Budget Highlights 2023-24 Part-I
·India is now the 5th largest economy in the world. Up from 10th place in 2014.
·India’s per capita income has doubled to Rs 1.97 lakh.
·We are taking on a people-centric agenda to take on global challenges.
·Economic agenda focuses on three things
– facilitating ample opportunity for citizens, especially the youth,
-providing a strong impetus to growth and job creation
-and third stabilizing the macro economy.
·Promotion of tourism will be taken up on mission mode.
·The economy has become a lot more formalized, as reflected by the doubling of EPFO membership.
– Inclusive development
– Empowering women, all castes, and economically weaker and underprivileged
·Continuing our commitment to food security, we’re implementing from Jan. 1, 2023, a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana.
·The government will focus on employment generation through developments in Green fuel, green mobility, and green equipment.
·The Govt. will launch the Atmanirbhar Clean Plant Programme to improve the availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore.
·Budget envisages India becoming a global hub for Sri-Anna or Millets. India is already the largest producer and second largest exporter of millets.
·PM Vishwa Karma Kaushal Samman, a package of assistance for traditional artisans and craftspeople, has been conceptualized. This will enable them to improve the quality, scale and reach of their products, integrating with the MSME value chain.
·The budget earmarks Rs 15,000 crore for the development of the schedule tribe under the PM PBT scheme.
·Boost for Affordable Housing! PM Awas Yojana’s outlay will be increased by 66% to Rs 79,000 crore.
·Push for infrastructure and investment: Capital expenditure is proposed to increase by 33% to Rs 10 lakh crore! Looks like the government will spend more to keep the economy buzzing!
·The Government allocates the highest outlay ever for Railways at Rs 2.40 lakh crore. This is 9 times the outlay in 2013.
·FM Sitharaman on federal lending: 50-year interest-free loans will continue for states
·Govt is planning for sustainable cities. Steps to be taken:
– Efficient use of land resources
– Enhance the availability of urban lands
– Cities to be encouraged to build balance sheets
– Promote scientific methods for dry and wet waste management
·For Ease of Doing Business:
More than 39,000 compliances were reduced.
More than 3,400 provisions decriminalised.
·Government hops on to the AI bandwagon!
Centre of Excellence for Artificial Intelligence to be set up.
MAKE AI in India & MAKE AI work for India programs to be launched.
·Government to change financing of projects on a pilot basis. Focus on Result-oriented from Input-oriented.
Big Relief for MSMEs those were impacted during COVID-19.
95% of the money penalty will be returned by the government.
·Government to promote LGD – Lab Grown Diamonds.
1. High Employment Potential in this industry
2. They are environmentally friendly
·More support for Fintechs! To enable more fintech-enabled services, govt to expand the scope of documents available for individuals in the DigiLocker.