In the recent Union Budget 2023-24, funds have been allocated for the Indian Railways, the MSMEs, AI and for other essential sectors of growth. Have a look here!
The Finance Minister of India, Nirmala Sitharaman, presented the Union Budget for the financial year 2023-24 at the Lok Sabha, the last budget before the upcoming Lok Sabha elections in 2024. The budget focused on ‘Saptrishi’ as the FM said or the seven areas for this budget, including 'Inclusive Development', 'Reaching the last mile', ‘Unleashing the Potential’, ‘Infrastructure and Investment’, ‘Green Growth’, ‘Youth Power’ and Financial Sector. Let us check out the major highlighters of the Union Budget 2023-24.
1. National digital libraries for children and adolescents will be set up.
2. 63,000 primary agricultural credit societies are being computerised in Rs. 2,516 crores.
3. Agriculture Accelerator Fund will be created to focus on agriculture-related startups
4. Targeted investment of Rs 6,000 crore in pre-existing Pradhan Mantri Matsya Sampada Yojana for fishermen’s welfare.
'Reaching the last mile'
5. 38,800 teachers and support staff will be appointed for Eklavaya Model Residential Schools.
6. Rs 5,300 crore assistance will be given to the drought-prone region of Karnataka.
7. PM Primitive Vulnerable Tribal Groups Development to be launched.
Infrastructure and Investment
8. 30 Skill India international centres in multiple states to be set up.
9. . 2.40 Lakh crores have been allocated for Railways.
10. 50 additional airports, helipads, water aero drones, and advanced landing grounds will be revived.
11. Initiatives will be taken to convert manholes to "machine hole mode".
12. PM-Pranam will be launched to promote alternative fertilizers.
13. 500 new waste-to-wealth plants to be created under Gobardhan Scheme.
‘Unleashing the Potential’ and ‘Youth Power'
14. 30 Skill India international centres in multiple states
15. New tourist spots to be identified.
16. Stipend has been announced to support 47 lakh young people.
17. The credit guarantee scheme for MSMEs has been revamped with the infusion of Rs. 9,000 crore
18. Under one-time new savings, savings certificates will be provided to women for the next two years
19. Basic custom duty on the Kitchen chimney has been increased while it has been reduced for TV Panels.
20. Relief in customs duty announced on the import of camera lenses and lithium-ion batteries
21. Increase in duties on gold and silver items and on certain cigarettes has been stated.
22. Tax holiday for startups has been extended to 10 years.
23. Income tax rebate limit has been raised to Rs. 7 lakhs.
24. Tax slab revised with the exemption limit raised to Rs. 3 lakhs.