- This is the first budget of “Amritkal”. It aims to build on the foundations laid in the previous budget and the blueprint drawn for India@100.
- Despite the COVID-19 pandemic, the Indian economy is projected to have a growth rate of 7% this year and is on the right track for a bright future.
- To combat hunger during the pandemic, the government implemented a scheme to supply free foodgrains to over 80 crore people for 28 months, with an expenditure of Rs 2 lakh crore under PM Garib Kalyan Anna Yojana being fully funded by the central government.
- Over the past nine years, the Indian economy has increased in size from the 10th to the 5th largest in the world, with a per capita income more than doubling to Rs 1.97 lakh.
- The government has made significant progress in achieving sustainable development goals.
- The budget aims for an inclusive and prosperous India, with a focus on seven key priorities: Inclusive development, reaching the last mile, infrastructure and investment, unleashing potential, green growth, youth power, and the financial sector.
- The vision for Amrit Kaal is a technology-driven and knowledge-based economy with strong public finances and a robust financial sector.
- The promotion of tourism will be taken up in mission mode with the active participation of states and public-private partnerships.
- The agricultural credit target will be increased to Rs 20 lakh crore with a focus on animal husbandry, dairy, and fisheries. The government will also launch a sub-scheme under PM Matsya Sampada Yojana with an outlay of Rs 6,000 crore for those involved in fisheries.
- The government will support the Indian Institute of Millet Research in Hyderabad as a Centre of Excellence for the global Shree Anna industry.
- 157 new nursing colleges will be established, and a program to promote research and innovation in pharmaceuticals will be taken up by Centers of Excellence.
- The capital outlay for railways will be 2.4 lakh crore, with 50 additional airports, heliports, waterports, and landing grounds being revived for regional connectivity.
- Three centers of excellence in artificial intelligence will be established in top educational institutions.
- To reach the last mile, the government will provide Rs 5,300 crore assistance to the drought-prone central region of Karnataka.
- The National Digital Library for children and adolescents will be established, and states will be encouraged to set up physical libraries.
- The Centre’s capex target for 2023-24 is Rs 10 lakh crore, 33% higher than the budget estimate of Rs 7.5 lakh crore for 2022-23.
- In the next three years, the Centre will recruit 38,800 teachers and support staff for 740 Eklavaya Model Residential Schools serving 3.5 lakh tribal students.
- An Urban Infrastructure Development Fund will be established through priority sector lending shortfall, to be managed by the National Housing Bank for public agencies to create urban infrastructure in tier-2 and tier-3 cities.
- All cities and towns will be enabled for 100% mechanical de-sludging of septic tanks and sewers.
- The KYC process will be simplified, and PAN will be used as the common identifier for all digital transactions.
Revised Personal Income Tax Structure Announced by Union Finance Minister Nirmala Sitharaman”
Tax rate of 0% for annual income up to 3 lakh Rupees.
5% tax rate for annual income between 3 to 6 lakh Rupees.
10% tax rate for annual income between 6 to 9 lakh Rupees.
15% tax rate for annual income between 9 to 12 lakh Rupees.
20% tax rate for annual income between 12 to 15 lakh Rupees.
30% tax rate for annual income exceeding 15 lakh Rupees.
