Finance Minister Nirmala Sitharaman Budget Speech, Union Budget 2023 Top 10 Key Highlights : While presenting the Union Budget 2023 in Lok Sabha, Union Finance Minister Nirmala Sitharaman said the Indian economy is on a “right track and heading towards a bright future”. “Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments,” she said.

Union Budget 2023: Where does the money come from:

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1. Union Budget 2023 Key Highlights: Saptrishi(7 Priorities):

Sitharaman highlighted seven priorities of Budget 2023(Saptrishi) saying “they compliment each other and act as Saptarishi guiding us through the Amrit Kaal.” Budget Priorities highlighted by FM Sitharaman include, inclusive development, reaching last mile infrastructure and investment, unleashing potential, Green Growth, youth power, Financial Sector.

2. Union Budget 2023 Key Highlights: Key Numbers:

FY23 growth estimated at 7%
To spend Rs 2200 crore for high value horticulture
Agri credit target incresed to Rs 20 lk cr
To spend Rs 2200 crore for high value horticulture
Proposed capital expenditure of Rs 10 lk cr for FY24, up 33%
Plan to increase PM Housing outlay to Rs 79000 crore
Plan to spend Rs 15000 cr vulnerable tribal group (PVTG) over 3 years

3. Union Budget 2023 Key Highlights: Another year of big jump in capex:

 

The Indian government will spend 10 Lakh Crore($122.3 billion) on longer term capital expenditure in 2023/24, extending a strategy adopted to revive growth in the aftermath of the COVID-19 crisis. The allocation is higher than the 7.5 trillion rupees budgeted for in the previous year and the highest on record. The year-on-year increase of 33% is only marginally lower than last year’s 35% jump. The ratio of capex-to-GDP, which rose to 2.7% in 2022/23, is estimated at 3.3% in the new financial year, Finance Minister Nirmala Sitharaman said. The government will also continue a 1.3 trillion rupees long-term loan to states for longer term investments, the minister said.

4. Union Budget 2023: 33% increase in Capex:

India ups capex by 33%, to focus on growth in last full budget before elections. India will focus on economic growth and job creation, the Finance Minister said, presenting the government’s last full budget in parliament before elections due next year, that Prime Minister Narendra Modi is projected to win. The aim is to have strong public finances and a robust financial sector for the benefit of all sections of society, Finance Minister Nirmala Sitharaman said.

5. Union Budget 2023: Pradhan Mantri Aawas Yojana:

Pradhan Mantri Aawas Yojana outlay hiked by 66% to Rs 79,000 cr Finance Minister Nirmala Sitharaman announced a 66 percent hike in the outlay for the Pradhan Mantri Aawas Yojana (PMAY) to Rs 79,000 crore.

6. Union Budget 2023: Affordable housing:

India has Increased its, budget allocations to Rs 790 billion for affordable housing in 2023/24. Finance Minister says increase in public capex key to crowding in private investments. Says Indian economy has become the fifth-largest economy in the world in last nine years.

7. Union Budget 2023: Agri-startups:

Budget to encourage agri-startups by youngsters, an agriculture accelerator fund will be set up to encourage agri-startups by young entrepreneurs, Union Finance Minister Nirmala Sitharaman said in her Budget 2023 speech. While presenting the Budget 2023-24 before the Parliament, the minister said, “Digital public infrastructure of agriculture to be built as open source, opened standard, interoperable public good”.

8. Union Budget 2023: Personal income tax rate:

0-3 lakh- nil

3-6 lakh -5%
6-9 lakh – 10%
9-12 lakh-15%
12-15 lakh -20%
Above 15 lakh – 30%
Major relief to all tax payers in new regime: FM

9. Union Budget 2023: Rural focus :

FM announces that the centre will spend Rs 2lakh cr on free food grains for all priority households under PM Garib Kalyan Yojana. The Centre will provide free food grains to all antyodaya and priority households until December 2023.

10. Union Budget 2023 Highlights: “Green Growth”:

• Green hydrogen, clean energy storage and transmission are the key drivers of the government’s “Green Growth” priority sector.
• Battery energy storage systems with capacity of 4,000 MWh will be supported with viability gap funding.
• A detailed framework for pumped storage will also be formulated.
• The inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be constructed with an investment of Rs 20,700 crore including Central support of Rs 8,300 crore.
• A green credit programme for encouraging behavioural change will be notified under the Environment Protection Act.

Read the below article to know more about the Budget 2023:

Union budget 2023 is being presented by FM Nirmala Sitharaman