Budget FY 2023-24

“First budget of Amrit Kaal will build a strong foundation for building a developed India .This budget will fulfil dreams of aspirational society including poor people, middle class people, farmers “These words were said by PM Modi after FM Nirmala Sitharaman delivered the budget for the FY year?2023-24.Indeed this budget fulfils the dreams of every section of society and promises the long term growth for the Nation .India has became the 5th largest economy under the leadership of PM?Narendra Modi and this Visionary budget will further?strength the Indian Economy .The Budget has 7 priorities “Saptarishi” Infrastructure and Development, Inclusive Development ,Reaching to the last mile ,youth power ,Financial sector .Green growth and Unleashing the potential. Now let’s see some important features in the budget ??

Infrastructure

• ?Government capex on infrastructure has been increased by 33%to Rs 10 lakh crore compared to last year
• All time high Capital outlay of Rs 2.4 lakh crore provided for the Railways.
• Urban Infrastructure Development Fund (UIDF) of 10000 Cr will be set up to create urban infra for tier 1 and tier 2 cities
• 100 transport infrastructure projects, for last and first mile connectivity of steel, coal, ports and food grain sector will be taken up with the investment of Rs 75,000 crore
• 50 Years Interest free loan to states to spent on capital expenditure ?
• PMAY housing got an allocation of Rs 79000 cr for affordable housing
• New Infrastructure Finance Secretariat will be set up for Private investment in Infra ??

Agriculture

• PM Pranam scheme will be introduced to incentivise states to promote alternative fertilizers
• Digital Public infrastructure for agriculture will be built to enable inclusive farmer centric solution and enhance their access to market intel
• Agriculture Accelerator fund of 20 lac crore will be set up to promote Agri start ups?
• Targeted Agri credit funding of 20 trillion to dairy, fisheries and Animal husbandry sectors
• Horticulture clean plant program to be launched ???
• Cash Transfer of Rs 2.2 trillion under PM kisan benefiting 11.4 crores Kisan ?
• 1 cr farmers to be supported to adopt natural farming, for this, 10,000 bio input resource centres & network for distributing micro fertilizer and pesticide manufacturing to be set up
• Making India Global Hub for Millets “Sree Anna”

Taxes and Investment

• Increase of income tax rebate from 5 lacs to 7 lacs under new tax regime
• Surcharge on annual income above 5 crores reduced from 37% to 25%
• ?New cooperatives that commence manufacturing activity till March 2024 to attract lower tax rate of 15%

Social Economic

• ??Implementation of scheme to supply free grains to poor under PMGKAY of 2 lac crores
• ?To better the socio-economic condition of Tribal groups, PMPBGT Development mission to launched of 15000 cr to be implemented in next 3 years benefitting 3.5 lacs of tribals ?

Environment

• To reduce dependency on fossil fuels and to make a carbon free environment annual production of 5 MMT under Green hydrogen mission and 35000 Rs crore outlay for energy security
• ?Battery energy storage systems to be promoted
• PM Programme for restoration, Awareness Nourishment and Amelioration of Mother earth (PM -PRANAM) to promote alternative fertilizers than chemical ones
• “Mangrove Initiative for shoreline Habitats & Tangible Incomes” MISHTI to be taken up for mangrove plantation along coastline
• ?Amrit Dharohar Scheme to implemented for optimal use of wetlands to enhance bio diversity and Eco tourism ??

?Health

• ?157 New nursing colleges to be established
• ?Sickle cell Anemia elimination mission to be launched
• Govt to launch new program to promote pharmaceuticals research??
• ??Facilities in select ICMR labs will be made available for research by public and private medical faculties

Youth Power – Amrit Peedhi

• 100 labs will be set up for 5G application in engineering institutions for employment potential.
• Training of youth on the needs and trends of the industry, especially new age courses.
• ??Pradhan Mantri Kaushal Vikas Yojna 4.0 will be launched to skill lakhs of youth; 30 Skill India international centers to be set up
• ?National Digital Library for children and Adolescents to be set up
• Three centers of excellence for artificial intelligence will be set up in top educational institution
• ?Direct Benefit Transfer under Pan India National apprenticeship promotion scheme?

MSME

• ?Time period on IT benefits to companies registered as start-ups increased further by another year
• ?Vivad Se Vishwas -If MSMEs fail to execute contract, 95 per cent of performance security will be returned to small business
• More than 39,000 compliances reduced, 3,400 legal provisions decriminalized for Ease of Doing Business.
• The revamped Credit Guarantee Scheme for MSME sector will take effect from April 1, 2023 with an infusion of Rs. 9,000 crores. This scheme would enable additional collateral free guaranteed credit of Rs 2 lac crore and also reduce the cost of credit by 1%
• R&D Grand for lab grown Diamonds (LGD)

Women & Senior citizen

• Mahila Samman Savings Certificate will be introduced which allows savings up to 2 lakh for 2 years at 7.5%.
• Rural women will be mobilized into 81 lakh self-help groups (SHG) where government will provide raw materials and marketing for products.
• The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh

Tourism

• ?Promotion of Tourism will be on Mission Mode?
• ?Govt to select 50 destinations through 'challenge mode' to promote tourism
• 50 additional airports, helipads, water aero drones, and advanced landing grounds will be revived to improve regional air connectivity

This Budget has vision, mission and road map which will accelerate the India’s Growth and will place India at a very prominent in world global order under the leadership of PM Narendra Modi?#amritkaalbudget