Union Budget 2023-24

Union Budget 2023-24

News: We will discuss about schemes, important programs mentioned and those launched in the Budget.

Important Figures that you should know:
 Fiscal Deficit - According to the Revised Estimates 2022-23 the fiscal deficit is 6.4% of GDP. The fiscal deficit for 2023-24 is estimated to be 5.9% of GDP.
 Per capita income - It has more than doubled to ₹1.97 lakh in around nine years.
 Income Tax - The rebate limit in the new tax regime has been increased to ₹7 lakh, meaning that people in the new tax regime with income up to ₹7 lakh will not have to pay any tax. The tax structure in the new personal tax regime has been changed by reducing the number of slabs to five and increasing the tax exemption limit to ₹ 3 lakh.

Key schemes discussed and launched in the Budget:
Agriculture Sector
 Atmanirbhar Clean Plant Program - The program will be launched to boost the availability of diseasefree, quality planting material for high value horticultural crops.
 Agriculture Accelerator Fund - It will be set-up to encourage agri-startups by young entrepreneurs in rural areas.
 PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth (PMPRANAM) – It seeks to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.
 GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme - 500 new ‘waste to wealth’ plants under GOBARdhan scheme to be established for promoting circular economy.

Environment
 Mangrove Initiative for Shoreline Habitats & Tangible Incomes (MISHTI) - For mangrove plantation along the coastline and on salt pan lands, through convergence between MGNREGS, CAMPA Fund and other sources.
 Amrit Dharohar Scheme - To encourage optimal use of wetlands, enhance bio-diversity, carbon stock, eco-tourism opportunities and income generation for local communities.
 Green Credit Programme - It will be notified under the Environment (Protection) Act to incentivize and mobilize additional resources for environmentally sustainable and responsive actions.

Infrastructure
 Urban Infrastructure Development Fund (UIDF) - It will be established through the use of Priority Sector Lending shortfall. It will be managed by the National Housing Bank and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.

Industries
 Unity Mall - States will be encouraged for setting up such malls for the promotion and sale of their own and also all other states’ ODOPs (One District, One Product), GI products and handicrafts.
 Entity DigiLocker - It will be setup for use by MSMEs, large businesses and charitable trusts to store and share documents online securely.

Skilling and Training
 Unified Skill India Digital platform - For enabling demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes.
 Pradhan Mantri Kaushal Vikas Yojana 4.0 - It will be launched to skill lakhs of youth within the next three years covering new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.

Health
 The government will launch a Sickle Cell Anaemia elimination mission and a new programme that will promote research in Pharmaceuticals.

Governance
 National Data Governance Policy - To unleash innovation and research by start-ups and academia.

Education and Women
 National Digital Library for Children and Adolescents - To facilitate the availability of quality books across geographies, languages, genres and levels, and device-agnostic accessibility.
 Bharat Shared Repository of Inscriptions - It will be set up in a digital epigraphy museum, with the digitization of one lakh ancient inscriptions in the first stage.
 Mahila Samman Savings Certificate - A new small savings scheme for women which will offer a deposit facility upto Rs 2 lakh in the name of women or girls for the tenure of 2 years (up to March 2025) at a fixed interest rate of 7.5 per cent with a partial withdrawal option.

Tribal Development
 Pradhan Mantri PVTG Development Mission - The government allocated funds for the implementation of the mission under the Development Action Plan for the Scheduled Tribes.
Note – We will continue to cover every aspect pertaining Budget in a series of articles.