New Article
Budget 2023-24: Highlights or Key Features of Budget 2023-2024
- Budget 2023-24: Highlight or Key Features of Budget 2023-2024
- Vision for Amrit Kaal
- Sabka Saath Sabka Vikas-Inclusive Development
- Sabka Saath Sabka Vikas-Inclusive Development
- The Big Tent that accommodates all
- Reaching the Last Mile
- Infrastructure and Investment
- Unleashing the Potential-7rust Based Governance
- Green Growth
- Amrit Peedhi -Youth Power
- Financial Sector
- Fiscal Management
- Indian Economy backed by strong macroeconomic fundamentals
- Tax Proposals
- Rupee comes from and Goes to
- Allocation for Specific Ministries
- Allocation to Major Schemes (in ₹ crore)
- Revenue and Capital Receipts and Expenditure ( ₹ Lakh Crore)
- Frequently Asked Questions:
- Who presented the Union Budget 2023?
- What is known as fiscal deficit?
- What is surplus budget?
- Under which Article budget is prepared?
- Who proposed the first budget of India?
Budget 2023-24: Highlight or Key Features of Budget 2023-2024
Vision for Amrit Kaal
- Opportunities for Citizens with focus on the Youth
- Growth and Job Creation
- Strong and Stable Macro-Economic
- Environment
- Saptarishi-7 priorities
Sabka Saath Sabka Vikas-Inclusive Development
Agriculture and Cooperatives
- Building Digital Public Infrastructure
- ANB* Horticulture Clean Plant Program to be launched
- Making India Global Hub For Millets: ‘Sree Anna’
- Setting up Agriculture Accelerator Fund
- Targeted Funding Setting-up of widely available storage capacity
Sabka Saath Sabka Vikas-Inclusive Development
- Health
- 157 New Nursing Colleges to be established
- Sickle Cell Anaemia elimination Mission to be launched
- New Program to promote research in Pharmaceuticals to be launched
- Join Public and Private Medical Research to be encouraged via selected ICMR Labs
- Education and Skilling
- Revamped Teachers’ training via District Institutes of Education and Training
- National Digital Library to be set up for children and adolescents
- States will be encouraged to set up physical libraries at Panchayat and ward levels
The Big Tent that accommodates all
Inclusive Development Achievements
Reaching the Last Mile
- Pradhan Mantri PVTG* Development Mission to be launched
- Financial assistance to be given for sustainable micro irrigation in drought prone regions of Karnataka
- More teachers to be recruited for 740 Eklavya Model Residential Schools
- Bharat (SHRI)* to be set up for digitization of ancient inscriptions
Infrastructure and Investment
- Increased capital investment outlay by 33.4% to 210 lakh crore
- Continuation of 50 year interest free loan to State Governments to incentivize infrastructure investment
- Highest ever Capital outlay of 22.4 lakh crore for Railways
- 100 transport infrastructure projects identified for end-to-end connectivity for ports, coal, steel, fertilizer sectors
- Creating Urban Infrastructure in Tier 2 and 3 cities via establishment of UIDF**
*PVTG: Particularly Vulnerable Tribal Groups *SHRI:Shared Repository of Inscriptions,
**UIDF: Urban Infrastructure Development Fund
Unleashing the Potential-7rust Based Governance
Measures
- Make AI in India: Three specialized AI centres to be set up in educational Institutes
- National Data Governance Policy to be introduced
- Vivad se Vishwas I: Less stringent contract execution for MSMEs
- Vivad se Vishwas II: Easier and standardized settlement scheme
- Phase 3 of E-Courts to be launched
- Entity Digi Locker to be setup for use by business enterprises and charitable trusts
- Setting up of 100 labs for 5G services based application development
- R&D grant for Lab Grown Diamonds (LGD) sector
Green Growth
- PM-PRANAM* to be launched
- Green Credit Programme
- 500 new “Waste to Wealth” plants
- Sustainable Ecosystem Development
- Other Initiatives
Amrit Peedhi -Youth Power
PMKVY 4.0 to be launched
Measure to boost tourism sector
States will be encouraged to setup Unity Malls
Financial Sector
- Setting up of National Financial Information registry
- Setting up of a Central Data processing Centre
- Credit Guarantee scheme for MSMEs
- Mahila Samman Bachat Patra
- Benefits for Senior Citizens
- Other Initiatives
Fiscal Management
- 50 year Interest Free Loans to States
- Fiscal Deficit of 3.5% of GSDP allowed for States (0.5% tied to Power sector reforms)
- Fiscal Consolidation
Indian Economy backed by strong macroeconomic fundamentals
Tax Proposals
Simplification in Indirect Taxes
Direct Tax Proposals
To reduce the compliance burden, promote entrepreneurial spirit and provide tax relief to citizens
Simplifying Personal Income Tax
Income limit for rebate of income tax increased from ₹ 5 lakh to ₹ 7 lakh in the new regime
Simplifying Tax Benefits for Industry
Rupee comes from and Goes to
Allocation for Specific Ministries
Ministry of Defence, Ministry of Road Transport and Highways, Ministry of Railways, Ministry of Consumer Affairs, Food & Public Distribution, Ministry of Home Affairs, Ministry of Chemicals and Fertilizers, Ministry of Rural Development, Ministry of Agriculture and Farmer’s Welfare, Ministry of Communications
Allocation to Major Schemes (in ₹ crore)
- Development of Pharmaceutical Industry
- Jal Jeevan Mission
- Eklayva Model Residential Schools
- Pradhan Mantri Awas Yojana
- Scheme for Faster Adoption and Manufacturing of EV’s(FAME)
- North East Special Infrastructure Development Scheme
Revenue and Capital Receipts and Expenditure ( ₹ Lakh Crore)
Source: https://www.indiabudget.gov.in/
Read More: MPPSC Free Study Material (English/Hindi)
🤩Follow Our Social Media Handles
YouTube 👉 https://bit.ly/36wAy17
Telegram👉 https://bit.ly/3sZTLzD
Facebook 👉 https://bit.ly/3sdKwN0
Daily Current Affairs Quiz for UPSC, MPSC, BPSC, and UPPSC: Click here
Frequently Asked Questions:
Who presented the Union Budget 2023?
Finance minister Nirmala Sitharaman presented the Union Budget 2023-24 at 11 am in Parliament. This will be Nirmala Sitharaman’s fifth budget as the Finance Minister.
What is known as fiscal deficit?
The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings needed by the government.
What is surplus budget?
A budget surplus is when income or revenue exceeds expenditures. Governments and companies with surpluses have additional money that can be reinvested or used to pay off debts. The opposite of a surplus is a deficit, which occurs when spending exceeds revenues.
Under which Article budget is prepared?
Under Article 112 of the Constitution, a statement of estimated receipts and expenditure of the Government of India has to be laid before Parliament in respect of every financial year which runs from 1st April to 31st March. This statement titled “Annual Financial Statement” is the main Budget document.
Who proposed the first budget of India?
After Independence, India’s first Finance Minister, Shri Shanmukham Chetty, presented the first budget of independent India on 26th November, 1947.
