Summary of Union Budget 2023-24: PIB | Indian Economy for UPSC CSE PDF Download

 Page 1


Ministry of Finance
SUMMARY OF THE UNION BUDGET 2023-24
UNION BUDGET 2023-24 PRESENTS VISION FOR
AMRIT KAAL-BLUE PRINT FOR AN EMPOWERD
AND INCLUSIVE ECONOMY
THREE PRONGED FOCUS DRIVEN BY FOUR
TRANSFORMATIVE OPPORTUNITIES
CONSTITUTE FOUNDATION OF AMRIT KAAL
CAPITAL INVESTMENT OUTLAY INCREASED BY
33% TO Rs. 10 LAKH CRORE
EFFECTIVE CAPITAL EXPENDITURE AT 4.5% OF
GDP
FISCAL DEFICIT ESTIMATED TO BE 5.9 % OF
GDP IN BE 2023-24
REAL GDP TO GROW AT 7% IN FY2022-23
EXPORTS TO GROW AT 12.5% IN FY 2023
ATMANIRBHAR CLEAN PLANT PROGRAM WITH
OUTLAY OF 2200 CRORE TO BE LAUNCHED TO
Page 2


Ministry of Finance
SUMMARY OF THE UNION BUDGET 2023-24
UNION BUDGET 2023-24 PRESENTS VISION FOR
AMRIT KAAL-BLUE PRINT FOR AN EMPOWERD
AND INCLUSIVE ECONOMY
THREE PRONGED FOCUS DRIVEN BY FOUR
TRANSFORMATIVE OPPORTUNITIES
CONSTITUTE FOUNDATION OF AMRIT KAAL
CAPITAL INVESTMENT OUTLAY INCREASED BY
33% TO Rs. 10 LAKH CRORE
EFFECTIVE CAPITAL EXPENDITURE AT 4.5% OF
GDP
FISCAL DEFICIT ESTIMATED TO BE 5.9 % OF
GDP IN BE 2023-24
REAL GDP TO GROW AT 7% IN FY2022-23
EXPORTS TO GROW AT 12.5% IN FY 2023
ATMANIRBHAR CLEAN PLANT PROGRAM WITH
OUTLAY OF 2200 CRORE TO BE LAUNCHED TO
BOOST AVAILABILITY OF QUALITY PLANTING
MATERIAL FOR HIGH VALUE HORTICULTURAL
CROPS
157 NEW NURSING COLLEGES TO BE
ESTABLISHED
OUTLAY FOR PM AWAS YOJANA ENHANCED BY
66% TO OVER RS. 79,000 CRORE
HIGHEST EVER CAPITAL OUTLAY OF Rs. 2.40
LAKH CRORE PROVIDED FOR  RAILWAYS
URBAN INFRASTRUCTURE DEVELOPMENT
FUND (UIDF) TO BE ESTABLISHED THROUGH
USE OF PRIORITY SECTOR LENDING
SHORTFALL
500 NEW ‘WASTE TO WEALTH’ PLANTS UNDER
GOBARDHAN SCHEME TO BE ESTABLISHED AT
TOTAL INVESTMENT OF Rs 10,000 CRORE
10,000 BIO-INPUT RESOURCE CENTRES TO BE
SET-UP, CREATING NATIONAL-LEVEL
DISTRIBUTED MICRO-FERTILIZER AND
PESTICIDE MANUFACTURING NETWORK
Page 3


Ministry of Finance
SUMMARY OF THE UNION BUDGET 2023-24
UNION BUDGET 2023-24 PRESENTS VISION FOR
AMRIT KAAL-BLUE PRINT FOR AN EMPOWERD
AND INCLUSIVE ECONOMY
THREE PRONGED FOCUS DRIVEN BY FOUR
TRANSFORMATIVE OPPORTUNITIES
CONSTITUTE FOUNDATION OF AMRIT KAAL
CAPITAL INVESTMENT OUTLAY INCREASED BY
33% TO Rs. 10 LAKH CRORE
EFFECTIVE CAPITAL EXPENDITURE AT 4.5% OF
GDP
FISCAL DEFICIT ESTIMATED TO BE 5.9 % OF
GDP IN BE 2023-24
REAL GDP TO GROW AT 7% IN FY2022-23
EXPORTS TO GROW AT 12.5% IN FY 2023
ATMANIRBHAR CLEAN PLANT PROGRAM WITH
OUTLAY OF 2200 CRORE TO BE LAUNCHED TO
BOOST AVAILABILITY OF QUALITY PLANTING
MATERIAL FOR HIGH VALUE HORTICULTURAL
CROPS
157 NEW NURSING COLLEGES TO BE
ESTABLISHED
OUTLAY FOR PM AWAS YOJANA ENHANCED BY
66% TO OVER RS. 79,000 CRORE
HIGHEST EVER CAPITAL OUTLAY OF Rs. 2.40
LAKH CRORE PROVIDED FOR  RAILWAYS
URBAN INFRASTRUCTURE DEVELOPMENT
FUND (UIDF) TO BE ESTABLISHED THROUGH
USE OF PRIORITY SECTOR LENDING
SHORTFALL
500 NEW ‘WASTE TO WEALTH’ PLANTS UNDER
