Yojana Magazine March 2023 - 1 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

 Page 1


Lead articLe
Laying the Foundations for india’s a mrit Kaal 
V Anantha Nageswaran
FOcUS
towards c ooperative Fiscal Federalism 
Dr Sajjan Singh Yadav, Sumit Agrawal
SPeciaL articLeS
Blueprint for an inclusive and empowered Bharat 
Sanjeet Singh, Devyanshi Didwania
Social Sector a llocations: endeavour for effective Outcomes 
Dr Sachin Chaturvedi
Union BUdget SPeciaL iSSUe
March  2023 a deveLOPMent MOnthL y
Page 2


Lead articLe
Laying the Foundations for india’s a mrit Kaal 
V Anantha Nageswaran
FOcUS
towards c ooperative Fiscal Federalism 
Dr Sajjan Singh Yadav, Sumit Agrawal
SPeciaL articLeS
Blueprint for an inclusive and empowered Bharat 
Sanjeet Singh, Devyanshi Didwania
Social Sector a llocations: endeavour for effective Outcomes 
Dr Sachin Chaturvedi
Union BUdget SPeciaL iSSUe
March  2023 a deveLOPMent MOnthL y
March 2023
YOJANA
Volume-67
No. 03
A DEVELOPMENT MONTHLY Let noble thoughts come to us from all sides.
Rig Veda
www.publicationsdivision.nic.in @DPD_India  I  @YojanaJournal @publicationsdivision @dpd_india
In ThIs Issue
number of pages: 80
UPCOMING ISSUE: StartUP INdIa Details of the Sales Outlets of the Publications Division on Page 11
YOJANA is published in Assamese, Bengali, English, Gujarati, Hindi, Kannada, Malayalam, 
Marathi, Odia, Punjabi, Tamil, Telugu, and Urdu.
Since 1957
FocUs article
towards cooperative  
Fiscal Federalism 
Dr Sajjan Singh Yadav, 
Sumit Agrawal
lead article laying the FoUndations For 
india’s amrit Kaal 
V Anantha Nageswaran
special articles BlUeprint For an inclUsive  
and empowered Bharat 
Sanjeet Singh, Devyanshi Didwania
social sector allocations:  
endeavoUr For eFFective oUtcomes 
Dr Sachin Chaturvedi
inclUsive development and 
modernisation oF agricUltUre 
Dr Jagdeep Saxena
post-pandemic health 
Dr Chandrakant Lahariya 
BanKing: FocUs on new 
responsiBilities and good 
governance 
Shishir Sinha
strengthening  
the Financial sector 
Dr Aman Agarwal,  
Dr Yamini Agarwal
BUdget empowers  
india’s gen-Z 
Jatinder Singh
sKills, employment and hUman 
resoUrce development 
Arun Chawla
saBKa saath saBKa viKas 
throUgh Union BUdget 
Dr Shahin Razi,  
Naushin Razi
Fiscal deFicit policy shiFt and 
sUstainaBle development 
Dr Amiya Kumar Mohapatra
Chief editor 
manogyan rani pal
editor 
shUchita chatUrvedi OUr rePreSentativeS 
Ahmedabad: Sumanben A Machhar , Bengaluru: 
BK Kiranmai, Bhubaneswar: Itishree Singh Rathaur , 
Chennai: Sanjay Ghosh, Guwahati: Maruf Alam, 
Hyderabad: Krishna Vandana P , Jalandhar: Gagandeep 
Kaur Devgan, Kolkata: Khurshid Mallick, Mumbai: 
Umesh Ujgare: Thiruvananthapuram: Roy Chacko.
JoiNt DireC tor, ProDuC tioN 
D K C hruDhaIna Th CoVer DeSigN
BInDu Verma
Yojana (English): Room No. 647, Soochna Bhawan, 
CGO Complex, Lodhi Road, New Delhi-110 003.  
E-mail (Editorial): sec-yojanaeng-moib@gov.in
YOJANA, a development monthly published since 
1957, is a theme-based journal providing in-depth 
analyses and views on socio-economic issues in 
the broader framework of government policies. 
Although published by the Ministry of Information 
and Broadcasting, YOJANA is not restricted to 
expressing the official point of view.
