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Key Features of Union Budget 2023
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Key Features of Union Budget 2023
Key Features of Union Budget 2023

1. Vision for AMRIT KAL

  • Opportunities for citizens with a focus on the youth
  • Growth and job creation
  • Strong and stable macro-economic environment

2. Saptarshi -7 Priorities

  • Inclusive development
  • Reaching the last mile
  • Youth power
  • Financial sector
  • Green growth
  • Unleashed the potential
  • Infrastructure and investment

3. Agriculture & Cooperatives

  • Building digital public infrastructure: Building an accessible inclusive and informative solution for farmers.
  • Setting up agriculture accelerator fund: For the encouragement of innovative ideas for startups in rural areas
  • ANB Horticulture Clean Plant program to be launched: To boost production of high value horticulture crops
  • Targeted funding: INR 20 Lac Crore agricultural credit has been targeted as animal husbandry, dairy and fisheries sector.
  • Making India global hub for millets: “project Sree Anna”, support to be given to IIMR, Hyderabad for promoting research
  • Setting up of widely available storage capacity: Will enhance farmers remuneration by enabling sale at appropriating times

4. Health

  • 157 new nursing colleges to be established
  • Sickle cell anemia elimination mission to be launched
  • New programme to research in pharmaceutical to be launched
  • Joint Public and private medical research to be encouraged via select ICMR labs.
  • Increased expenditure on health and education from 1.4% to 2.1% in health and 2.8% to 2.9% in education

5. Education & Skill Development

  • Revamped teachers training via District Institutes of Education and Training
  • National Digital Library to be set up for children and adolescents
  • States will be encouraged to be set up physical libraries at panchayat and ward level

6. Mass Housing & Accommodation Plans

  • 9 crore drinking water connections to rural areas
  • Cash fransfer of INR 2.2 Lac Crore to over 11.4 crore farmers under PM-KISAN
  • Insurance cover for 44.6 crore persons under PMSBY and PMJJY
  • 47.8 crore PM Jan Dhan Yojna bank accounts
  • 220 crore Covid vaccinations of 102 crore persons
  • 9.6 crore LPG connections under Ujjawala program
  • 11.7 crore households toilets constructed under SBM

7. Infrastructure & Investment

  • Incentives to boost investment in infrastructure and productive capacity resulting in frowth and employment
  • Increased capital investment outlay by 33.4% to INR 10lac crore
  • Continuation of 50 year interest-free loan to state govt. to incentivize infrastructure investment
  • Highest ever capital outlay of INR 2.4 lakh crore for Railways
  • 100 transport infrastructure projects identified for end-to-end connectivity for ports, coal, steel and fertilizers sector
  • Creating urban infrastructure in tier-2 and tier 3 cities via establishment of UIDF (urban infrastructure development fund)

8. Potential Trust Based Governance

  • Make AI in India: three specialized AI centers to be set up in educational institutes: AI based solutions in agriculture, health and sustainable cities
  • National Data Governance Policy: Enable access to anonymized data for research by start-ups and academia
  • Vivad se vishwas I: Less stringent contract execution for MSMEs: relieve to MSME affected during the Covid period
  • Vivad se vishwas II: Easier and standardized settlement scheme: Faster settlement of contractual disputes of Govt. and Govt. undertakings
  • Phase 3 e-Courts to be launched for effective administration of justice
  • Entity Digi Locker: facilitating secure online storing and sharing of documents
  • Setting up 100 labs for 5G services-based application
  • R&D grant for lab grown diamonds sector: to reduce import dependency by encouraging domestic productions

9. Green Growth

  • PM-PRANAM to be launched: will incitivize states/UT to promote usage for alternative fertilizers.
  • 500 new waste to wealth plants: to be established under the GOBAR Dhan scheme for promoting circular economy
  • Sustainable ecosystem development: MISHTI: Mangrove plantation along the coastline
  • Amrit dharohar for optimum usage of wetlands

10. Financial Sector

  • Setting up of national finance information registry: to enable efficient lending, promote financial inclusion and enhance financial stability
  • Setting up of a central data processing center: for faster handling of administrative work under the Companies Act
  • Credit Guarantee scheme for MSME: expanded corpus under a revamped scheme to enable additional collateral free guaranteed credit for INR 2 lac crore
  • Mahila Samman Bachat Patra: One time new small savings scheme for a 2-year period with a deposit facility of up to INR 2 lacs for women
  • Benefits for senior citizens: enhanced maximum deposit limit for senior citizens saving scheme from INR 15 lacs to 30 lacs.
  • Other initiatives: To promote business activity on GIFT IFSC

Create more trained professional in securities market via award of educational certificates

11. Fiscal Management

  • 50 year interest-free loans to states:

To be spent on capital expenditure within 2023-24

Part of the loan in conditional on states increasing actual capital expenditure and parts of outlay will be linked to states undertaking several reforms

  • Fiscal deficit of 3.5% of GSDP allowed for states (0.5% tied to power sector reforms)
  • Fiscal consolidation: targeted fiscal deficit to be below 4.5% by 2025-26

12. Tax Benefits for Industry

  • Enhanced limits for micro-enterprises and professionals to avail benefits of presumptive taxation; 95% of receipts to be non-cash
  • Deduction on payment made to MSME to be allowed only when payment is actually made
  • Extending 15% corporate tax benefits to new co-operatives commencing manufacturing till 31st march 2024
  • Higher limit of INR 2 lacs for a member for deposit and loans in cash by PACS and PCARDBs
  • Higher limit of INR 3 Crore for TDS on cash withdrawal for co-operative societies
  • Extension of the date of incorporation by one year for income tax benefits to startups

Benefits to carry forward of losses on change of shareholding of startups from seven years of incorporation to 10 years.

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