GOBARDHAN SCHEME TO BE ESTABLISHED AT
TOTAL INVESTMENT OF Rs 10,000 CRORE
10,000 BIO-INPUT RESOURCE CENTRES TO BE
SET-UP, CREATING NATIONAL-LEVEL
DISTRIBUTED MICRO-FERTILIZER AND
PESTICIDE MANUFACTURING NETWORK
MANTRI KAUSHAL VIKAS YOJANA 4.0 TO BE
LAUNCHED
UNION BUDGET 2023-24 PROVIDES
SUBSTANTIAL RELIEF FOR PERSONAL INCOME
TAX
NEW SLABS ANNOUNCED UNDER THE NEW TAX
REGIME
RESIDENT INDIVIDUAL WITH TOTAL INCOME
UPTO  7 LAKH WILL NOT HAVE TO PAY ANY
INCOME TAX UNDER NEW TAX REGIME
STANDARD DEDUCTION OF  50,000 WILL ALSO
BE AVAILABLE TO SALARIED INDIVIDUALS
UNDER THE NEW TAX REGIME
NEW TAX REGIME FOR INDIVIDUAL AND HUF
WILL BE THE DEFAULT REGIME
LIMIT FOR TAX EXEMPTION ON LEAVE
ENCASHMENT ON RETIREMENT OF NON-
GOVERNMENT SALARIED EMPLOYEES
INCREASED TO  25 LAKH
Page 4


Ministry of Finance
SUMMARY OF THE UNION BUDGET 2023-24
UNION BUDGET 2023-24 PRESENTS VISION FOR
AMRIT KAAL-BLUE PRINT FOR AN EMPOWERD
AND INCLUSIVE ECONOMY
THREE PRONGED FOCUS DRIVEN BY FOUR
TRANSFORMATIVE OPPORTUNITIES
CONSTITUTE FOUNDATION OF AMRIT KAAL
CAPITAL INVESTMENT OUTLAY INCREASED BY
33% TO Rs. 10 LAKH CRORE
EFFECTIVE CAPITAL EXPENDITURE AT 4.5% OF
GDP
FISCAL DEFICIT ESTIMATED TO BE 5.9 % OF
GDP IN BE 2023-24
REAL GDP TO GROW AT 7% IN FY2022-23
EXPORTS TO GROW AT 12.5% IN FY 2023
ATMANIRBHAR CLEAN PLANT PROGRAM WITH
OUTLAY OF 2200 CRORE TO BE LAUNCHED TO
BOOST AVAILABILITY OF QUALITY PLANTING
MATERIAL FOR HIGH VALUE HORTICULTURAL
CROPS
157 NEW NURSING COLLEGES TO BE
ESTABLISHED
OUTLAY FOR PM AWAS YOJANA ENHANCED BY
66% TO OVER RS. 79,000 CRORE
HIGHEST EVER CAPITAL OUTLAY OF Rs. 2.40
LAKH CRORE PROVIDED FOR  RAILWAYS
URBAN INFRASTRUCTURE DEVELOPMENT
FUND (UIDF) TO BE ESTABLISHED THROUGH
USE OF PRIORITY SECTOR LENDING
SHORTFALL
500 NEW ‘WASTE TO WEALTH’ PLANTS UNDER
GOBARDHAN SCHEME TO BE ESTABLISHED AT
TOTAL INVESTMENT OF Rs 10,000 CRORE
10,000 BIO-INPUT RESOURCE CENTRES TO BE
SET-UP, CREATING NATIONAL-LEVEL
DISTRIBUTED MICRO-FERTILIZER AND
PESTICIDE MANUFACTURING NETWORK
MANTRI KAUSHAL VIKAS YOJANA 4.0 TO BE
LAUNCHED
UNION BUDGET 2023-24 PROVIDES
SUBSTANTIAL RELIEF FOR PERSONAL INCOME
TAX
NEW SLABS ANNOUNCED UNDER THE NEW TAX
REGIME
RESIDENT INDIVIDUAL WITH TOTAL INCOME
UPTO  7 LAKH WILL NOT HAVE TO PAY ANY
INCOME TAX UNDER NEW TAX REGIME
STANDARD DEDUCTION OF  50,000 WILL ALSO
BE AVAILABLE TO SALARIED INDIVIDUALS
UNDER THE NEW TAX REGIME
NEW TAX REGIME FOR INDIVIDUAL AND HUF
WILL BE THE DEFAULT REGIME
LIMIT FOR TAX EXEMPTION ON LEAVE
ENCASHMENT ON RETIREMENT OF NON-
GOVERNMENT SALARIED EMPLOYEES
INCREASED TO  25 LAKH
SLEW OF PROPOSALS ANNOUNCED FOR THE
COOPERATIVE SECTOR
INDIRECT TAX PROPOSALS AIM TO PROMOTE
EXPORTS, BOOST DOMESTIC
MANUFACTURING, ENHANCE DOMESTIC VALUE
ADDITION, ENCOURAGE GREEN ENERGY AND
MOBILITY
NUMBER OF BASIC CUSTOMS DUTY RATES ON
GOODS, OTHER THAN TEXTILES AND
AGRICULTURE, REDUCED FROM 21 TO 13
