Union Finance Minister Nirmala Sitharaman placed the Union Budget for the financial year 2023-24 on the table of Parliament. Presenting the Amrit Kaal budget in the Lok Sabha on Wednesday, Sitharaman said that the Indian economy is on the right track, moving towards a bright future. Giving great relief to the salaried, the Finance Minister announced to increase the income tax exemption limit.
Sitharaman has increased the income tax slab from existing Rs 5 lakh to Rs 7 lakh in the Union Budget for the financial year 2023-24. With this announcement, the existing tax slab under the new tax regime has been increased from Rs 5 lakh to Rs 7 lakh. Presenting the budget in the Parliament, the Finance Minister has estimated the revised fiscal deficit to be 6.4 per cent of the Gross Domestic Product (GDP) for the financial year 2022-2023 and 5.9 per cent of the GDP for the fiscal year 2023-2024.
While presenting the budget, the Finance Minister said that the growth rate of our economy in the current financial year is expected to be seven per cent, which is the highest among the major economies of the world. Presenting the budget, Sitharaman said that during the Corona pandemic, we ensured that no one sleeps hungry with the Pradhan Mantri Garib Kalyan Yojana to supply free food grains to over 80 crore people for 28 months. The Government of India is bearing Rs 2 lakh crore under this scheme. The supply of free food grains to the poor under the Antyodaya scheme has been extended for one year.
Listing the 7 priorities of the government in the Union Budget 2023-24, Sitharaman said that they are inclusive growth, last mile delivery, infrastructure and investment, unlocking potential, green growth, youth power and financial sector. He said that 157 new nursing colleges would also be set up in co-location with the existing 157 medical colleges established since 2014. PMPBTG Development Mission will be launched to provide basic amenities to PBTG habitations especially to improve the socio-economic condition of tribal groups. He said that 15,000 crores would be made available to implement the scheme in the next 3 years.
The Finance Minister said in his budget speech that a capital outlay of Rs 2.40 lakh crore has been made for the Railways. The outlay of PM Awas Yojana is being increased by 66 percent to 79,000 crores. Capital investment outlay is being increased by 33 per cent to Rs 10 lakh crore, which will be 3.3 per cent of GDP. He said that relief would be given to the MSMEs affected by the pandemic. Voluntary Redressal Scheme will be introduced for settlement of contractual disputes.
The Finance Minister said that Rs 35,000 crore will be invested in the field of energy security. Rs 20,700 crore will be invested in the renewable energy sector. PM Pranam Yojana will be launched to promote alternative fertilizers. 500 new plants will be set up under the Govardhan scheme.
At the same time, the fourth phase of Pradhan Mantri Kaushal Vikas Yojana will be started. 30 Skill India National Sectors will be opened to skill the youth for international opportunities. 38,000 teachers and support staff will be recruited in the next 3 years for 740 Eklavya Model Residential Schools.
The Finance Minister said that since 2014, the efforts of the Government have ensured a better quality of life and a dignified life for all citizens. The per capita income has also more than doubled to Rs 1.97 lakh. He said that in these nine years the Indian economy has emerged as the 5th largest economy in the world.
Sitharaman said that our economic agenda is focused on facilitating opportunities for citizens, accelerating growth and job creation, and strengthening macroeconomic stability.
He further said that start-ups related to agriculture will be given priority. Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs. Agriculture credit target will be increased to Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries. The Finance Minister said that a National Digital Library for Children and Adolescents will be set up.
Announcing the new announcements in the Union Budget, Sitharaman said that the PM Vishwa Karma Kaushalya Samman package has been envisaged for traditional artisans and craftsmen to enhance the quality, scale and reach of their products by integrating them with the MSME value chain. will enable improvement.
Incidental fee on cigarettes was increased by 16 per cent in the budget. Along with this, the revival of 50 additional airports, helipods, water aerodromes and advanced landing grounds has been announced to improve regional air connectivity.
Earlier, the Union Cabinet chaired by Prime Minister Narendra Modi approved the Union Budget 2023-24. Sitharaman obtained consent to present the budget from President Draupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget. During this, Union Minister of State for Finance Dr. Bhagwat Kishan Rao Karad, Union Minister of State for Finance Pankaj Chaudhary and senior officials of the Ministry of Finance were present. The Union Budget for the financial year 2023-24 is the last and full budget of the Modi government, while Nirmala Sitharaman's fifth Union Budget.
It is worth mentioning that this time the budget was presented completely in digital format. Every information of Union Budget 2023-24 on 'Union Budget Mobile'App', which can be viewed on all versions of Android and Apple. Complete details of Sitharaman's budget speech can be downloaded from the link http:indiabudget.gov.in. The budget on this will be available in Hindi and English. Along with reading the budget, its subtleties will also be understood.