Finance Minister's Budget Speech 2023-24 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

 Page 1


GOVERNMENT OF INDIA
BUDGET 2023-2024
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
February 1,  2023
Page 2


GOVERNMENT OF INDIA
BUDGET 2023-2024
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
February 1,  2023
CONTENTS 
PART-A 
 Page No. 
? Introduction 1 
? Achievements since 2014: Leaving no one behind 2 
? Vision for Amrit Kaal – an empowered and inclusive economy 3 
? Priorities of this Budget 5 
i. Inclusive Development  
ii. Reaching the Last Mile 
iii. Infrastructure and Investment 
iv. Unleashing the Potential 
v. Green Growth 
vi. Youth Power  
vii. Financial Sector 
 
 
 
 
 
 
 
 
 
? Fiscal Management 24 
PART B 
  
Indirect Taxes 27 
? Green Mobility  
? Electronics   
? Electrical   
? Chemicals and Petrochemicals   
? Marine products  
? Lab Grown Diamonds  
? Precious Metals  
? Metals  
? Compounded Rubber  
? Cigarettes  
  
Direct Taxes 30 
? MSMEs and Professionals   
? Cooperation  
? Start-Ups  
? Appeals  
? Better targeting of tax concessions  
? Rationalisation  
? Others  
? Personal Income Tax  
  
Annexures 35 
? Annexure to Part B of the Budget Speech 2023-24 
i. Amendments relating to Direct Taxes 
ii. Amendments relating to Indirect Taxes 
 
 
Page 3


GOVERNMENT OF INDIA
BUDGET 2023-2024
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
February 1,  2023
CONTENTS 
PART-A 
 Page No. 
? Introduction 1 
? Achievements since 2014: Leaving no one behind 2 
? Vision for Amrit Kaal – an empowered and inclusive economy 3 
? Priorities of this Budget 5 
i. Inclusive Development  
ii. Reaching the Last Mile 
iii. Infrastructure and Investment 
iv. Unleashing the Potential 
v. Green Growth 
vi. Youth Power  
vii. Financial Sector 
 
 
 
 
 
 
 
 
 
? Fiscal Management 24 
PART B 
  
Indirect Taxes 27 
? Green Mobility  
? Electronics   
? Electrical   
? Chemicals and Petrochemicals   
? Marine products  
? Lab Grown Diamonds  
? Precious Metals  
? Metals  
? Compounded Rubber  
? Cigarettes  
  
Direct Taxes 30 
? MSMEs and Professionals   
? Cooperation  
? Start-Ups  
? Appeals  
? Better targeting of tax concessions  
? Rationalisation  
? Others  
? Personal Income Tax  
  
Annexures 35 
? Annexure to Part B of the Budget Speech 2023-24 
i. Amendments relating to Direct Taxes 
ii. Amendments relating to Indirect Taxes 
 
 
Budget 2023-2024 
 
Speech of 
Nirmala Sitharaman 
Minister of Finance 
February 1, 2023 
Hon’ble Speaker,  
 I present the Budget for 2023-24. This is the first Budget in Amrit 
Kaal. 
Introduction 
1. This Budget hopes to build on the foundation laid in the previous 
Budget, and the blueprint drawn for India@100. We envision a prosperous 
and inclusive India, in which the fruits of development reach all regions and 
citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and 
Scheduled Tribes.  
2. In the 75
th
 year of our Independence, the world has recognised the 
Indian economy as a ‘bright star’. Our current year’s economic growth is 
estimated to be at 7 per cent. It is notable that this is the highest among all 
the major economies. This is in spite of the massive slowdown globally 
caused by Covid-19 and a war. The Indian economy is therefore on the right 
track, and despite a time of challenges, heading towards a bright future.  
3. Today as Indians stands with their head held high, and the world 
appreciates India’s achievements and successes, we are sure that elders 
who had fought for India’s independence, will with joy, bless us our 
endeavors going forward. 
Resilience amidst multiple crises 
4. Our focus on wide-ranging reforms and sound policies, implemented 
through Sabka Prayas resulting in Jan Bhagidari and targeted support to 
those in need, helped us perform well in trying times. India’s rising global 
Page 4


GOVERNMENT OF INDIA
BUDGET 2023-2024
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
February 1,  2023
CONTENTS 
PART-A 
 Page No. 
? Introduction 1 
? Achievements since 2014: Leaving no one behind 2 
? Vision for Amrit Kaal – an empowered and inclusive economy 3 
? Priorities of this Budget 5 
i. Inclusive Development  
ii. Reaching the Last Mile 
iii. Infrastructure and Investment 
iv. Unleashing the Potential 
v. Green Growth 
vi. Youth Power  
vii. Financial Sector 
 
 
 
 
 
 
 
 
 
