Disappointed, no major announcements for state: Bihar Industries Association president

Bihar Industries Association president Arun Agarwal on Wednesday said that the income tax rebate announced by Finance Minister Nirmala Sitharaman is according to the expectations, however, there was no major announcement for Bihar which came as a disappointment.

"We do not see anything for Bihar in the Budget. We are a little disappointed with it. Everyone will get some relief with the income tax rebate. The rebate is according to our expectations. We wanted interest-free funds for Bihar so that we could prosper. The per capita income of Bihar is nearly Rs 50,000. The budget could be rated around 8 points except for Bihar," he told ANI.

Earlier today, while presenting the Union Budget 2023 in Lok Sabha, Sitharaman said, "The new tax rates are 0 to Rs 3 lakhs - nil, Rs 3 to 6 lakhs - 5 per cent, Rs 6 to 9 Lakhs - 10 per cent, Rs 9 to 12 Lakhs - 15 per cent, Rs 12 to 15 Lakhs - 20 per cent and above 15 Lakhs - 30 per cent".

Earlier, Prime Minister Narendra Modi hailed the "first budget of Amrit Kaal" and said that it would lay a strong foundation for building a developed India.

The Prime Minister said that the budget gives priority to the deprived and will fulfil the dreams of the aspirational society, the farmers and the middle class.

"The first budget of Amrit Kaal will build a strong foundation for building a developed India. It gives priority to the deprived. This budget will fulfil the dreams of an aspirational society including poor people, middle-class people, and farmers. I congratulate Nirmala Sitharaman and his team for this historic budget," PM Modi said in a televised address.

Finance Minister Nirmala Sitharaman presented the Union Budget 2023 today in Lok Sabha. This was the third time in a row that the government presented the budget in a paperless form.

Highlights of the budget presented by the Union Finance Minister included b ig incentives under the new income tax regime. The IT rebate limit in the new regime has been increased from

Rs 5 lakh to Rs 7 lakh and the new tax regime will be the default tax regime, the Finance Minister said. Capital expenditure outlay has been increased by 33 per cent to Rs 10 lakh crore, accounting for 3.3 per cent of the GDP.

( With inputs from ANI )