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Wheat price will come down: FM Sitharaman after Budget speech

Speed News Desk | Updated on: 1 February 2023, 19:32 IST
nirmala sitharaman

After presenting the final full-fledged budget of Prime Minister Narendra Modi-led government in the parliament today, Union Finance Minister Nirmala Sitharaman held a press conference in the national capital.

During her explanation of the 2023 Budget, she also addressed the issue of increase in wheat prices. FM Sitharaman stated that the Central Government has taken action to release stored wheat into the market to meet demand.

She said that the decision will also decrease the wheat prices in the markets.

“The government has decided to release wheat into the market due to which the price of wheat will come down. Before the budget, we had already taken action to ease wheat prices,” she said.

The Finance Minister today presented the Union Budget 2023 in Parliament. During her speech, she said that the Union Budget focuses on areas such as inclusive development, infrastructure & investment, green growth, youth power, and the financial sector.

While the Finance Minister made announcements on several key sectors but incomes tax, new tax regime and cigarette price hike grabbed major attention. She announced a 16 percent increase in the customs duty on cigarettes.

The FM proposed to increase the tax rebate from Rs 5 lakh to Rs 7 lakh under the New Tax Regime to provide relief to the taxpayers of the country.

She also proposed to change the tax structure in the new income tax regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.

“Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime,” FM Sitharaman said.

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Yesterday, after the President Draupadi Murmu’s address to the joint-sitting of the Parliament, the Union Finance Minister had tabled the Economic Survey for the Financial Year 2022-23.

According to the survey, India’s economic recovery from the pandemic is complete and the economy is expected to grow in the range of 6% to 6.8% in the coming financial year 2023-24.

First published: 1 February 2023, 19:32 IST