Highlights of India Union Budget 2023-24
Summary:
The Union Budget for the fiscal year 2023-24 was presented by Union Finance Minister Nirmala Sitharaman. This marked the 5th consecutive time she presented the budget. The budget emphasized seven priorities that guide India’s vision during the “Amrit Kaal” – Inclusive Development, Reaching the Last Mile, Infrastructure Investment, Unleashing Potential, Green Growth, Youth Power, and Financial Sector. The theme of the budget was “Vasudhaiva Kutumbakam,” aiming to address global challenges and facilitate sustainable economic development. It projected an estimated economic growth of 7%, with a total expenditure of Rs. 45.03 lakh crore. Key allocations included Rs. 1.25 trillion for Agriculture & Farmer Welfare, Rs. 2.40 lakh crore for Railways (highest ever), and Rs. 70,000 crore for the Jal Jeevan Mission. The budget introduced various schemes, such as the Mahila Samman Savings Certificate for women, Pradhan Mantri Kaushal Vikas Yojana 4.0 for skill development in Industry 4.0, and Amrit Dharohar scheme for wetland utilization. It also aimed to eliminate sickle cell anemia by 2047 and promote cultural heritage through Bharat Shared Repository of Inscriptions. The fiscal deficit was targeted to be below 4.5% by 2025-26, and a direct benefit transfer scheme was rolled out for apprenticeships. The budget aimed to enhance the energy transition and net-zero objectives through priority capital investments in the petroleum and natural gas sectors. Additionally, there were provisions for education, healthcare, urban infrastructure, and more. Overall, the Union Budget 2023-24 focused on comprehensive development, economic growth, and sustainability across various sectors of the Indian economy.
Excerpt:
Highlights of India Union Budget 2023-24
Union Budget 2023:
1. The Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2023-24. It was the_____Union Budget of India.
Ans: Union Budget 2022-23 was the 75th Union Budget of India. The Union Budget is the annual financial report of India, which deals with the expected income and expenditure of the economy in the upcoming fiscal year. The first union budget of independent India was presented on 26 November 1947.
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