Union Budget 2023-2024 English PDF 1

Union
Budget
Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 1

Union
Budget
This PAID PDF is provided by AffairsCloud’s dedicated team that works
diligently to provide aspirants with high-quality content. We recommend
you to purchase this PDF subscription and seize the opportunity to learn
efficiently.
Help Us to Grow & Provide Quality Service
Suggestions & Feedback are welcomed

Support@affairscloud.com

Union
Budget

Union
Budget
UNION BUDGET 2023-24
Table of Contents
UNION BUDGET 2023-24 .................................................................................................................................................. 5
PART A ............................................................................................................................................................................... 8
PART B ............................................................................................................................................................................. 20

Union
Budget
UNION BUDGET 2023-24
93rd Union Budget 2023-24: Adopted 7 Priorities to Guide the Nation Towards Amrit Kaal
The Union Budget 2023-24 was framed as per the foundation laid in the Budget 2022-23, and the
blueprint is drawn for India@100.
Being the first Budget in Amrit Kaal and India’s 3rd paperless budget, it replaced the traditional ‘Bahi-
Khata’ with a Made-in-India tablet wrapped in a red-coloured cover with a national emblem
emblazoned on it.
On February 1, 2023, the Budget session was held in Parliament under the chairmanship of Lok Sabha
Speaker Om Birla, in which the Union Finance Minister (FM) Nirmala Sitharaman presented the 93rd
Union Budget of India for 2023-2024.
It was the 5th and last full budget of the Narendra Modi-led National Democratic Alliance (NDA)
government’s second term (before the 2024 general elections). This was also the 5th Budget
presentation of Nirmala Sitharaman since 2019.
India’s Fiscal Position:
i.In the 75th year of India’s Independence, the world recognised the Indian economy as a ‘bright star’.
ii.Growth: The economic growth of India in FY23 is estimated to be at 7% and the growth in FY24 is
projected to be at 6 to 6.8%.
iii.Fiscal Deficit: The fiscal deficit in Budget 2023-24 is projected to be 5.9% of GDP (Gross Domestic
Product) against the 6.4 % in the Revised Estimates (RE) for 2022-23.
iv.Tax Revenue:
• Gross Tax Revenue is projected to grow at 10.4% in Budgeted estimates (BE) 2023-24 over RE
2022-23.
• Both, the Direct and Indirect Tax receipts are individually estimated to grow at 10.5% and 10.4
%, respectively.
• In BE 2023-24, the Tax Revenue (Net to Centre) is projected at Rs 23.31 lakh crore, which is
around 11.7 % more than Rs 20.87 lakh crore of RE 2022-23.
• In BE 2023-24, the NTR (Non-Tax Revenue) is estimated to contribute 11.5 % of the Revenue
Receipt and is projected to be at Rs 3.02 lakh crore.
v.Non-Debt Capital Receipts: It was estimated at Rs 84,000 crore in BE 2023-24 compared to Rs

83,500 crore of RE 2022-23.
vi.Total expenditure: Total expenditure of the Centre in BE 2023-24 is estimated at about Rs 45.03
lakh crore, an increase of 7.5 % over RE 2022-23.
vii.Interest Payments: In BE 2023-24, interest payments are estimated, based on the prevailing
interest rate for different securities, at Rs 10.80 lakh crore which is 30.8% of the total revenue
expenditure and 41.0 % of the Revenue Receipts of the Centre.
viii.Borrowing from NSSF: For financing the Fiscal Deficit in BE 2023-24, borrowing from National
Small Savings Fund (NSSF) is estimated at about Rs 4.71 lakh crore, whereas, those from external
sources and State Provident Funds are estimated at Rs 22,118 crore and Rs 20,000 crore, respectively.
Union
Budget
ix.Public Dept: Total public debt, including external debt at the book value of the Centre is estimated
at Rs 152.54 lakh crore in BE 2023-24 against Rs 135.91 lakh crore in RE 2022-23.
x.Debt to GDP Ratio: If the external debt is valued at the current exchange rate, the public debt to
GDP ratio is estimated at 51.3 % in BE 2023-24.
xi.Capex-FD ratio:
• The ratio of capital expenditure to Fiscal Deficit (Capex-FD) is estimated at 56.0% in BE 2023-
24 as compared to 41.5 % in RE 2022-23.
• The ratio measures the extent of borrowed resources used for financing the capital
expenditure of the government (govt).
Vision for Amrit Kaal – an empowered and inclusive economy:
Jan Bhagidari through Sabka Saath Sabka Prayas became essential to achieve the objective of
technology-driven and knowledge-based economy with strong public finances, and a robust financial
sector.
i.About Amrit Kaal
• The term Amrit (in Sanskrit) refers to an elixir that grants immortality and Kaal means a time
period.
• Amrit kaal has been considered the best time period to start something new.
• On 15 August 2021, on the event of the 75th year of Independence, Prime Minister Narendra
Modi used the term Amrit Kaal for the first time. He also laid out a roadmap for India for the
next 25 years, the Amrit Kaal.
ii.Focus area under Amrit Kaal:
• Facilitating ample opportunities for citizens, especially the youth to fulfil their aspirations
• Providing strong impetus to growth and job creation
• Strengthening macro-economic stability
Budgetary Allocations for Specific Ministries:
Name of Ministries Budgetary Allocation (in Rs

crore)
Defence (Highest allocation in 2023-24) 5.94
Road Transport and Highways 2.70
Railways 2.41
Consumer Affairs, Food and Public Distribution 2.06
Home Affairs 1.96
Chemicals and Fertilisers 1.78
Rural Development 1.60

Union
Budget
Agriculture and Farmers' Welfare 1.25
Faster Adoption and Manufacturing of Hybrid and Electric Vehicles 1.23

Communications
Budgetary Allocations to Major Schemes:
Name of Scheme BE 2022-23 BE 2023-24

(in Rs (in Rs
crore) crore)
Development of Pharmaceutical Industry 100 1250
Jal Jeevan Mission (JJM) 60,000 70,000
Eklavya Model Residential School 2,000 5,943
Pradhan Mantri Awas Yojana (PMAY) 48,000 79,590
Faster Adoption and Manufacturing of Hybrid and Electric Vehicles 2,908 5172
(FAME)
North East Special Infrastructure Development 1,419 2,491
Division of budget:
The budget is divided into two parts viz. Part-A & Part-B.
• Part-A: Consisting of 7 priorities to act as the ‘Saptarishi’ guiding through the Amrit Kaal.
• Part-B: Related to the Tax Proposals.
Part-A: 7 priorities Part-B
Inclusive Development
Reaching the Last Mile
Infrastructure and Investment Direct Tax Proposals
Unleashing the Potential Indirect Tax Proposals
Green Growth
Youth Power
Financial Sector

