Union Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2023-24 on Wednesday.
This is the 11th annual budget of Prime Minister Narendra Modi-led central government, and the fifth for Sitharaman as Finance Minister.
The new budget includes a few significant decisions amid a series of economic challenges, especially the steep inflation.
Here’s more on the Budget for 2023.
Key announcements by Sitharaman
For the fiscal year (FY) 2023, growth has been estimated at 7%.
Sitharaman also announced spending Rs. 2,200 crore for the horticulture sector.
The agricultural credit target has also been increased to Rs. 20 lakh crore.
She also proposed a capital expenditure of Rs. 10 lakh crore for the next FY.
The outlay for the Pradhan Mantri Awas Yojna will be Rs. 79,000 crore.
Government to bear Rs. 2 lakh crore under foodgrain scheme
According to the finance minister, the entire expenditure of about Rs. 2 lakh crore under PM Garib Kalyan Anna Yojana will be borne by the central government under new budget outlays.
She said the free food grain scheme has already been implemented in the country.
Sitharaman added that the scheme would be a top priority for the government next year as well.
Big boost to the investment sector
Sitharaman said the capital investment outlay would be increased by 33% to Rs. 10 lakh crore (3.3% of GDP).
The provision for interest-free 50-year loans to state governments had been extended for another year.
She said this would be done with an increased budget of Rs. 1.3 lakh crore to encourage infrastructure investment and to reward complementary policy initiatives.
Railway outlay increased nine times since 2013-14
Railway outlay is now at Rs. 2.40 lakh crore, as per the finance minister. She announced that the total outlay for the Indian Railway budget will be Rs 2.40 lakh crore, which is nine times more than the total outlay in 2013-14.
Green energy comes under priority sector
Sitharaman said the government will focus on green energy in the next fiscal year.
She said green hydrogen, clean energy storage, and transmission are the key drivers of the government’s “Green Growth” priority sector.
She announced the inter-state transmission system of 13 GW of renewable energy from Ladakh with an investment of Rs. 20,700 crore including Central support of Rs. 8,300 crore.
ICMR labs, 157 new nursing colleges announced
According to Sitharaman, the country would get 157 new nursing colleges and additional Indian Council for Medical Research (ICMR) labs to get more trained nurses as well as boost research and innovation.
She said a mission to eliminate sickle cell anemia by 2047 would be launched soon. It will include raising awareness and universal screening of seven crore individuals in afflicted areas, she noted.
Major relief under new income tax regime
The government announced significant changes in the new tax regime and extended rebates on income up to Rs. 7 lakhs.
The tax slabs have been made more flexible under the new tax regime.
The new tax rates are 0-Rs. 3 lakh (nil), Rs. 3-6. lakh (5%), Rs. 6-9 lakh (10%), Rs. 9-12 lakh (15%), Rs. 12-15 lakh (20%) and above 15 lakh (30%).
Fiscal deficit cut significantly
The fiscal deficit target for FY24 has been cut from 6.4% of GDP to 5.9%. “I reiterate my intention to bring the fiscal deficit below 4.5 percent of GDP by 2025-26,” the finance minister said.
Jan 01,2023:The gross revenue from goods and services tax (GST) rose 15 percent year-on-year to Rs 149,507 crore in December 2022, according to government data released on Sunday.
The government collected Rs 129,780 crore as gross GST revenue in December 2021.
Of the total GST collected in December, CGST was Rs 26,711 crore, SGST was Rs 33,357 crore, IGST was Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess was Rs 11,005 crore (including Rs 850 crore collected on import of goods), data revealed.
Notably, monthly GST revenues have been more than Rs 1.4 lakh crore for 10 straight months in a row now.
In November, gross GST revenue collection was Rs 145,867 crore, an increase of 11 per cent over last year’s corresponding month.
Visakhapatnam , December 31,2022: Highlighting Andhra Pradesh as a favoured destination for investment, state Industries Minister Gudivada Amarnath on Friday said investment worth Rs 73,000 crore has been brought in the state in the last three years.