DIsCLaImer
l 	 The 	 vie ws 	 e xpre sse d 	 in 	 various 	 articles 	 are	
those 	 of 	 the 	 authors 	 and 	 the y 	 do 	 not 	 ne c essarily	
re flect 	 the 	 vie ws 	 of 	 the 	 Go vernme n t 	 or 	 the	
organisation/ s 	 the y 	 work 	 f or .
l Map s/flags 	 use d 	 in 	 the 	 article s 	 are 	 only 	 indic ative 	
and 	 the y 	 do 	 not 	 re flect 	 the 	 politic al 	 map 	 or 	 le gal	
re presen t ation 	 of 	 the 	 flag 	 of 	 India/an y 	 othe r	
c oun try .
l The 	 inf ographics/figure s 	 are 	 pro vide d 	 b y 	 the	
authors 	 through 	 the ir 	 re liable 	 sourc e s 	 and	
YOJANA 	 claims 	 no 	 re sponsibility 	 f or 	 the 	 same.
l Image s, 	 graphics 	 and 	 illus trations, 	 whe re ve r	
use d, 	 are 	 mos tly 	 sourc ed 	 from 	 go vernme n t	
channels 	 and 	 are 	 indic ative 	 in 	 nature .
l YOJANA 	does 	not 	o wn 	re sponsibility 	re garding	
the 	 c on t e n ts 	 of 	 the 	 adve rtise men ts. 	 The 	 re aders	
are 	 re que s t e d 	 t o 	 ve rify 	 the 	 claims 	 made 	 in 	 the	
adve rtise men ts 	 re garding 	 c ourse s, 	 c are e r -
guidanc e 	 book s 	 or 	 ins titutions.
l YOJANA doesn't 	 e ndorse 	 or 	 promot e 	 an y 	 brands	
or 	 privat e 	 e n titie s 	 prese n t ed 	 as 	 c ase 	 s tudie s 	 in 	 an y	 
of 	 the 	 article s.
suBsCrIPTIOn/GrIeV anCes
Email: pdjucir@gmail.com 
Phone: 011-24367453  
(Monday-Friday, 9:30 am- 6:00 pm)
Postal Address: Abhishek Chaturvedi, Editor, 
Journals Unit, Publications Division, Room No. 
779, Soochna Bhawan, CGO Complex, Lodhi 
Road, New Delhi-110 003.
Please	 not e	 that	 it	 will	 t ak e	 atleas t	 eigh t	
week s	 t o	 s t art	 your	 sub scrip tion.	 Kindly	 raise	 
your	 queries/grie vanc es	 about	 non	 rec eip t	 of	 the	
journals	only	aft er	this	period.
SUBSCRIPTION-RELATED DETAILS : Page 78
re GuLars
development roadmap 
creating a condUcive BUsiness environment
6
29
35
43
49
55
61
67
71
77
13
20
23
SPeciaL iSSUe
Page 3


Lead articLe
Laying the Foundations for india’s a mrit Kaal 
V Anantha Nageswaran
FOcUS
towards c ooperative Fiscal Federalism 
Dr Sajjan Singh Yadav, Sumit Agrawal
SPeciaL articLeS
Blueprint for an inclusive and empowered Bharat 
Sanjeet Singh, Devyanshi Didwania
Social Sector a llocations: endeavour for effective Outcomes 
Dr Sachin Chaturvedi
Union BUdget SPeciaL iSSUe
March  2023 a deveLOPMent MOnthL y
March 2023
YOJANA
Volume-67
No. 03
A DEVELOPMENT MONTHLY Let noble thoughts come to us from all sides.
Rig Veda
www.publicationsdivision.nic.in @DPD_India  I  @YojanaJournal @publicationsdivision @dpd_india
In ThIs Issue
number of pages: 80
UPCOMING ISSUE: StartUP INdIa Details of the Sales Outlets of the Publications Division on Page 11
YOJANA is published in Assamese, Bengali, English, Gujarati, Hindi, Kannada, Malayalam, 
Marathi, Odia, Punjabi, Tamil, Telugu, and Urdu.