Union
Budget
PART A
‘Saptarishi’ - 7 priorities of Budget 2023-24
Priority 1: Inclusive Development
a.Agriculture:
i.Digital public infrastructure for Agriculture:
• Digital public infrastructure was planned to be built for agriculture as an open source, open
standard, and interoperable public good.
• Purpose: To enable inclusive, farmer-centric solutions through relevant information services
for crop planning and health, improved access to farm inputs, credit, and insurance, and
support for the growth of the agriculture-technology (agri-tech) industry and start-ups.
ii.Agriculture Accelerator Fund: An Agriculture Accelerator Fund will be set up to encourage agri
startups by young entrepreneurs in rural areas to bring innovative modern technologies and
affordable solutions.
iii.Enhancing productivity of cotton crop: To improve the productivity of extra-long staple cotton,
govt has adopted a cluster-based and value chain approach through Public Private Partnerships (PPP),
under which collaboration will be held between farmers, state and industry for input supplies,
extension services, and market linkages.
iv.Atmanirbhar Horticulture Clean Plant Program: At an outlay of Rs 2,200 crore, Atmanirbhar

Clean Plant Program was launched to boost the availability of disease-free, quality planting material
for high-value horticultural crops.
v.Global Hub for Millets: ‘Shree Anna’
• India was the largest producer and second largest exporter of Milletes (‘Shree Anna’) in the
world. Several types of 'Shree Anna' such as jowar, ragi, bajra, kuttu, ramdana, kangni, kutki,
kodo, cheena, and sama are being grown in India.
• To make India a global hub for 'Shree Anna', the Indian Institute of Millet Research, Hyderabad,
Telangana was promoted as the Centre of Excellence for sharing best practices, research and
technologies at the international level.
vi.Agriculture Credit: The agriculture credit target for FY24 is increased to Rs 20 lakh crore from Rs
18 lakh crore for FY23 with a focus on animal husbandry, dairy and fisheries.
vii.Fisheries: A new sub-scheme called the PM Matsya Sampada Yojana was launched with a targeted
investment of Rs 6,000 crore to further enable activities of fishermen, fish vendors and micro & small
enterprises in the sector, as well as improve value-chain efficiencies and expand the market.
b.Cooperation:
i.Backdrop:
• A new Ministry of Cooperation was formed to realise the vision of ‘Sahakar Se Samriddhi’.
• The govt has already initiated computerisation of 63,000 Primary Agricultural Credit Societies
(PACS) with an investment of Rs 2,516 crore.

Union
• Model bye-laws were formulated Budget
for PACS in consultation with all stakeholders and states,
enabling them to become multipurpose PACS.
• A national cooperative database is being prepared for country-wide mapping of cooperative
societies.
ii.With these initiatives undertaken, the govt has planned to set up a massive decentralised storage
capacity for the farmers to store their produce and realize remunerative prices through sales at
appropriate times.
iii.The govt also intends to support in setting up of a large number of multipurpose cooperative
societies, primary fishery societies and dairy cooperative societies in uncovered panchayats and
villages in the next 5 years.
c.Health, Education and Skilling
i.Nursing Colleges: 157 new nursing colleges were set to be established in co-location with the
existing 157 medical colleges that are established since 2014.
ii.Sickle Cell Anaemia Elimination Mission:
• A Mission to eliminate Sickle Cell Anaemia by 2047 was planned to be launched.

• It will include awareness creation, universal screening of 7 crore people in the age group of 0-
40 years in affected tribal areas, and counselling through collaborative efforts of central
ministries and state governments.
iii.Medical Research: To encourage collaborative research and innovation, facilities in select ICMR
(Indian Council of Medical Research) Labs were to be made available for research by public and
private medical college faculty and private sector teams.
iv.Pharma Innovation: FM stated that a new programme in pharmaceuticals will be taken up

through centers of excellence to promote research and innovation.
v.Multidisciplinary courses for medical devices: Dedicated multidisciplinary courses for medical
devices will be supported in existing institutions to ensure the availability of skilled manpower for
futuristic medical technologies, high-end manufacturing and research.
vi.Teachers’ Training:
• Planned to re-envision Teachers’ training through innovative pedagogy, curriculum

transaction, continuous professional development, dipstick surveys, and ICT (Information and
Communication Technology) implementation.
• The District Institutes of Education and Training are to be developed as vibrant institutes of
excellence for this purpose.
vii.National Digital Library for Children and Adolescents:
• A National Digital Library for children and adolescents was to be set up for facilitating the
availability of quality books across geographies, languages, genres and levels, and device-
agnostic accessibility.
• To build a culture of reading, and to make up for pandemic-time learning loss, the National
Book Trust, Children’s Book Trust and other sources will be encouraged to provide and
replenish noncurricular titles in regional languages and English to those physical libraries.

Union
Priority 2: Reaching the Last Mile Budget
Ministry of Tribal Affairs and the Department of Development of North-Eastern Region were formed
by former PM Vajpayee’s govt to fulfil the objective of ‘reaching the last mile’.
To focus more on the objective, the PM Narendra Modi’s Govt formed the ministries of AYUSH,
Fisheries, Animal Husbandry and Dairying, Skill Development, Jal Shakti and Cooperation.
i.Aspirational Districts and Blocks Programme:
Aspirational Blocks Programme (ABP) was announced in the Union Budget 2022-23 and it has been
launched during the 2nd National Conference of Chief Secretaries, held from 5 to 7 January, 2022.
Background:
• Aspirational Districts Programme (ADP) was launched by PM Narendra Modi in January 2018,
to transform the 112 most under-developed districts across the country.
• Around 95 percent of those 112 districts have surpassed the state average values and have
made significant progress in key sectors. However, in those districts, some blocks continued to
lag, hence in 2022-23 those blocks in districts were focused through the ABP.
• ABP initially covered 500 Blocks for saturation of essential govt services across multiple
domains such as health, nutrition, education, agriculture, water resources, financial inclusion,
skill development, and basic infrastructure.
ii.Pradhan Mantri PVTG Development Mission:
• PM Particularly Vulnerable Tribal Groups (PVTGs) Development Mission was launched to

improve the socio-economic conditions of the PVTGs.
• This mission will saturate PVTG families and habitations with basic facilities such as safe
housing, clean drinking water and sanitation, improved access to education, health and
nutrition, road and telecom connectivity, and sustainable livelihood opportunities.
• Rs 15,000 crore was allocated to implement the Mission in the next 3 years under the
Development Action Plan for the Scheduled Tribes.
iii.Eklavya Model Residential Schools (EMRS)
In the next 3 years (i.e., within FY26), Govt plans to recruit 38,800 teachers and support staff for the
740 Eklavya Model Residential Schools (EMRS), serving 3.5 lakh tribal students.
Background:
• EMRS was started in 1997-98 to impart quality education to Scheduled Tribe (ST) children in
remote areas to enable them to avail of opportunities in high and professional education
courses and get employment in various sectors.
• Grants were given for the construction of schools and recurring expenses to the State Govts
under Grants under Article 275 (1) of the Constitution.
• From 2022, it has been decided that every block with more than 50% ST population and at
least 20,000 tribal persons, were need to have an EMRS. (EMRS will be on par with Navodaya
Vidyalaya)
iv.Water for Drought Prone Region: Union Budget announced central assistance of Rs 5,300 crore
under the Upper Bhadra Project for the drought-prone central region of Karnataka to provide
sustainable micro irrigation and filling up of surface tanks for drinking water.

