youth in three years.

• 30 Skill India International Centres will be set up across different States.

• Announcement of Rs 10 lakh crore capital investment to foster growth and job creation.

What gets cheaper:

• Mobile phones

• Lab-grown diamonds

• TV

• Raw materials for EVs 

What is expensive:

• Silver

• Cigarettes

• Imitation Jewellery

• Articles made from gold bars

• Imported luxury cars and EVs

• Imported kitchen electric chimney

The finance minister also announced changes to personal income tax under the new tax regime (See above).

Cover image - Reuters