Since 1957
FocUs article
towards cooperative  
Fiscal Federalism 
Dr Sajjan Singh Yadav, 
Sumit Agrawal
lead article laying the FoUndations For 
india’s amrit Kaal 
V Anantha Nageswaran
special articles BlUeprint For an inclUsive  
and empowered Bharat 
Sanjeet Singh, Devyanshi Didwania
social sector allocations:  
endeavoUr For eFFective oUtcomes 
Dr Sachin Chaturvedi
inclUsive development and 
modernisation oF agricUltUre 
Dr Jagdeep Saxena
post-pandemic health 
Dr Chandrakant Lahariya 
BanKing: FocUs on new 
responsiBilities and good 
governance 
Shishir Sinha
strengthening  
the Financial sector 
Dr Aman Agarwal,  
Dr Yamini Agarwal
BUdget empowers  
india’s gen-Z 
Jatinder Singh
sKills, employment and hUman 
resoUrce development 
Arun Chawla
saBKa saath saBKa viKas 
throUgh Union BUdget 
Dr Shahin Razi,  
Naushin Razi
Fiscal deFicit policy shiFt and 
sUstainaBle development 
Dr Amiya Kumar Mohapatra
Chief editor 
manogyan rani pal
editor 
shUchita chatUrvedi OUr rePreSentativeS 
Ahmedabad: Sumanben A Machhar , Bengaluru: 
BK Kiranmai, Bhubaneswar: Itishree Singh Rathaur , 
Chennai: Sanjay Ghosh, Guwahati: Maruf Alam, 
Hyderabad: Krishna Vandana P , Jalandhar: Gagandeep 
Kaur Devgan, Kolkata: Khurshid Mallick, Mumbai: 
Umesh Ujgare: Thiruvananthapuram: Roy Chacko.
JoiNt DireC tor, ProDuC tioN 
D K C hruDhaIna Th CoVer DeSigN
BInDu Verma
Yojana (English): Room No. 647, Soochna Bhawan, 
CGO Complex, Lodhi Road, New Delhi-110 003.  
E-mail (Editorial): sec-yojanaeng-moib@gov.in
YOJANA, a development monthly published since 
1957, is a theme-based journal providing in-depth 
analyses and views on socio-economic issues in 
the broader framework of government policies. 
Although published by the Ministry of Information 
and Broadcasting, YOJANA is not restricted to 
expressing the official point of view.
DIsCLaImer
l 	 The 	 vie ws 	 e xpre sse d 	 in 	 various 	 articles 	 are	
those 	 of 	 the 	 authors 	 and 	 the y 	 do 	 not 	 ne c essarily	
re flect 	 the 	 vie ws 	 of 	 the 	 Go vernme n t 	 or 	 the	
organisation/ s 	 the y 	 work 	 f or .
l Map s/flags 	 use d 	 in 	 the 	 article s 	 are 	 only 	 indic ative 	
and 	 the y 	 do 	 not 	 re flect 	 the 	 politic al 	 map 	 or 	 le gal	
re presen t ation 	 of 	 the 	 flag 	 of 	 India/an y 	 othe r	
c oun try .
l The 	 inf ographics/figure s 	 are 	 pro vide d 	 b y 	 the	
authors 	 through 	 the ir 	 re liable 	 sourc e s 	 and	
YOJANA 	 claims 	 no 	 re sponsibility 	 f or 	 the 	 same.
l Image s, 	 graphics 	 and 	 illus trations, 	 whe re ve r	
use d, 	 are 	 mos tly 	 sourc ed 	 from 	 go vernme n t	
channels 	 and 	 are 	 indic ative 	 in 	 nature .
l YOJANA 	does 	not 	o wn 	re sponsibility 	re garding	
the 	 c on t e n ts 	 of 	 the 	 adve rtise men ts. 	 The 	 re aders	
are 	 re que s t e d 	 t o 	 ve rify 	 the 	 claims 	 made 	 in 	 the	
adve rtise men ts 	 re garding 	 c ourse s, 	 c are e r -
guidanc e 	 book s 	 or 	 ins titutions.
l YOJANA doesn't 	 e ndorse 	 or 	 promot e 	 an y 	 brands	
or 	 privat e 	 e n titie s 	 prese n t ed 	 as 	 c ase 	 s tudie s 	 in 	 an y	 
of 	 the 	 article s.
suBsCrIPTIOn/GrIeV anCes
Email: pdjucir@gmail.com 
Phone: 011-24367453  
(Monday-Friday, 9:30 am- 6:00 pm)
Postal Address: Abhishek Chaturvedi, Editor, 
Journals Unit, Publications Division, Room No. 
779, Soochna Bhawan, CGO Complex, Lodhi 
Road, New Delhi-110 003.
Please	 not e	 that	 it	 will	 t ak e	 atleas t	 eigh t	
week s	 t o	 s t art	 your	 sub scrip tion.	 Kindly	 raise	 
your	 queries/grie vanc es	 about	 non	 rec eip t	 of	 the	
journals	only	aft er	this	period.