Union
v.Housing for All: Budget
• The outlay for PM Awas Yojana is being enhanced by 66% to over Rs 79,000 crore.
• Note: In 2022-23 an allocation of Rs.48,000 crore was announced for the completion of 80 lakh
houses of eligible beneficiaries of PM Awas Yojana, both Rural and Urban.
vi.‘Bharat SHRI’: Bharat Shared Repository of Inscriptions (Bharat SHRI) was to be set up in a digital
epigraphy museum, with the digitization of 1 lakh ancient inscriptions in the first stage.
vii.Support for poor prisoners: The Govt has planned to provide the required financial support for
poor persons who are in prisons and unable to afford the penalty or the bail amount.
Priority 3: Infrastructure & Investment
i.Capital Investment: The Union Budget increased the Capital investment outlay for the third year in
a row by 33% to Rs 10 lakh crore or 3.3% of GDP in FY24. The budgeted Capital investment was
almost 3 times the outlay in FY20.
ii.Effective Capital Expenditure: The ‘Effective Capital Expenditure’ of the Centre is budgeted at Rs
13.7 lakh crore, which would be 4.5% of GDP
iii.Support to State Governments for Capital Investment:
• With an enhanced outlay of Rs 1.3 lakh crore, the union govt has decided to continue the 50-
year interest-free loan to state governments for 1 more year to urge for investment in
infrastructure and to incentivize them for complementary policy actions.
• The entire 50-year loan to states has to be spent on capital expenditure within 2023-24.
iv.Private investment in Infrastructure: The newly formed Infrastructure Finance Secretariat will
assist all stakeholders with more private investment in infrastructure that is predominantly
dependent on public resources such as railways, roads, urban infrastructure and power.
v.Railways: Indian Railways received a capital outlay of Rs 2.40 lakh crore. This is the highest-ever
outlay since FY14 and it is 9 times the outlay made in FY14.
vi.Logistics:
• The govt has also identified 100 critical transport infrastructure projects for last and first-mile
connectivity for ports, coal, steel, fertilizer, and food grains sectors.
• Those projects will be taken up on a priority basis with an investment of Rs 75,000 crore, out
of which Rs 15,000 crore will be from private sources.
vii.Harmonized Master List of Infrastructure: The govt will also form an expert committee to
review the Harmonized Master List of Infrastructure. Notably, they will recommend the classification
and financing framework suitable for Amrit Kaal.
viii.Regional Connectivity:
• The FM has announced the plan to revive 50 additional airports, heliports, water aerodromes,
and advanced landing grounds for improving regional air connectivity.
• Coastal shipping will also be promoted through the PPP model.
ix.Sustainable Cities of Tomorrow: States and cities are encouraged to make efficient use enhanced
availability and affordability of urban land to transform the cities into ‘sustainable cities of tomorrow’.

Union
Budget
x.Urban Infrastructure Development Fund:
• The govt plans to set up an Urban Infrastructure Development Fund (UIDF), which will be
managed by the National Housing Bank and can be used by public agencies to create urban
infrastructure in tier-II and tier-III cities.
• Govt will also provide incentives to urban civic bodies to improve their finances and
creditworthiness and help them raise funds through municipal bonds.
• The govt is expected to make available 100 billion Indian rupees ($1.22 billion) for setting up
UIDF.
Note - As per the Reserve Bank of India’s (RBI) report on Municipal finances, 9 municipal corporations
raised around Rs 3,840 crore through municipal bonds during 2017-21.
xi.Urban Sanitation: All cities and towns will be enabled for 100% mechanical desludging of septic
tanks and sewers to transition from manhole to machine-hole mode.
Priority 4: Unleashing the Potential
i.Mission Karmayogi:
• The govt has launched an integrated online training platform, iGOT Karmayogi, (Under
Mission Karmayogi) to provide continuous learning opportunities for lakhs of govt employees
to upgrade their skills.
• Mission Karmayogi is the National Programme for Civil Services Capacity Building (NPCSCB),
launched on 2nd September 2020 for capacity building of Indian civil servants and enhancing
governance.
ii.For furthering trust-based governance, the govt has introduced the Jan Vishwas Bill to amend 42
Central Acts.
• The amendment was to “decriminalize” 183 offences across 42 legislations and enhance the
ease of living and doing business in India.
• Some Acts that are amended by the Bill include the Indian Post Office Act, 1898, the
Environment (Protection) Act, 1986, the Public Liability Insurance Act, 1991, and the
Information Technology Act, 2000.
• More than 39,000 compliances have been reduced and more than 3,400 legal provisions have
been decriminalized.
iii.Centres of Excellence for Artificial Intelligence: 3 centres of excellence for Artificial Intelligence
(AI) will be set up by govt in top educational institutions for realizing the vision of “Make AI in India
and Make AI work for India”. This will pave way for an effective AI ecosystem and nurture quality
human resources in the AI field.
iv.National Data Governance Policy: A National Data Governance Policy will be brought out to
unleash innovation and research by start-ups and academia. This will enable access to anonymized
data.
v.Simplification of KYC process: The govt proposed to simplify the Know Your Customer (KYC)
procedure by adopting a 'risk-based' rather than the 'one size fits all' approach which is currently in
practice.

