The Budget Highlights 2023

Union Finance Minister Nirmala Sitharaman has presented the fifth budget of Modi 2.0. In fact, this is the full budget of the second term of the Narendra Modi government before the general elections next year.

The government has envisioned laying a strong foundation to steer the Indian economy. Here we are providing some highlights of the budget 2023.

The Union Finance Minister has listed seven key priorities which would complement each other and act as the “Saptarishi” guiding the government through the Amrit Kaal. They include:

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

The Government’s philosophy of Sabka Saath Sabka Vikas has facilitated inclusive development covering in specific, farmers, women, youth, OBCs, Scheduled Castes, Scheduled Tribes, divyangjan and economically weaker sections, and overall priority for the underprivileged (vanchiton ko variyata). There has also been a sustained focus on Jammu & Kashmir, Ladakh and the North-East. This Budget builds on those efforts.

Inclusive Development

1. Agriculture

• Building accessible and inclusive digital public infrastructure for farmers.
• Setting up an agriculture accelerated fund.
• Enhancing the productivity of extra-long staple cotton, we will adopt a cluster-based and value chain approach through Public Private Partnerships (PPP).
• Launching of an Atma Nirbhar Horticulture Clean Plant Program.
• The agriculture credit target will be increased to Rs. 20 lakh crores with a focus on animal husbandry, dairy and fisheries sectors.
• Making India global hub for millets “Shree Anna” such as jowar, ragi, bajra, kuttu, ramdana, kangni, kutki, kodo, cheena, and sama.

2. Fisheries

• Launching a new sub-scheme of PM Matsya Sampada Yojana with a targeted investment of Rs. 6000 crores.

3. Health

• Establishing 157 new nursing colleges in co-location with the existing 157 medical colleges established since 2014.
• A Mission to eliminate Sickle Cell Anaemia by 2047 will be launched.
• New program to promote research in pharmaceuticals to be launched.
• Encouraging joint public and private medical research.
• Dedicated multidisciplinary courses for medical devices will be supported.

4. Education

• Teachers’ training will be re-envisioned through the adoption of innovative pedagogy and ICT technologies.
• Setting-up of a National Digital Library for children and adolescents.
• Pradhan Mantri PVTG Development Mission to be launched and Rs. 15000 crores will be made available to implement for the mission.
• Financial assistance to be given for sustainable micro irrigation in drought prone regions of Karnataka.
• More teachers to be recruited for 740 Eklavya Model Residential Schools.
• Bharat (SHRI) to be set up for digitization of ancient inscriptions.

5. Infrastructure and Investment

• Increased capital investment outlay by 33.4% to Rs. 10 lakh crore.
• Continuation of 50 year interest free loan to state government to incentivize infrastructure investment.
• Highest ever capital outlay of Rs. 2.4 lakh crore for Railways.
• 100 transport infrastructure projects identified for end-to-end connectivity for ports, coal, steel, fertilizer sectors.
• Creating urban infrastructure in tier 2 and 3 cities via establishment of UIDF.

6. Unleashing the Potential

• Mission Karmayogi has helped implement capacity-building plans for civil servants.
• With the launch of an integrated online training platform called “iGOT Karmayogi” government employees are provided learning opportunities.
• The introduction of the Jan Vishwas Bill to amend 42 Acts in order to enhance ease of doing business
• Plans to formulate a National Data Governance Policy to support innovation and research by start-ups and academia.
• Simplification of the Know Your Customer (KYC) process
• A one-stop solution for reconciliation and updating of identity and address will be set up using DigiLocker service.
• 100 labs for developing applications using 5G services will be established in engineering institutions to unlock new opportunities and potential.
• R&D grants to one of the IITs for five years to promote e indigenous production of Lab Grown Diamonds (LGD) seeds and machines.

7. Green Growth

• Launch of National Green Hydrogen Mission, with an outlay of ₹19,700 crores.
• Allocation of ₹35,000 crores for priority investments towards energy transition and net zero objectives by the Ministry of Petroleum & Natural Gas.
• Viability Gap Funding for Battery Energy Storage Systems with a capacity of 4,000 MWH.
• An Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be developed with an investment of ₹20,700 crores (central support of Rs. 8,300 crores).
• The Amrit Dharohar scheme will be taken up over the next three years to encourage optimal use of wetlands, and improve biodiversity.
• Allocation of adequate funds to phase out old vehicles.

8. Youth Power

• Pradhan Mantri Kaushal Vikas Yojana 4.0 will be introduced in order to up-skill the youth within 3 years.
• Expansion of Skill India Digital Platform
• Through the National Apprenticeship Promotion Scheme, stipend support will be provided to 47 lakh youth in 3 years through the DBT mode.
• States will be encouraged to establish a Unity Mall in their capitals or other key tourism centres for the promotion of ODOPs (one district, one product) and GI products.

9. Financial Sector

• Setting up of a National Financial Information Registry which will serve as the central repository of financial and ancillary information.
• Enhancing governance and investor protection in the banking sector.
• Continuation of fiscal support to digital public infrastructure and digital payments.
• Introduction of Mahila Samman Bachat Patra which is a one-time new small savings scheme for women.

Besides, the budget has focused on every sector to boost and uplift them. These are priorities and highlights of the 2023 budget.

(Source: https://www.indiabudget.gov.in and Image Source – PIB)