Highlights of Budget 2023 – 2024
Finance minister Nirmala Sitharaman presented the fifth Union Budget of the Modi 2.0 government on 01.02.2023 in Parliament. Main Highlights of Budget 2023 – 2024 are here.
- New tax rates announced : The government has enhanced income tax exemption limit up to Rs 7 lakh under new tax regime, finance minister says
- ITR processing period reduced : The income tax returns processing period has been reduced by 16 days, says finance minister
- New I-T return forms introduced : The government has introduced new Income Tax return (ITR) forms for easier filing of returns: FM Sitharaman
- Lower tax rate for new cooperative societies, Benefit of lower tax rate of 15% to new cooperative societies: FM
- Benefit of lower tax rate of 15% to new cooperative societies: FM
- Union Budget 2023 Live: Center of Excellence for Millets
- Budget 2023 live: Customs on kitchen chimneys
- Cigarettes will get more expensive, says FM
- FM announces new MISHTI scheme
- 100 new labs to be setup : 100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models and employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems and Healthcare
- Govt to take up mangrove plantation along the coastline under the new scheme, says FM
- PM Pranam Yojana : PM Pranam to be launched to incentivise states and UTs to use alternative fertilisers, says FM Sitharaman
- 50 Tourist Destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism
- The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0
- New Skill India centres : 30 Skill India international centres will be set up across states, says FM
- Customs duty on lab grown diamonds to be reduced
- PAN : PAN to be a Common Business Identifier for all digital systems. This is a step towards inter-department data sharing of a taxpayer between various government organisations which is likely to help in better tax administration and ease of doing business for industry.
- For Farmers :Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up, says FM. Massive decentralised storage capacity to help farmers store produce and realise reasonable prices
- New program for pharmaceuticals will be formulated and investment in research would be encouraged.
- 50 additional airports, helipads, water aero drones, advanced landing grounds will be revived to improve regional air connectivity
- Cotton productivity : India’s cotton productivity is 40% lower than the global average. Cluster-based, value-chain approach for extra-long staple cotton under PPP will improve productivity and exports
- All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode
- KYC process will be simplified, National data governance policy announced Aadhar, PAN to be used as basis, allow for unified filing system.
- Focus on AI : Three centres of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’, says FM
- Budget for Railway : A capital outlay of Rs 2.40 lakh crore has been provided. This is nine times higher than 2013 -2014.
- 50-year interest free loans will continue for states, announces Sitharaman in Budget speech
- For tribal groups : To improve social-economic condition of the Particularly Tribal Groups, PMPBTG Development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 cr to be made available to implement scheme in next 3 years”
- National Digital Library : National digital library for children and adolescents will be set up for facilitating quality books
- During peak harvest season, crop prices tend to fall sharply. So having more storage facilities will help farmers bring the produce to mandis in a staggered manner, supporting their profitability
- Sabka saath sabka prayaas embodies the chiseled focus on capacity creation in agriculture, food processing, animal husbandry, and tourism
- The outlay for PM Azaz Yojana is being increased by 66% to over Rs 79,000 crore, says Sitharaman.
- Eklavya model schools : In next 3 years, government will employ 38,800 teachers and support staff for 740 Eklavya model schools supporting tribal students, says FM
- Entire Expenditure of around 2 lakh crore to be borne by Center to ensure Food security needs of the nation. Agri credit to be enhanced to 20 lakh crore
- Focus on rural economy including women economic empowerment, farmers, agri start-ups, etc should help boost rural demand for FMCG players
- 157 new nursing colleges will be established in core locations, says FM
- Seven priorities – saptarishi – guiding us through Amrit Kaal. Among these, Inclusive development, green growth, youth power and financial power, says FM
- Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this ‘janbhagidari’ through ‘sabka saath, sabka prayaas’ is essential, says FM Nirmala Sitharaman
- Promotion of tourism will be taken up on mission mode, says Sitharaman
- Facilitate opportunities for citizens especially youth, strong impetus to growth and job creation and strengthening macro economic situations has been the focus
- Govt’s efforts since 2014 have ensured for all citizens, a better quality of life & life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world, says FM Sitharaman
- Digital infrastructure and Covid vaccinations helped India stay on track
- FM Nirmala Sitharaman begins Union Budget speech, says this is the first budget in Amrit Kaal
Summary of Union Budget 2022- 2023