Union
Budget
vi.One stop solution for identity and address updating: Govt has proposed to introduce a 'one-stop
solution' for updating the identity and address of individuals maintained by various govt agencies,
regulators and regulated entities through the DigiLocker service and Aadhaar as foundational identity.
vii.PAN as Common Business Identifier: Permanent Account Number (PAN) will be used as the
common identifier for all digital systems of specified govt agencies and it will be facilitated through a
legal mandate.
viii.Unified Filing Process: To overcome the separate submission of the same information to
different govt agencies, a system of ‘Unified Filing Process’ was planned to be set up. Such filing of
information or return in simplified forms on a common portal will be shared with other agencies as
per the filer’s choice.
ix.“Vivad se Vishwas-I” Reliefs for MSMEs:
A scheme named “Vivad se Vishwas-I” was launched to provide relief to MSMEs (Micro, Small &
Medium Enterprises). Under the scheme, govt have decided to return the 95% of the forfeited amount
relating to bid or performance to MSMEs in cases of failure by them to execute contracts during the
COVID-19 period (i.e., between 19.02.2020 and 31.03.2022).
Reliefs for MSMEs:
• 95% of the performance security forfeited from such firms shall be refunded.
• 95% of the Bid security (Earnest Money Deposit), if any, forfeited from MSME firms in tenders
opened between 19.02.2020 and 31.03.2022 shall be refunded.
• 95% of the Liquidated Damages (LD) deducted from such firms shall also be refunded. LD so
refunded shall not exceed 95% of the performance security stipulated in the contract.
• In case any firm has been debarred only due to default in the execution of such contracts, such
debarment shall also be revoked, by issuing an appropriate order by the procuring entity.
x.Vivad se Vishwas II – Settling Contractual Disputes:
• The FM also mentioned the launch of a voluntary settlement scheme ‘Vivad se Vishwas II’ to
settle contractual disputes of govt and govt undertakings, wherein the arbitral award is under
challenge in a court.
• The settlement will be done by offering graded settlement terms as per the dispute’s pendency
level.
xi.State Support Mission: The State Support Mission of NITI Aayog will be continued for 3 years for
collective efforts towards national priorities.
xii.Result-Based Financing (RBF):
• To better allocate scarce resources, the financing of certain schemes was planned to be
changed from ‘input-based’ to ‘result-based’.
• Under RBF, a participating individual or institution is rewarded after agreed-upon results are
achieved and verified. For example, cash transfers or other incentives will be given to the
children or their parents to enrol them on school education, or to teachers for regular
attendance.
• Some schemes across education and health sectors could be tested for RBF on a pilot basis
before it is scaled up to better allocation.

Union
Budget
xiii.E-Courts: For efficient administration of justice, Phase-3 of the E-Courts project will be launched
with an outlay of Rs 7,000 crore.
xiv.Fintech Services-Entity DigiLocker:
• To enable more Fintech innovative services, the scope of documents available in DigiLocker for
individuals will be expanded.
• An Entity DigiLocker was planned to be set up for use by MSMEs, large businesses and
charitable trusts for storing and sharing documents online securely, whenever needed, with
various authorities, regulators, banks and other business entities.
Note - Fintech services in India have been facilitated by digital public infrastructure including
Aadhaar, PM Jan Dhan Yojana, Video KYC, India Stack and UPI.
xv.5G Services: The FM stated about setting up 100 labs in engineering institutions for developing
applications using 5G services. The labs will cover, applications such as smart classrooms, precision
farming, intelligent transport systems, and health care.
xvi.Lab Grown Diamonds (LGD):
• India is a global leader in cutting and polishing natural diamonds, contributing about three-
fourths of the global turnover by value.
• With the depletion in deposits of natural diamonds, the industry is moving towards LGDs.
• To use this opportunity, the Budget proposed to nullify the Basic Customs Duty (BCD) on seeds
used in the manufacturing of LGDs from the current 5%.
• A research and development grant will be provided to one of the IITs (Indian Institute of
Technologies) for 5 years to encourage indigenous production of LGD seeds and machines and
to reduce import dependency.
• These environment-friendly LGDs have optically and chemically the same properties as natural
diamonds.
Priority 5: Green Growth
India is moving forward for the ‘panchamrit’ and net-zero carbon emission by 2070.
i.Green Hydrogen Mission:
• The National Green Hydrogen Mission which was approved in January 2023 with an initial
outlay of Rs 19,700 crores, will facilitate the transition of the economy to low carbon intensity,
and reduce dependence on fossil fuel imports.
• Target was set to reach an annual production of 5 MMT by 2030.
ii.Energy Transition: Under the budget, Rs 35,000 crore was allocated for priority capital
investments towards energy transition and net zero objectives, and energy security by the Ministry of
Petroleum & Natural Gas.
iii.Energy Storage Projects: Battery Energy Storage Systems with a capacity of 4,000 MWH would be
supported with Viability Gap Funding to steer the economy on the sustainable development path.
iv.Renewable Energy Evacuation in Ladakh: An announcement was made regarding the inter-state
transmission system for evacuation and grid integration of 13 GW of renewable energy from Ladakh.
The project will be constructed with an investment of Rs 20,700 crores including central support of Rs
8,300 crore.

Union
Budget
v.Green Credit Programme: A Green Credit Programme was notified under the Environment
(Protection) Act to incentivize environmentally sustainable and responsive actions by companies,
individuals and local bodies.
vi.PM-PRANAM: “PM Programme for Restoration, Awareness, Nourishment and Amelioration of

Mother Earth (PM-PRANAM)” would be launched to incentivize States and Union Territories to
promote alternative fertilizers and balanced use of chemical fertilizers.
vii.GOBARdhan scheme:
• 500 new ‘waste to wealth’ plants under the GOBARdhan (Galvanizing Organic Bio-Agro
Resources Dhan) scheme were planned to be established at a total investment of Rs 10,000
crore. It includes 200 compressed biogas (CBG) plants (including 75 plants in urban areas), and
300 community or cluster-based plants.
• A 5% CBG mandate will be introduced in due course for all organizations marketing natural
and bio gas.
viii.Bhartiya Prakritik Kheti Bio-Input Resource Centres:
• Announcement was made to establish 10,000 Bhartiya Prakritik Kheti Bio-Input Resource
Centres to support 1 crore farmers to adopt natural farming within the next 3 years.
• The resource centres will create a national-level distributed micro-fertilizer and pesticide
manufacturing network.
ix.MISHTI: The govt announced a new scheme ‘Mangrove Initiative for Shoreline Habitats & Tangible
Incomes’ (MISHTI) for mangrove plantation along the coastline and on salt pan lands, wherever
feasible, through convergence between MGNREGS (Mahatma Gandhi National Rural Employment
Guarantee Scheme), CAMPA (Compensatory Afforestation Fund Management and Planning Authority)
Fund and other sources.
x.Amrit Dharohar:
• A new scheme named ‘Amrit Dharohar’ was announced by the govt, to encourage optimal use
of wetlands, and enhance bio-diversity, carbon stock, eco-tourism opportunities and income
generation for local communities. The scheme will be implemented over the next 3 years
• Note - The total number of Ramsar sites in our country has increased to 75. Whereas, before
2014, there were only 26.
xi.Coastal Shipping: It will be promoted as the energy-efficient and lower-cost mode of transport,
both for passengers and freight, through PPP mode with viability gap funding.
xii.Vehicle Replacement: Fund was allocated to scrap old vehicles of the Central govt, and States will
also be supported in replacing old vehicles and ambulances.
Priority 6: Youth Power
To help the 'Amrit Peedhi' (the youth) realize their dreams, the FM stressed the already-formulated
National Education Policy, which focused on 'skilling, adopted economic policies that facilitate job
creation at scale, and supported business opportunities'.