SUBSCRIPTION-RELATED DETAILS : Page 78
re GuLars
development roadmap 
creating a condUcive BUsiness environment
6
29
35
43
49
55
61
67
71
77
13
20
23
SPeciaL iSSUe
5 March 2023
Editorial
YOJANA
Saptarishi for Amrit Kaal 
i
n the 75
th
 year of india’s independence, the world has recognised the 
indian economy as a ‘bright star’ as the economic growth is estimated 
at 7 per cent, which is the highest among all major economies, in spite 
of the massive global slowdown caused by the pandemic and global 
conflicts. this was observed by the Finance Minister while presenting 
the union Budget 2023-24 in Parliament. the g20 Presidency gives 
india a unique opportunity to strengthen its role in the world economic 
order. With the theme of ‘Vasudhaiva Kutumbakam’, india is steering 
an ambitious, people-centric agenda to address global challenges, and 
to facilitate sustainable economic development. 
the vision for the Amrit Kaal includes technology-driven and 
knowledge-based economy with strong public finances, and a robust 
financial sector and to achieve this, Jan Bhagidari through Sabka Saath 
Sabka Prayas that is reflected in this year’s budget. the economic agenda for achieving this vision focuses 
on three things and those are facilitating ample opportunities for citizens, especially the youth, to fulfill 
their aspirations, secondly, providing strong impetus to growth and job creation and finally to strengthen 
macro-economic stability. to service these focus areas in our journey to india@100, the following four 
opportunities can be transformative during Amrit Kaal that are economic empowerment of Women, PM 
Vishwakarma KAushal Samman (PM ViKAS), tourism, and green growth. Seven priorities of the union 
Budget mentioned to act as the ‘Saptarishi’ guiding through the Amrit Kaal are inclusive Development, 
reaching the Last Mile, infrastructure and investment, unleashing the Potential, green growth, Youth 
Power, and Financial Sector.  investments in infrastructure and productive capacity have a large multiplier 
impact on growth and employment. After the subdued period of the pandemic, private investments are 
growing again. A capital outlay of rs 2.40 lakh crore has been provided for the railways. this highest-ever 
outlay is about 9 times the outlay made in 2013-14.
the Budget provided major relief in the personal income tax. the indirect tax proposals contained 
in the budget aim to promote exports, enhance domestic value addition, encourage green energy and 
mobility. the new income tax regime has been made the default tax regime. However, the citizens will 
continue to have the option to avail the benefit of the old tax regime. the indirect tax proposals announced 
in the budget emphasised on simplification of tax structure with fewer tax rates so as to help in reducing 
compliance burden and improving tax administration. the union Budget also proposes to roll out a next-
generation common it return form for taxpayers' convenience. it also stipulates a plan to strengthen the 
grievance redressal mechanism for direct taxes. 
Describing MSMes as growth engines of our economy, the Budget proposes enhanced limits 
for micro enterprises and certain professionals for availing the benefit of presumptive taxation. to 
support MSMes in timely receipt of payments, the Budget allows deduction for expenditure incurred 
on payments made to them only when payment is actually made. the Budget also has a slew of 
proposals for the cooperative sector. it seeks to complement macro-economic level growth with a 
focus on micro-economic level for all inclusive welfare. it outlines the vision of Amrit Kaal which shall 
reflect an empowered and inclusive economy.                                                                                                     ?
Page 4


Lead articLe
Laying the Foundations for india’s a mrit Kaal 
V Anantha Nageswaran
FOcUS
towards c ooperative Fiscal Federalism 
Dr Sajjan Singh Yadav, Sumit Agrawal
SPeciaL articLeS
Blueprint for an inclusive and empowered Bharat 
Sanjeet Singh, Devyanshi Didwania
Social Sector a llocations: endeavour for effective Outcomes 
Dr Sachin Chaturvedi
Union BUdget SPeciaL iSSUe
March  2023 a deveLOPMent MOnthL y
March 2023
YOJANA
Volume-67
No. 03
A DEVELOPMENT MONTHLY Let noble thoughts come to us from all sides.
