Budget 2023 Highlights, Check Union Budget Key Takeaways & Important Points

Finance Minister Nirmala Sitharaman has presented the General Budget 2023 today. Instead of briefcases and bookkeeping, she presented the budget from the tablet. This is the first budget after the Covid 19 period in which the government announced prominently about health and corona vaccine. The Finance Minister said that this time the budget is digital. While GDP has been reduced to minus twice in a row, the global economy itself is sluggish.

The year 2023 is a historic year, which the country is eyeing. Even in this difficult time, the government is working to double the income of farmers and help the common people. The budget estimates the fiscal deficit to be 6.8 percent this year. The government has reduced customs duty on gold and silver. At the same time, mobiles and chargers have been expensive.

General Budget 2023

The country’s general budget has been presented in Parliament. Finance Minister Nirmala Sitharaman has finished her budget speech. The general income taxpayers have not received any relief in the Indian Government Budget for the Year 2023. Only those above 75 years of age will no longer be required to file income tax returns. At the same time, the government has targeted to double the income of farmers. The government has made provisions in the budget for urban, and rural sanitation.

The government has also opened its box for clean air. The government has made a provision to prepare the National Rail Scheme 2030 for railways. The Voluntary Scrap Policy will be launched soon. FDI up to 74% has been approved in the insurance sector. A portal will be created for migrant laborers. Which will contain the associated information. The disinvestment of several government companies was also announced.

In this Union budget 2023, a provision of Rs 35 thousand crores has been created for the corona vaccine. Right now two vaccines are available in the country and two vaccines will be released soon. Finance Minister Nirmala Sitharaman said that in this budget, emphasis has been laid on strengthening the infrastructure. The proposals made in the budget are based on six main centers. This includes health and amenities, physical and financial capital and infrastructure, inclusive development for aakankshi Bharat, human capital, innovation and research and development, minimum governance, and effective governance.

Union Budget 2023 Highlights

Name Union Budget
Budget Year 2023
Ministry Ministry of Finance
Announced by Nirmala Sitharaman (Minister of Finance)
Submitted to Parliament of India
Presented on 1st February 2021
Parliament 17th (Lok Sabha)
Official Website finmin.nic.in

Union Budget 2023 Key Points

  • The Finance Minister also said that various schemes, including the AatmaNirbhar Bharat Package, were brought in the Corona period so that the pace of the economy can be increased. A total of 27.1 lakh crore rupees was released in the AatmaNirbhar Bharat package. It was all like five mini budgets
  • 2000 crore package to deal with air pollution
  • 35 thousand crore allocation this year for Covid 19 vaccine
  • Allocation above 2.23 thousand crores for health
  • The Finance Minister announced the aatmanirbhar svasth Bharat Yojana. With this, the Swachh Bharat Yojana will also move forward, under this, the Amrit Yojana will be extended in cities. 2,87,000 crores were released for this.
  • A proposal of Rs 5.54 lakh crore in capital expenditure and health budget increased from Rs 94,000 crore to Rs 2.38 lakh crore
  • The 1,100 km highway will be built in Kerala.
  • The 675 km highway will be built in West Bengal.
  • Rs 19,000 crore highway plan released in Assam
  • The National Highway Project in Tamil Nadu will be built at a cost of 1.03 lakh crore.
  • The finance minister allocated Rs 65,000 crore for road, and highway projects in Kerala and Rs 3,400 crore for Assam.
  • The finance minister announced road projects worth Rs 25,000 crore for the assembly-election state of West Bengal.
  • The National Rail Scheme 2030 is ready. A total budget of Rs 1.10 lakh crore was given to the Railways.
  • For the power sector, the scheme costs more than Rs 3 lakh crore from the government, which will work to strengthen the power-related infrastructure in the country.
  • Rules will be made to give electricity consumers a choice of distribution companies
  • The Finance Minister announced seven port projects worth more than Rs 2,000 crore under Public-Private Partnership (PPP).
  • The government proposes to start a Hydrogen Energy Mission in the next financial year to produce hydrogen from green energy sources.
  • A framework will be prepared to give electricity consumers the option of choosing more than one distribution company.
  • In the last six years, several improvements were made in the power sector, during this time 1,38,000 MW installed capacity was added to the total capacity.
  • The Finance Minister announced a plan of Rs 18,000 crore to improve the public transport system in urban areas.
    Railways received a record Rs 1,10,055 crore in 2023, of which Rs 1,07,100 crore is for capital expenditure.
  • The Finance Minister said that 100 percent electrification of the broad gauge railway line will be completed by December 2023.
  • The government will provide two lakh crore rupees to the states and autonomous bodies to meet the capital expenditure.
  • Agricultural Infrastructure Fund has been increased to Rs 40,000 crore, Micro Irrigation Project Fund has been doubled to Rs 10,000 crore.
  • Contractual employees will also be included in the ambit of social security.
  • A central university will be established in Leh.
  • In one country, one ration card scheme is under implementation in 32 states.
  • The government proposed a reconciliation system for the speedy resolution of contractual disputes.
  • The government proposed a portal to collect information about contract workers, and building and construction workers.
  • Under the National Education Policy, 100 new Sainik Schools will be established with the participation of non-governmental organizations (NGOs), and 15,000 schools will be strengthened.
  • The government will amend the Apprentices Act to increase opportunities for the youth.

Budget 2023 FAQ

Who presented today’s budget for the Government of India?

Nirmala Sitharaman the Minister of Finance presented today’s budget on the behalf of Government of India.

On which date Union budget 2023 of India be presented?

In February 2023 Union budget 2023 of India is presented

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