The Union Budget 2023-2024
The first budget of Amrit Kaal
Union Budget 2023-2024 is a balanced blend of present and futuristic goals that need to be accomplished. The Budget focuses on the need for growth and inclusion, sustainable growth mandate and decarbonization. Focus on Artificial Intelligence and Machine Learning is the base for achieving futuristic goals for India.
Here are a few highlights from the Union Budget 2023 – 2024
1. Increased focus on capital expenditure will promote the development of railways, ports, digital infrastructure and roads.
2. MSME’s (Medium Small and Micro Enterprises) can avail presumption tax (i.e. they need not maintain the book of accounts) upto 3 crores.
Income tax benefits will be extended to Startups incorporated till March 2024. The tenure for carrying forward losses incurred by the startups due to change in shareholding will change to 10 years from 7 years.
3.Under the new income tax regime, people earning income upto 7 lakhs need not pay income tax. (as the rebate limit has been increased upto 7 lakhs).
4. New Saving Scheme for Women: Mahila Samman Savings Certificate – a fixed deposit scheme for women with an fixed interest of 7.5% p.a. on deposits upto INR 2 lakhs for a span of 2 years. Thai scheme also has a benefit of partial withdrawal.
5. The Senior Citizen Savings Scheme specifies for increase in the limit for fixed deposits. The limit has been increased to INR 30 lakhs from INR 15 lakhs.
6. Establishment of a National Digital Library will benefit children and students. This will provide a definite boost to the EdTech sector.
The government also plans to hire 38,800 teachers and support staff in 740 Eklavya Model Residential Schools that caters to 3.5 lakh tribal population.
7. The Pradhan Mantri Kaushal Vikas Yojana 4.0 will be training lakhs of youths for the next 3 years in drones, coding, artificial intelligence and other soft skills.
8. An agriculture accelerator Fund to be set up for helping and motivating agri- startups by youth entrepreneurs in rural areas.
Plans for building an open source, digital public agricultural infrastructure are in the pipeline. More emphasis to be laid on millet production.
9. 157 new nursing colleges will be established in collocation of the 157 medical colleges.
A mission to eradicate sickle cell anaemia by 2047 will be launched.
The budget allocations for various central sector schemes in the health care sector have been hiked. For instance: Pradhan Mantri Swasthya Suraksha Yojana, National Tele Mental Health programme, National Health Mission and many more.
10. Sustainable development and Green Growth: Emphasis on green hydrogen through National Green hydrogen Mission to reduce dependency on fossil fuels.
Measures have been taken for dealing with scientific waste management and scrapping old polluting vehicles at Central and State levels.
Numerous schemes and provisions have been designed to encourage educational, healthcare, agricultural, information technology, employment, sustainable living and many more sectors. In short, India is also focusing on a Holistic development all together.