Union Budget 2023-24

2/23/23, 12:57 PM Union Budget 2023-24

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2/23/23, 12:57 PM Union Budget 2023-24

2/23/23, 12:57 PM Union Budget 2023-24

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Union Budget 2023-24


02 Feb 2023 24 min read
Tags: GS Paper - 2 Indian Constitution Government Policies & Interventions GS Paper - 3
Growth & Development Planning Government Budgeting Fiscal Policy Inclusive Growth

Why in News?
The
 Finance Minister of India introduced the last full-fledged Union Budget (for 2023-24) before the Lok
Sabha elections of 2024.
 What are the Constitutional Provisions regarding Budget?
According to Article 112 of the Indian Constitution, the Union Budget of

 a year is referred to as the Annual Financial Statement (AFS).
It is a statement of the estimated receipts and expenditure of the

Government in a Financial Year (which begins on 1st April of the

current year and ends on 31st March of the following year).
Overall, the Budget contains:


Estimates of revenue and capital receipts,
Ways and means to raise the revenue,


Estimates of expenditure,
Details of the actual receipts and expenditure of the closing


financial year and the reasons for any deficit/surplus in that year,
and
The economic and financial policy of the coming year, i.e., taxation
proposals, prospects of revenue, spending programme and
introduction of new schemes/projects.
In Parliament, the Budget goes through six stages:

2/23/23, 12:57 PM Union Budget 2023-24

Presentation of Budget
Newsletter Subscription
General discussion
Name
Scrutiny by Departmental Committees
Email
Voting on Demands for Grants
Passing an Appropriation Bill

Subscribe Now
Passing of Finance Bill


SMS Alerts
The Budget Division of the Department of Economic Affairs in the
Mobile Number
Ministry of Finance is the nodal body responsible for preparing the
 Budget.
Subscribe Now
The first Budget of Independent India was presented in 1947.


What are the Highlights of Budget 2023-24?


A key theme of Union Budget 2023-24 is the focus on inclusive development -
Sabka Sath, Sabka Vikas which specifically covers;

Farmers, Women, Youth, Scheduled Castes, Scheduled Tribes, Other
Backward Classes (OBCs), Divyangjan (PwDs) and Economically Weaker
 Sections (EWS),
Reach Us
Overall priority for the underprivileged (vanchiton ko variyata),
 641, 1stThere
 has also
Floor, Mukherjee been
Nagar, a sustained focus on UTs of J&K and Ladakh and the
Delhi-110009
Northeast
 21, Pusa Region
Rd, WEA, Karol (NER).
Bagh, Delhi-110005
 13/15, Tashkand Marg, Civil Lines, Prayagraj, UP-211001

 The Budget is along the lines of the two-pronged growth strategy first unveiled
 Harsh Tower 2, 45 45A, Tonk Rd, Jaipur, Rajasthan-302015
in 2019:
Top Searches
Incentivising the private sector thus creating jobs and pushing growth.
‘Minimum
 Classroom ProgramsGovernment, Maximum Governance’; increasing capex and
 Booksraising
& Magazines
more revenues via disinvestment.
 Test Series
Key Takeaways of the Budget:
2/23/23, 12:57 PM Union Budget 2023-24
 Online Programs Online Courses (English)

Changes in the new income tax regime (in rebate limit and in tax slabs).
 State PCS
A 33% increase
 For 2nd/3rd/4th in
EMI - Pay Now capital investment outlay has been proposed, raising it to
 CareersRs 10 lakh crore (the biggest in the past decade).
Changes
Connect With Us in customs duty; reduced on import of certain inputs for mobile
phone manufacturing, shrimp feed etc. and increased on cigarettes, gold
 [email protected]
articles, compounded rubber etc.
 English : +91 8010440440
Capital outlay for the railways increased to the highest ever – Rs 2.40 lakh
 Hindi : +91 8750187501

crore.
Hindi Social
Part – A
     
What is the Budget’s Vision for Amrit Kaal?
English Social
Amrit Kaal:

     
The Finance Minister of India called it the first Budget in Amrit Kaal. The
vision for the Amrit Kaal is an empowered and inclusive economy that is
 technology-driven and knowledge-based with a robust financial sector.
Copyright © 2018-2023 Drishti The Vision Foundation, India. All rights reserved
The Budget identifies 4 transformative opportunities to be leveraged before

reaching India@100:
Economic Empowerment of Women through SHGs
PM VIshwakarma KAushal Samman (PM VIKAS)

2/23/23, 12:57 PM Union Budget 2023-24
Tourism Promotion in Mission Mode
Green Growth
What are the Priorities of Budget 2023-24?