? Fiscal Management 24 
PART B 
  
Indirect Taxes 27 
? Green Mobility  
? Electronics   
? Electrical   
? Chemicals and Petrochemicals   
? Marine products  
? Lab Grown Diamonds  
? Precious Metals  
? Metals  
? Compounded Rubber  
? Cigarettes  
  
Direct Taxes 30 
? MSMEs and Professionals   
? Cooperation  
? Start-Ups  
? Appeals  
? Better targeting of tax concessions  
? Rationalisation  
? Others  
? Personal Income Tax  
  
Annexures 35 
? Annexure to Part B of the Budget Speech 2023-24 
i. Amendments relating to Direct Taxes 
ii. Amendments relating to Indirect Taxes 
 
 
Budget 2023-2024 
 
Speech of 
Nirmala Sitharaman 
Minister of Finance 
February 1, 2023 
Hon’ble Speaker,  
 I present the Budget for 2023-24. This is the first Budget in Amrit 
Kaal. 
Introduction 
1. This Budget hopes to build on the foundation laid in the previous 
Budget, and the blueprint drawn for India@100. We envision a prosperous 
and inclusive India, in which the fruits of development reach all regions and 
citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and 
Scheduled Tribes.  
2. In the 75
th
 year of our Independence, the world has recognised the 
Indian economy as a ‘bright star’. Our current year’s economic growth is 
estimated to be at 7 per cent. It is notable that this is the highest among all 
the major economies. This is in spite of the massive slowdown globally 
caused by Covid-19 and a war. The Indian economy is therefore on the right 
track, and despite a time of challenges, heading towards a bright future.  
3. Today as Indians stands with their head held high, and the world 
appreciates India’s achievements and successes, we are sure that elders 
who had fought for India’s independence, will with joy, bless us our 
endeavors going forward. 
Resilience amidst multiple crises 
4. Our focus on wide-ranging reforms and sound policies, implemented 
through Sabka Prayas resulting in Jan Bhagidari and targeted support to 
those in need, helped us perform well in trying times. India’s rising global 
2 
 
 
 
profile is because of several accomplishments: unique world class digital 
public infrastructure, e.g., Aadhaar, Co-Win and UPI; Covid vaccination drive 
in unparalleled scale and speed; proactive role in frontier areas such as 
achieving the climate related goals, mission LiFE, and National Hydrogen 
Mission.  
5. During the Covid-19 pandemic, we ensured that no one goes to bed 
hungry, with a scheme to supply free food grains to over 80 crore persons 
for 28 months. Continuing our commitment to ensure food and nutritional 
security, we are implementing, from 1
st
 January 2023, a scheme to supply 
free food grain to all Antyodaya and priority households for the next one 
year, under PM Garib Kalyan Anna Yojana (PMGKAY). The entire 
expenditure of about ` 2 lakh crore will be borne by the Central 
Government. 
G20 Presidency: Steering the global agenda through challenges 
6. In these times of global challenges, the G20 Presidency gives us a 
unique opportunity to strengthen India’s role in the world economic order. 
With the theme of ‘Vasudhaiva Kutumbakam’, we are steering an 
ambitious, people-centric agenda to address global challenges, and to 
facilitate sustainable economic development.  
Achievements since 2014: Leaving no one behind 
7. The government’s efforts since 2014 have ensured for all citizens a 
better quality of living and a life of dignity. The per capita income has more 
than doubled to ` 1.97 lakh.   
8. In these nine years, the Indian economy has increased in size from 
being 10
th
 to 5
th
 largest in the world. We have significantly improved our 
position as a well-governed and innovative country with a conducive 
environment for business as reflected in several global indices. We have 
made significant progress in many Sustainable Development Goals.  
Page 5


GOVERNMENT OF INDIA
BUDGET 2023-2024
SPEECH
OF
NIRMALA SITHARAMAN
MINISTER OF FINANCE
February 1,  2023
CONTENTS 
PART-A 
 Page No. 
? Introduction 1 
? Achievements since 2014: Leaving no one behind 2 
? Vision for Amrit Kaal – an empowered and inclusive economy 3 
? Priorities of this Budget 5 
i. Inclusive Development  
ii. Reaching the Last Mile 
iii. Infrastructure and Investment 
iv. Unleashing the Potential 
v. Green Growth 
vi. Youth Power  
vii. Financial Sector 
 
 
 
 
 
 
 
 
 
? Fiscal Management 24 
PART B 
  
Indirect Taxes 27 
? Green Mobility  
? Electronics   
? Electrical   
? Chemicals and Petrochemicals   
? Marine products  
? Lab Grown Diamonds  
? Precious Metals  
? Metals  
? Compounded Rubber  
? Cigarettes  
  
Direct Taxes 30 
? MSMEs and Professionals   
? Cooperation  
? Start-Ups  
? Appeals  
? Better targeting of tax concessions  
? Rationalisation  
? Others  
? Personal Income Tax  
  
