Union Budget 2023-24 Vision for Amrit Kaal

  • Growth and Job Creation
  • Strong and Stable Macro Economic Environment
  • Opportunities for Citizens with focus on the Youth

Amrit Kaal: Saptarishi – 7 priorities

  • Inclusive Development
  • Infrastructure and Investment
  • Reaching the Last Mile
  • Youth Power
  • Green Growth
  • Financial Sector
  • Unleashing the potential

Sabka Sath Sabka Vikas – Inclusive Development

Agriculture and Co-operatives

Union Budget 2023-24
Representative Image Courtesy: Business Today
  • Expand Digital Technologies to boost the agriculture sector
  • Promote Natural Farming and fund rural start-ups
  •  Build and open-source, digital public agriculture and infrastructure
  • Atmanirbhar Clean Plant Programme – To boost the availability of disease free quality planting material for horticulture with an outlay of Rs.2,200 crore.
  • Shree Anna: Making India a Global Hub for Millets – IIMR Hyderabad upgraded as centre of excellence
  • PM Matsya Sampada Yojna target investment of Rs.6k crore: To boost Fishing Value Chain
  • Setting-up of widely available Storage Capacity to enhance Farmers Remuneration
  • Rs.20 Lakh crore agriculture credit targeted at Animal Husbandry, Dairy and Fisheries Sector


  • Sickle-cell anaemia focus on health push
    1. 157 new nursing Medical Colleges
  • Boost to Media and Pharmaceutical Research via ICMR

Education and Skills

  • States to be urged to set-up physical libraries at Panchayat and ward levels
  • National Digital Library to be set up for children and adolescents
  • Revamped Teachers Training via; District Institutes of Education and Training
  • Launched Skilled India Digital Platform
  • National Apprenticeship Scheme (NAS) under which 4.7 million youths will be provided stipend support via; Direct Benefit Transfer (DBT)
  • 1000 Labs to come up for engineering institutes for developing applications using 5G services
  • Boost Mid-day meal scheme to increase in allocation to Rs.11.6 crore in F.Y. 2023-24 from Rs. 10.2 cr. in F.Y. 2022-23.

Inclusive Development for all

  • Ujjawala: Rs. 9.6 crore LPG connections
  • Rs. 220 crore Covid Vaccinations of 102 crore person
  • SBM: Constructed Rs. 11.7 crore household toilets
  • Rs. 9crore Drinking Water connections to rural houses
  • PM-KISAN: Cash transfer of Rs.2.2 lakh crore to over 11.4 crore farmers
  • Pradhan Mantri Suraksha Yojana and Pradhan Mantri Jeevan Jyoti Yojana: Insurance cover for 44.6 crore persons
  •  PM Jan Dhan Bank Account – Rs. 47.8 crore

Infrastructure and Investment

Union Budget 2023-24
Representative Image Courtesy: Telegraph India
  • Incentives to boost Investment in Infrastructure and Productive capacity
  • Increased capital investment outlay by 33.4% to Rs. 10lakh crore
  • Highest ever capital outlay of Rs. 2.4o lakh crore for Railways
  • Continuation of 50 year interest free loan to State Governments to incentivize infrastructure investment
  • 100 transport infrastructure projects identified for end-to-end connectivity for ports, steel, fertilize sectors
  • Creating Urban Infrastructure in Tier 2&3 cities via; establishment of Urban Infrastructure Development Fund.

