Budget 2023 – Key Highlights

Budget 2023 – A Budget is a Government document that presents a Governing body’s anticipated revenues and proposed spending for a fiscal year.

But the Government budget requires legislative approval.

Budget 2023

A Budget is a financial document used for future income and expenses.

A Budget basically aims to keep track of future expenditures and how to meet up with the resources. 

There are different types of Budget 

  • Sales Budget – The sales budget estimates the overall sales. It is used for making company and sales goals.
  • Capital Budget – It helps us to estimate long-term investments for machinery,  research and development programs, and new products.
  • Revenue Budget –  It estimates the overall Revenues to come and expenditures met from them 
  • Production Budget –   the number of units to be manufactured in a year.

Key Highlights of Budget 2023

Key Highlights of Budget 2023
  •  A budget of Rs 2.4 lakh crore is proposed for railway development.
  • The expenditure on infrastructure has been increased by 33% to RS 10 lakh crore.  
  • under the leadership of Narendra Modi on 1st February by finance minister Nirmala Sitharaman.
  • According to Budget 2023, the new credit guarantee scheme will be applicable from April 1, and 47 million youth will give an allowance for 3 years. That is immeasurable for the times.
  • There is also a plan to install  Smart Classroom Transport System and 100 Labs will also be made in terms of 5G service and civil service.
  • India Union Budget will be considered a proof of address, under the Diger Locker, under 2023 highlights. 
  • The government will launch Pradhan Mantri Kaushal Vikas Yojana. To skill the youth For international opportunities,30 skill India International centers will be set up across the different states.   

The government also introduce the National Green Hydrogen Mission with an outlay of Rs. 19,700 crores will facilitate the transition of the economy to decrease the dependence on fossil fuel imports this will make the country develop in technology and will lead the market in Budget 2023.

Aims of Budget 2023
  • The government of the Health sector has been allocated Rs 89,155 crore in the Union Budget.
  • The Budget 2023 allocation for Pradhan Mantri swarthy Suraksha yojana for 2023-2024 is 3,365 crore. There is an increase in  Budget allocation for the AYUSH ministry from Rs 2,845.75 crore.
  • There is a huge increase in the allocation for the National Digital Health Mission from Rs 140 crore to Rs 341.02 crore.
  • There is a set up of  10,000 bio-input resource centers.
  • There is also a Pradhan Mantri Primitive Vulnerable Tribal Group (PMPVTGS) mission that has been launched to improve the socioeconomic condition of the same.

Seven Priorities of the Budget, ‘Saptarishi’:

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

Aims of Budget 2023 to include –

  • To Strengthen macroeconomic stability in the country.
  • To aim for the empowerment of women and their role in Budget 2023 and to help women to reach the next stage of  Economic stability by creating more and more SHGs (self-help groups).
  • There is also a PM Garib Kalyan Ann Yojana for continuing the commitment to food security under this scheme to supply free food grain to all the Antyodaya and priority households.
  • In times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world.
Aims of Budget 2023 to include -

There is a significantly improved India’s position as an innovative country with a conducive environment. We have made significant progress in many Sustainable Development Goals.

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