Union Budget 2023: The Indian government on Wednesday unveiled a 45 trillion rupee ($549.14 billion) spending budget for the next fiscal year, starting in April, to boost economic growth, while aiming to lower the fiscal deficit before the next year’s elections.
Vision for Amrit Kaal – an empowered and inclusive economy in Union Budget 2023 Live
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- FY-2024 fiscal deficit target at 5.9% of GDP. Outlay for capital spending increased 33% to 10 trillion rupees in 2023/24. Cigarettes to get costlier as Budget proposes 16% hike in duty.
- 50 New Destination to be selected for tourism.
- “Dekho Apna Desh Initative”,state will be encouraged to set a ‘Unity Mall’ in state capital or the most popular tourist destination in the state.
- 19,700 crore to the National Hydrogen Mission,aim to reach Hydrogen production capacity of 5 metric million tonnes by 2030.
- No Income Tax on up to Rs 7 Lac per year under new regime, tax structure in this regime reduced number of slabs to 5 from 6 & increased the tax exemption limit to 3 Lakhs.
- 157 new nursing college will be established in core locations.
- 3 centres of excellence for artificial intelligence (AI) to enable ‘Make AI for India’ and ‘Make AI work for India’.
- Outlay for PM Awaas Yojana being enhanced by 66% to over Rs79,000 crores.
- 100 labs for developing app using 5G services will be set up in engineering institutions.
- PAN will be used for common identifier for all digital systems of specified government agencies in Union Budget 2023 .
- Highest ever Railway outlay at 2.4 Lac crore, boosting affordable regional connectivity and logistics of cargo freights.
- An agriculture accelerator fund to encourage agricultural startups by young entrepreneurs.
- Green Credit Programme to incentivize environmentally responsible companies
- Custom duty on parts of TV p[anels & certain mobile parts certain to be reduced.
- Over the next 3 years,one crore framers will get assistance to adopt natural framings.
- Vehicle Replacement program for old polluting vehicles.
- We will launch a new sub-scheme of PM Matsya Sampada Yojana with targeted investment of ` 6,000 crore to further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies, and expand the market.
G20 Presidency: Steering the global agenda through challenges- Union Budget 2023
In these times of global challenges, the G20 Presidency gives us a unique opportunity to strengthen India’s role in the world economic order. With the theme of ‘Vasudhaiva Kutumbakam’, we are steering an ambitious, people-centric agenda to address global challenges, and to facilitate sustainable economic development.
Eklavya Model Residential Schools.
In the next three years, centre will recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students.
Water for the region that is prone to drought.
In the drought prone central region of Karnataka, central assistance of ` 5,300 crore will be given to Upper Bhadra Project to provide sustainable micro irrigation and filling up of surface tanks for drinking water.
To empower our youth and help the ‘Amrit Peedhi’ realize their dreams, we have formulated the National Education Policy, focused on skilling, adopted economic policies that facilitate job creation at scale, and have supported business opportunities.