BUDGET 2023 DAY 1 HIGHLIGHTS
• First Budget in Amrit Kaal
• Implementing free food scheme for the next 1 year – 2 lac cr to be borne by center
• Current Years growth estimate at 7%
• Per Capita Income doubled to 1.97 Lacs
• 7 priorities of Budget
o Inclusive development
o Reaching the last mile
o Infra investment
o Green growth
o Youth power
o Financial sector
o Unleashing Potential
• Launch Atma Nirbhar Clean Program
• Spend 2200 cr on high-value horticulture
• Agri Credit target increased to 20 lakh crs
• 157 new nursing colleges to be established n co-location with the existing 157 med colleges since 2014
• New Pharma Program for R&D through Centre for Excellence
• National Digital Library for Children and Adolescents to be set up.
• 6000 crs for promoting fisheries
• 15000 crs for 3 years for dev action plan for scheduled tribes
• 38800 teachers to be recruited for 740 eklavya model residential schools serving 3.5 lac tribal students
• Capital Investment Outlay increased by 33% to 10 lac crores (3.3% of GDP)
• Effective Cap Expenditure by center at 13.7 lac crs (4.5% of GDP)
• Railways: Cap Outlay of 2.40 lac crs for Railways – Highest Ever Outlay
• 100 critical transport infra projects for last mile connectivity to be taken up on priority
• 50 Addl airports for improving regional air connectivity.
• 10000 crs per annum for Urban Infra DVPD Fund
• All cities & towns eligible for mechanical sewage de-slugging. From Manhole to Machine hole
• Ease of Doing Biz: > 39000 compliances reduced
• Centers for Excellence for Artificial Intelligence – 3 centers to be set up in top edu institutions
• National data Governance Policy to be brought out for access to anonymised data
• 7000 crs for phase 3 of E-Courts project
• 5G services: 100 labs for dev apps to be set up in Engg Institutions – Smart Class rooms, Intelligent pharming etc.
• Lab Grown Diamonds – R&D grant to be provided to one IIT to reduced Cost of Production
• 35000 crs for energy transition and net zero objective
• Tgt to reach green hydrogen production to 5 MMT by 2030
• 20700 crs for renewable energy in Ladakh
• PM PRANAM Scheme to promote balance use of fertilizers
• 10000 bio input resource centers to be set up
• Vehicle replacement – Replacing Old Polluting Vehicles – Scrap Old Vehicles of Central & State Govt incl Ambulances – Budget allocation to be made
• 36 Skill India intl centers to be set up across states
• Revamped Credit Guarantee Scheme for MSMEs – 9000 Crs infusion to corpus.Cost of Credit will be reduced by 1%. Effective 01 April 2023
• Mahila Samman Savings Certificate for 2 year period upto March 2025 – Will offer deposit facility upto 2 lacs @ 7.5% with partial Withdrawal option in the name of Women and girl
• Revised Estimates – Total Receipts 24.3 lac crs
• Net tax receipts – 23.3 lac crs
• FY24 Fiscal Deficit Target at 5.9%
PART B
• Rebate increased from 5 lacs to 7 lacs for tax free income in the new tax regime
• New Tax Slabs in the New Regime:
o 0 – 3 Lacs – 0%
o 3 – 6 Lacs – 5%
o 6 – 9 Lacs – 10%
o 9 – 12 Lacs – 15%
o 12 – 15 Lacs – 20%
o > 15 Lacs – 30%
• Highest Surcharge rate reduced to 25% from 37% in the new tax regime. Reduction of Max Tax Rate to 39%
Follows us for complete Budget 2023 day 1 highlights
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