Rig Veda
www.publicationsdivision.nic.in @DPD_India  I  @YojanaJournal @publicationsdivision @dpd_india
In ThIs Issue
number of pages: 80
UPCOMING ISSUE: StartUP INdIa Details of the Sales Outlets of the Publications Division on Page 11
YOJANA is published in Assamese, Bengali, English, Gujarati, Hindi, Kannada, Malayalam, 
Marathi, Odia, Punjabi, Tamil, Telugu, and Urdu.
Since 1957
FocUs article
towards cooperative  
Fiscal Federalism 
Dr Sajjan Singh Yadav, 
Sumit Agrawal
lead article laying the FoUndations For 
india’s amrit Kaal 
V Anantha Nageswaran
special articles BlUeprint For an inclUsive  
and empowered Bharat 
Sanjeet Singh, Devyanshi Didwania
social sector allocations:  
endeavoUr For eFFective oUtcomes 
Dr Sachin Chaturvedi
inclUsive development and 
modernisation oF agricUltUre 
Dr Jagdeep Saxena
post-pandemic health 
Dr Chandrakant Lahariya 
BanKing: FocUs on new 
responsiBilities and good 
governance 
Shishir Sinha
strengthening  
the Financial sector 
Dr Aman Agarwal,  
Dr Yamini Agarwal
BUdget empowers  
india’s gen-Z 
Jatinder Singh
sKills, employment and hUman 
resoUrce development 
Arun Chawla
saBKa saath saBKa viKas 
throUgh Union BUdget 
Dr Shahin Razi,  
Naushin Razi
Fiscal deFicit policy shiFt and 
sUstainaBle development 
Dr Amiya Kumar Mohapatra
Chief editor 
manogyan rani pal
editor 
shUchita chatUrvedi OUr rePreSentativeS 
Ahmedabad: Sumanben A Machhar , Bengaluru: 
BK Kiranmai, Bhubaneswar: Itishree Singh Rathaur , 
Chennai: Sanjay Ghosh, Guwahati: Maruf Alam, 
Hyderabad: Krishna Vandana P , Jalandhar: Gagandeep 
Kaur Devgan, Kolkata: Khurshid Mallick, Mumbai: 
Umesh Ujgare: Thiruvananthapuram: Roy Chacko.
JoiNt DireC tor, ProDuC tioN 
D K C hruDhaIna Th CoVer DeSigN
BInDu Verma
Yojana (English): Room No. 647, Soochna Bhawan, 
CGO Complex, Lodhi Road, New Delhi-110 003.  
E-mail (Editorial): sec-yojanaeng-moib@gov.in
YOJANA, a development monthly published since 
1957, is a theme-based journal providing in-depth 
analyses and views on socio-economic issues in 
the broader framework of government policies. 
Although published by the Ministry of Information 
and Broadcasting, YOJANA is not restricted to 
expressing the official point of view.
DIsCLaImer
l 	 The 	 vie ws 	 e xpre sse d 	 in 	 various 	 articles 	 are	
those 	 of 	 the 	 authors 	 and 	 the y 	 do 	 not 	 ne c essarily	
re flect 	 the 	 vie ws 	 of 	 the 	 Go vernme n t 	 or 	 the	
organisation/ s 	 the y 	 work 	 f or .
l Map s/flags 	 use d 	 in 	 the 	 article s 	 are 	 only 	 indic ative 	
and 	 the y 	 do 	 not 	 re flect 	 the 	 politic al 	 map 	 or 	 le gal	
re presen t ation 	 of 	 the 	 flag 	 of 	 India/an y 	 othe r	
c oun try .
l The 	 inf ographics/figure s 	 are 	 pro vide d 	 b y 	 the	
authors 	 through 	 the ir 	 re liable 	 sourc e s 	 and	
YOJANA 	 claims 	 no 	 re sponsibility 	 f or 	 the 	 same.
l Image s, 	 graphics 	 and 	 illus trations, 	 whe re ve r	
use d, 	 are 	 mos tly 	 sourc ed 	 from 	 go vernme n t	
channels 	 and 	 are 	 indic ative 	 in 	 nature .
l YOJANA 	does 	not 	o wn 	re sponsibility 	re garding	
the 	 c on t e n ts 	 of 	 the 	 adve rtise men ts. 	 The 	 re aders	
are 	 re que s t e d 	 t o 	 ve rify 	 the 	 claims 	 made 	 in 	 the	
adve rtise men ts 	 re garding 	 c ourse s, 	 c are e r -
guidanc e 	 book s 	 or 	 ins titutions.
l YOJANA doesn't 	 e ndorse 	 or 	 promot e 	 an y 	 brands	
or 	 privat e 	 e n titie s 	 prese n t ed 	 as 	 c ase 	 s tudie s 	 in 	 an y	 
of 	 the 	 article s.
suBsCrIPTIOn/GrIeV anCes
Email: pdjucir@gmail.com 
Phone: 011-24367453  
(Monday-Friday, 9:30 am- 6:00 pm)
Postal Address: Abhishek Chaturvedi, Editor, 
Journals Unit, Publications Division, Room No. 
