The highlights of Budget 2023

Finance Minister Nirmala Sitharaman presented the Union Budget 2023, the final budget of the government before the general elections in 2024

Finance Minister Nirmala Sitharaman presented the Union Budget 2023, the Final budget of the government before the general elections in 2024

The budget session for 2023 is “Amritkal’s” first budget. Thus, this budget aims to expand on the framework established by the previous one and the design created for “India@100”. However, despite the epidemic, 7% economic growth is anticipated for the current year. The Indian economy has gained more power and is on the right path.

“Saptarishi”: Seven major objectives for the Union budget, identified by the finance minister in the budget session.

In order of importance: inclusive development, closing the gap, infrastructure, investment, releasing potential, green growth, youth power, and the financial sector.

  • The session covered the subject of a knowledge-based, technology-driven economy with healthy public finances and a booming financial sector. It is part of our vision for the Amrit Kaal. Thus, it is crucial to accomplish this “janbhagidari” by “sab ka saath, sab ka prayaas.”
  • The budget discusses the essential participation of tourism. Therefore, with the active involvement of governments and PPPs, mission-mode tourism promotion initiatives would be undertaken.
  • Agricultural areas were also touched. The goal for agricultural financing would be raised to Rs 20 lakh crore, with an emphasis on dairy, fisheries, and animal husbandry. To further assist people interested in fishing, the government plans to launch a sub-scheme under the PM Matsya Sampada Yojana with a Rs 6,000 crore investment.
  • Today, the budget session discussed whether the Indian Institute of Millet Research in Hyderabad would be promoted as an excellence center for sharing best practices at an international level. Thus, India is the world’s largest producer and second-largest exporter of Shree Anna.
  • Along with the 157 medical colleges that have been open since 2015, 157 new nursing colleges will open.  
  • In the budget, railway development was discussed. 2.4 lakh crore in capital expenditures. The investment in 2013–2014 is nine times more than in the recent union budget. 
  • New technologies, such as artificial intelligence, were also discussed. In prestigious academic institutions, three centers of excellence in artificial intelligence will be created for the promotion of new and advanced technology.
  • Not only this, but the National Digital Library for Children and Adults will be established to facilitate the accessibility of high-quality books across platforms, languages, and genres. 
  • The Center’s capital goal for 2023–24 is Rs 10 lakh crore, which is 33% more than the budget projection of Rs 7.5 lakh crore for 2022–23, according to the budget session.
  • “Eklavaya Model Residential Schools”, was one of the topics that were discussed in the budget session. It serves 3.5 lacs, tribal kids, and the center will hire 38,800 teachers and support personnel staff over the next three years.
  • One of the topics was how public agencies will be able to use the Urban Infrastructure Development Fund, which will be created through the priority sector lending deficit and administered by the National Housing Bank, to build urban infrastructure in tier-2 and tier-3 cities.
  • PAN will be utilized as the universal identity for all digital systems of the designated government agencies, simplifying the KYC procedure.
  • Budget sessions included states’ and UTs’ encouragement to promote alternative fertilizers, and there will be a presentation on the Program for Restoration, Awareness, Nourishment, and Improvement of Earth.
  • Thus to change 42 essential pieces of legislation and unlock the potential of our economy, the Jan Vishwas Bill has been proposed.
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