Saptarishi:
Priority 1: Inclusive Development
2/23/23, 12:57 PM Union Budget 2023-24
Agriculture:
Digital Public Infrastructure: Digital Public Infrastructure for agriculture will

be built as an open source, open standard and interoperable public good
resulting in:
Inclusive farmer-centric solutions
Relevant information services for crop planning/health
Better access to farm inputs, credit, and insurance
Growth-support of the agri-tech industry and start-ups
Funding for Agri-startups: Agriculture Accelerator Fund will be set-up to

encourage agri-startups by young entrepreneurs in rural areas.
Agri-Credit: Agriculture credit target to be increased to Rs 20 lakh crore

with focus on animal husbandry, dairy and fisheries.
A new sub-scheme of PM Matsya Sampada Yojana with targeted

investment of Rs 6,000 crore to be launched for fishermen, fish vendors
and MSMEs.
Horticulture: Atmanirbhar Clean Plant Programme will be launched to boost

availability of disease free quality planting material for high value
2/23/23, 12:57 PM Union Budget 2023-24
availability of disease-free, quality planting material for high value
horticultural crops at an outlay of Rs 2,200 crore.
Millets: To make India a global hub for 'Shree Anna' (Millets), the Indian
Institute of Millet Research, Hyderabad will be supported as the Centre of
Excellence for sharing best practices, research and technologies at the
international level.
Agri-Cooperatives: To fulfil the vision of "Sahakar Se Samriddhi", the

Government plans to establish decentralized storage capacity and set up
multiple cooperative societies in uncovered villages over the next 5 years.
Education and Skilling:
Health:
157 new nursing colleges will be established in co-location with the existing
157 medical colleges established since 2014.
A Mission to eliminate Sickle Cell Anaemia by 2047 will be launched.
2/23/23, 12:57 PM Union Budget 2023-24
Priority 2: Reaching the Last Mile

New ‘Aspirational Blocks Programme’:
Building on the success of the Aspirational Districts Programme, the

Aspirational Blocks Programme was recently launched covering 500 blocks.
It is aimed at improving the performance of areas across multiple domains

such as health, nutrition, education, agriculture, water resources, financial
inclusion, skill development, and basic infrastructure.
PM PVTG Development Mission:
To improve socio-economic conditions of the Particularly Vulnerable Tribal

Groups (PVTGs), Pradhan Mantri PVTG Development Mission will be
launched.
An amount of Rs 15,000 crore will be made available to implement the

Mission in the next 3 years under the Development Action Plan for the
Scheduled Tribes.
2/23/23, 12:57 PM Union Budget 2023-24
The Centre will also recruit 38,800 teachers and support staff for the 740
Eklavya Model Residential Schools, serving 3.5 lakh tribal students.
Water for Drought Prone Region:
In the drought prone central region of Karnataka, central assistance of Rs

5,300 crore will be given to the Upper Bhadra Project to provide sustainable
micro irrigation and filling up of surface tanks for drinking water.
Other Initiatives:
The outlay for PM Awas Yojana is being enhanced by 66% to over Rs 79,000
crore.
A ‘Bharat Shared Repository of Inscriptions (Bharat SHRI)’ will be set up in

a digital epigraphy museum, with digitization of 1 lakh ancient inscriptions
in the first stage.
Priority 3: Infrastructure and Investment