779, Soochna Bhawan, CGO Complex, Lodhi 
Road, New Delhi-110 003.
Please	 not e	 that	 it	 will	 t ak e	 atleas t	 eigh t	
week s	 t o	 s t art	 your	 sub scrip tion.	 Kindly	 raise	 
your	 queries/grie vanc es	 about	 non	 rec eip t	 of	 the	
journals	only	aft er	this	period.
SUBSCRIPTION-RELATED DETAILS : Page 78
re GuLars
development roadmap 
creating a condUcive BUsiness environment
6
29
35
43
49
55
61
67
71
77
13
20
23
SPeciaL iSSUe
5 March 2023
Editorial
YOJANA
Saptarishi for Amrit Kaal 
i
n the 75
th
 year of india’s independence, the world has recognised the 
indian economy as a ‘bright star’ as the economic growth is estimated 
at 7 per cent, which is the highest among all major economies, in spite 
of the massive global slowdown caused by the pandemic and global 
conflicts. this was observed by the Finance Minister while presenting 
the union Budget 2023-24 in Parliament. the g20 Presidency gives 
india a unique opportunity to strengthen its role in the world economic 
order. With the theme of ‘Vasudhaiva Kutumbakam’, india is steering 
an ambitious, people-centric agenda to address global challenges, and 
to facilitate sustainable economic development. 
the vision for the Amrit Kaal includes technology-driven and 
knowledge-based economy with strong public finances, and a robust 
financial sector and to achieve this, Jan Bhagidari through Sabka Saath 
Sabka Prayas that is reflected in this year’s budget. the economic agenda for achieving this vision focuses 
on three things and those are facilitating ample opportunities for citizens, especially the youth, to fulfill 
their aspirations, secondly, providing strong impetus to growth and job creation and finally to strengthen 
macro-economic stability. to service these focus areas in our journey to india@100, the following four 
opportunities can be transformative during Amrit Kaal that are economic empowerment of Women, PM 
Vishwakarma KAushal Samman (PM ViKAS), tourism, and green growth. Seven priorities of the union 
Budget mentioned to act as the ‘Saptarishi’ guiding through the Amrit Kaal are inclusive Development, 
reaching the Last Mile, infrastructure and investment, unleashing the Potential, green growth, Youth 
Power, and Financial Sector.  investments in infrastructure and productive capacity have a large multiplier 
impact on growth and employment. After the subdued period of the pandemic, private investments are 
growing again. A capital outlay of rs 2.40 lakh crore has been provided for the railways. this highest-ever 
outlay is about 9 times the outlay made in 2013-14.
the Budget provided major relief in the personal income tax. the indirect tax proposals contained 
in the budget aim to promote exports, enhance domestic value addition, encourage green energy and 
mobility. the new income tax regime has been made the default tax regime. However, the citizens will 
continue to have the option to avail the benefit of the old tax regime. the indirect tax proposals announced 
in the budget emphasised on simplification of tax structure with fewer tax rates so as to help in reducing 
compliance burden and improving tax administration. the union Budget also proposes to roll out a next-
generation common it return form for taxpayers' convenience. it also stipulates a plan to strengthen the 
grievance redressal mechanism for direct taxes. 
Describing MSMes as growth engines of our economy, the Budget proposes enhanced limits 
for micro enterprises and certain professionals for availing the benefit of presumptive taxation. to 
support MSMes in timely receipt of payments, the Budget allows deduction for expenditure incurred 
on payments made to them only when payment is actually made. the Budget also has a slew of 
proposals for the cooperative sector. it seeks to complement macro-economic level growth with a 
focus on micro-economic level for all inclusive welfare. it outlines the vision of Amrit Kaal which shall 
reflect an empowered and inclusive economy.                                                                                                     ?