Union
Budget
i.Pradhan Mantri Kaushal Vikas Yojana 4.0:
• The FM announced the launch of Pradhan Mantri Kaushal Vikas Yojana 4.0, which aims to
skill lakhs of youth within the next 3 years.
• The scheme will emphasize On-job training, industry partnership, and alignment of courses
with the needs of the industry. It also includes new-age courses like coding, AI, robotics,
mechatronics, IOT, 3D printing, drones, and soft skills.
ii.Skill India Digital Platform:
• A unified Skill India Digital platform was launched to expand the digital ecosystem for: enabling
demand-based formal skilling, linking with employers including MSMEs, and facilitating access
to entrepreneurship schemes.
• Besides, to skill the youth for international opportunities, 30 Skill India International Centres
will be set up across different States.
iii.National Apprenticeship Promotion Scheme: To provide stipend support to 47 lakh youth in 3

years, Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme would be
rolled out.
iv.Tourism: 50 destinations will be developed as a ‘complete package of tourism’. Information on

physical connectivity, virtual connectivity, tourist guides, food streets and tourist security and other
relevant aspects of the visitor experience for those 50 destinations would be made available through
an app.
v.Unity Mall: States were encouraged to set up a Unity Mall in their state capital or most prominent
tourism centre or the financial capital for promotion and sale of their own ODOPs (one district, one
product), GI products and other handicraft products, and for providing space for such products of all
other states.
Priority 7: Financial Sector
i.Credit Guarantee for MSMEs:
• In FY23, revamping the credit guarantee scheme for MSMEs was proposed by the FM.
• The revamped scheme will take effect from 1st April 2023 through the infusion of Rs 9,000
crore in the corpus. This will enable additional collateral-free guaranteed credit of Rs 2 lakh
crore. The cost of the credit would be reduced by about 1%.
ii.National Financial Information Registry:
• A national financial information registry was planned to be set up to serve as the central
repository of financial and ancillary information.
• This will facilitate the efficient flow of credit, promote financial inclusion, and foster financial
stability.
• A new legislative framework would govern the credit public infrastructure, and it would be
designed in consultation with the RBI.
iii.GIFT IFSC
The following measures were taken to enhance business activities in GIFT (Gujarat International
Finance Tec) IFSC (International Financial Services Centre):

Union
•
Budget
Delegating powers under the Special Economic Zone (SEZ) Act to IFSCA to avoid dual
regulation,
• Setting up a single window IT system for registration and approval from IFSCA, SEZ
authorities, GSTN (Goods and Services tax Network), RBI, SEBI (Securities and Exchange Board
of India) and IRDAI (Insurance Regulatory & Development Authority of India),
• Permitting acquisition financing by IFSC Banking Units of foreign banks,
• Establishing a subsidiary of EXIM Bank for trade re-financing,
• Amending IFSCA Act for statutory provisions for arbitration, ancillary services, and avoiding
dual regulation under SEZ Act, and
• Recognizing offshore derivative instruments as valid contracts.
iv.Investor Protection in Banking Sector: Certain amendments are proposed to the Banking
Regulation Act, the Banking Companies Act and the Reserve Bank of India Act to improve bank
governance and enhance investors’ protection.
v.IT portal for Reclaiming of shares and dividends: An integrated IT portal will be established for
investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and
Protection Fund Authority.
vi.Digital Payments: In 2022 Digital payments were increased by 76 % in transactions and 91

percent in value.
vii.Senior Citizens:
• The maximum deposit limit for Senior Citizen Savings Scheme has enhanced from Rs 15 lakh to
Rs 30 lakh.
• The maximum deposit limit for Monthly Income Account Scheme also enhanced from Rs 4.5
lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for joint account.
viii.Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra
• The FM proposed to introduce an investment scheme for Women investors. For

commemorating Azadi Ka Amrit Mahotsav, a 1-time new small saving scheme Mahila Samman
Savings certificate (MSSC), which would be available for a 2-year period up to March 2025.
• This will offer a deposit facility of up to Rs 2 lakh in the name of women or girls for a tenor of 2
years at a fixed interest rate of 7.5% with a partial withdrawal option.
Fiscal Management:
RE 2022-23 BE 2023-24
Item (in Rs crore) (in Rs crore)
Total Receipts 41,87,232 45,03,097
Revenue Receipts 23,48,413 26,32,281
Capital Receipts 18,38,819 18,70,816
Total Expenditure 41,87,232 45,03,097
Capital Expenditure 7,28,274 10,00,961
Effective Capital Expenditure 10,53,862 13,70,949

Union
Budget
Fiscal Deficit (as % of GDP) 17,55,319 17,86,816
(6.4 %) (5.9%)
Revenue Deficit (as % of 11,0,546 8,69,855

GDP) (4.1%) (2.9%)
Effective Revenue Deficit 7,84,958 4,99,867

(2.9%) (1.7%)
Primary Deficit (as % of GDP) 8,14,668 7,06,845

(3.0%) (2.3%)
**BE means Budgeted Estimates and RE states Revised Estimates.
Note - FM reiterated the govt’s intention to bring the fiscal deficit below 4.5% of GDP by 2025-26.
• As per the First Advance Estimates of FY23, Nominal GDP for BE 2023-2024 has been projected
at Rs 3,01,75,065 crore assuming 10.5 % growth over the estimated Nominal GDP of Rs
2,73,07,751 crore.
• To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are
estimated at Rs 11.8 lakh crore. The balance financing is expected to come from small savings
and other sources. The gross market borrowings are estimated at Rs 15.4 lakh crore.
• Fiscal Deficit of States: States would be allowed a fiscal deficit of 3.5% of GSDP (Gross State
Domestic Product) of which 0.5% will be tied to power sector reforms.
• Revised Estimates of Expenditure for 2022-2023 show an increase of Rs 2,42,323 crore over
the BE 2022-2023.
• Growth in BE 2023- 24 over RE 2022-23 is 10% excluding prior year adjustments.
Achievements since 2014:
• In the 9 years, the Indian economy has increased in size from being 10th to 5th largest in the
world.
• The per capita income has more than doubled to Rs 1.97 lakh.
Efficient implementation of many schemes since 2014:
Scheme Implementation
Swachh Bharat Mission 11.7 crore household toilets
Ujjawala 9.6 crore LPG connections
COVID Vaccination 220 crore Covid vaccination of 102 crore persons

