The Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget 2023, the BJP Government’s last full Budget before the 2024 general elections.
Key Highlights of Union Budget 2023:
Agriculture Accelerator Fund to encourage agri-startups. Agricultural credit target to be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries. 157 new Nursing Colleges will be established. Pradhan Mantri Awas Yojana Outlay to be enhanced by 66% to over Rs 79,000 Cr. Pradhan Mantri PVTG (Primitive Vulnerable Tribal Groups) development mission to be launched with a budget of Rs 15,000 cr for 3 years. A mission to be launched to eliminate sickle cell anemia by 2047. National digital library for children and adolescents to be set up. Centre will recruit 38,800 teachers and support staff for 740 Eklavaya Model Residential Schools in the next 3 years. 500 Blocks will be adopted as Aspirational Blocks on the line of Aspirational Districts. Rs 2.4 lakh crore outlay for Railways – 9 times the outlay made in 2013-14. 50 additional airports, helipods, water aero drones, advanced landing grounds will be developed for domestic travel.Support Independent Journalism? Keep us live.
50-year interest free loan to State governments extended for one more year. PM Vishwa Karma Kaushal Samman – package of assistance for traditional artisans and craftspeople. Pradhan Mantri Kaushal Vikas Yojana 4.0 to be launched. Govt to bring National Data Governance policy; 3 Centres of Excellence for Artificial Intelligence will be set up. Phase 3 of E-Courts project will be allotted Rs 7000 crores. 500 labs will be set up in engineering institutions to develop 5G services. Over the next 3 years, 1 crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up. In cases of failure by MSMEs, 95% of the forfeited amount will be returned to them by the Government. States will be encouraged to set a ‘Unity Mall’ in State capital or the most popular tourist destination in the state. Credit guarantee for MSMEs – Rs 9000 crores corpus infusion from 1st April, 2023, which will allow additional collateral-free credit of Rs 2 lakh crores. Direct Benefit Transfer under a pan India national apprenticeship scheme to provide support to 47 lakh youths in 3 years. Govt to select 50 destinations through ‘challenge mode’ to promote tourism. 30 Skill India international centres will be set up. Income Tax Rebate extended on incomes up to to Rs 7 lakhs in the new Tax Regime. Income Tax Exemption limit increased from Rs 2.5 lakh to Rs 3 lakh.
New Tax Slabs: Rs 0-3 lakh–Nil; Rs 3-6 lakh-5%, Rs 6-9 lakh-10%, Rs 9-12 lakh-15%, Rs 12-15 lakh-20%.
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