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ICICI Securities Report
Progressive Union Budget FY24 augments capex cycle further along with boosting manufacturing and consumption, while continuing on the fiscal consolidation path. Union Budget FY24 was pro-growth and provided focus on capex while ensuring inclusive developments.
The Budget provided tax stimulus largely via direct tax proposals and a few indirect tax proposals which should be positive for consumption, and may boost manufacturing and exports. Revised estimate of FY23 fiscal deficit maintained at the budget estimate level of 6.4%, while FY24 fiscal deficit is pegged at 5.9%.
Clear focus on medium to long term development with seven priorities (Saptarishi) during Amrit Kaal -
Inclusive development;
reaching the last mile;
infrastructure development;
unleashing potential;
green growth;
youth power and
financial sector.
Social development focus area of the budget includes – agriculture and cooperatives, health, education and skill development.
Key tax proposals (overall tax stimulus of Rs 350 billion largely via direct tax proposals)-
Direct tax proposals–
Income limit for rebate of income tax increased from Rs 5 lakh to Rs 7 lakh under the new tax regime.
Exemption limit increased to Rs 3 lakh under the new tax regime.
Highest surcharge rate on income above Rs 5 crore to be reduced from 37% to 25% under the new regime.
Extending the benefits of standard deduction to new tax regime for salaried class and pensioners.
Increasing tax exemption limit to Rs 25 lakh on leave encashment on retirement for non-government salaried employees.
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More Research Reports On Budget 2023 Reviews, Highlights, Impacts
Budget 2023 Review - Keep The Engine Chugging Along: Dolat Capital
Budget 2023 Review - Accelerating Capex To Retool Economy: ICICI Direct
Budget 2023 Impact On Personal Tax, Automobiles, Railway And More: IDBI Capital Analysis
Budget 2023 Review - Populism Gives In To Investment-Led Spending Growth Strategy: Motilal Oswal
Budget 2023 - Fiscal Deficit Pegged At 5.9% Of GDP For FY24 Amid Surge In Capex: ICRA
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