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Finance Minister Nirmala Sitharaman in Union Budget 2023 has announced attractive incentives and rebates in the new income tax regime, a steep hike in capital investments and the biggest ever outlay in railways. The rebate limit in the new tax regime is increased from Rs 5 lakh to 7 lakh and there is a corresponding easing of the tax slabs. The new tax regime is the default. Sitharaman has proposed an increase in capex by 33 per cent to Rs 10 lakh crore. States are also being incentivised to spend more on infra. Rs 2.40 lakh crore has been allocated for Indian Railways, which is the highest ever. In this episode of the BUsiness Tit-Bits, our Business Editor Mr Akhilesh Bhargava shares his take on the matter.

Car workshop and auto spare parts platform, GoMechanic is going to let go of approximately 70% of its workforce. This was announced by co-founder Amit Bhasin in a long LinkedIn post. GoMechanic, which offers everything from mechanics to carwashing services on an app, bills itself as having India’s largest auto service center network. With its funding round in jeopardy, the startup is now facing a cash crunch, the people said.

Business Tit Bits: The Economy and The Budget | Nirmala Sitharaman | BJP | Delhi |

Finance Minister Nirmala Sitharaman said the central government will continue to work for the middle class, as she gears up to announce the Union Budget 2023 in less than three weeks. Sitharaman said she belongs to a middle class family and understands the pressures they face, adding that the BJP-led NDA government has not imposed any new tax on the middle class in any budget so far

"Sebi on 22 October has barred 10 entities, including Bombay Dyeing & Manufacturing Company Ltd and its promoters -- Nusli N Wadia, Ness Wadia and Jehangir Wadia -- from the securities markets for up to two years.

Business Tit Bits: Consumer Spending Matters The Most