New Delhi: Finance Minister Nirmala Sitharaman today presented the Union Budget 2023-24 with a special focus on infrastructure, agriculture and income tax, etc. to benefit the middle class.
10 Major Announcements Union Budget 2023-24
1. Finance Minister Nirmala Sitharaman said that the Indian economy is moving in the right direction
Despite many challenges, the Indian economy is moving in a bright direction. The country’s performance has been good despite the crisis due to extensive reforms and good policies. India has grabbed the world’s attention for its innovative digital public infrastructure, covid vaccination campaign and situational control in border areas.
2. Free Food-grains in Pradhan Mantri Poor Food Welfare Yojana
Government has arranged to provide free food-grains for another year under Pradhan Mantri Poor Food Welfare Yojana. The government will bear the cost of about 2 lakh crore rupees.
3. Per capita income has more than doubled
Since 2014, all citizens are living with better standards and dignity due to the efforts of the government. Per capita income has more than doubled to Rs 1.97 lakh. Within 9 years, the Indian economy has risen from the 10th place to become the 5th largest economy in the world.
4. Union Budget 2023-24 Focuses on 7 Points
Union Budget 2023-24 focuses on 7 points. It will guide us to immortality. These include sustainable development, natural resource-driven growth, youth power and economic empowerment. This budget will be a technology-driven and knowledge-based economy that can be achieved through ‘public participation’.
5. 38,800 teachers and support staff will be recruited in Eklavya model schools
The government will appoint 38,800 teachers and support staff in the next 3 years in 740 Eklavya model schools for tribal students.
6. Prime Minister’s Housing Scheme Expenditure Budget Increased to 79,000 Crores
Finance Minister Nirmala Sitharaman has announced that the expenditure budget for the Prime Minister’s Housing Scheme has been increased by 66% or more than Rs 79,000 crores.
7. 100 labs to be set up in engineering institutes for ‘app’ development
100 new labs will be set up in engineering institutes to prepare ‘apps’ using ‘5G’ services. These labs will work to realize new types of opportunities, business models and potential employers. Apart from this, the app will work in the areas of Smart Classroom, Precision Farming, Intelligent Transport System and Healthcare.
8. Union Budget 2023-24 : Income tax exemption up to Rs 7 lakh
The Finance Minister has announced that income tax will be exempted up to Rs 7 lakh per annum. A new ‘IT Return’ form will be introduced to simplify the filing of returns. Income tax return processing time has also been reduced to 16 days.
9. Provisions for overall growth in agriculture sector
This budget has made some announcements for overall improvement in the agriculture sector as well as providing solutions to various challenges faced by the farmers. An ‘Agricultural Accelerator Fund’ will be created for agricultural start-ups. The ‘agricultural credit target’ will be increased to Rs 20 lakh crore with focus on animal husbandry, dairy products and fisheries. 6,000 crores will be invested through new sub-schemes for fishermen and fish sellers.
10. Health Education and Nursing Skills
From 2014, 157 medical colleges will be established along with 157 nursing colleges. ICMR labs will be available for research by government and private medical college teachers.