Live updates from the budget speech February 1, 2023
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on February 1, 2023. Here are the highlights from her speech:
: The finance minister's speech began with 'Hydrogen Mission', 'Free Ration' and the pride of 'Being Indian'. "This is the first budget of Amrit Kaal," she said
: Per capita income is Rs 1.97 lakh; doubled in the last decade
: Self-help groups will be reorganised as large producer organisations
: 11.7 crore toilets, 9.6 crore LPG connections under ujjwala, 47.8 cr Jan dhan bank accounts
: Rs 2.2 lakh crore to over 11.4 crore farmers under PM-KISAN
: PM Vishwakarma Kaushal Vikas Yojna for traditional artisans and handicrafts. The budget will provide them with package of assistance by integrating them with MSME chain, skill training, brand promotion, linkages with markets and digital payments.
: Rs 20 lakh crore fund, agricultural credit for livestock and dairy
: Popularising millets that provide food security and welfare of farmers. These include shridanya jowar, bajra, ramhana, kofo, kutki, seema etc. These have a number of health benefits.
: Digital public infra for agriculture to enable inclusive farmer-centric solutions for crop planning and help improve access to farm inputs, credit and insurance as well as support for growth of agri tech industry and start-ups, among others. An agri accelerator fund will be set up to encourage agri start up to bring innovative and affordable solutions for challenges faced by farmers.
: A mission to eradicate sickle cell anaemia by 2047 will be launched: FM
: Greening the economy is one of top seven priorirites. Green farming, building, mobility, equipment, and policies across the economy, along with creating green jobs, will be implemented to reduce carbon emissions.
: There will be an enhanced focus on the scientific management of dry and wet waste.
: Green credit programme for encouraging behavioural change to incentivise sustainable action by companies, individual and local bodies
: GOBARDHAM Scheme: 500 new waste-to-manure centres for circular economy. Rs 10,000 crore allocated for this
: Jan Vishwas Bill to amend 42 central acts
: “Make artificial intelligence in India and make AI work for India”, centre to be set up in India to develop agriculture, health and education
: Age-appropriate reading materials to be provided to these libraries with collaboration between state and central government.
: Green growth: Rs 20,700 crore to invest in Ladakh for creating 13 lakh megawatt green energy
: 157 new nursing colleges to be established alongside the existing 157 medical colleges established since 2015
: Relief for MSMES: 90% of the bid amount to be returned for companies to cope with COVID-19 impact
: New programme for research & training in pharma sector
: Financial support for poor persons in prison for bail
: Capital investment outlay has increased steeply by 33% to 10 lakh crores. This would be 3.3% of GDP. It is three times the outlay made in 2020.
: Over 3000 crores allotted to drought-prone areas in Karnataka
: Infrastructure and power investment are to be reviewed by an expert committee, which is otherwise funded by public money: Finance Minister
: Urban infrastructures development fund will be set up to create urban infrastructure in tier II and tier III cities
: 66% increase in PM Awas Yojana allocation
: Infrastructure: Capital outlay increased by 33%. Will account for 3.3 % of GDP
: The Railways Ministry receives the highest-ever capital outlay of 2.45 lakh crores, about 9 times the previous allocation
: LIFE and green growth: Green Hydrogen Mission gets the focus for Net-Zero target. India targets to produce 5 MMT of green hydrogen by 2030
: 38,800 teachers and support staff to be appointed in 740 Eklavya Schools for tribal students in next 5 years
: More than 3,400 provisions have been decimalised for ease of doing business
: Green tourism to be promoted through public private partnership model. Value based Cotton clusters to be developed through public private partnership (PPP) more by collaboration of farmers, state and industry input support for extension of market linkages
: Particularly Vulnerable Tribal Groups (PVTG) Development Mission to be launched to saturate PVTG families and habitations with basic facilities like safe housing, clean drinking water, improved access to education and health facilities. Rs 15,000 crore allocated to implement the mission in the next three years
: Amrit Dharohar for wetlands, ecotourism and for community conservation
: Pumped hydro storage projects to get new framework: FM
: Coastal emissions are on the agenda for net zero. FM indicated that emissions will be curbed by public-private partnerships projects
: Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0 to be launched to upskill youth over next 3 years
: Tourism: 50 destinations selected for challenge mode, physical, virtual connectivity l, tourist guides and food kiosks development to boost domestic and foreign tourism.
: There are now 75 Ramsar Sites in India. Government will promote unique conservation solution with local communities at the forefront to enhance biodiversity conservation, ecotourism and income generation
: 10,000 crores allocated toward building 75 compressed biogas plants, among other initiatives to build the biogas sector
: Revamped credit guarantee scheme for MSMEs to be effective from April 1, 2023
: Coastal shipping to be promoted as energy efficient mode of transport
: Mahila Samman Savings certificate to be made available upto March 2025
: Customs duty exemptions for mobile phone productivity in camera lens, battery and other items
: Exempt customs duty on battery manufacturing of lithium-ion cells: FM
: Marine products: FM reduced duty on key inputs for manufacturing of shrimp feed
: Customs duty on seeds of lab-grown diamonds to be reduced to boost indigenous production of lab-grown diamonds
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