Union Budget 2023-2024 Updates: Nirmala Sitharaman Presents Awaiting Budget

February 1, 2023

Ms. Nirmala Sitharaman, the Union Finance Minister of India, presented the 2023-2024 Union Budget, which is the last budget of the PM Narendra Modi led Government.

Highlights of the 2023-2024 Union Budget:

The promotion of tourism would be taken up in the coming year.
Agriculture accelerator fund to be set up to support agriculture start ups.
157 new nursing colleges would be established in core locations in India.
The entire expenditure of around Rs. 2 lakh crore is to be borne by the Center to ensure the Food security needs of the nation. Agri credit to be enhanced to Rs. 20 lakh crore
In the next 3 years, the government will employ 38,800 teachers and support staff for 740 Eklavya model schools supporting tribal students outlay for PM Azaz Yojana is being increased by 66% to over Rs 79,000 crore.
A national digital library for children and adolescents will be set up for facilitating quality books
Key announcement for tribal groups: to improve the social economic condition of the Particularly Tribal Groups, a Development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 cr to be made available to implement the scheme in the next 3 years.
50 year interest free loans will continue for states, announces Sitharaman in a Budget speech
Rs.10 lakh cr budget for capex will take the Capex/GDP ratio to 3.3%, a 20 year high and help to crowd in private investments
In the next 3 years, the government will employ 38,800 teachers and support staff for 740 Eklavya model schools supporting tribal students
More than 39,000 compliances have been reduced and more than 3,400 legal provisions have been de-criminalised to improve ease of doing business”
The KYC process would be simplified
Capital outlay of Rs. 2.40 lakh crore for railways in the next financial year
An investment of Rs. 75,000 crores focusing on freight will help Indian Railways increase its modal share. This is in line with the National Rail Plan’s aim to raise the modal share to 50% from 25% now.
The 33% higher capital outlay of Rs 10 lakh crore will fast-track the implementation of high-multiplier government programmes such as Bharatmala, Ghatishakthi, Parvatmala and Sagarmala
Target to reach green hydrogen production of 5 MMT by 2030. Rs. 35,000 crores allocated towards achieving net zero goal and energy transition.