Increase in Capex for Infra:
Capital investment outlay increased for the third consecutive year - by 33%
to Rs 10 lakh crore making it 3.3% of GDP.
The ‘Effective Capital Expenditure’ is budgeted at Rs 13.7 lakh crore - 4.5%

of GDP.
Support to State Govts for Cap-Investment:
The Government has decided to continue the 50-year interest free loan to
state governments for one more year to spur investment in infrastructure
and to incentivize them for complementary policy actions.
The enhanced outlay for this is Rs 1.3 lakh crore.
Railways:
A capital outlay of Rs 2.40 lakh crore has been provided for the Railways -
the highest ever outlay and about 9 times the outlay made in 2013- 14.
Aviation:
2/23/23, 12:57 PM Union Budget 2023-24
Aviation:
50 additional airports, heliports, water aerodromes and advanced landing

grounds will be revived for improving regional air connectivity.
Other Transportation Projects:
100 critical transport infrastructure projects, for last and first mile
connectivity for ports, coal, steel, fertiliser, and food grains sectors have
been identified and will be taken up on priority with investment of Rs
75,000 crore, including Rs 15,000 crore from private sources.
An Urban Infrastructure Development Fund (UIDF) will be established

through use of priority sector lending shortfall.
UIDF will be managed by the National Housing Bank, and will be used by
public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.
Rs 10,000 crore on a yearly basis will be allocated for this purpose.
Priority 4: Unleashing the Potential

y
2/23/23, 12:57 PM
g Union Budget 2023-24
Reduced Compliances and Jan Vishwas Bill:
To enhance ease of doing business, more than 39,000 compliances have

been reduced and more than 3,400 legal provisions have been
decriminalised under the amendments to the Companies Act 2013.
To further the trust-based governance, the Government introduced the Jan

Vishwas Bill to amend 42 Central Acts.
Centres of Excellence for AI:
To realise the vision of “Make AI in India and Make AI work for India”, three
centres of excellence for Artificial Intelligence will be set-up in top
educational institutions.
National Data Governance Policy:
To facilitate innovation and research by start-ups and academia, a National

Data Governance Policy will be brought out, which will enable access to
anonymized data.
Digilocker for Data Sharing:
An Entity DigiLocker will be set up for use by MSMEs, large business and
charitable trusts for storing and sharing documents online securely,
whenever needed, with various authorities, regulators, banks and other
business entities.
Resolving Disputes:
Vivad se Vishwas: Less stringent contract execution for MSMEs (being

provided as a relief to the MSMEs affected during the Covid period).
Easier and standardised settlement scheme enabling faster settlement

of contractual disputes of Govt and Govt undertakings.
e-Courts: Phase III of e-courts will be launched for effective administration

of justice.
5G Technology:
2/23/23, 12:57 PM
gy Union Budget 2023-24
100 labs for developing applications using 5G services will be set up in

engineering institutions to realise a new range of opportunities, business
models, and employment potential.
The labs will cover, among others, applications such as smart classrooms,
precision farming, intelligent transport systems, and healthcare apps.
Priority 5: Green Growth
National Green Hydrogen Mission:
An outlay of Rs 19,700 crores has been allocated to the National Green

Hydrogen Mission to facilitate transition of the economy to low carbon
intensity, reduce dependence on fossil fuel imports, and make the country
assume technology and market leadership in this sunrise sector.
The target is to reach an annual production of 5 MMT by 2030.
GOBARdhan Scheme:
500 new ‘waste to wealth’ plants under GOBARdhan scheme will be

bli h d Ci l E
https://www.drishtiias.com/daily-updates/daily-news-analysis/union-budget-2023-24 (200 d bi (CBG)13/25
2/23/23, 12:57 PM Union Budget 2023-24
established to promote Circular Economy (200 compressed biogas (CBG)

plants and 300 community/cluster-based plants). Total Investment - Rs
10,000 crore.
In due course, a 5% CBG mandate will be introduced for all organizations