Annexures 35 
? Annexure to Part B of the Budget Speech 2023-24 
i. Amendments relating to Direct Taxes 
ii. Amendments relating to Indirect Taxes 
 
 
Budget 2023-2024 
 
Speech of 
Nirmala Sitharaman 
Minister of Finance 
February 1, 2023 
Hon’ble Speaker,  
 I present the Budget for 2023-24. This is the first Budget in Amrit 
Kaal. 
Introduction 
1. This Budget hopes to build on the foundation laid in the previous 
Budget, and the blueprint drawn for India@100. We envision a prosperous 
and inclusive India, in which the fruits of development reach all regions and 
citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and 
Scheduled Tribes.  
2. In the 75
th
 year of our Independence, the world has recognised the 
Indian economy as a ‘bright star’. Our current year’s economic growth is 
estimated to be at 7 per cent. It is notable that this is the highest among all 
the major economies. This is in spite of the massive slowdown globally 
caused by Covid-19 and a war. The Indian economy is therefore on the right 
track, and despite a time of challenges, heading towards a bright future.  
3. Today as Indians stands with their head held high, and the world 
appreciates India’s achievements and successes, we are sure that elders 
who had fought for India’s independence, will with joy, bless us our 
endeavors going forward. 
Resilience amidst multiple crises 
4. Our focus on wide-ranging reforms and sound policies, implemented 
through Sabka Prayas resulting in Jan Bhagidari and targeted support to 
those in need, helped us perform well in trying times. India’s rising global 
2 
 
 
 
profile is because of several accomplishments: unique world class digital 
public infrastructure, e.g., Aadhaar, Co-Win and UPI; Covid vaccination drive 
in unparalleled scale and speed; proactive role in frontier areas such as 
achieving the climate related goals, mission LiFE, and National Hydrogen 
Mission.  
5. During the Covid-19 pandemic, we ensured that no one goes to bed 
hungry, with a scheme to supply free food grains to over 80 crore persons 
for 28 months. Continuing our commitment to ensure food and nutritional 
security, we are implementing, from 1
st
 January 2023, a scheme to supply 
free food grain to all Antyodaya and priority households for the next one 
year, under PM Garib Kalyan Anna Yojana (PMGKAY). The entire 
expenditure of about ` 2 lakh crore will be borne by the Central 
Government. 
G20 Presidency: Steering the global agenda through challenges 
6. In these times of global challenges, the G20 Presidency gives us a 
unique opportunity to strengthen India’s role in the world economic order. 
With the theme of ‘Vasudhaiva Kutumbakam’, we are steering an 
ambitious, people-centric agenda to address global challenges, and to 
facilitate sustainable economic development.  
Achievements since 2014: Leaving no one behind 
7. The government’s efforts since 2014 have ensured for all citizens a 
better quality of living and a life of dignity. The per capita income has more 
than doubled to ` 1.97 lakh.   
8. In these nine years, the Indian economy has increased in size from 
being 10
th
 to 5
th
 largest in the world. We have significantly improved our 
position as a well-governed and innovative country with a conducive 
environment for business as reflected in several global indices. We have 
made significant progress in many Sustainable Development Goals.  
3 
 
 
 
9. The economy has become a lot more formalised as reflected in the 
EPFO membership more than doubling to 27 crore, and 7,400 crore digital 
payments of ` 126 lakh crore through UPI in 2022.    
10. The efficient implementation of many schemes, with 
universalisation of targeted benefits, has resulted in inclusive development. 
Some of the schemes are: 
i. 11.7 crore household toilets under Swachh Bharat Mission,  
ii. 9.6 crore LPG connections under Ujjawala,  
iii. 220 crore Covid vaccination of 102 crore persons,    
iv. 47.8 crore PM Jan Dhan bank accounts, 
v. Insurance cover for 44.6 crore persons under PM Suraksha 
Bima and PM Jeevan Jyoti Yojana, and 
vi. Cash transfer of ` 2.2 lakh crore to over 11.4 crore farmers 
under PM Kisan Samman Nidhi. 
Vision for Amrit Kaal – an empowered and inclusive economy 
11. Our vision for the Amrit Kaal includes technology-driven and 
knowledge-based economy with strong public finances, and a robust 
financial sector. To achieve this, Jan Bhagidari through Sabka Saath Sabka 
Prayas is essential.   
12. The economic agenda for achieving this vision focuses on three 
things: first, facilitating ample opportunities for citizens, especially the 
youth, to fulfil their aspirations; second, providing strong impetus to growth 
and job creation; and third, strengthening macro-economic stability.    
13. To service these focus areas in our journey to India@100, we believe 
that the following four opportunities can be transformative during Amrit 
Kaal.