The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on 01-02-2023
- In the past nine years, India’s per capita income has seen a substantial increase, more than doubling to ₹1.97 lakh.
- This growth has propelled India’s economy to become the 5th largest in the world, up from its previous ranking of 10th.
- The Employees’ Provident Fund Organization (EPFO) membership has also seen a significant increase, with over 27 crore members.
- In 2022, there were 7,400 crore digital payments worth ₹126 lakh crore made through the Unified Payment Interface (UPI).
- The Swachh Bharat Mission has also achieved a major milestone, with the construction of 11.7 crore household toilets.
- The Ujjwala scheme has provided 9.6 crore LPG connections to households.
- Covid-19 vaccinations have reached 220 crore people, with 102 crore individuals receiving the vaccine.
- Additionally, 47.8 crore PM Jan Dhan bank accounts have been opened, providing insurance coverage to 44.6 crore persons through the PM Suraksha Bima and PM Jeevan Jyoti Yojana schemes.
- The PM Kisan Samman Nidhi has also provided cash transfers worth ₹2.2 lakh crore to over 11.4 crore farmers.
Top 10 Points
- Indian government forecasts 7% growth rate
- Personal income tax slabs reduced to 5 with tax exemption up to INR 7 lakh p.a.
- Capital outlay of INR 2.40 lakh crore for Indian Railways
- PM Awaas Yojana allocation increased to over INR 79,000 crore
- “Green Growth” driven by green hydrogen, clean energy storage and transmission
- Three AI centers of excellence to be established in top educational institutions
- INR 4,795.24 crore allocated for the Digital India Program
- Open-source digital infrastructure for agriculture and accelerator fund announced
- Free food grains for Antyodaya and priority households until December 2023
- Subsidy for UPI expected to reach INR 2,137 crore in FY23.
Seven priorities of the budget ‘Saptarishi’
The Budget adopts the following seven priorities. They complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal.
1) Inclusive Development
2) Reaching the Last Mile
3) Infrastructure and Investment
4) Unleashing the Potential
5) Green Growth
6) Youth Power
7) Financial Sector
1.Inclusive Development
- Global Hub for Millets: ‘Shree Anna’
- Agriculture Credit
- Fisheries
- Cooperation
- Health, Education and Skilling Nursing Colleges
- Sickle Cell Anaemia Elimination Mission
- Medical Research
- Pharma Innovation
- Multidisciplinary courses for medical devices
- Teachers’ Training
- National Digital Library for Children and Adolescents
2.Reaching the Last Mile
- Aspirational Districts and Blocks Programme
- Pradhan Mantri PVTG Development Mission
- Eklavya Model Residential Schools
- Water for Drought Prone Region
- PM Awas Yojana
- Bharat Shared Repository of Inscriptions (Bharat SHRI)
- Support for poor prisoners
3.Infrastructure and Investment
- Capital Investment as driver of growth and jobs
- Effective Capital Expenditure
- Support to State Governments for Capital Investment
- Enhancing opportunities for private investment in Infrastructure
- Harmonized Master List of Infrastructure
- Railways
- Logistics
- Regional Connectivity
- Sustainable Cities of Tomorrow
- Making Cities ready for Municipal Bonds
- Urban Infrastructure Development Fund
- Urban Sanitation
4.Unleashing the Potential
- Mission Karmayogi
- Centres of Excellence for Artificial Intelligence
- National Data Governance Policy.
- Simplification of Know Your Customer (KYC) process
- One stop solution for identity and address updating
- Common Business Identifier
- Unified Filing Process
- Vivad se Vishwas I – Relief for MSMEs
- Vivad se Vishwas II – Settling Contractual Disputes
- State Support Mission
- Result Based Financing
- E-Courts
- Fintech Services
- Entity DigiLocker
- 5G Services
- Lab Grown Diamonds
5.Green Growth
- Green Hydrogen Mission
- Energy Transition
- Energy Storage Projects
- Renewable Energy Evacuation
- Green Credit Programme
- PM-PRANAM
- GOBARdhan scheme
- Bhartiya Prakritik Kheti Bio-Input Resource Centres
- MISHTI
- Amrit Dharohar
- Coastal Shipping
- Vehicle Replacement
6.Youth Power
- Pradhan Mantri Kaushal Vikas Yojana 4.0
- Skill India Digital Platform
- National Apprenticeship Promotion Scheme
- Tourism
- Unity Mall
7.Financial Sector
- Credit Guarantee for MSMEs
- National Financial Information Registry
- Financial Sector Regulations
- GIFT IFSC
- Data Embassy
- Improving Governance and Investor Protection in Banking Sector
- Capacity Building in Securities Market
- Central Data Processing Centre
- Reclaiming of shares and dividends
- Digital Payments
- Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra
- Senior Citizens
- Fiscal Management
- Fifty-year interest free loan to States
- Fiscal Deficit of States
New Income Tax Slabs Under New Tax Regimes
- Rs 0-3 lakh: Nil
- Rs 3-6 lakhs: 5%
- Rs 6-9 lakhs: 10%
- Rs 9-12 lakhs: 15%
- Rs 12-15 lakhs: 20%
- Rs Over 15 lakhs: 30%
What gets cheaper and what's get costlier
Cheaper
- Mobile phones
- TV
- Lab-grown diamonds
- Shrimp feed
- Machinery for lithium ion batteries
- Raw materials for EV industry
Costlier
- Cigarettes
- Silver
- Compounded rubber
- Imitation Jewellery
- Articles made from gold bars
- Imported bicycles and toys
- Imported kitchen electric chimney
- Imported luxury cars and EVs
