Union Budget 2023: What becomes costlier, cheaper

As finance minister Nirmala Sitharaman started her Budget 2023 speech, she outlined the seven priorities of Budget 2023 and called them the 'Saptrishi'

By Newsmeter Network  Published on  1 Feb 2023 7:48 AM GMT
Union Budget 2023: What becomes costlier, cheaper

Hyderabad: Finance Minister Nirmala Sitharaman presented her fifth straight budget on Wednesday. This is the first budget of 'Amrit Kaal' This is also the full budget of Narendra Modi's government before the next parliamentary elections in 2024. Like the previous two Union Budgets, Budget 2023 is also likely to be presented in paperless form.

As finance minister Nirmala Sitharaman started her Budget 2023 speech, she outlined the seven priorities of Budget 2023 and called them the 'Saptrishi'. She said the Budget 2023 is aimed at the economic empowerment of women and job generation for the youth. The middle class has been a great relief in terms of tweaks in the new income tax regime, clearly pointing out that the government wants a shift towards the new regime from the older one.

The 7 priorities are

1. Inclusive development

2. Reaching the last mile

3. Infrastructure and investment

4. Unleashing the potential

5. Green growth

6. Youth power

7. Financial sector

Here are the key points:

- Center to pay for PM Gareeb Kalyana Anna Yojana, bear Rs 2 lakh crore

- Agriculture credit target increased to Rs 20 lakh crore

-Free food grains for all Antyodaya households for a year

- Rs 2,200 crore for the Atmanirbhar Clean Plant program

- Rs 2,516 for computerization ot 63,000 societies

- Rs 6000 core for PM Matysa Sampada Yojana

-A capital outlay of Rs 2.4 lakh crore provided for Railways

-157 new nursing colleges

-Mission to eliminate sickle cell anemia screening 7 crore people between 0-40 years

-National digital library for children and adolescents at panchayat/ ward levels

-Computerisation for 63,000 primary agricultural credit societies with an investment of Rs 2,516 crore.

-Recruit 38,800 teachers for 740 Ekalavya Model Residential Schools

-Rs 5300 crore for Karnataka sustainable micro irrigation project

- PM Avas Yojana enhanced by 66% to Rs 79,000 crore

- Financial support for poor persons in prisons for penalty/ bail amount

-Capital investment increased to Rs 10 lakh crore

- 50 additional airports, heliports, water aerodrones, and advance landing grounds

- All cities to enable 100% mechanical septic tanks from man-hole to machine-hole mode

- 75,000 crore for 100 critical transport infra projects

-Three centres of excellence (artificial intelligence) in top educational institutions

- 500 new waste-to-wealth plans under GoBardhan with Rs 10,000 crore, including 200 compressed biogas plants in 75 urban areas, 300 community-based plants

- PAN will be used as a common identifier for all digital systems of specified government agencies

-Rs 7000 crore for Phase III of e-courts

- 100 labs for developing apps to use 5G services to be set up in engineering institutions

-Rs 10,000 crore per year for urban development fund

-Fund for one IIT for Lab-grown diamonds (LGD) for five years

- Rs 35000 crore for Energy Transition

-Rs 20,700 crore for constructing renewable energy

- National Hydrogen mission to have an outlay of Rs 19,70 crore

-PM Pranam will be launched for alternative fertilizer and balanced use of chemical utilisers

- 500 new waste-to-wealth plans under Go Bardhan with Rs 10,000 crore

- 10,000 bio input resources centers to facilitate 1 crore farmers to adopt natural farming

- Mangrove plantation along the coastline

- Rs 20,700 crore for 13GW grid integration from Ladakh

- Scope of Digi locker documents to be increased

- Scrapping old polluting vehicles/ambulances

30 skill India international centers for youth

- Stipend support to 47 lakh youths

- Unit mall to be set up in state for one district, one product concept

-Infusion of 9,000 crores in Corpus for MSME credit

-Maximum deposit limit for senior citizens enhanced to Rs 30 lakh

-Gold, silver, and diamonds to be costlier

-Customs duty on tv parts reduced to 2.5%

--Taxes on cigarettes hiked by 16%

-Tax holiday for startups extended to 10 years

-Single window scheme to set up unit in IFSC

-Govt to reduce customs duty on shrimp feed to promote exports

-Basic import duty on compounded rubber increased to 25% from 10%

-Basic customs duty hiked on articles made from gold bars

-Customs duty on electric kitchen chimney increased to 15% from 7.5%

-Govt reduces customs duty on the import of certain inputs for mobile phone manufacturing

-Imported vehicles, including electric vehicles to become costly

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