Addressing a press conference, Minister Amarnath said that Jagan Mohan Reddy government gave impetus to the industrial sector which was neglected by the previous governments in the state.
“In the last three years, 21 large and very large industries have been brought in the state with an investment of Rs 73,000 crore, thereby providing employment opportunities to 60,000 people,” he said.
He informed that the foundation stone will be laid next month for the solar panels’ industry to be set up in the state with an investment of Rs 4,000 crore.
The Minister said that seeing the incentives given by the state government to the industrial sector, many industrialists are coming forward to invest in the state and many industrialists are showing interest in investing in heavy industries, IT, handlooms and green energy sectors.
Amarnath informed that Yakahoma Tires Company and Apache Footwear will expand their industries in the state and export their products to the countries of the world from here. “AP has become a compass for integrated projects like solar, wind and pump storage, and the foundation stone of 5,200-megawatt power generation plants was laid in the month of May, and there are opportunities to establish another 30,000-megawatt capacity projects in the state,” he said.
He said that Andhra Pradesh’s GDP is three per cent higher than the country’s GSDP.
Dec 23,2022:Sixteen army personnel, including three Junior Commissioned Officers (JCOs), were killed in a road accident at Zema in North Sikkim on Friday morning, 23 December, when their vehicle skidded off while navigating a sharp turn, the army said.
The truck was part of a three-vehicle convoy that was on its way from Chatten to Thangu.
“Deeply pained” over the loss of lives of the personnel, Defence Minister Rajnath Singh said in a tweet, “The nation is deeply grateful for their service and commitment. My condolences to the bereaved families. Praying for the speedy recovery of those who are injured.”
Four injured soldiers were air evacuated. Three Junior Commissioned Officers (JCO) and 13 soldiers have been confirmed dead, a defence statement said.
The truck was part of a three-vehicle convoy that had moved from Chatten in the morning towards Thangu.
The mishap took place at 8 am at Zema 3, about 15 kms away from Lachen.
The Army vehicle was heading towards the border posts with 20 occupants. The vehicle seemed to have veered off the road while negotiating a curve in the Zema 3 area and crashed hundreds of feet down. All 16 bodies have been recovered from the crash site.
Dec 23,2022:The Union Cabinet, headed by Prime Minister Narendra Modi, on Friday has approved the revision of the pension of armed forces pensioners/family pensioners under One Rank One Pension (OROP) from July 1,2019 at additional cost of Rs 8,450 crore,.
Pension of the past pensioners would be re-fixed on the basis of average of minimum and maximum pension of Defence Forces retirees of calendar year 2018 in the same rank with the same length of service.
“The Armed Forces Personnel retired up to June 30, 2019 (excluding pre-mature (PMR) retired w.e.f.July 01, 2014) will be covered under this revision. More than 25.13 lakh (including over 4.52 lakh new beneficiaries) Armed Forces Pensioners/family pensioners will be benefited. Pension for those drawing above the average shall be protected .The benefit would also be extended to family pensioners, including war widows and disabled pensioners,” said Cabinet in a statement.
Arrears will be paid in four half-yearly instalments. However, all the family pensioners, including those in receipt of Special/Liberalised Family Pension and Gallantry Award Winners, shall be paid arrears in one instalment.
Modi government took a decision to implement OROP for the Defence Forces Personnel/family pensioners and issued policy letter on November 7, 2015 for revision of pension w.e.f.July 01, 2014. In the said policy letter, it was mentioned that in future, the pension would be re-fixed every 5 years. Approximately Rs 57,000 crore has been spent at Rs 7,123 crore per year in eight years since the implementation of OROP.
New Delhi, December 15,2022: After chairing a meeting regarding the Maharashtra-Karnataka border row, Union Home Minister Amit Shah on Wednesday said that the two states will not make any claim against each other until the Supreme Court gives its verdict.