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NEW DELHI- The Indian government on Wednesday unveiled the Union budget for fiscal 2023/24 that aims to boost growth amid concerns about the impact of the global slowdown on the Indian economy.

The government has lowered its growth estimates for the current fiscal year to 7% from earlier estimates of 8-8.5%. The estimates for the next fiscal year is 6-6.8%, according to the annual economic survey report tabled in parliament on Tuesday.

Here are the highlights of the budget:

* Finance Minister Nirmala Sitharaman says the economy is growing the fastest among major economies

* Says Indian economy has become the fifth-largest economy in the world in last nine years

* Says the economy has become a lot more formalised