marketing natural and biogas.
Bhartiya Prakritik Kheti Bio-Input Resource Centres:
Over the next 3 years, the Centre will facilitate 1 crore farmers to adopt
natural farming by setting up 10,000 Bio-Input Resource Centres, creating a
national-level distributed micro-fertilizer and pesticide manufacturing
network.
Other Investments in Green Energy:
Rs. 35,000 crore for priority capital investments towards energy transition
and net zero objectives, and energy security (Ministry of Petroleum &
Natural Gas).
Battery Energy Storage Systems with capacity of 4,000 MWH to be

supported with Viability Gap Funding.
Rs 20,700 crore (central support - Rs 8,300 crore) for inter-state

transmission system for evacuation and grid integration of 13 GW
renewable energy from Ladakh.
Priority 6: Youth Power
2/23/23, 12:57 PM Union Budget 2023-24
Priority 7: Financial Sector

Credit Guarantee for MSMEs:
In 2022, the credit guarantee scheme for MSMEs was revamped and will
take effect from 1st April 2023 through infusion of Rs 9,000 crore in the
corpus.
This will enable additional collateral-free guaranteed credit of Rs 2 lakh

crore.
The cost of the credit will be reduced by about 1%.
Financial Information Registry:
A National Financial Information Registry will be set up to serve as the

central repository of financial and ancillary information.
This will facilitate efficient flow of credit, promote financial inclusion, and
foster financial stability.
A new legislative framework, designed in consultation with the RBI, will

govern this credit public infrastructure.
Small Savings Schemes:
To commemorate Azadi Ka Amrit Mahotsav, a one-time new small savings

scheme, Mahila Samman Savings Certificate, will be made available for a
two-year period up to March 2025.
This will offer deposit facility upto Rs 2 lakh in the name of women or
girls (fixed interest rate of 7.5%) with partial withdrawal option.
The maximum deposit limit for Senior Citizen Savings Scheme will be
enhanced from Rs 15 lakh to Rs 30 lakh.
The maximum deposit limit for the Monthly Income Account Scheme will be
enhanced from Rs 4.5 lakh to Rs 9 lakh (for single account) and from Rs 9
lakh to Rs 15 lakh (for joint account).
2/23/23, 12:57 PM Union Budget 2023-24
What is the Status of Fiscal Management?

Utilisation of Funds for Capital Expenditure:
The Indian Finance Minister stated that all states must utilise their fifty-
year loan for capital expenses by the end of 2023-24.
Most of this will be at the discretion of states, but a part will be conditional
on states designated for specific purposes, such as:
Replacing outdated government vehicles
Improving urban planning
Making urban local bodies eligible for obtaining municipal bonds
Building housing for police officers
Constructing Unity Malls
Creating libraries and digital infrastructure for children and adolescents
Contributing to the capital expenses of central schemes.
Fi l D fi i All d S
2/23/23, 12:57 PM Union Budget 2023-24
Fiscal Deficit Allowed to States:
States are allowed to have a deficit of 3.5% of their Gross State Domestic
Product (GSDP), with 0.5% of this amount specifically designated for power
sector reforms.
Revised Estimates 2022-23:
Total receipts, (excluding borrowings): Rs 24.3 lakh crore
Net tax receipt: Rs 20.9 lakh crore.
Total expenditure: Rs 41.9 lakh crore
Capital expenditure: Rs 7.3 lakh crore.
Fiscal deficit : 6.4% of GDP.
Budget Estimates 2023-24:
Total estimated receipts (excluding borrowings): Rs 27.2 lakh crore,
Total estimated expenditure: Rs 45 lakh crore.
Net tax receipts: Rs 23.3 lakh crore.
Fiscal deficit: 5.9% of GDP.
To finance the fiscal deficit in 2023-24, the net market borrowings from
dated securities are estimated at Rs 11.8 lakh crore.
The gross market borrowings are estimated at Rs 15.4 lakh crore.
Also, the government is committed to sticking to this plan to reduce the

