The Union Budget of India is an annual financial statement presented by the Finance Minister of India in the Parliament. It outlines the government's proposed expenditures and revenue collection for the next financial year. The budget also announces new policies and initiatives aimed at boosting the economy and addressing various social and infrastructure needs of the country.

The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman on February 1, 2023, focused on the government's efforts to revive the economy post the COVID-19 pandemic. The budget proposed various measures to boost employment, increase farm incomes, improve infrastructure, and promote digital transactions. The budget also aimed to increase healthcare and education spending and improve the ease of doing business.

To boost employment and entrepreneurship, the budget introduced several new schemes, including a self-employment scheme for the urban poor and a new initiative aimed at promoting the growth of micro, small, and medium enterprises (MSMEs). The government also announced plans to set up a new Development Financial Institution (DFI) to provide credit support to the MSME sector.

The budget also had a strong focus on agriculture, with an allocation of ₹2.23 lakh crore for the sector. This allocation is aimed at improving the livelihoods of farmers, increasing farm productivity, and ensuring food security for the country.

Infrastructure development was another important area of focus in the budget, with the government announcing plans to allocate ₹1.41 lakh crore for the National Highway Development Project. The budget also proposed several measures aimed at improving the ease of doing business, including the introduction of a new e-court system and the establishment of a National Recruitment Agency.

Some of the key highlights of the Union Budget 2023 include:

• Increased allocation for healthcare and education sectors
• Allocation of ₹2.23 lakh crore for the agriculture sector
• Increased focus on infrastructure development, including allocation of ₹1.41 lakh crore for the National Highway Development Project
• Introduction of several new schemes to boost employment and entrepreneurship
• Increased tax exemptions and incentives for individuals and businesses

Overall, the Union Budget 2023 is expected to play a crucial role in the country's economic recovery and growth. The budget's focus on employment, agriculture, infrastructure, and digital transactions is expected to have a positive impact on various sectors of the economy and provide a boost to the country's overall development.

Here are the revised tax slabs under new tax regime