All eyes were on this Union Budget 2023 as this is the last full fledged budget before the general elections in 2024. Union Finance Minister Nirmala Sitharaman on Wednesday presented her fifth and the last full year budget of the Modi govt in the parliament. This is her shortest budget speech.
Nirmala Sitharaman mentioned the "Union Budget 2023" as the First budget of "Amrit Kaal"
Budget is a means of providing accountability through financial reporting.
At the same time, I know most of us won't be interested to know everything that happened in budget session. You might be interested in Personal tax and the other might be interested in Startups.
Hence, I made this article Crisp & Clear for everyone. I promise this won't take much of your time but serves you the purpose.
So without any delay further, let's jump in and see what's there for everyone of us.
India govt. Revenue streams:
Indian Govt. Expenditure sources:
50 additional airports
50 additional airportste for Artificial Intelligence will be set-up in top educational institutions to achieve the vision of “Make AI in India and Make AI work for India”
States and cities will be encouraged to undertake urban planning reforms and actions to transform our cities into ‘sustainable cities of tomorrow’
The KYC process will be simplified adopting a ‘risk-based’ instead of ‘one size fits all’ approach.
Green growth efforts to help reduce carbon intensity and create green job opportunities.
A capital layout of Rs. 2.4 lakh crore provided for the railways.
157 New Nursing colleges will be established.
30 skill India International centers to be set-up
Tax exemption is removed in Insurance policies with premium over Rs. 5 lakhs
A mission will be launched to eliminate Sickle cell Anaemia.
Rs. 10 lakh crore capital investment, at a hike of 33% for third year in a row.
The outlay for PM Awas Yojana is being enhanced by 66% to over Rs.79,000 crore.
50-year interest free loan to state governments for one more year to spur investment in infrastructure
100 labs for developing applications using 5G services will be set up in engineering institutions
500 new ‘waste to wealth’ plants under GOBARdhan will be established for promoting circular economy
Although, this budget looks good, but still I find the government missed or didn't stress enough on certain subjects like the raising inflation, recession, unemployment, poverty.
Let's hope for the best:)
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