The Union Budget for the financial year 2023-2024 was presented by Finance Minister Nirmala Sitharaman on February 1st, 2023. She referred to the seven priorities for the government as “Saptarishi”.
7 Priorities Of Union Budget 2023-2024
- Inclusive development
- Reaching the last mile
- Infrastructure and investment
- Unleashing potential
- Green growth
- Youth Power
- Financial Sector
Inclusive development by focusing on farmers, OBC, SC & ST, financially weaker sections of the society, divyangjan, etc.
- The creation of digital public infrastructure for farmers
- Launch of ANB Horticulture Clean Plant program
- Vision to make India a global hub for millets, ‘Sree Anna’
- Setting up agriculture accelerator fund
- Targeted funding of ₹20 lakh crore agricultural credit focused at animal husbandry, dairy and fisheries sector.
- Formation of a wide network of storage spaces for farmers.
- Establishment of 157 new nursing colleges.
- Launch of ‘Sickle Cell Anaemia elimination Mission’
- Boost to Joint Public and Private Medical Research via selected ICMR labs
- Launch of programme to encourage research in India’s pharma sector
- Set up of national digital library for adolescents and children
- Physical libraries to be set up at Panchayat and ward levels.
- Revamped teacher’s training via District Institutes of Education and Training.
Reaching the last mile
To provide benefit of its welfare schemes to the last section of the society. Following are the schemes to be launched by the government to ensure its last mile reach.
- Pradhanmantri (particularly vulnerable tribal groups) PVTG Development mission for the development of vulnerable tribal groups in next three years.
- Financial assistance to promote sustainable micro irrigation in Karnataka’s drought prone areas.
- Increasing the number of teachers in the Eklavya Model Residential Schools
- Launch of Bharat(SHRI) for the digitization of ancient inscriptions.
Infrastructure and Investment
To give a push to the country’s infrastructure and investment sector, the Union Govt made following announcements in the Union Budget 2023.
- The government has announced to increase the capital investment outlay by 33.4% to ₹10 lakh crore.
- Extension of 50 year interest free loan to State Government for an incentivised infrastructure investment
- Railways capital outlay to increased by 2.4 lakh crore
- Launch of around 100 transport infrastructure projects to increase connectivity.
- Creation of Urban Infrastructure Development Fund to build modern infrastructure in Tier 2 and Tier 3 cities.
Unleashing the potential
For the optimum utilisation of the country’s potential in all fronts following major policies and programs were announced in Budget 2023.
- Establishment of three artificial intelligence centres in educational institutes.
- Formation of a national data governance policy
- Relaxation in rules and policy for an easier and lesser strict contract execution for MSMEs.
- Launch of the third phase of e-courts
- Formation of more than 100 labs for 5 services based application development.
- Enhancement of research in the field of Lab Grown Diamond..
- Launch of PM Pranam to encourage the use of alternative fertilisers.
- Set up of more than 500 new ‘Waste to Wealth’ plants under GOBARdhan scheme.
- Launch of MISHTI program to carry out mangroove plantation along coastline.
- Launch of Pradhan Mantri Kaushal Vikas Yojana(PMKVY) 4.0. The new program will also fund courses like 3D printing, coding, AI, robotics, etc.
- Selection of 50 locations for their development as prime tourist spots of the country.
- Unity Malls will be set up by every state for the promotion and sale of One District, One Product(ODOP), GI tagged articles, and handicraft products.
- Announcement to set up a National Financial Information registry to promote financial inclusion.
- Establishment of Central Data Processing Centre to speed up administrative work under the Companies Act.
- Launch of Credit Guarantee Scheme for MSMEs.
- Launch a one-time small savings scheme for a 2 year period for women, named as ‘Mahila Samman Bachat Patra’.
- Increase the maximum limit for senior citizens saving scheme from ₹15 lakh to ₹30 lakh.