Union
Budget
PM Jan Dhan bank accounts 47.8 crore
PM Suraksha Bima and PM Jeevan Jyoti Insurance cover for 44.6 crore persons
Yojana
PM Kisan Samman Nidhi Cash transfer of Rs 2.2 lakh crore to over 11.4 crore
farmers
PMGKAY: To ensure food and nutritional security a scheme to supply free food grain to all Antyodaya
and priority households for the year 2023 under PM Garib Kalyan Anna Yojana (PMGKAY) was started
from 1st January 2023.
• The entire expenditure Rs 2 lakh crore will be borne by the Central Govt.
Success of Deendayal Antyodaya Yojana National Rural Livelihood Mission:
• So far, 81 lakh Self Help Groups (SHGs) were formed by rural women under the Deendayal
mission.
• The next stage objective was to transform those SHGs into large producer enterprises by
supplying raw materials for better design, quality, branding and marketing of their products.
PM-VIKAS package for artisans and craftspeople:
• A new scheme PM VIshwakarma KAushal Samman (PM VIKAS) was formed to provide
integrated solutions to artisans and craftspersons, from financial support to digital training.
• The traditional artisans and craftspeople are generally referred to as Vishwakarma. For the
first time, a package of financial assistance was announced for them under PM VIKAS.
• Along with the financial support, PM-VIKAS would enable them to improve the quality, scale
and reach of their products, integrating them with the MSME value chain.
• PM VIKAS would benefit the Scheduled Castes, Scheduled Tribes, OBCs (Other Backward
Classes), women and people belonging to the weaker sections.
Tourism Promotion in Mission Mode: As the tourism sector holds huge opportunities for jobs and
entrepreneurship, the finance minister announced the promotion of tourism to be taken up on
mission mode, with active participation of states, convergence of govt programmes and public-private
partnerships.

Union
Budget
PART B
Indirect Tax Proposals
i.Green Mobility:
• The govt reduced taxes on compressed bio gas that is blended with CNG. This could in-turn
reduce the overall cost of CNG.
• Customs duty exemption is being extended to the import of capital goods and machinery
required for the manufacture of lithium-ion cells for batteries used in electric vehicles.
ii.Electronics:
• Mobile phone production in India has increased from 5.8 crore units valued at about Rs 18,900
crore in 2014-15 to 31 crore units valued at over Rs 2,75,000 crore in FY23.
• To further deepen domestic value addition in the manufacture of mobile phones, relief in
customs duty on the import of certain parts and inputs like camera lens and continue the
concessional duty on lithium-ion cells for batteries for another year.
iii.Electrics:
• To promote value addition in the manufacture of televisions, the BCD on parts of open cells of
TV panels is proposed to reduce to 2.5%.
• The BCD on electric kitchen chimneys is being increased from 7.5% to 15% and that on heat
coils for these is proposed to be reduced from 20% to 15%
iv.Chemicals and Petrochemicals:
• BCD on Denatured ethyl alcohol, which is used in the chemical industry is exempt. This will
also support the Ethanol Blending Programme and facilitate our endeavour for energy
transition.
• BCD on acid grade fluorspar was reduced from 5% to 2.5% to make the domestic
fluorochemicals industry competitive. Further, the BCD on crude glycerin for use in the
manufacture of epichlorohydrin is proposed to be reduced from 7.5% to 2.5%.
v.Marine products:
• In FY23 marine products recorded the highest export growth benefitting farmers in the coastal
states of the country.
• To further enhance the export competitiveness of marine products, particularly shrimps, duty
is being reduced on key inputs for domestic manufacture of shrimp feed.
vi.Precious Metals:
• The FM proposed to increase the BCD on articles made from dore and bars of gold and
platinum bars to enhance the duty differential.
• Silver: The import duty on silver dore, bars and articles also increased from about 10.75% to
15% to align them with that duty on gold and platinum.

Union
vii.Metals: Budget
• The exemption from BCD on raw materials for the manufacture of CRGO (Cold Rolled Grain
Oriented) Steel, ferrous scrap and nickel cathode is being continued to promote the availability
of raw materials for the steel sector.
• The concessional BCD of 2.5% on copper scrap is also being continued to ensure the
availability of raw materials for secondary copper producers who are mainly in the MSME
sector.
viii.Compounded Rubber: BCD rate on compounded rubber was increased from 10% to ‘25% or Rs.
30/kg whichever is lower’, to make it par with that on natural rubber other than latex, to curb
circumvention of duty.
ix.Cigarettes: The budget proposed to revise National Calamity Contingent Duty (NCCD) on specified
cigarettes upwards by about 16%. It was last revised 3 years ago.
Items becoming low-cost/Cheaper Items becoming High-cost/Costlier
Mobile phones Cigarettes
Lab-grown Silver
diamonds
Compounded rubber
Shrimp feed Imitation Jewellery
Machinery for lithium-ion batteries Articles made from gold bars
Imported bicycles and toys
Raw materials Imported kitchen electric chimney

for EV industry
TV Imported luxury cars and EVs
Direct Tax Proposals
• The tax payers’ portal received a maximum of 72 lakh returns in a day and processed more
than 6.5 crore returns in FY23, the average processing period reduced from 93 days in FY14 to
16 days in FY23, and 45% of the returns were processed within 24 hours.
• To further improve the Tax Payers Services, the budget planned to roll out a next-generation
Common IT Return Form for tax payer convenience, and also plans to strengthen the grievance
redressal mechanism.
i.MSMEs: MSMEs with a turnover of up to Rs 2 crore and certain professionals with turnover of up to
Rs 50 lakh could avail the benefit of presumptive taxation.