6 March 2023
LEAD ARTICLE
Budget 2023-24
Laying the Foundations for  
India’s Amrit Kaal
The Union Budget is a key policy document that outlines the 
priorities of the Government, for the immediate and the long 
term, in tandem with domestic and global economic realities. The 
year 2022 was special for our country as India celebrated its 75
th
 
anniversary and its elevation as the world’s 5
th
 largest economy 
(measured in current dollars). With a rising profile on the global 
stage and India assuming the G20 Presidency, the country is set 
to embark on its journey into the ‘Amrit Kaal’ – the 25 years of 
achieving our developmental potential. 
v anantha nageswaran the author is the Chief economic Advisor to the Government of india. email: cea@nic.in
Page 5


Lead articLe
Laying the Foundations for india’s a mrit Kaal 
V Anantha Nageswaran
FOcUS
towards c ooperative Fiscal Federalism 
Dr Sajjan Singh Yadav, Sumit Agrawal
SPeciaL articLeS
Blueprint for an inclusive and empowered Bharat 
Sanjeet Singh, Devyanshi Didwania
Social Sector a llocations: endeavour for effective Outcomes 
Dr Sachin Chaturvedi
Union BUdget SPeciaL iSSUe
March  2023 a deveLOPMent MOnthL y
March 2023
YOJANA
Volume-67
No. 03
A DEVELOPMENT MONTHLY Let noble thoughts come to us from all sides.
Rig Veda
www.publicationsdivision.nic.in @DPD_India  I  @YojanaJournal @publicationsdivision @dpd_india
In ThIs Issue
number of pages: 80
UPCOMING ISSUE: StartUP INdIa Details of the Sales Outlets of the Publications Division on Page 11
YOJANA is published in Assamese, Bengali, English, Gujarati, Hindi, Kannada, Malayalam, 
Marathi, Odia, Punjabi, Tamil, Telugu, and Urdu.
Since 1957
FocUs article
towards cooperative  
Fiscal Federalism 
Dr Sajjan Singh Yadav, 
Sumit Agrawal
lead article laying the FoUndations For 
india’s amrit Kaal 
V Anantha Nageswaran
special articles BlUeprint For an inclUsive  
and empowered Bharat 
Sanjeet Singh, Devyanshi Didwania
social sector allocations:  
endeavoUr For eFFective oUtcomes 
Dr Sachin Chaturvedi
inclUsive development and 
modernisation oF agricUltUre 
Dr Jagdeep Saxena
post-pandemic health 
Dr Chandrakant Lahariya 
BanKing: FocUs on new 
responsiBilities and good 
governance 
Shishir Sinha
strengthening  
the Financial sector 
Dr Aman Agarwal,  
Dr Yamini Agarwal
BUdget empowers  
india’s gen-Z 
Jatinder Singh
sKills, employment and hUman 
resoUrce development 
Arun Chawla
saBKa saath saBKa viKas 
throUgh Union BUdget 
Dr Shahin Razi,  
Naushin Razi
Fiscal deFicit policy shiFt and 
sUstainaBle development 
Dr Amiya Kumar Mohapatra
Chief editor 
manogyan rani pal
editor 
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SPeciaL iSSUe
5 March 2023
Editorial
YOJANA
Saptarishi for Amrit Kaal 
i
n the 75
th
 year of india’s independence, the world has recognised the 
indian economy as a ‘bright star’ as the economic growth is estimated 
at 7 per cent, which is the highest among all major economies, in spite 
of the massive global slowdown caused by the pandemic and global 
conflicts. this was observed by the Finance Minister while presenting 
the union Budget 2023-24 in Parliament. the g20 Presidency gives 
india a unique opportunity to strengthen its role in the world economic 
order. With the theme of ‘Vasudhaiva Kutumbakam’, india is steering 
an ambitious, people-centric agenda to address global challenges, and 
to facilitate sustainable economic development. 
the vision for the Amrit Kaal includes technology-driven and 
knowledge-based economy with strong public finances, and a robust 
financial sector and to achieve this, Jan Bhagidari through Sabka Saath 
Sabka Prayas that is reflected in this year’s budget. the economic agenda for achieving this vision focuses 
on three things and those are facilitating ample opportunities for citizens, especially the youth, to fulfill 
their aspirations, secondly, providing strong impetus to growth and job creation and finally to strengthen 
macro-economic stability. to service these focus areas in our journey to india@100, the following four 
opportunities can be transformative during Amrit Kaal that are economic empowerment of Women, PM 
Vishwakarma KAushal Samman (PM ViKAS), tourism, and green growth. Seven priorities of the union 
Budget mentioned to act as the ‘Saptarishi’ guiding through the Amrit Kaal are inclusive Development, 
reaching the Last Mile, infrastructure and investment, unleashing the Potential, green growth, Youth 
Power, and Financial Sector.  investments in infrastructure and productive capacity have a large multiplier 
impact on growth and employment. After the subdued period of the pandemic, private investments are 
growing again. A capital outlay of rs 2.40 lakh crore has been provided for the railways. this highest-ever 
outlay is about 9 times the outlay made in 2013-14.