Unleashing the Potential Trust Based Governance

  • AI in India: To set-up educational institutes in education institutes
  • National Data Governance Policy: To enable access to anonymized data for research by Start-ups and academia
  • Vivad se Vishwas I: Relief to MSMEs by executing less stringent contract
  • Vivad se Vishwas II: Standardized settlement scheme for contractual disputes of Govt. and Govt. undertakings
  • E-courts: Launched phase 3 of E-courts for effective administration of justice
  • Entity Digi Locker: Facilitating secure online storing and sharing of documents with the business ecosystems
  • Lab Grown Diamonds sector: R&D grant to reduce import dependency

Green Growth

Union Budget 2023-24
Representative Image Courtesy: Greenandgrowing.org
  • Rs. 35,000 crore outlay for growth in Green Energy Transition
  • Launched PM-PRANAM (Program for restoration, awareness, nourishment and amelioration of Mother Earth): To incentivize States/UTs to promote usage of alternative fertilizers
  • GOBARdhan (Galvanizing Organic Bio-Agro Resource Dhan) Scheme: 500 new ‘Waste to Wealth’ plants for promoting circular scheme
  • Green Credit Program to incentivize sustainable actions
  • MISHTI (Mangrove Initiative for Shoreline Habitats and Tangible Incomes): For mangrove plantation along the coastline and on salt pan lands
  • Amrit Dharohar: For optimal usage of wetlands
  • Setting up of 10,000 bio-input resource centre to facilitate farmers to adopt natural farming
  • Promotion of Battery energy storage systems
  • Promotion of coastal shipping for energy efficient transportation
  • Allocation of funds for replacing old-polluting vehicles

Amrit Peedhi: Youth Power

  • Pradhan Mantri Kaushal Vikas Yojna 4.0. scheme: To skilled lakhs of youth, covering new courses like coding, AI, Robotics, 3D Printing etc.
  • Measures to boost Tourism Sector: At-lease 50 destinations selected through challenge mode, to be developed as a complete package for domestic and foreign countries
  • States will be encouraged to set-up Unity Malls: For promotion and sale of ODOP (One District-One Product) , GI and handicraft products

Financial Sector

  • Setting-up of National Financial Information registry: To enable efficient lending and promote financial stability
  • Mahila Samman Bachat Patra : One-time new small savings for a 2 year period with the deposit facility of up-to Rs.2 lakh for women
  • Setting up of a Central Data Processing Centre: For faster handling of administrative work under the Companies Act
  • Benefits for Senior Citizens: Enhanced maximum deposit limit from Rs.15 lakh to Rs.30 Lakh.
  • Credit Guarantee Scheme for MSMEs: Expanded corpus under a revamped scheme to enable additional collateral free guaranteed credit of Rs.2 lakh crore
  • Initiative s to promote business activities in GIFT IFSC
  • Create more trained professionals in Securities Market

Fiscal Management

50 years Interest Free Loans to State

  • To be spent on Capital Expenditure within 2023-24
  • Part of the loan is conditional on States increasing actual Capital expenditure and parts of outlay will be linked to States undertaking several reforms
  • Fiscal Deficit of 3.5% of GSDP allowed for States
  • Fiscal Consolidation: Targeted Fiscal Deficit to be below 4.5% by 2025-26

Tax Proposals

Indirect Tax Proposal

Simplification in Indirect Taxes to deliver:

  • Higher Exports
    1. Higher domestic manufacturing
    1. More value addition in the economy
  • Green energy and mobility

Changes to Custom Duty:

  • Import of capital goods for Lithium-ion battery manufacturing for Greener mobility
  • Import of mobile camera lens for deepening value addition
  • Denatured ethyl alcohol for Chemical Industry
  • Key inputs for producing shrimp feed to benefit marine export
  • Continuing concessional basic custom duty on copper scrap for augmenting raw material availability for MSMEs.
  • Compounded rubber to bring it at par with natural rubber to duty circumvention

Direct Tax Proposal

Union Budget 2023-24
Representative Image Courtesy: India Blooms

Tax reliefs to citizens

  • 45% tax returns on tax payers portals were processed within 24 hours
    1. Average Processing Period reduced from 93 to 16 days in 8 years
  • Processed more than 6.5 crore return this year