Posted On: 01 FEB 2023 1:37PM by PIB Delhi
In the 75th year of India’s Independence, the World has recognized 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 COVID-19 and Russia-Ukraine War.
This was stated by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, while
presenting the Union Budget 2023-24 in Parliament today. She emphasized that Indian economy is
on the right track, and despite a time of challenges, heading towards a bright future.
PART-A
Smt. Sitharaman said that this Budget hopes to build on the foundation laid in the previous Budget,
and the blueprint drawn for India@100, which envisions a prosperous and inclusive India, where the
fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs,
Scheduled Castes and Scheduled Tribes.
Resilience amidst multiple crises
The Finance Minister said that India’s rising global profile is due to several accomplishments like
unique World Class Digital Public Infrastructure namely, Aadhaar, Co-Win and UPI; COVID-19
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.
She said that during the Covid-19 pandemic, Government ensured that no one goes to bed hungry,
with a scheme to supply free food grains to over 80 Crore  persons for 28 months. The Minister
added that continuing with Centre’s commitment to ensure food and nutritional security,
Government is implementing, from 1st 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
Page 5


Ministry of Finance
SUMMARY OF THE UNION BUDGET 2023-24
UNION BUDGET 2023-24 PRESENTS VISION FOR
AMRIT KAAL-BLUE PRINT FOR AN EMPOWERD
AND INCLUSIVE ECONOMY
THREE PRONGED FOCUS DRIVEN BY FOUR
TRANSFORMATIVE OPPORTUNITIES
CONSTITUTE FOUNDATION OF AMRIT KAAL
CAPITAL INVESTMENT OUTLAY INCREASED BY
33% TO Rs. 10 LAKH CRORE
EFFECTIVE CAPITAL EXPENDITURE AT 4.5% OF
GDP
FISCAL DEFICIT ESTIMATED TO BE 5.9 % OF
GDP IN BE 2023-24
REAL GDP TO GROW AT 7% IN FY2022-23
EXPORTS TO GROW AT 12.5% IN FY 2023
ATMANIRBHAR CLEAN PLANT PROGRAM WITH
OUTLAY OF 2200 CRORE TO BE LAUNCHED TO
BOOST AVAILABILITY OF QUALITY PLANTING
MATERIAL FOR HIGH VALUE HORTICULTURAL
CROPS
157 NEW NURSING COLLEGES TO BE
ESTABLISHED
OUTLAY FOR PM AWAS YOJANA ENHANCED BY
66% TO OVER RS. 79,000 CRORE
HIGHEST EVER CAPITAL OUTLAY OF Rs. 2.40
LAKH CRORE PROVIDED FOR  RAILWAYS
URBAN INFRASTRUCTURE DEVELOPMENT
FUND (UIDF) TO BE ESTABLISHED THROUGH
USE OF PRIORITY SECTOR LENDING
SHORTFALL
500 NEW ‘WASTE TO WEALTH’ PLANTS UNDER
GOBARDHAN SCHEME TO BE ESTABLISHED AT
TOTAL INVESTMENT OF Rs 10,000 CRORE
10,000 BIO-INPUT RESOURCE CENTRES TO BE
SET-UP, CREATING NATIONAL-LEVEL
DISTRIBUTED MICRO-FERTILIZER AND
PESTICIDE MANUFACTURING NETWORK
MANTRI KAUSHAL VIKAS YOJANA 4.0 TO BE
LAUNCHED
UNION BUDGET 2023-24 PROVIDES
SUBSTANTIAL RELIEF FOR PERSONAL INCOME
TAX
NEW SLABS ANNOUNCED UNDER THE NEW TAX
REGIME
RESIDENT INDIVIDUAL WITH TOTAL INCOME
UPTO  7 LAKH WILL NOT HAVE TO PAY ANY
