Union Budget 2023: Important announcements of Union Finance minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on February 1 in the Lok Sabha,in New Delhi. With greater emphasis on rural sector, social sector schemes, infrastructure creation, and the middle class, the FM tabled a fiscally prudent budget in the Parliament. This was the last full Budget of the second Narendra Modi government ahead of general elections in 2024.  

Here are the highlights of Union Budget 2023:

FM Nirmala Sitharaman begins Union Budget speech, says this is the first budget in Amrit Kaal.

• Finance Minister said India's economic growth estimated at 7 per cent.
• Union Budget 2022: Tax rebate limit raised from ₹5 lakh to ₹7 lakh.
• This budget hopes to build on the foundation laid in the previous budget and the blueprint drawn for India at 100.
• India's growth at 7 pc in current fiscal highest among major economies; Indian economy on right track: Nirmala Sitharaman.
• This budget hopes to build on foundation of previous budget and blue print for India@100.
• In times of global challenges, G-20 presidency gives us opportunity to strengthen India's role in global order.
• Indian economy has increased in size from being 10th to 5th largest in last nine years.
• Govt efforts since 2014 have ensured better quality of life for citizens of the country.
• 9.6 cr LPG connections, 220 cr Covid vax for 102 cr people given, 47.8 cr JanDhan accounts opened.
• Digital public infrastructure for agriculture will be built as open source, open standard and interoperable public good.
• Agriculture credit target increased to Rs 20 lakh cr for FY'24, with focus on animal husbandry, dairy and fisheries.
• New program to promote research in pharmaceuticals.
• 38,800 teachers will be hired for Ekalavya Model Residential Schools.
• PM Awas Yojana outlay hiked by 66 pc to Rs 79,000 cr.
• Centre to continue 50-year interest-free loans to state governments for one more year
• Capital outlay of Rs 2.40 lakh crore for railways fixed for 2023-24.
• All cities and towns will be enabled for 100 pc transition of sewers and septic tanks from manhole to machine hole mode.
• 100 labs for developing applications using 5G services to be set up in engineering institutions
• Regional languages to be promoted.
• National digital library for children and adolescents to be set up.
• Govt targeting 5 MT of Green Hydrogen production by 2030.
• Govt to spend Rs 10,000 crore per year for urban infra development fund.
• Govt to support setting up of battery energy storage of 4,000 MwH.
• Govt to set up Gowardhan Scheme for promoting circular economy with total investment of Rs 10,000 cr.
• Govt to facilitate 1 crore farmers to adopt natural farming.
• Govt to take up mangrove plantation along the coastline under the new MISHTI scheme.
• Govt to promote conservation values through a scheme to encourage optimal use of wetlands.
• Allocating adequate funds for scrapping old polluting vehicles of govt.
• PM-PRANAM will be launched to incentivise states to promote alternative fertilisers.
• 30 Skill India international centres to be set up.
• Govt to select 50 destinations through 'challenge mode' to promote tourism.
• State govts will be encouraged to set up Unity Mall for promotion and sale of 'one district one product' items and GI products.
• Revamped credit guarantee scheme for MSMEs with infusion of Rs 9,000 cr to be launched from April 1.
• Govt to launch Dekho Apna Desh initiative to promote domestic tourism.