the Budget provided major relief in the personal income tax. the indirect tax proposals contained 
in the budget aim to promote exports, enhance domestic value addition, encourage green energy and 
mobility. the new income tax regime has been made the default tax regime. However, the citizens will 
continue to have the option to avail the benefit of the old tax regime. the indirect tax proposals announced 
in the budget emphasised on simplification of tax structure with fewer tax rates so as to help in reducing 
compliance burden and improving tax administration. the union Budget also proposes to roll out a next-
generation common it return form for taxpayers' convenience. it also stipulates a plan to strengthen the 
grievance redressal mechanism for direct taxes. 
Describing MSMes as growth engines of our economy, the Budget proposes enhanced limits 
for micro enterprises and certain professionals for availing the benefit of presumptive taxation. to 
support MSMes in timely receipt of payments, the Budget allows deduction for expenditure incurred 
on payments made to them only when payment is actually made. the Budget also has a slew of 
proposals for the cooperative sector. it seeks to complement macro-economic level growth with a 
focus on micro-economic level for all inclusive welfare. it outlines the vision of Amrit Kaal which shall 
reflect an empowered and inclusive economy.                                                                                                     ?
6 March 2023
LEAD ARTICLE
Budget 2023-24
Laying the Foundations for  
India’s Amrit Kaal
The Union Budget is a key policy document that outlines the 
priorities of the Government, for the immediate and the long 
term, in tandem with domestic and global economic realities. The 
year 2022 was special for our country as India celebrated its 75
th
 
anniversary and its elevation as the world’s 5
th
 largest economy 
(measured in current dollars). With a rising profile on the global 
stage and India assuming the G20 Presidency, the country is set 
to embark on its journey into the ‘Amrit Kaal’ – the 25 years of 
achieving our developmental potential. 
v anantha nageswaran the author is the Chief economic Advisor to the Government of india. email: cea@nic.in
7 March 2023
T
he Budget for 2023-24 makes a good 
start to the journey towards Amrit Kaal 
with its uncompromising focus on 
capital expenditure, inclusive growth, 
green economy, ease of living, and ease of doing 
business, especially for small enterprises. It 
leaves more money in the hands of the people 
and nudges farmers towards sustainable and 
entrepreneurial farming.
It is noteworthy that the Budget for 2023-
24 was prepared amidst the backdrop of global 
uncertainties in the year that went by. The 
pandemic had barely receded when the Ukraine 
war broke out in February 2022. Prices of food, 
fuel, and fertiliser rose sharply. As inflation 
rates accelerated, central banks of advanced 
countries scrambled to respond with monetary 
policy tightening. Many developing countries 
faced severe economic stress with weaker 
currencies, higher import prices, rising cost 
of living and a stronger dollar, and expensive 
debt servicing. Compared to its peers, however, 
having staged a full recovery after its encounter 
with the pandemic and growth in 2022-23, led 
principally by private consumption and capital 
formation, India emerged as a bright star and 
is projected to be the fastest-growing major 
economy in 2023-24. 
Notwithstanding the pandemic shock, the 
uncertainties triggered by a geo-political conflict, 
and the evolving context of global economic 
stress, Budget 2023-24 has displayed deft fiscal 
management and reiterated its commitment to 
fiscal prudence and responsibility while not 
losing sight of medium-term growth. This has 
been the signature approach of the Finance 
Minister throughout her Budgets since 2019, 
incorporating the following elements:
i. Commitment to fiscal prudence
ii. Conservative assumptions
iii. Transparency
iv. Commitment to Capital expenditure
v. Incremental and steady reforms with an eye 
on the medium-term growth 
Guided by these principles, Budget 2023-24 
adopted the ‘Saptarishi’ priorities to create world-
Source: Economic Survey, Union Budget
*Effective Capital Expenditure includes the capital expenditure of the Central Government and Grants in aid for the 
creation of capital assets