INCOME TAX UNDER NEW TAX REGIME
STANDARD DEDUCTION OF  50,000 WILL ALSO
BE AVAILABLE TO SALARIED INDIVIDUALS
UNDER THE NEW TAX REGIME
NEW TAX REGIME FOR INDIVIDUAL AND HUF
WILL BE THE DEFAULT REGIME
LIMIT FOR TAX EXEMPTION ON LEAVE
ENCASHMENT ON RETIREMENT OF NON-
GOVERNMENT SALARIED EMPLOYEES
INCREASED TO  25 LAKH
SLEW OF PROPOSALS ANNOUNCED FOR THE
COOPERATIVE SECTOR
INDIRECT TAX PROPOSALS AIM TO PROMOTE
EXPORTS, BOOST DOMESTIC
MANUFACTURING, ENHANCE DOMESTIC VALUE
ADDITION, ENCOURAGE GREEN ENERGY AND
MOBILITY
NUMBER OF BASIC CUSTOMS DUTY RATES ON
GOODS, OTHER THAN TEXTILES AND
AGRICULTURE, REDUCED FROM 21 TO 13
Posted On: 01 FEB 2023 1:37PM by PIB Delhi
In the 75th year of India’s Independence, the World has recognized 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 COVID-19 and Russia-Ukraine War.
This was stated by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, while
presenting the Union Budget 2023-24 in Parliament today. She emphasized that Indian economy is
on the right track, and despite a time of challenges, heading towards a bright future.
PART-A
Smt. Sitharaman said that this Budget hopes to build on the foundation laid in the previous Budget,
and the blueprint drawn for India@100, which envisions a prosperous and inclusive India, where the
fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs,
Scheduled Castes and Scheduled Tribes.
Resilience amidst multiple crises
The Finance Minister said that India’s rising global profile is due to several accomplishments like
unique World Class Digital Public Infrastructure namely, Aadhaar, Co-Win and UPI; COVID-19
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.
She said that during the Covid-19 pandemic, Government ensured that no one goes to bed hungry,
with a scheme to supply free food grains to over 80 Crore  persons for 28 months. The Minister
added that continuing with Centre’s commitment to ensure food and nutritional security,
Government is implementing, from 1st 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 Rs 2 lakh crore will be borne by the Central
Government.
G20 Presidency: Steering the global agenda through challenges
The Finance Minister pointed out that in these times of global challenges; 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, she added.
Achievements since 2014: Leaving no one behind
Smt. Sitharaman said that the government’s efforts since 2014 have ensured for all citizens a better
quality of living and a life of dignity and the per capita income has more than doubled to Rs 1.97
lakh. She said that in these nine 9 years, the Indian economy has increased in size from being 10th
to 5th largest in the world. Moreover, the economy has become a lot more formalized as reflected in
the EPFO membership, more than doubling to 27 crore, and 7,400 crore digital payments of Rs 126
lakh crore through UPI in 2022.