Union Budget 2023-24 Highlights

February 1, 2023

The Finance Minister Smt Nirmala Sitaraman presented the Union Budget 2023-24. The budget was presented based on seven priorities namely Inclusive development, Infrastructure and Investment, youth power, unleashing the potential, green growth, financial sector, and reaching the last mile. It focused on inclusive development

Agriculture

Agriculture Accelerator Fund to be set up
Horticulture Clean Plan Program to be launched
Informative solutions for farmers
Rs 20 lakh crores credit targeting Dairy, Animal Husbandry, and Fisheries Sector
SREE ANNA: To make India a Global Hub for millets; Support to IIMR, Hyderabad to promote research in the field
Increase storage capacity

Health

157 new nursing colleges to be built
Sickle Cell Anemia Elimination Program to be launched
New Program to increase pharmaceutical research
ICMR labs: Increase PPP-based medical research

Education and Skills

National Digital Library will be launched
Teacher training program to be revamped
Physical libraries at ward levels and panchayat levels by state governments

Reaching the Last Mile

Pradhan Mantri PVTG (Particularly Vulnerable Tribal Groups) Development Mission will be launched
Financial Assistance to Karnataka: For micro-irrigation in drought-prone region
Eklavya Model Residential Schools: New teachers will be recruited
Bharat SHRI will be set up. SHRI is the Shared Repository of Inscription

Infrastructure and Investment

Capital investments are to be increased to Rs 10 lakh crores.
To incentivize infrastructure investment, the fifty-year interest free loan scheme to the state governments is to continue
Railways: Rs 2.5 lakh crores allocated
Urban infrastructure to be boosted in tier 2 and tier 3 cities through UIDF – Urban Infrastructure Development Fund

Green Growth

PM – PRANAM to be launched: To be established under GOBAR Dhan scheme
Green Credit Programme to be launched
MISHTI: Mangrove Initiative for Shoreline Habitats and Tangible Incomes to be launched
The following will be promoted
- Battery Energy Storage System
- Coastal Shipping – Energy Efficient Transportation
Funds to replace old polluting government vehicles

Youth

PMKVY 4 to be launched
50 tourist spots will be developed
Unity malls to be set up (by states) to promote One District One Product

Finance

National Financial Information Registry to be established
A central Data processing center is to be created
Credit Guarantee Scheme for MSME: Rs 2 lakh crores
Mahila Samman Bachat Patra to be launched: One-time small savings scheme
Increase the maximum deposit limit of senior citizens’ savings scheme to Rs 30 lakhs. Before it was Rs 15 lakhs
Initiatives to promote GIFT IISC