Budget 2023-24 At a Glance
The budget 2023-24 has seven priorities called ‘Saptarishi’ and these include: inclusive development, infrastructure, investment, unleashing the potential, reaching the last mile, unleashing the potential, youth power, financial sector and green growth.
• In order to boost availability of disease-free clean planting material to achieve high-value horticultural crops atmanirbhar clean plant program with an outlay of ₹2200 crore.
• 157 new nursing colleges will be established.
• 38,800 teachers as well as support staff will be recruited by the Center for 740 Eklavya Model Residential Schools. These schools will be serving 3.5 lakh tribal students in the next three years.
• The allocation of PM Awas Yojana has been increased by 66% amounting to 79,000 crore more.
• The Railways has been provided capital outlay of Rs. 2.40 lakh crore.
• An urban infrastructure fund will created for urban infra development in tier-II-III cities.
• Entity DigiLocker will be made available for the MSMEs and large businesses to store and share documents online.
• 10,000 Bio-Input Resource Centres will be set up over the next three years to achieve the target of facilitate one crore farmers to adopt natural farming.
• To skill lakhs of youth over the next 3 years, covering new age courses for Industry 4.0, Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched.
• 30 Skill India International Centres to be set up across different states to skill youth for overseas opportunities.
• Infusion of Rs 9,000 crore in the corpus for the Revamped credit guarantee scheme for MSMEs.
• Senior Citizen Savings Scheme’s maximum deposit limit shall be increased to Rs 30 lakh from the current Rs 15 lakh.
• For animal husbandry, fisheries and dairy, Rs 20 lakh crore agricultural credit has been allocated.
• With targeted investment of ₹6,000 crore, the activities of fish vendors and fishermen shall be expanded.
• 63,000 Primary Agricultural Credit Societies (PACS) shall be computerised with an investment of Rs 2,516 crore.
• A massive decentralized storage capacity to store farm produce shall be created.
• The Sickle Cell Anaemia elimination mission to be launched.
• Rs 10 lakh crore capital investment for job creation and crowd-in private investments.
• Investment of Rs 75,000 crore with private sources investment of Rs 15,000 for creating 100 critical transport infrastructure projects comprising first and last mile connectivity for food grains sectors, coal and fertilizer ports.
• A National Digital Library for Children and Adolescents to be set-up for facilitating availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility.
• For one more year, 50-year interest free loan to state governments to spur investment in infrastructure.
• Ease of Doing Business is to be enhanced by reducing 39,000 compliances while decriminalising 3400 legal provisions.
• R&D grant for Lab Grown Diamonds (LGD) sector to encourage indigenous production of LGD seeds and machines and to reduce import dependency.
• Investment outlay of 20,700 crore for grid intigration of renewable energy and evacuation from Ladakh.
• Setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI.
• Mahila Samman Savings Certificate will be launched offering deposit facility of Rs 2 lakh for girls and women for 2 years tenure at fixed interest rate of 7.5%.
• Personal Income Tax rebate to be increased to Rs 7 lakh.
• For the income from Rs 10 lakh to Rs 12.5 lakh, tax is reduced from 30% to 20%.
• Co-operative societies to be provided a higher limit of Rs 3 crore for TDS on withdrawal of cash.
• The income of different authorities, commissions and boards set up by statutes of the state or union for the purpose of housing or development of cities as well as towns and villages to be exempted from income tax.
• TDS rate to be reduced to 20% from the current 30% on taxable portion of EPF withdrawal in non-PAN cases.
