Indian Budget 2023
The annual budget for 2023-24, the Narendra Modi government’s last full budget before next year’s general elections, was presented by FM Nirmala Sitharaman on 1st February. The budget session began on 31st January with the tabling of the Economic Survey. The formal exercise to prepare the budget began on 10th October 2022. The budget announced an increase in the personal income tax rebate limit and incentives for small savings.
Nirmala Sitharaman’s fifth straight Budget comes as a relief to the economy with a focus on expanding Capital expenditure, accompanied by tax announcements and changes in tax slabs. “Despite the global slowdown caused by the pandemic, the current year’s economic growth is estimated to be 7% which is the highest among all the major global economies,” the finance minister quoted in her Budget speech.
| HEALTH | EDUCATION | INFRASTRUCTURE | AGRICULTURE |
| A new program will be launched to promote research and innovation in pharmaceuticals, which will be taken up through the centres of excellence. | A National Digital Library for adolescents and children will be set up to facilitate the accessibility of quality books. | There is an increase in capex outlay by 33.4% to Rs.10 lakh crore, which would be 3.3% of GDP.
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An Agriculture Accelerator Fund will be set up to boost Agri startups by young entrepreneurs in rural areas. |
| The government will launch a Sickle Cell Anaemia mission to eliminate it by 2047. | The Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill youth within three years. | An investment outlay of Rs.10,000 crore is provided for the Urban Infra Development Fund to create urban infrastructure in Tier 3 and Tier 2 cities. The outlay of the PM Awas Yojana has been increased by 66% to Rs.79,000 crore.
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An Atmanirbhar Clean Plant Program will be launched to boost the availability of quality and disease-free planting material for high-value horticultural crops with an outlay of Rs.2,200 crore. |
| The government will launch a Sickle Cell Anaemia mission to eliminate it by 2047. | The government will recruit 38,800 teachers and support staff for 740 Eklavya Model Residential Schools. | The Pradhan Mantri PVTG Development Mission will be launched to saturate PVTG habitations and families with basic facilities. | The agriculture credit target is increased to Rs.20 lakh.
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| The facilities in select ICMR Labs will be available for research by private and public medical college faculty and R&D teams to encourage collaborative research and innovation. | The digital ecosystem for skilling will be expanded by launching a unified Skill India Digital platform. | Central assistance of Rs.5,300 crore will be given to the Upper Bhadra Project.
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The Indian Institute of Millet Research, Hyderabad, will be the Centre of Excellence for making India a global hub for ‘Shree Anna’ |
| DEFENCE | RAILWAYS | ENERGY | MANUFACTURING |
| The defence services got a hike of around 13% as Rs 5.94 lakh crore was allocated to the defence sector. | The Indian Railways has been allocated a capital outlay of Rs 2.4 lakh crore in the Union Budget 2023-24. This is the highest-ever allocation to the national transporter. | Higher thrust on renewables, green energy, biomass, and energy transition got an outlay of Rs 19,700 crore. | Exemption from Basic Customs Duty on raw materials for manufacturing of CRGO Steel, ferrous scrap and nickel cathode is being continued. |
| The pension budget of the Forces has been increased to Rs 1.38 lakh crore.
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The Railways is targeting an operating ratio of 98.45 % for the fiscal year, compared to a revised ratio of 98.22 % in FY23. | 10,000 Bio-Input Resource Centres will be set up to facilitate natural farming. | Customs duty on certain TV parts was reduced to boost TV manufacturing while making it less expensive for consumers. |
| The modernization budget has also been hiked to Rs 1.62 lakh crore, used for the acquisition of weapon systems and equipment from Indian firms.
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The total receipts of the Railways from the passenger, goods, sundry, other heads, and railway recruitment boards are pegged at Rs 2.65 trillion during FY24, as against a Revised Estimate (RE) of Rs 2.43 trillion in FY23 | Rs.35,000 crores are allocated for priority capital investments towards energy security and energy transition by the Ministry of Petroleum & Natural Gas. | Basic customs duty on electric kitchen chimneys is being increased to 15% to encourage domestic manufacturing. |
The budget listed Tourism as one of the 4 four “key opportunities” which can be transformative during the ‘Amrit Kaal’. “There is a large potential to be tapped in tourism, and the sector holds “huge opportunities” for jobs and entrepreneurship. Especially for the youth,” said the finance minister. The budget also announced the expansion of Digilocker integration for Fintechs and MSMEs. This, when coupled with 5G, will elevate India as a Digi-first nation.
Similar Article:- Budget 2021: Benefits for the common man
The 2023 budget also aims to strike a balance and prepare the economy for challenging times ahead. The initiatives by Government in the budget will pave the way for a stronger economic outlook for the country. The key take away from this year’s union budget is the strong focus on the sustainable growth of the country. The focus on agriculture, healthcare, and MSMEs is commendable. The budget will usher in a new digital era with discerning focus on data governance policy.
Also Read:- Can the Budget 2022 Save the Sinking Ships of Bollywood Post Covid?
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