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Budget Highlights 2023: Nirmala Sitharaman announces changes for Taxpayers, Railways, Job Creation & Capex

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The Vision for 'Amrit Kaal' articulated in the Union Budget for FY 2023-24 is centered around:

  1. Opportunities for Citizens with focus on youth 

   2. Growth and Job Creation
   3. Strong & Stable Macroeconomic Environment​

The seven priorities, termed Saptarishi, adopted in the Union Budget for FY 2023-24 to guide the country towards 'Amrit Kaal', thus providing a blueprint for an empowered and inclusive economy, are:

  1. Inclusive Development

  2. Reaching the last mile

  3. Infrastructure & Investment

  4. Unleashing the potential

  5. Green growth 

  6. Youth Power

  7. Financial Sector

The Union Budget for FY 2023-24 this year aims to further strengthen India's economic status. In the 75th Year of India's Independence, the World has recognized the Indian Economy as a 'bright star' with its Economic Growth estimated at 7 per cent, which is the highest among all major economies in the world.​

Key Features of Budget 2023-24

Agriculture and Cooperatives

  1. Building Digital Public Infrastructure: Building an accessible, informative and inclusive solution for farmers  

  2. Setting up Agriculture Accelerator Fund: For encouraging innovative start-ups in rural areas 

  3. Atmanirbhar Bharat Horticulture clean plant program to be launched: To boost production of high value horticultural crops 

  4. Targeted Funding: Rs 20 lakh crore agricultural credit targeted at Animal Husbandry, Dairy & Fisheries sector 

  5. Making India Global  Hub For Millets: ‘Sree Anna’  support to be given to Indian Institute of Millet Research

  6. Setting up of widely-available storage capacity: Will enhance farmers remuneration by enabling sale at correct times. 

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Vision for Amrit Kaal:

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Health: 

  1. 157 New Nursing colleges to be established

  2. Sickle Cell Anemia elimination Mission to be launched 

  3. New Programme to promote research in Pharmaceuticals to be launched 

  4. Joint Public and Private Medical Research to be encouraged via select ICMR labs

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Education and Skilling 

  • Revamped Teachers training via District Institutes of Education & Training 

  • National Digital Library to be set up for children and adolescents 

  • States are encouraged to set up physical libraries at Panchayat and ward levels

Financial sector: 

  • Setting up of National Financial Information registry: To enable efficient lending, promote financial inclusion and enhance financial stability

  • Mahila Samman Bachat Patra: One time small savings scheme for a 2-year period with a deposit facility of up to Rs 2 lakh for women 

  • Benefits for senior citizens: Enhanced maximum deposit limit for senior citizens savings scheme from Rs. 15 lakh to Rs. 30 lakh 

  • Setting up fo a Central Data processing center: For faster handling of administrative work under the Companies Act 

  • Credit Guarantee scheme for MSMEs

  • Expanded corpus under a revamped scheme to enable additional collateral fee guaranteed credit of Rs 2 lakh crore. 

 

Other Initiatives: 

  • Initiatives to promote business activities in GIFT IFSC 

  • Create more trained professionals in Securities Markets

Tax Proposals 

  • Higher Exports 

  • Highest domestic manufacturing

  • More value addition in economy

  • Green energy & mobility

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Fiscal Management:

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Direct Tax Proposals

 To reduce the compliance burden, promote entrepreneurial spirit & provide tax relief to citizens 

45% of the returns on tax payers portal were processed within 24 hours

Average processing period reduced from 93 days to 16 days in 8 years

Processed more than 6.5 crore returns this year

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Important Points:

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