The Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman Today presented the Union Budget 2023-24 in Parliament.
In the past nine years, India has seen significant growth in its economy and social development initiatives. The per capita income has more than doubled to ₹1.97 lacks and the country has moved from being the 10th largest economy in the world to the 5th largest. The Employees’ Provident Fund Organization (EPFO) membership has also increased to 27 crores, and digital payments through UPI have reached 7,400 crores.
Under the Swachh Bharat Mission, 11.7 crore household toilets have been constructed, and 9.6 crore LPG connections have been provided through the Ujjwala scheme. Additionally, 220 crores of COVID-19 vaccinations have been administered to 102 crore persons, and there are now 47.8 crore PM Jan Dhan bank accounts.
The government has introduced several social welfare programs such as PM Suraksha Bima and PM Jeevan Jyoti Yojana which provide insurance cover to 44.6 crore persons, and PM Kisan Samman Nidhi, which provided cash transfer of ₹2.2 lakh crore to over 11.4 crore farmers.
The seven priorities of the budget are inclusive development, reaching the last mile, infrastructure and investment, unleashing potential, green growth, youth power, and the financial sector. The Atmanirbhar Clean Plant Program will be launched with an outlay of ₹2200 crore to boost the availability of high-quality planting material for horticultural crops.
157 new nursing colleges will be established in co-location with existing medical colleges, and the Centre will recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools over the next three years.
PM Awas Yojana is being increased by 66% from Rs 5000 to more. 79,000 cr, and a capital outlay of Rs. A provision of Rs 2.40 lakh crore has been made for the Railways, the highest-ever outlay. The Urban Infrastructure Development Fund (UIDF) will be established through priority sector lending and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.
DigiLocker will be set up for use by MSMEs, large businesses, and charitable trusts to store and share documents online securely. 100 labs will be set up for 5G services-based application development to realize a new range of opportunities, business models, and employment potential.
500 new ‘waste to wealth’ plants will be established under the GOBARdhan scheme, and the Centre will facilitate one crore farmers to adopt natural farming over the next three years by setting up 10,000 Bio-Input Resource Centres. Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next three years, and 30 Skill India International Centres will be set up across multiple states to skill the youth for international opportunities.
A revised credit guarantee scheme for MSMEs will come into effect from April 1, 2023, and a central processing center will be set up to enable companies to respond faster through centralized handling of various forms filed with field offices under the Companies Act. The maximum deposit limit for the Senior Citizen Savings Scheme will be increased from Rs.15 lakh to Rs.30 lakh.
The Indian economy has shown significant growth in the past nine years with a rise in per capita income, digital payments, EPFO membership, and household toilets. The government has also focused on social welfare schemes such as the PM Kisan Samman Nidhi, PM Jan Dhan bank accounts, and PM Suraksha Bima, and PM Jeevan Jyoti Yojana, which provide insurance coverage to 44.6 crore people.
The government’s seven priorities of inclusive development, infrastructure, green growth, and financial sector are aimed at enhancing the country’s overall growth and development. The budget provides a significant boost to the agricultural sector through the creation of an Agriculture Accelerator Fund and the launching of PM Matsya Sampada Yojana, among other initiatives.
The government is also focused on skilling the youth and promoting research in various sectors, such as millet, pharmaceuticals, and medicine. The aim of these efforts is to transform India into a global hub for various industries and to provide a better life for its citizens.