fiscal deficit to below 4.5% by 2025-26.
2/23/23, 12:57 PM Union Budget 2023-24
Part – B
What are the Reforms Proposed in Direct Taxation?
Personal Income Tax:
There are five major announcements relating to the personal income tax.
The rebate limit in the new tax regime has been increased to ₹ 7 lakh.
It means that persons in the new tax regime with income up to ₹ 7 lakh
will not have to pay any tax.
The tax structure in the new personal tax regime has been changed by
reducing the number of slabs to five and increasing the tax exemption limit
to ₹ 3 lakh.
Other Tax Reforms:
Standard Deduction:
The new tax regime has proposed to increase the standard deduction for
salaried individuals to 50,000 rupees and the deduction for family
pension up to 15,000 rupees.
2/23/23, 12:57 PM Union Budget 2023-24
MSMEs:
The limits for presumptive taxation have been increased for micro
enterprises and certain professionals as long as the amount received in
cash does not exceed 5% of the total gross receipts/turnover.
The deduction for payments made to MSMEs will only be allowed when
payment is actually made to support their timely receipt of payments.
Cooperatives:
New manufacturing co-operatives that start manufacturing before

31.3.2024 will have a lower tax rate of 15%.
The limit for cash deposits and loans by Primary Agricultural Co-
operative Societies and Primary Co-operative Agriculture and Rural
Development Banks has been increased to 2 lakh rupees per member.
Tax Deduction at Source (TDS) on cash withdrawals for co-operative

societies has been increased to 3 crore rupees.
Startups:
The date for start-ups to receive income tax benefits has been extended
to 31.3.2024. The carry forward of losses for start-ups has been
increased from 7 years of incorporation to 10 years.
Online Gaming:
Taxability on online gaming will be clarified with TDS and taxability on

net winnings at the time of withdrawal or at the end of the financial year.
Gold:
Conversion of gold into electronic gold receipt and vice versa will not be
treated as capital gains.
Exception from Income Tax:
Income of authorities, boards and commissions set up by Union or State

laws for housing, town and village development, and regulation, will be
exempt from income tax
2/23/23, 12:57 PM Union Budget 2023-24
exempt from income tax.
Agniveer Fund has been given Exempt-Exempt-Exempt (EEE) status.

Payments received by Agniveers enrolled in Agneepath Scheme, 2022
will be exempt from taxes.
Deduction in total income will be allowed for contributions to the

Agniveer Seva Nidhi account by the Agniveer or the Central
Government.
Common IT Return Form:
To improve taxpayer services, the government rolled out a proposal for

next-generation Common IT Return Form for taxpayer convenience, along
with plans to strengthen the grievance redressal mechanism.
Current and Proposed Tax Slabs:
Current Income Proposed Income

Tax Rate
Slab Slab
Nil Up to Rs 2.5 lakh Up to Rs 3 lakh
Rs 2.5 lakh to Rs 5 Rs 3 lakh to Rs 6

5%
lakh lakh
Rs 5 lakh to Rs 7.5 Rs 6 lakh to Rs 9

10%
lakh lakh
Rs 7.5 lakh to Rs Rs 9 lakh to Rs 12

15%
10 lakh lakh
Rs 10 lakh to Rs 12 Rs 12 lakh to Rs 15
20%
lakh lakh
Rs 12 lakh to Rs 15
25% -
lakh
30% Above Rs 15 lakh Above Rs 15 lakh
What are the Reforms Proposed in Indirect Taxation?

Custom Duties:
The number of basic customs duty rates for goods other than textiles and
agriculture has been decreased to 13 from 21.
2/23/23, 12:57 PM Union Budget 2023-24
National Calamity Contingent Duty (NCCD) on specified cigarettes revised

upwards by about 16%
Increased Duties:
Articles made from gold and platinum
Import duties on silver dore, bars, and articles
Exception from Duties:
Compressed biogas contained in blended compressed natural gas.
Testing agencies that import vehicles, automobile parts/components,

sub-systems, and tires for testing and/or certification purposes.
Also, the deadline for the customs duty on specified machinery for
lithium-ion cell manufacturing for EV batteries has been extended to
31.03.2024.
Denatured ethyl alcohol used in the chemical industry.
Legislative Changes in Customs Laws:
The Customs Act, 1962 is going to be revised to set a nine-month deadline

