Budget 2023 Update Finance Minister Nirmala Sitharaman listed seven key priorities of Union budget, including inclusive development, reaching the last mile, green growth, youth power
Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24 in the Lok Sabha, in New Delhi, Wednesday, Feb 1, 2023. PTI Photo
Union Finance Minister Nirmala Sitharaman on Wednesday rose in Parliament to present the Union Budget 2023, the first for Amirt Kaal.
This is the first Budget in Amrit Kaal, she said.
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Also read: Ahead of Budget 2023 rupee gains 12 paise to 81.76 against US dollar
Here are the key highlights of Union Budget 2023:
- The Finance Minister said India's economic growth estimated at 7 per cent.
- This budget hopes to build on the foundation laid in the previous budget and the blueprint drawn for India at 100.
- India's growth at 7 pc in current fiscal highest among major economies; Indian economy on right track: Nirmala Sitharaman.
- The economy is on the right track despite challenges and our focus on wide-ranging reforms helped us perform well in these trying times.
- This budget hopes to build on foundation of previous budget and blue print for India@100.
- In 75th year of Independence, world has recognised India as a bright star.
- We ensured that no one went hungry during pandemic by providing free foodgrains to 80 cr poor people.
- In times of global challenges, G-20 presidency gives us opportunity to strengthen India's role in global order.
- Govt implementing scheme to supply free grains to poor under PMGKAY with expenditure of Rs 2 lakh cr from Jan 1.
- Indian economy has increased in size from being 10th to 5th largest in last nine years: FM Sitharaman.
- Per capita income has increased to Rs 1.97 lakh.
- We have made significant progress in many Sustainable Development Goals.
- Govt efforts since 2014 have ensured better quality of life for citizens of the country.
- These times of global challenges give India unique opportunity to strengthen country's role in world economic order.
- Our mission is to achieve knowledge-driven economy.
- Indian economy has become more formalised as witnessed by significant enhancement in digital payments.
- National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs.
- 9.6 cr LPG connections, 220 cr Covid vax for 102 cr people given, 47.8 cr JanDhan accounts opened.
- Large potential to be tapped in tourism; promotion of tourism to be taken up in mission mode.
- Green growth efforts to help reduce carbon intensity; create green job opportunities.
- Four transformative opportunities can be used be in Amrit Kaal for enhancing economic empowerment.
- Digital public infrastructure for agriculture will be built as open source, open standard and interoperable public good.
- Agri accelerator fund will be set up to encourage agri startups in rural areas.
- To enhance yield of extra long staple cotton, government will adopt a cluster-based and value chain approach.
- Govt to launch a Rs 2,200 crore Aatmanirbhar clean plan programme.
- Govt to support Hyderabad-based millet institute as centre of excellence.
- National cooperative database is being created to map cooperative societies.
- Agriculture credit target increased to Rs 20 lakh cr for FY'24, with focus on animal husbandry, dairy and fisheries.
- Facilities in select ICMR labs will be made available for research by public and private medical faculties
- New program to promote research in pharmaceuticals.
- Govt plans to set up massive decentralised storage capacity to help farmers.
- National digital library for children and adolescents will be set up for facilitating quality books.
- Pradhan Mantri Primitive Vulnerable Development Commission being launched; Rs 15,000 cr earmarked for next 3 years.
- 38,800 teachers will be hired for Ekalavya Model Residential Schools.
- Govt to provide Rs 5,300 cr assistance to drought-prone central region of Karnataka.
- PM Awas Yojana outlay hiked by 66 pc to Rs 79,000 cr.
- Capital investment outlay is being increased steeply for third year in a row to Rs 10 lakh crore.
- Increased capital outlay for infrastructure to crowd in private investment.
- Centre to continue 50-year interest-free loans to state governments for one more year.
- Newly established infrastructure finance secretariat to assist all stakeholders in more private investment.
- Expert committee to be set up to make infrastructure classification and financing framework suitable for Amrit Kaal.
- Enhanced Capex of Rs 10 lakh cr for infra development is 3.3 pc of the GDP.
- Capital outlay of Rs 2.40 lakh crore for railways fixed for 2023-24.
- Capital outlay of Rs 2.4 lakh cr provided for Railways; highest-ever allocation since 2013-14.
- FM says states and cities will be encouraged to take up urban planning.
- 100 critical transport infrastructure projects have been identified for implementation: Finance Minister.
- All cities and towns will be enabled for 100 pc transition of sewers and septic tanks from manhole to machine hole mode.
- Cities will be encouraged to increase creditworthiness for municipal bonds.
- For enhancing ease of doing business, more than 39,000 compliances have been reduced, over 3,400 legal provisions decriminalized.
- Govt to create Urban Infrastructure Development Fund on lines of Rural Infrastructure Development Fund; to be managed by NHB.
- Three centres of excellence for artificial intelligence will be set up in top educational institutions
- Govt to bring National Data Governance policy. National Data Governance Policy will enable anonymised data; KYC process will be simplified by adopting risk-based system.
- PAN will be used for common identifier for all digital systems of specified government agencies.
- One stop solution for reconciliation and updating of identity of individuals to be established.
- Govt to bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes.
- 100 labs for developing applications for 5G services will be set up in engineering institutions.
- Govt to provide R&D grant to one of the IITs to encourage indigenous production of lab-grown diamonds in a bid to reduce imports.
- Customs duty on lab grown diamonds to be reduced.
- Govt targeting 5 MT of Green Hydrogen production by 2030.
- Budget provides for Rs 35,000 cr for priority capital investment towards energy transition & net zero objective.
- Govt to spend Rs 10,000 crore per year for urban infra development fund.
- Govt to support setting up of battery energy storage of 4,000 MwH.
- Green credit programme will be notified under the Environment Protection Act.
- PM Pranam to be launched to incentivise states and UTs to use alternative fertilisers.
- Green credit programme will be notified to incentivise environmentally sustainable and responsible actions by companies.
- Govt to set up Gowardhan Scheme for promoting circular economy with total investment of Rs 10,000 cr.
- Govt to facilitate 1 crore farmers to adopt natural farming.
- Govt to take up mangrove plantation along the coastline under the new MISHTI scheme.
- Govt to promote conservation values through a scheme to encourage optimal use of wetlands.
- Allocating adequate funds for scrapping old polluting vehicles of govt.
- PM-PRANAM will be launched to incentivise states to promote alternative fertilisers.
- 30 Skill India international centres to be set up.
- Govt to select 50 destinations through 'challenge mode' to promote tourism.
- Pradhan Mantri Kaushal Vikas Yojna 4.0 will be launched to skill lakhs of youth.
- State govts will be encouraged to set up Unity Mall for promotion and sale of 'one district one product' items and GI products.
- Revamped credit guarantee scheme for MSMEs with infusion of Rs 9,000 cr to be launched from April 1.
- Govt to launch Dekho Apna Desh initiative to promote domestic tourism
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