New Delhi [India], February 2 (ANI): The Union Budget was prepared with an aim to increase the GDP growth, bring economic stability and support the weaker sections of the society, Union Finance Secretary TV Somanathan said on Thursday.
Talking to ANI, the Finance Secretary said, "We had three things in mind for this budget, that India's GDP remains high, nothing causes instability in our economy, and the government does something for those who aren't taken care of by the market economy."Somanathan said that the government has been able to lower the fiscal deficit and increase capital expenditure.
"For growth, we gave a push to Capital Expenditure and several schemes. For macroeconomic stability, we brought down wasteful expenditures and unproductive expenditures. Due to this, we have lowered Fiscal Deficit. We increased Capital Expenditure but lowered Fiscal Deficit," he added.
He further said that the Rs 5 lakh tax limit which was earlier has now been raised to Rs 7 lakh.
"Starting next year, those with an annual income up to Rs 7 Lakhs will not have to pay any tax. Anyone earning Rs 7 Lakhs or less will be eligible for no tax deductions. So, the Rs 5 Lakhs limit earlier is now Rs 7 Lakhs in the new regime," he added.
The Union Finance Secretary added that the government has also tried to help the weaker sections.
"Budget has several provisions for left-out, weaker sections. A major scheme has been brought for the Particularly Vulnerable Tribal Groups (PVTGs). For women, SC-ST, several schemesprovisions were made. Assistance provided to the jailed people who don't have money to pay for bail bond," he further said.
Presenting the Union Budget 2023, Union Finance Minister Nirmala Sitharaman on Wednesday pegged the fiscal deficit target for 2023-24 at 5.9 per cent of gross domestic product (GDP).The Finance Minister further said that the government intends to bring the fiscal deficit below 4.5 per cent of GDP by the financial year 2025-26. (ANI)