Highlights of the Union Budget 2023-24

#Union Budget #Budget #NirmalaSitharaman #FinanceMinister

Source: PIB

Find out what are the general key takeaways for the industry in the Union Budget 2023-24

February 2023: The Union Minister of Finance and Corporate Affairs Nirmala Sitharaman presented the in Parliament on 1 February 2023. It is noteworthy that the country’s per capita income has more than doubled to Rs.1.97 lakh in around nine years. The Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years.

Here are the highlights of Budget 2023-24:

Seven priorities of the budget ‘Saptarishi’ are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.

Atmanirbhar Clean Plant Program with an outlay of Rs.2200 crore to be launched to boost availability of disease-free, quality planting material for high value horticultural crops.

Capital outlay of Rs. 2.40 lakh crore has been provided for the Railways, which is the highest ever outlay and about nine times the outlay made in 2013-14.

Entity DigiLocker for use by MSMEs to be set up, large business and charitable trusts to store and share documents online securely.

100 labs to be set up for 5G services-based application development to realize a new range of opportunities, business models, and employment potential.

500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme to be established for promoting circular economy at total investment of Rs 10,000 crore. 5 per cent compressed biogas mandate to be introduced for all organizations marketing natural and biogas.

Centre to facilitate one crore farmers to adopt natural farming over the next three years. For this, 10,000 Bio-Input Resource Centres to be set-up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.

Pradhan Mantri Kaushal Vikas Yojana 4.0, to be launched to skill lakhs of youth within the next three years covering new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills. 30 Skill India International Centres to be set up across different States to skill youth for international opportunities.

Revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through infusion of Rs 9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about one percent.

Central Processing Centre to be set up for faster response to companies through centralized handling of various forms filed with field offices under the Companies Act.

More than 39,000 compliances reduced and more than 3,400 legal provisions decriminalized to enhance Ease of Doing Business.

Three Centres of Excellence for Artificial Intelligence to be set-up in top educational institutions to realise the vision of “Make AI in India and Make AI work for India”.

R & D grant for Lab Grown Diamonds (LGD) sector to encourage indigenous production of LGD seeds and machines and to reduce import dependency.

Annual production of 5 MMT under Green Hydrogen Mission to be targeted by 2030 to facilitate transition of the economy to low carbon intensity and to reduce dependence on fossil fuel imports.

Rs. 35,000 crore outlay for energy security, energy transition and net zero objectives.

Battery energy storage systems to be promoted to steer the economy on the sustainable development path.

A unified Skill India Digital platform to be launched for enabling demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes.

Direct Tax proposals aim to maintain continuity and stability of taxation, further simplify and rationalise various provisions to reduce the compliance burden, promote the entrepreneurial spirit and provide tax relief to citizens.

New co-operatives that commence manufacturing activities till 31.3.2024 to get the benefit of a lower tax rate of 15 per cent, as presently available to new manufacturing companies.