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Union Budget 2023-24: Key highlights of Union Budget

Budget Highlights: The Union Budget has been presented by our Finance Minister Smt. Nirmala Sitaraman 5th time in a row. She has presented the financial statements and tax proposals for the fiscal year 2023-2024. The Chief Economic Advisor of India, V Anantha Nageshwar released the economic survey 2022-2023 on 31st January 2023. This Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. The government sees the Indian economy growing at 7 percent in the financial year 2023-24 (FY24).


What is the Union Budget?

The Union Budget is the annual budget of India. It is also referred to as the Annual Financial Statement in Article 112 of the Constitution of India, and is the annual budget of the Republic of India. The Ministry of Finance under the Government of India presents the Union Budget every year on February 1. This year, the Union Budget 2023 has replaced the traditional ‘Bahi Khata’ with a made-in-India Tablet.


The first Budget in Amrit Kaal brings

  1. Opportunities for Citizens with a focus on the Youth

  2. Growth and Job Creation

  3. Strong and Stable Macro-Economic Environment


Focal Point of Union Budget



The budget has focused on inclusive development. The focus is on Sabka Sath Sabka Vikas. The priorities of budget are as:

  • Agriculture

  • Health

  • Education and Skills

  • Reaching the Last Mile

  • Infrastructure and Investment

  • Green Growth

  • Youth

  • Finance

  • Funds allocated (in lakh crore rupees)

  • Funds allocated for major schemes (in crore rupees)


Agriculture

  • Agriculture Accelerator Fund to be set up

  • Horticulture Clean Plan Program to be launched

  • Informative solutions for farmers

  • Rs 20 lakh crores credit targeting Dairy, Animal Husbandry, and Fisheries Sector

  • SREE ANNA: To make India a Global Hub for millets; Support to IIMR, Hyderabad to promote research in the field

  • Increase storage capacity


Health

  • 157 new nursing colleges to be built

  • Sickle Cell Anemia Elimination Program to be launched

  • New Program to increase pharmaceutical research

  • ICMR labs: Increase PPP-based medical research


Education and Skills

  • National Digital Library will be launched

  • Teacher training program to be revamped

  • Physical libraries at ward levels and panchayat levels by state governments


Reaching the Last Mile

  • Pradhan Mantri PVTG (Particularly Vulnerable Tribal Groups) Development Mission will be launched

  • Financial Assistance to Karnataka: For micro-irrigation in drought-prone region

  • Eklavya Model Residential Schools: New teachers will be recruited

  • Bharat SHRI will be set up. SHRI is the Shared Repository of Inscription


Infrastructure and Investment

  • Capital investments are to be increased to Rs 10 lakh crores.

  • To incentivize infrastructure investment, the fifty-year interest free loan scheme to the state governments is to continue

  • Railways: Rs 2.5 lakh crores allocated

  • Urban infrastructure to be boosted in tier 2 and tier 3 cities through UIDF – Urban Infrastructure Development Fund


Green Growth

  • PM – PRANAM to be launched: To be established under GOBAR Dhan scheme

  • Green Credit Programme to be launched

  • MISHTI: Mangrove Initiative for Shoreline Habitats and Tangible Incomes to be launched

  • The following will be promoted

    1. Battery Energy Storage System

    2. Funds to replace old polluting government vehicles


Youth

  • PMKVY 4 to be launched

  • 50 tourist spots will be developed

  • Unity malls to be set up (by states) to promote One District One Product


Finance

  • National Financial Information Registry to be established

  • A central Data processing center is to be created

  • Credit Guarantee Scheme for MSME: Rs 2 lakh crores

  • Mahila Samman Bachat Patra to be launched: One-time small savings scheme

  • Increase the maximum deposit limit of senior citizens’ savings scheme to Rs 30 lakhs. Before it was Rs 15 lakhs

  • Initiatives to promote GIFT IISC


Funds allocated (in lakh crore rupees)

  • Defence Ministry: 5.94

  • Road and highways Ministry: 2.7

  • Railways: 2.41

  • Consumer Affairs and Food Public Distribution: 2.06

  • Home Affairs: 1.96

  • Chemicals and Fertilizers: 1.78

  • Agriculture and Farmer Welfare: 1.25

  • Communications: 1.23


Funds allocated for major schemes (in crore rupees)

  • Jal Jeevan Mission: 70,000

  • Pharmaceutical industry: 1,250

  • Eklavya Model Residential schools: 5,943

  • Pradhan Mantri Awas Yojana: 79,590

  • FAME: 5,172

  • North East Special Infrastructure Development Scheme: 2,491


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