Posted on February 1, 2023 under Basics by Team Lakshmishree
Union Budget 2023 Live
UNION BUDGET 2023 - HIGHLIGHTS
The finance minister Nirmala Sitharaman presented the union budget on 1st February. This is the last budget of the current Modi Government.
Here Are Some Key Highlights From The Union Budget 2023:
The FM started her speech by saying that this is the first budget of the Amrit Kaal and it hopes to build on the foundation laid in the previous budget.
Further, she said that in the 75th year of Independence, the World has recognized India as a bright star and it is estimated that the economic growth will be 7% in the current year which is the highest among all the major economies.
Accomplishments of various schemes
11.7 crore household toilet under the Swacch Bharat mission
9.6 crore LPG connection under ujjawala
220 crore vaccinations of 102 cr person
47.8 crore PM Jana dhana bank account
Insurance cover for 44.6 crore persons under PM suraksha bima & PM Jeevan jyoti yojana
Cash transfer of Rs 2.2 lakh crore to over 11.4 crore farmers under PM kisan samman Nidhi
Sectors in Focus
Rural
It was announced that the FM will spend Rs 2 Lakh Crore on free food grain for all the priority households for the whole year from January 2023 under the PM Garib Kalyan Anna Yojana.
The FM also said that the government provided free food grains to over 80 crore people for 28 months.
Artisans
FM announced an assistance package for the artisans under a new scheme of PM Vishwakarma Kaushal Samman (PM- VIKAS). This will integrate them with the MSMEs. This package will include financial help, access to advance skill training, brand promotion, digital technologies, etc.
Tourism
The FM recognized tourism as a great potential that can promote jobs and entrepreneurship. Promotion will be done in mission mode with participation from states.
50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism.
Green growth
Implementing many programs for green fuel, green farming, green energy, etc. These efforts will help reduce the carbon intensity of the economy and provide green job opportunities.
The FM then discussed the priorities of the budget. They complement each other and acts as Saptarishi. These are:
Inclusive Development
Reaching the Last Mile
Infrastructure & Investment
Unleashing The Potential
Green Growth
Youth Power
Financial Sector
Union Budget 2023: Inclusive Development
Agriculture
Agriculture accelerator fund will be set up to encourage agri startups
Digital public infrastructure for agriculture will be built as open-source open standard & interoperable public good which will enable farmer centric solution
To enhance cotton productivity a cluster chain and value chain approach will be adopted through PPPs
Atmanirbhar clean plant program will be launched to boost the availability of disease-free quality planting material.
India will become a global hub for millet.
New sub-scheme of PM Matsya Sampada Yojana with a target investment of Rs 6,000 crore.
Health Education and Skilling
157 new nursing colleges will be established
Facilities in ICMR labs will be made available for research
National Digital Library for children and adolescents will be set up
To build a learning culture the National book trust and the children’s book trust will replenish non-curricular titles.
The FM announced a mission to eliminate sickle cell anemia by 2047
Reaching the Last Mile
PM PVTG Primitive Vulnerable Tribal Group development mission is being launched to improve the socio-economic condition of particularly vulnerable tribal groups. This scheme will give them clean sanitation, safe drinking water, education, health, etc.
Rs 15,000 crores will be made available under the Development Action Plan for STs.
Eklavya Model Residential Schools 38800 teachers will be recruited by the centre which serves 3.5 lakh tribal students.
Poor people who are in the prison will be supported financially if they are unable to pay penalty or the bail amount.
Infrastructure and Investment
Capital Investment outlay is increased by 33% to Rs 10 lakh crores which will be 3.3% of GDP.
Capital outlay of Rs 2.40 lakh crore is provided to the railways which is the highest ever outlay.
50 Airports, Heliports, and water aero drones will be revived to improve connectivity.
An Urban Infrastructure Development Fund will be established. It will be managed by National Housing Banks
I-Got which is an integrated learning platform that provides opportunities to upgrade skills.
3 Centres will be set up to promote Make AI in India and Make AI Work For India.
The PAN will be used as a common identifier for all digital systems of specified government agencies.
100 labs to develop applications using 5G services will be set up in engineering institutions.
Phase three of the e-courts project will be launched with an outlay of Rs 7,000 crore
Green Growth
An outlay of Rs 35,000 crore to achieve the energy transition and net zero objectives.
National Green hydrogen Mission is launched with an outlay of Rs 19,700 crore.
A green credit program will be notified under the Environmental Protection Act.
500 new waste-to-wealth plans under the GOBARdhan scheme will be established.
Over the next 3 years 1 crore farmers will be facilitated to adopt natural farming for which 10,000 bio input resource centres will be set up.
Youth Power
Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill youth over the next 3 years.
30 skill India International centre will be set up in different states.
Financial Sector
The revamp schemes on MSMEs will take effect from 2023 through an infusion of Rs 9,000 crore in the corpus.
The cost of credit will be reduced by around 1%.
SEBI will be empowered to develop, regulate, maintain, and enforce norms and standards for education in NISM.
For investors to reclaim unclaimed shares and unpaid dividends from the Investor education & protection authority an integrated IT portal will be established.
One-time new small saving scheme Mahila Samman Saving Certificate for a 2 year period in March 2025.
Part B Of the Union Budget 2023
Indirect Taxes
Basic custom duty rates on goods other than textile and agriculture reduced to 13% from 21%.
Relief in custom duty on the import of certain parts of mobile phones like camera lens and batteries by another year.
Basic Custom duty On Electric Kitchen Chimney is being increased from 7.5% to 15%.
Import Duty on Gold and Silver hiked.
Direct Tax
The tax rebate is increased to Rs 7 lakh from Rs 5 lakh
A new Personal Tax regime was announced where:
Income
Tax Percent
0-3 Lakh
Nil
3-6 Lakh
5%
6-9 Lakh
10%
9-12 Lakh
15%
12-15 Lakh
20%
Above 15 Lakh
30%
Conclusion
The union budget speech of today took 1hr 25 min time and it was a speech that made the stock market somewhat happy as they started trading at all day high at the time of the budget which can be considered positive for the investors. Let’s hope that this budget helps the common taxpayers against fighting recession.
