Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in which several measures were announced including revision of income tax slabs, lab development, facilitation of inclusive growth, reduction in certain customs duties and building a green economy.
The Finance Minister began by calling it the ‘First Budget of Amrit Kaal’ and a blueprint for India @ 100, which revolves around seven core priorities that guide the vision of the ‘Saptarishis’. Placing India’s growth rate at 7 per cent, he further said that the world has recognized the Indian economy as a bright star that is poised for a bright future.
Budget 2023-24 presents the blueprint of Amrit Kaal for a strong and inclusive economy. A three-pronged focus: youth, opportunities for citizens with a focus on growth and job creation, and a strong and stable macroeconomic environment driven by four transformative opportunities form the foundation of Amrit Kaal. It aims to have sound public finances and a strong financial sector for the benefit of all sections of society. Reiterating its efforts to accelerate the agenda of economic development, the government is constantly thinking about the financial space available for the social sector.
A good chunk of funds have been allocated for the social sector, which is far more than the actual expenditure in the last financial year. This allocation is mainly attributed to increased spending on women empowerment, healthcare, digital public infrastructure for agriculture, nutrition, education, water resources, financial inclusion, skill development, child welfare and infrastructure.
The objective of the Union Budget 2023-2024 is to empower women financially. In this regard, the Deendayal Antyodaya Yojana National Rural Livelihoods Mission has achieved remarkable success by organizing rural women into 81 lakh Self Help Groups (SHGs). The one-time small savings scheme for women, called Mahila Samman Savings Certificate, will offer a fixed interest rate of 7.5 per cent, for a period of two years.
The government will also support ordinary artisans through components such as financial assistance, skill training, modern green technology, brand promotion and linkages with social and global markets. This year’s budget has made a concerted effort to strengthen financial independence and facilitate economic empowerment of women by providing them with more resources and access.
The education sector has received the highest ever allocation of Rs 1.12 lakh crore ($13.66 billion) in the 23-24 Union Budget. The allocation for school education has increased by 8 percent from Rs 63,449 crore ($7.74 billion) in 2022-23 to Rs 68,804 ($8.39 billion) crore in 2023-24. The need for effective teacher training and building a flexible system in education delivery was acknowledged.
For this, the government will re-imagine teachers’ training through innovative pedagogy, curriculum governance, continuous professional development, dipstick surveys and ICT implementation. The budget also talks about a National Digital Library for Children and Adolescents, which will be set up to facilitate availability and device-agnostic accessibility of quality books across geographies, languages, genres and levels.
To make education more accessible to the last mile, over the next three years, the government will recruit 38,800 teachers and support staff for 740 Eklavya Model Residential Schools serving 3.5 lakh tribal students. Realizing the vision of ‘Make AI in India’ and ‘Make AI work for India’, three Artificial Intelligence Centers of Excellence (CoEs) will be set up in top educational institutions. Bridging the gap in India’s education sector will be important as the youth of the country are maturing in a rapidly changing world with new systems and new challenges. The measures announced in the Budget 2023-24 will help the country ensure sustained growth in education.
The government’s philosophy of Sabka Saath Sabka Vikas has facilitated inclusive growth by including the specialised, farmers, youth, OBCs, Scheduled Castes, Scheduled Tribes, Divyangjan and Economically Weaker Sections, and overall priority to the underprivileged (underprivileged). is preferred). An Agri Accelerator Fund will be launched to encourage agri-startups by young entrepreneurs. Also, the agriculture credit target has been increased by Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries.
Focusing on making Finance Ministry India The Indian Institute of Millets Research, Hyderabad, a global hub for Mr Anna, will be supported as a center of excellence for sharing best practices, research and technologies at the international level. PM PRANAM will also be launched to encourage States and UTs to use alternative fertilizers.
Also, a digital public infrastructure for agriculture will be created as an open source, open standard, interoperable public good. It will enable inclusive farmer-centric solutions and help improve access to agricultural inputs, market information and support for agri-industry and startups.
Increased availability of credit, facilitation of better quality inputs through the Clean Plant programme, investments in digital infrastructure and skill development, and the Agriculture Accelerator announcement to promote start-ups, all by creating awareness and facilitating better agriculture Will help in increasing the level of productivity. Quality inputs and market linkages.
Apart from these major announcements, the budget also focused on improving healthcare by establishing 157 new nursing colleges and promoting research in pharmaceuticals. States and cities will be encouraged to undertake urban planning reforms and actions to transform their cities into ‘sustainable cities of tomorrow’ under the UIDF (Urban Infrastructure Development Fund).
Overall, the Union Budget 2023-24 includes significant measures which have given a much-needed boost to the progress of the country, helping the people to make a more competitive and secure position on the world map.
(AP Singh is the International Third Vice President of Lions Clubs International, while Sameer Jain is the Managing Director of Primus Partners)
read all latest business news Here