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Highlights from Union Budget 2023-2024

[/vc_column_text][vc_separator css=”.vc_custom_1647339034936{margin-bottom: 30px !important;}”][vc_column_text css=”.vc_custom_1675251338194{margin-bottom: 15px !important;}”]Ms. Nirmala Sitharaman, Finance Minister of India, presented the Union Budget for FY24 in the parliament today. The budget was met with cheers both inside the parliament and across the nation alike. The budget didn’t just provide further impetus to ailing sectors and sectors where growth is subdued, but also increase allocation to infrastructure, bolstering the belief that India is poised well to become a $5 trillion economy by 2025. However, the cherry on the cake were the relaxations provided in the personal income tax domain. All in all, the budget made sure to give incentive to all sections of the society and at the same time move closer to the goal of getting fiscal deficit under control.

The budget adopted 7 key priorities in this budget – Inclusive Development , Reaching Last Mile, Infrastructure and Investment , Unleashing the potential , Green Growth , Financial Sector , Youth Power. Fiscal deficit was at estimated at 5.9% of GDP in FY24 as compared to fiscal deficit of 6.4% of GDP in FY23; Centre aims to bring it below 4% of GDP by FY26. The biggest highest highlight of budget FY24 is the relief provided in direct tax proposals. Income limit for rebate of income tax increased from INR 5 Lakh to INR 7 Lakh in the new regime. Additionally, income tax slabs have also been tweaked under the new tax regime for the benefit of the middle class. The budget brought cheer for the HNIs as well with the highest surcharge rate on income above INR 5 crore to be reduced from 37% to 25% under the new regime.

Here are the highlights of the Union Budget FY24:

• Inclusive Development: Following the theme of ‘Sabka Saath Sabka Vikas’, the budget aimed to help and uplift the minority, economically weaker and underprivileged section by focusing on agri-tech industries and startups.
  1. 1. The Centre as proposed to set up an Agriculture Accelerator Fund for encouraging innovative start-ups in rural areas
     2. Centre has earmarked INR 20 lakh crore agricultural credit targeted at Animal Husbandry, Dairy and Fisheries sector
     3. They have proposed to set up widely available storage capacity which would enhance farmer’s remuneration by enabling sale at appropriate times
     4. The Centre is focusing primarily at making India a global hub for Millets and will support Indian Institute of Millet Research, Hyderabad, for promoting research
     5. The Centre has also proposed to set up Nursing colleges alongside medical colleges and has adopted a mission to eliminate sickle cell anemia;
     6. They have also proposed to undertake a pharma program to promote research and development in specific drugs and
     7. Under its initiative to better Education and skilling, they have decided to set up a National digital Library for children and adolescent and states will also be encouraged to set up physical libraries.

• Reaching the Last Mile: This year focus was diverted to the plight of underprivileged and backward sections in the Northeast region of India.
  1. 1. A host of government touch points would be established for people in Northeast region to take advantage of the schemes rolled out by the government
     2. PM Particularly Vulnerable Tribal Group Development mission to be launched with an aim to better the safe housing, clean drinking water and sanitation, education and job, infrastructure condition of tribal groups and INR 15000 crore have been earmarked for the same for the next three years
     3. Financial assistance to be given for sustainable micro irrigation in drought prone regions of Karnataka
     4. Many more teachers to be recruited for Eklavya Model Residential Schools which is serving 3.5 lakh tribal students.
     5. PM Aawas Yojna outlay to be increased by 66% to INR 79000 crore

• Infrastructure and Investment: Infrastructure remains a key focus area for the government due to multiplier effect it has on the economy.
  1. 1. Outlay for capital investment is increased by 33.4% to INR 10 Lakh crore.
     2. Continuation of 50 years interest free loan to State Government to incentivize infrastructure investment
     3. Highest ever capital outlay of INR 2.4 Lakh crore for Railways
     4. 100 transport infrastructure projects identified for end-to-end connectivity for ports, coal, steel, fertilizer sectors
     5. Creating urban infra in tier 2 and 3 cities via establishment of Urban Infrastructure Development fund

• Unleashing the Potential:
  1. 1. Three specialised AI centres to be set up in educational institutes, seeing the potential in AI based solutions for agriculture, health and sustainable cities
     2. National Data Governance Policy to be introduced to enable access to anonymised data for research by start-ups and academia
     3. Phase 3 of e-courts to be launched to provide effective administration of Justice
     4. Entity Digilocker to be set up for use by business enterprises and charitable trusts; tis will help in facilitating secure online storing and sharing of documents with the business ecosystem
     5. Setting up of 100 labs for 5G services based application development to tap employment potential and business opportunities
     6. R&D grant for Lab Grown Diamonds sectors to reduce import dependency by encouraging domestic production

• Green Growth: This is launched with a vision to promote an environmentally conscious life style
  1. 1. PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth to be launched which will incentivize states/UTs to promote usage of alternative fertilisers
     2. Green Credit Programme to be notified under EPA to incentivise sustainable actions
     3. Mangrove Initiative for Shoreline Habitats and Tangible Incomes (MISHTI) to be taken up for Mangrove plantation along the coastline
     4. Amrit Dharohar plan to be implemented for optimal usage of wetlands
     5. Setting up of 10,000 bio-inputs resource centres to facilitate farmers to adopt natural farming
     6. Promotion of Battery energy storage systems
     7. Promotion of coastal shipping for energy efficient transportation

• Youth Power:
  1. 1. PMKVY 4.0 will be launched which will cover courses like coding, AI, robotics, 3D printing etc.
     2. Measures to boost Tourism sector – at least 50 destinations to be selected, through challenge mode, to be developed as a complete package for domestic and foreign tourists
     3. State will be encouraged to set-up Unity Malls for promotion and sale ‘One District – One Product’, GI and handicraft products

• Financial Sector:
  1. 1. Setting up of National Financial Information Registry to enable efficient lending, promote financial inclusion and enhance financial stability
     2. Setting up of a Central Data processing centre for faster handling of administrative work under the Companies Act
     3. Credit Guarantee scheme for MSMEs expanded corpus under a revamped scheme to enable additional collateral free guarantied credit of INR 2 Lakh crore
     4. Mahila Samman Bachat Patra – one-time new small savings scheme for a 2-year period with a deposit facility of up to INR 2 Lakh for women
     5. Benefits for Senior Citizens – Enhanced maximum deposit limit for senior citizens savings scheme from INR 15 Lakhs to INR 30 Lakhs

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