Union
Budget
ii.Proposals for the co-operative sector:
• New co-operatives that commence manufacturing activities by 31.3.2024 shall get the benefit
of a lower tax rate of 15%, as it will presently be available to new manufacturing companies.
• The FM made a relief proposal to the cooperative sugar millers and cooperative sugarcane
growers to provide an opportunity to claim payments made to sugarcane farmers for the
period prior to the assessment year 2016-17 as expenditure.
This proposal is expected to provide relief of approx. Rs 10,000 crores to small and
marginal farmers.
• A higher limit of Rs 2 lakh per member is being provided for cash deposits to and loans in cash
by Primary Agricultural Co-operative Societies (PACS) and Primary Co-operative Agriculture
and Rural Development Banks (PCARDBs).
• Similarly, a higher limit of Rs 3 crore for TDS (Tax Deduction at Source) on cash withdrawal is
being provided to co-operative societies.
iii.Start-ups
• The date of incorporation for income tax benefits to start-ups was extended from March 31
2023 to March 31 2024.
• Note - India is the 3rd largest ecosystem for start-ups globally, and ranks 2nd in innovation
quality among middle-income countries.
iv.Appeals: To reduce the pendency of appeals at the Commissioner level, the proposal was made to
deploy about 100 Joint Commissioners for the disposal of small appeals.
v.Better targeting of tax concessions: A proposal was made to cap deduction from capital gains on
investment in residential houses under sections 54 and 54F to Rs 10 crore.
vi.Improving Compliance and Tax Administration: The minimum time period required to be
provided by the transfer pricing officer to assessee for production of documents and information was
reduced from 30 days to 10 days.
vii.Rationalisation: Income of authorities, boards and commissions set up by statutes of the Union or
State for the purpose of housing, development of cities, towns and villages, and regulating, or
regulating and developing an activity or matter, was proposed to be exempted from income tax.
• Other key rationalisaitons:

1. The minimum threshold of Rs 10,000 for TDS and clarifying taxability relating to online
gaming was removed.
2. The conversion of gold into electronic gold receipt and vice versa will not be treated as
capital gain.
3. TDS rate was reduced from 30% to 20% on the taxable portion of the Employees'
Provident Fund (EPF) Scheme withdrawal in non-PAN cases.
viii.Personal Income Tax
• Rebate: Under Budget 2023-24, tax rebate limit in the new tax regime was increased to Rs 7
lakh, thus the persons in the new tax regime, with income up to Rs 7 lakh will not have to pay
any tax.
o Note: Currently, in the case of both old and new tax regimes, those with income up to Rs
5 lakh are not paying any income tax.

Union
•
Budget
Two Standard deductions of Rs 50,000 to salaried individual, and deduction from family
pension up to Rs 15,000, which is currently allowed only under the old regime is proposed to
allow under the new regime also.
• Change in Tax structure regime:
o Backdrop: In 2020, the new personal income tax regime with six income slabs starting
from Rs 2.5 lakh was introduced.
o Now the FM had proposed to change the tax structure in that regime by reducing the
number of slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.
Personal Income Tax slabs:
New tax regime New tax regime Old tax regime

(Revised) (Previous)
Income Slabs Income Tax Income Slabs Income Tax Income Income Tax
Rate Rate Slabs Rate
Rs 2.5 lakh Nil 0-2.5 lakh Nil

Rs 0-3 lakh Nil
Rs 2.5-5 lakh 5%
Rs 2.5-5 5%
Rs 3-6 lakh 5% Rs 5-7.5 lakh 10% lakh
Rs 6-9 lakh 10% Rs 7.5-10 lakh 15%

Rs 5 -10 20%
Rs 9-12 lakh 15% Rs 10-12.5 20% lakh
lakh
Rs 12-15 lakh 20% Rs 12.5-15 25%

lakh Above 10 30%
lakh
Above Rs 15 30% Above Rs 15 30%
lakh lakh
• Surcharge on income-tax: Highest surcharge under the new tax regime has been reduced to
25% from 37% for people earning more than Rs 5 crore. No change in surcharge is proposed
for those who opt to be under the old regime.
Surcharge on income-tax under both old regime and new regime:
Income slabs Surcharge on income-tax Surcharge on income-tax

(old tax regime) (new tax regime)
Above Rs 50 lakh up to Rs 1 crore 10% 10%
Above Rs 1 crore up to Rs 2 crore 15 % 15 %
Above Rs 2 crore and up to Rs 5 crore 25 %

25 %
Above Rs 5 crore 37%

Union
Budget
Note - The highest tax rate in our country is 42.74%. This is among the highest in the world. (The
current reduction in surcharge will brings down their tax rate from 42.74% to 39%).
• Rise in tax exemption limit: The limit of tax exemption on leave encashment (up to 10
months of average salary) at the time of retirement of non-govt salaried employees was last
fixed at Rs 3 lakh in the year 2002 when the highest basic pay in the govt was Rs 30,000.
In line with the increase in govt salaries, the limit was increased to Rs 25 lakh.
• Default tax regime: The new tax regime for Individual and Hindu Undivided Family (HUF),
introduced by the Finance Act 2020, is now proposed to be the default tax regime. However,
citizens will continue to have the option to avail the benefit of the old tax regime.
• Revenue of about Rs 38,000 crore – Rs 37,000 crore in direct taxes and Rs 1,000 crore in
indirect taxes – will be forgone while revenue of about Rs 3,000 crore will be additionally
mobilized. Thus, India will lose Rs 35,000 crores of net tax revenue.
Overall Tax proposals:
Income Tax Slab Rates
Individuals below 60 years
Net Income Range Rate of Income-tax
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Senior citizens between 60 and 80 years
Rs. 3,00,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Super senior citizens (80 years and above)
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Union
Budget
ix.Other major proposals in the Finance Bill:
• Agnipath Scheme, 2022:

o Providing EEE (Exempt-Exempt-Exempt) status to Agniveer Fund, the payment
received from the Agniveer Corpus Fund by the Agniveers enrolled in Agnipath Scheme,
2022 is proposed to be exempt from taxes.
o Deduction in the computation of total income is proposed to be allowed to the Agniveer
on the contribution made by him or the Central govt to his Seva Nidhi account.
• Incentives to IFSC: Relocation of funds to IFSC, GIFT City has certain tax exemptions, if the
relocation is before March 31, 2023. This date is proposed to be extended to March 31, 2025.
• A new co-operative society formed on or after April 01, 2023, which commences
manufacturing or production by March 31, 2024 and does not avail of any specified incentive
or deduction, is proposed to be allowed an option to pay tax at a concessional rate of 15%
similar to what is available to new manufacturing companies.
• Presumptive scheme of taxation: In order to ease compliance and to promote non-cash
transactions, it is proposed to increase the threshold limits for presumptive scheme of taxation
for eligible businesses from Rs 2 crore to Rs 3 crore and for specified professions from Rs 50
lakh to Rs 75 lakh.
• Online games: For online games, it is proposed to provide for TDS and taxability on net
winnings at the time of withdrawal or at the end of the financial year. Moreover, TDS would be
without the threshold of Rs 10,000.
• For lottery, crossword puzzles games, etc threshold limit of Rs 10,000 for TDS shall continue
but shall apply to aggregate winnings during a financial year.
Facts About Union Budget:
i.Under Article 112 of the Constitution of India, Union Budget is an Annual financial statement that
encompasses the receipt and expenditure of the Indian government, the information on the
Consolidated Fund of India, Contingency Fund of India and Public Accounts.
• Every year it is presented on the last working day of February by the Finance Minister of India
in Parliament.
• But in 2017 Arun Jaitley (FM IN 2014) started presenting the Union Budget on February 1
departing from the colonial-era tradition of using the last working day of February.
• The budget is presented by means of the financial bill and Appropriation bill which has to be
passed by the houses.
• The budget division of the department of economic affairs (DEA) in the finance ministry is the
nodal body responsible for producing the budget.
Note- Article 267 of the Constitution authorizes the existence of a Contingency Fund of India
ii.The list of Budget documents presented to the Parliament:
A. Annual Financial Statement (AFS)
B. Demands for Grants (DG)
C. Finance Bill
D. Fiscal Policy Statements mandated under FRBM Act:
i. Macro-Economic Framework Statement

