Union Budget 2023-24 increased income limit for rebate of income tax from ₹5 lakh to ₹7 lakh under new regime. Highest surcharge rate on income above ₹5 crore reduced from 37% to 25%. Tax exemption limit was increased to ₹25 lakh on leave encashment on retirement for private sector employees. Capital investment outlay was increased by 33% to ₹10 lakh-crore.