PRIORITIES OF UNIOB BUDGET 2023
Introduction
On February 1st, the Indian Minister of Finance delivered his presentation of the
Union Budget for the year 2023. The NDA’s second term in office began in 2020,
and this was the fourth budget they had presented since taking office. On January
31, 2023, shortly before the budget was presented to the public, the Economic
Survey for 2022-2023 was made public.
In this research, you will get to know the highlights and priorities of Union Budget
2023, but before this, you must know about the union budget.
What is Union Budget?
The Union Budget of a year, commonly known as the annual financial statement,
is a declaration of the estimated receipts and expenditures of the government for
that specific year, as per Article 112 of the Indian Constitution. The Union Budget
is India’s official financial report every year, detailing the government’s
anticipated income and expenditures. According to Article 112 of the Indian
Constitution, the state is obligated to do so. On February 18, 1860, a Scotsman
named James Wilson presented India with its first budget. On November 26, 1947,
RK Shanmukham Chetty presented the first Union Budget for Independent India.
Overview of Union Budget 2023
Finance Minister Nirmala Sitharaman announced many income tax band changes
in the new tax structure. After refunds, the new tax scheme exempts income up
to Rs 7 lakh. At the post-Budget press conference, Sitharaman said the
government has made the new income tax system more appealing to taxpayers to
boost the middle class. She said the country wants a simple direct tax system.
The new system only taxes Rs 45,000 for a Rs 9 lakh earner. The current system
only takes 5% of a taxpayer’s income. The new tax system has a Rs 52,500 standard
deduction. The FM said the new tax system will default.
The finance minister told the media after the budget that the new taxation
structure is more enticing due to larger rebates.
Priorities of Union Budget 2023
According to the FM, the budget will incorporate seven priorities, and “Amrit Kaal”
would be used to guide us through the process. The following is a list of the
priorities that are outlined in the Budget 2023 document:
- Inclusivity:
✔ According to the finance minister, women, Scheduled Castes and
Scheduled Tribes, Other Backward Classes, and other marginalized
communities have all benefited from the government’s Sabka Saath
Sabka Vikas initiative. Agriculture stands to benefit from a public digital
infrastructure that is open-source, standard-free, and interoperable.
✔ She explains that in order to increase access to healthy seedlings, the
government would initiate the Atmanirbhar Clean Plant campaign.
✔ India, according to the FM, is pioneering the spread of millets, which
boost food security and farmer welfare.
✔ Accelerator funds will support agricultural companies. Modern
technologies will alter agriculture. The goal is to solve farmers’ problems
creatively and affordably. - Reaching the Last Mile
✔ PM-Primitive Disadvantaged Tribal Group Development Mission aims to
improve the economic situation of vulnerable communities. Safe
housing, potable water, roads, and telecom connectivity are supplied.
The three-year implementation cost Rs. 15,000 crores.
✔ The FM also announced 38,800 teachers and support staff for 740
Eklavya residential schools serving 3.5 lakh indigenous students.
✔ Based on the positive reception of the Aspirational District programme,
we have just begun the Aspirational Blocks programme, which will
eventually expand to 500 individual blocks in an effort to fully permeate
the area with government services. - Infrastructure & Investment
✔ The amount spent on capital expenditures has increased dramatically
by 33%, and it has now reached a total of Rs 10 lakh crore (which is
equivalent to 3.3% of GDP).
✔ The budget for the fiscal year 2022-23 was increased by Rs 7.50 lakh
crore, which is equivalent to a 35.4% rise. It had reached Rs 5.54 lakh
crore by the time the preceding fiscal year came to a close.
✔ This represents a considerable increase as compared to the budget for
the 2019–20 fiscal year. - Infrastructure and investment
✔ Access to data that has been anonymized will be made available through
the implementation of a National Data Governance Policy, which will
serve to function as a catalyst for innovation and research in the startup
sector as well as the academic sector. - Financial Sector
✔ Guarantees of credit extended to small and medium-sized businesses.
The amended programs will be able to begin implementation in 2023
once an additional 9,000 crore rupees are added to the fund. It will make
possible the establishment of an additional unsecured credit line in the
amount of 2 trillion rupees. In addition to that, the interest rate that is
applied to new credit should drop by approximately one percent. - Green growth
✔ India is nearing net-zero. The recently launched national green
hydrogen initiative would accelerate the economy’s low-carbon
transition and reduce its dependence on imported fossil fuels with an
initial investment of Rs 19,700 crore. We want to produce 5 MMT by - This budget, the Ministry of Petroleum and Natural Gas will invest
Rs 35,000 crore in capital for energy transition, net zero, and energy
security, according to the Finance Minister.
✔ The FM listed four game-changing Amrit Kaal options for financial
freedom.
✔ The farm digital public infrastructure would be open source, open
standard, and interoperable, according to the finance minister.
Infrastructure growth multiplies economic activity. As part of the NIP,
around 89,151 such projects costing Rs 141.4 lakh crore are being worked
on.
✔ The National Monetisation Pipeline may draw Rs 9 lakh crore in
investments.
✔ Green credit systems that change habits will be reported to the EPA.
✔ More resources will be made available to encourage companies,
consumers, and local governments to act ecologically responsibly and
responsively. - Youth power
✔ With the launch of PM Kaushal Vikas Yojana 4.0, the initiative will assist
in the education and training of millions of young people who are
looking for work. Additionally, cutting-edge training in fields such as
drones and 3D printing is incorporated into the strategy.
✔ The government has developed what is known as the National
Education Policy.
✔ Hubs for Skill India International will be established in thirty different
cities and towns across the Indian subcontinent.
✔ In addition, the Minister of Finance of India announced the launch of
India’s first unified skill platform.
Conclusion
So, this is just an overview of the union budget 2023. For detail information stay
tuned with us.
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