Union
Budget
ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
E. Expenditure Budget
F. Receipt Budget
G. Expenditure Profile
H. Budget at a Glance
I. Memorandum Explaining the Provisions in the Finance Bill
J. Output Outcome Monitoring Framework
K. Key Features of Budget 2023-24
L. Implementation of Budget Announcements, 2022-2023
The documents shown at Serial Nos. A, B, and C are mandated by Article 112,113 and 110 (a) of the
Constitution of India respectively, while the documents at Serial No. D (i) and (ii) are presented as per
the provisions of the Fiscal Responsibility and Budget Management Act, 2003.
iii.History of Budget:
• The Budget was first introduced in India on April 7, 1860, when Scottish economist and
politician James Wilson from the East India Company presented it to the British Crown.
• First Union budget of independent India was presented by India’s first finance minister R. K.
Shanmukham Chetty in 1947.
• First Indian governor of RBI who presented the Interim Budget In 1951-52 was C D Deshmukh
• First PM who presented the Union Budget Pandit was Jawaharlal Nehru in 1958-59.
• Black Budget – Union Budget 1973-74 is known as Black Budget of India as budget deficit rose
to Rs 550 crore.
• Until 2016, every year it is presented on the last working day of February by the Finance
Minister of India in Parliament.
• But after 2016 govt presents it on the first day of February.
• In 1959, Morarji Desai, the finance minister of India, presented the maximum number of
budgets so far i.e. 10.
• In 2017, Rail Budget was merged with the Union Budget.
• Nirmala Sitharaman in her first budget in 2019 replaced the leather briefcase carrying budget
documents with a traditional red cloth ‘bahi-khata’.
Key Terminologies:
i.Fiscal Deficit (FD): It is the adverse fiscal balance which is a difference between the Revenue
Receipts Plus Non-Debt Capital Receipts (NDCR) i.e., total of the non-debt receipts and the total
expenditure.
• FD is reflective of the total borrowing requirement of govt.
ii.Revenue Deficit (RD): It refers to the excess of revenue expenditure over revenue receipts.
iii.Effective Revenue Deficit (ERD): It is the difference between Revenue Deficit and Grant-in-Aid for
Creation of Capital Assets.

Union
Budget
iv.Primary Deficit: It is measured as Fiscal Deficit less interest payments. Effective Capital
Expenditure (Eff-Capex) refers to the sum of Capital Expenditure and Grants-in-Aid for the Creation of
Capital Assets.
Click here to know more
GA Questions Asked in Exams
• Affairscloud’s Self Analysis for General Awareness Section

Union
Budget

Union
Budget

Union Budget 2023-2024 English PDF 1

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Union Budget 2023-2024 English PDF 1

Uploaded by

Copyright:

Available Formats

Union

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 1

Suggestions & Feedback are welcomed

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 2

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 3

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 4

India’s Fiscal Position:

v.Non-Debt Capital Receipts: It was estimated at Rs 84,000 crore in BE 2023-24 compared to Rs

Vision for Amrit Kaal – an empowered and inclusive economy:

i.About Amrit Kaal

ii.Focus area under Amrit Kaal:

Budgetary Allocations for Specific Ministries:

Name of Ministries Budgetary Allocation (in Rs

Defence (Highest allocation in 2023-24) 5.94

Road Transport and Highways 2.70

Consumer Affairs, Food and Public Distribution 2.06

Home Affairs 1.96

Chemicals and Fertilisers 1.78

Rural Development 1.60

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 6

Faster Adoption and Manufacturing of Hybrid and Electric Vehicles 1.23

Budgetary Allocations to Major Schemes:

Name of Scheme BE 2022-23 BE 2023-24

Development of Pharmaceutical Industry 100 1250

Jal Jeevan Mission (JJM) 60,000 70,000

Eklavya Model Residential School 2,000 5,943

Pradhan Mantri Awas Yojana (PMAY) 48,000 79,590

North East Special Infrastructure Development 1,419 2,491

Part-A: 7 priorities Part-B

Reaching the Last Mile

Infrastructure and Investment Direct Tax Proposals

Unleashing the Potential Indirect Tax Proposals

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 7

Priority 1: Inclusive Development

i.Digital public infrastructure for Agriculture:

iv.Atmanirbhar Horticulture Clean Plant Program: At an outlay of Rs 2,200 crore, Atmanirbhar

v.Global Hub for Millets: ‘Shree Anna’

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 8

c.Health, Education and Skilling

ii.Sickle Cell Anaemia Elimination Mission:

• A Mission to eliminate Sickle Cell Anaemia by 2047 was planned to be launched.

iv.Pharma Innovation: FM stated that a new programme in pharmaceuticals will be taken up

• Planned to re-envision Teachers’ training through innovative pedagogy, curriculum

vii.National Digital Library for Children and Adolescents:

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 9

i.Aspirational Districts and Blocks Programme:

ii.Pradhan Mantri PVTG Development Mission:

• PM Particularly Vulnerable Tribal Groups (PVTGs) Development Mission was launched to

iii.Eklavya Model Residential Schools (EMRS)

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 10

Priority 3: Infrastructure & Investment

iii.Support to State Governments for Capital Investment:

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 11

Priority 4: Unleashing the Potential

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 12

ix.“Vivad se Vishwas-I” Reliefs for MSMEs:

Reliefs for MSMEs:

x.Vivad se Vishwas II – Settling Contractual Disputes:

xii.Result-Based Financing (RBF):

Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2023 @ AffairsCloud.com 13

xiv.Fintech Services-Entity DigiLocker:

xvi.Lab Grown Diamonds (LGD):

Priority 5: Green Growth