Union Budget 2023-24
Who doesn’t like to have a good start? Yes, this year brings happiness to most people’s faces and the reason for their happiness is the Union Budget 2023-24. Smt Nirmala Sitharaman, finance minister, presented a budget of success and a leading light in the history of Indian budgets. Happy faces were showing the success and effort of making a thoughtful and appreciable budget.
This was a proud moment for India as it comes under 5th largest economy in the world. Even after the major worldwide crisis created by the Russian-Ukraine War and COVID-19, the estimated economic growth is 7%. The main focus of the budget is on reviving the Indian economy, hit hard by the COVID-19 pandemic. Also, gearing up the government’s plan for growth and development.
Amrit Kaal
Name this year’s Union budget Amrit Kaal. The term ‘Amrit Kaal’ indicates a golden era. The government has highlighted the budget with this name as they believe that the coming phase is going to be the most prosperous, with social justice and economic growth. It also expresses hope for a better future, where India would be self-sufficient to fulfill all of its humanitarian responsibilities.
The vision of the Amrit Kaal has given a new perspective to the citizens of India. It refers to the upcoming 25 years of the century of India’s economy. Modi government addressed this time as the time when India can endeavor their vision. The visions of Amrit Kaal are as follows-
- Opportunities for citizens with a focus on the youth
- Growth and job creation
- Strong and stable macro-economic environment
What is Saptarishi?
For the development of the country, seven priorities have been set up for a smooth workflow. The key focus of the Union Budget 2023-24 is building opportunities for youth, strong momentum on growth, and job creation on a large scale of economic stability. The seven main focus areas introduced in the budget have a name, ‘Saptarishi’ to guide the government.
The following ways mention Saptarishi in the budget:
- Inclusive Development
- Reaching the Last Mile
- Infrastructure and Investment
- Youth Power
- Unleashing the Potential
- Green Growth
- Financial Sector
Amrit Kaal effectively presented steps in the budget that will aid in accomplishing targets while discussing the Union Budget 2023-24.
The Ministry of Consumer Affairs, Food, and Public Distribution has been awarded a budget allocation of INR 2.41 lakh crore for the fiscal year 2022-23.
Custom Duty
Price increases for smartphones, camera lenses, and televisions are enforced. Customers are exempt from paying customs duties because these items now only carry 13% instead of a 21% tax. Basic kitchen appliance taxes have also been raised from 7.5% to 15%.
Sitharaman proposed to reduce the introductory custom duty rates on goods other than textiles and agriculture. As a result, there are some minor changes that come in the basic custom duties, cesses, and surcharges on some items including toys, bicycles, and automobiles.
Sabka Sath Sabka Vikas
For agriculture, cooperatives, and the health sector, ‘Sabka Sath Sabka Vikas’ was introduced. In agriculture, the digital infrastructure for agriculture will be an open source for the growth of farmers. She went on to discuss other initiatives in this field that had been started, such as the horticulture clean plant programme, the “Sree Anna” initiative to make India a global hub for millet.
The government also announced the establishment of 157 nursing colleges, as well as the promotion of pharmaceutical research programs and combined public-private medical research to be fostered by ICMR laboratories.
For the education and skilling sector, the government has paid more attention. Updating teacher’s training via District Institute and training, National digital library is added. In Sabka Sath Sabka Vikas, the government also showed concern for the rural people’s development. It provides them with over 9.6 crores of LPG connections under the Ujwala Yojana, 220 crores of Covid vaccinations for around 102 crores of people, and much more.
This time the main aim of the government is for Clean Energy, Green Energy. The national green hydrogen mission would be established with a budget of INR 19.700 crores and INR 35,000 crores allotted for the energy transition to net zero emission targets, and about 1 crore farmers will be aided in transitioning to natural farming, among other things.
Tax Regime
Now if we talk about the tax regime, the government has increased the allowance limit from INR 5 lakhs to INR 7 lakhs which means any person having an income of upto INR 7 lakhs will now not have to pay any tax, and also the government has reduced the tax slab numbers and increased the tax exemption limit to INR 3 lakhs.
We can address Amrit kaal’s budget as Amrit Ras as the government has properly paid attention to each and every section and sector of the country and tried to make the best budget for all. This budget brings hope for the future of the Indian middle class and business associates. The Union budget 2023-24 focuses on reviving the Indian economy, boosting the agriculture sector, improving education and skill development, simplifying the tax regime and developing infrastructure, and so on. The budget makes out an extensive plan for growth and development and aims to address the main challenges faced by the Indian economy.
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