Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on Wednesday. She is the sixth minister in India to present five consecutive budget, joining a select league of legends likes of Manmohan Singh, Arun Jaitley and P Chidambaram.
Beginning the speech saying “this is the first budget in Amrit Kaal”, FM Sitharaman said that during the Covid pandemic, the government ensured nobody went to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for over 28 months.
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Sitharaman’s budget for the fiscal year starting April 2023 is her fifth straight since 2019. After taking charge of the Finance Ministry in the Modi Government in 2014, Jaitley presented five budgets in a row from 2014-15 to 2018-19.
World Recognises Indian Economy As ‘Bright Star’: FM
World has recognised Indian economy as a “bright star”, said FM Sitharaman. The world has recognized India as a bright star, our growth for current year is estimated at 7.0 per cent, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war, said FM Sitharaman. “Indian economy on right track despite challenges, and is headed for a bright future,” she added.
While tabling the budget Finance Minister Nirmala Sitharaman said: “Indian economy has increased in size from being the 10th to 5th largest in the world in the past 9 years. We have made significant progress in many SDGs, economy has become lot more formalized, efficient implementation of schemes has brought about inclusive development.”
Promotion of Tourism Done On Mission Mode
Promotion of tourism will be taken up on mission mode, said Finance Minister Nirmala Sitharaman in Budget 2023 speech. Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. Achieving this ‘janbhagidari’ through ‘Sabka Saath, Sabka Prayaas’ is essential, said FM Nirmala Sitharaman.
Living A Life of Dignity
Government’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, said Nirmala Sitharaman.
She also added: “In these times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order.”
FM Sitharaman Announces Highest Railway Outlay At Rs 2.4Lakh Crore
Finance Minister Nirmala Sitharaman on Wednesday announced a total capital outlay of Rs 2.4 lakh crore for Railways in the Budget 2023-24, the highest-ever allocation since 2013-14. This capital outlay is 9 times that in 2013-14.
“This is about nine times the outlay made in 2013-14,” she said during the Budget Speech 2023. She added that a total of 100 critical transport infrastructure projects have been identified for implementation. Read Here
Water for Drought Prone Region
In the drought prone central region of Karnataka, central assistance
of Rs 5,300 crore will be given to Upper Bhadra Project to provide
sustainable micro irrigation and filling up of surface tanks for drinking
water.
National Digital Library On The Cards
A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility.
“States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing National Digital Library resources,” said FM Sitharaman.
Budget 2023 Raises Capex Spend to Rs 10 Trillion
The Narendra Modi government will spend Rs 10 trillion on longer term capital expenditure in 2023-24, extending a strategy adopted to revive growth in the aftermath of the Covid-19 crisis. The allocation is higher than the Rs 7.5 trillion budgeted for in the previous year and the highest on record. The year-on-year increase of 33% is only marginally lower than last year’s 35% jump.
The ratio of capex-to-GDP, which rose to 2.7% in 2022-23, is estimated at 3.3% in the new financial year, Finance Minister Nirmala Sitharaman said in her Budget 2023 speech. The government will also continue a Rs 1.3 trillion long-term loan to states for longer term investments, Sitharaman said.
Three Centres for Excellence for AI will be Set up in Top Institutes
Presenting the budget, Union Finance Minister Nirmala Sitharaman said: “For realising the vision of Make AI in India and Make AI work for India, 3 Centres of Excellence for Artificial Intelligence will be set up in top educational institutions.”
India is largest producer and second largest exporter of Shree Anna, to make India a global hub for Shree Anna, Indian Institute of Millet Research Hyderabad will be supported as Centre of Excellence for sharing best practices at international level.
47.8 Crore Jan Dhan Accounts Opened
As many as 47.8 crore Jan Dhan accounts have been opened so far, a scheme which was launched in 2014 as a national mission for financial inclusion. Finance Minister Nirmala Sitharaman on Wednesday said the National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs (self help groups).
She said that 47.8 crore JanDhan accounts have been opened. The Jan Dhan Yojana was announced by Prime Minister Narendra Modi in his Independence Day address in 2014, and it was launched on August 28 in the same year.
Govt to Launch Pradhan Mantri Kaushal Vikas Yojana 4.0: FM
Finance Minister Nirmala Sitharaman said India is moving forward firmly to achieve the net zero target. The recently launched national green hydrogen with an outlay of Rs 19,700 crore will facilitate the transition of the economy to low carbon intensity and reduce dependency on fossil fuel imports. “Our target is to reach an annual production of 5 MMT by 2030,” added the FM.
Big Plans on Popularising Millets
Union Finance Minister Nirmala Sitharaman on Wednesday revealed big plans for popularising millets in India. She said India is the largest user and the second largest exporter of millets in the world, and will primarily focus on it this year.
Sitharaman’s statements come in light of 2023 being declared the ‘Year of Millets’ by the government. Also, it will be the first time that all parties involved in the production of this crop will be incentivized. Read Here
Tax Exemption TO 7 lakh/Per Year In New Tax Regime
Income Tax rebate has been extended on income up to Rs 7 lakhs in new tax regime, said Nirmala Sitharaman.
Personal Income Tax Detail
The new tax rates are 0 to Rs 3 lakhs — Nil
Rs 3 to 6 lakhs – 5%,
Rs 6 to 9 Lakhs – 10%,
Rs 9 to 12 Lakhs – 15%,
Rs 12 to 15 Lakhs – 20% and
above 15 Lakhs – 30%
Sitharaman Proposes To Ease Basic Customs Duty On Various Goods
In an indirect tax relief, Finance Minister Nirmala Sitharaman in the Budget 2023 on Wednesday proposed to reduce the number of basic customs duty rates on goods, other than textiles and agriculture, to 13 from the current 21, to promote exports and boost domestic manufacturing.
During the Budget Speech 2023, she said there will be minor changes in the basic customs duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha. Read Here
Some Important Points To Note
1) 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: FM Nirmala Sitharaman
2) Eklavaya Model Residential Schools -in the next 3 years the Centre will recruit 38,800 teachers and support staff for 740 schools, serving 3.5 lakh tribal students
3) 157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014: FM Nirmala Sitharaman
4) Digital Public Infrastructure for Agriculture to be built as open source, open standard, interoperable public good. Will enable inclusive farmer-centric solutions & help improved access to farm inputs, market intel, support for agri industry, startups
5) Govt to provide Rs 5,300 cr assistance to drought-prone central region of Karnataka
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