Personal Income Tax – New Tax Regime

  • Income limit for rebate of income tax increased from Rs.5 lakh to Rs. 7 lakh
  • Highest surcharge rate on income above Rs.5 crore to be reduced from 37% to 25%
  • Extended benefits of standard deduction for salaried and pensioners
  • Increasing tax exemption limit to Rs.25 lakh on leave encashment on retirement for non-government salaried employees
  • Tax exemption limit raised from Rs. 2.5 lakh to Rs. 3 Lakh

Proposed (FY24) concessional, or new, tax regime

  • Income upto Rs.3 lakh are not liable for Tax
  • Income between Rs.3 to 6 lakh, to pay 5% of income in excess of Rs.3 lakh
  • Income between Rs.6 to 9 lakh, to pay Rs. 15,000 plus 10% of the amount by which the income exceeds Rs.6 lakh
  • Income between Rs.9 to 12 lakh, to pay Rs. 45,000 plus 15% of the amount by which the income exceeds Rs.9 lakh
  • Income between Rs.12 to 15 lakh, to pay Rs. 90,000 plus 20% of the amount by which the income exceeds Rs.12 lakh
  • Income above 15 lakh, to pay Rs. 1,50,000 plus 30% of the amount by which the income exceeds Rs.15lakh

Tax Benefits for Industry


  • Enhanced limit for micro enterprises and professionals to avail benefits of presumptive taxation; 95% of receipts to be non cash
  • Deductions on payment made to MSMEs to be allowed only when payment is actually made


  • Extending 15%corporate tax benefit to  new co-operatives, commencing manufacturing till 31st March 2024
  • Higher limit of Rs. 2 lakh per member for deposits and loans in cash by PACS and PCARDBs
  • Higher limit of Rs.3 crore for TDS on cash withdrawal for co-operative societies


  • Extension of the date of incorporation by one year for income tax benefits to start-ups
  • Benefits of carry forward of losses on change of shareholding of start-ups from 7years of incorporation to 10 years


  • Income of authorities, boards and commission setup by statues of the Union or State to be exempted from income tax in certain sectors
  • Extension of period of tax benefits to fund relocating to IFSC, GIFT City till 31st March 2025

Allocation of Specific Ministeries (Value in Rs. Lakh Crore)

  • Ministry of Defence – Rs. 5.94
  • Ministry of Road Transport and Highways – Rs. 2.70
  • Ministry of Railways – Rs. 2.41
  • Ministry of Consumer Affairs, Food and Public Distribution – Rs. 2.06
  • Ministry of Home Affairs – Rs. 1.96
  • Ministry of Chemical and Fertilizer – Rs. 1.78
  • Ministry of Rural Development – Rs. 1.60
  • Ministry of Agriculture and Farmers Welfare – Rs. 1.25
  • Ministry of Communication – Rs. 1.23

Allocation to Major Schemes for F.Y. 2023-24(In INR Crore)

  • Development of Pharmaceutical Industry – Rs. 1250
  • Jal Jeevan Mission – Rs. 70,000
  • Eklavya Model Residential School – Rs. 5943
  • Pradhan Mantri Awas Yojna – Rs. 79,590
  • Scheme for Faster Adaption and Manufacturing of EV’s (FAME) – Rs. 5172
  • North East Special Infrastructure Development Scheme – Rs. 2491

What’s Costlier

  • Electric Kitchen Chimney
  • Articles made of Gold, Platinum
  • Silver Doors and Bars
  • Copper
  • Compounded Rubber
  • Cigarettes
  • Clothes

What’s Cheaper

  • Camera Lenses
  • Mobile Phones
  • TV Parts
  • Denatured Ethyl Alcohol
  • Acid Grade Flourspar
  • Domestic Manufacture of Shrimp

By Hemlata

As a news author, Hemlata understands the responsibility of her role in shaping public discourse and maintaining the public's trust. She is committed to upholding the highest ethical standards in journalism, ensuring accuracy, fairness, and transparency in her reporting.

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