for the Settlement Commission to make a final decision after an application
has been filed.
The Customs Tariff Act will be revised to make the purpose and scope of
Anti-Dumping Duty (ADD), Countervailing Duty (CVD), and Safeguard
Measures clearer.
Changes will also be made to the Central Goods and Service Tax Act:
The minimum amount of tax for starting a prosecution under GST will be
raised from 1 crore to 2 crore.
The compounding amount for tax will be reduced from 50-150% to 25-
100% of the tax amount.
Certain offences will be decriminalised.
The filing of returns or statements will be limited to a maximum of three

years from the due date
2/23/23, 12:57 PM Union Budget 2023-24
years from the due date.
Unregistered suppliers and composition taxpayers will be allowed to

make intra-state supply of goods through E-Commerce Operators
(ECOs).
Where does the Rupee Come from and where does it Go?
2/23/23, 12:57 PM Union Budget 2023-24
Source: Union Budget 2023-24
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2/23/23, 12:57 PM Union Budget 2023-24

UPSC Civil Services 2023 Notification

Login Register EN हिंदी

Union Budget 2023-24

02 Feb 2023 24 min read

Tags: GS Paper - 2 Indian Constitution Government Policies & Interventions GS Paper - 3

 What are the Constitutional Provisions regarding Budget?

According to Article 112 of the Indian Constitution, the Union Budget of

It is a statement of the estimated receipts and expenditure of the

Overall, the Budget contains:

Ways and means to raise the revenue,

Details of the actual receipts and expenditure of the closing

In Parliament, the Budget goes through six stages:

Passing an Appropriation Bill

Passing of Finance Bill

The first Budget of Independent India was presented in 1947.

What are the Highlights of Budget 2023-24?

 13/15, Tashkand Marg, Civil Lines, Prayagraj, UP-211001

 Online Programs Online Courses (English)

The Budget identifies 4 transformative opportunities to be leveraged before

Economic Empowerment of Women through SHGs

PM VIshwakarma KAushal Samman (PM VIKAS)

Tourism Promotion in Mission Mode

What are the Priorities of Budget 2023-24?

Priority 1: Inclusive Development

Digital Public Infrastructure: Digital Public Infrastructure for agriculture will

Inclusive farmer-centric solutions

Relevant information services for crop planning/health

Better access to farm inputs, credit, and insurance

Growth-support of the agri-tech industry and start-ups

Funding for Agri-startups: Agriculture Accelerator Fund will be set-up to

Agri-Credit: Agriculture credit target to be increased to Rs 20 lakh crore

A new sub-scheme of PM Matsya Sampada Yojana with targeted

Horticulture: Atmanirbhar Clean Plant Programme will be launched to boost

Agri-Cooperatives: To fulfil the vision of "Sahakar Se Samriddhi", the

Education and Skilling:

A Mission to eliminate Sickle Cell Anaemia by 2047 will be launched.

Priority 2: Reaching the Last Mile

Building on the success of the Aspirational Districts Programme, the

It is aimed at improving the performance of areas across multiple domains

PM PVTG Development Mission:

To improve socio-economic conditions of the Particularly Vulnerable Tribal

An amount of Rs 15,000 crore will be made available to implement the

Water for Drought Prone Region:

In the drought prone central region of Karnataka, central assistance of Rs

A ‘Bharat Shared Repository of Inscriptions (Bharat SHRI)’ will be set up in

Priority 3: Infrastructure and Investment

The ‘Effective Capital Expenditure’ is budgeted at Rs 13.7 lakh crore - 4.5%

Support to State Govts for Cap-Investment:

The enhanced outlay for this is Rs 1.3 lakh crore.

50 additional airports, heliports, water aerodromes and advanced landing

Other Transportation Projects:

An Urban Infrastructure Development Fund (UIDF) will be established

Rs 10,000 crore on a yearly basis will be allocated for this purpose.

Priority 4: Unleashing the Potential

Reduced Compliances and Jan Vishwas Bill:

To enhance ease of doing business, more than 39,000 compliances have

To further the trust-based governance, the Government introduced the Jan

Centres of Excellence for AI:

National Data Governance Policy: