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BUDGET 2023

Budget 2023 of INDIA.

By YashPublished about a year ago 3 min read
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Budget 2023 of India was presented by the Finance Minister Nirmala Sitharaman on February 1st, 2023. The budget focused on six pillars: health and well-being, physical and financial capital, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, and minimum government and maximum governance.

In the health sector:

The budget announced the setting up of a National Health Stack, which will provide digital health infrastructure for the country. Additionally, a National Recruitment Agency was also announced to conduct a common eligibility test for recruitment to non-gazetted posts in the government.

Infrastructure:

The budget proposed an allocation of INR 1.97 lakh crore for the infrastructure sector, which will be used to develop new projects and improve existing ones. The government aims to improve the connectivity between rural and urban areas by building new roads, bridges, and airports. The budget also proposes the creation of a National Logistics Policy to enhance the efficiency of the country's transportation system and to promote the growth of the e-commerce sector.The budget proposed to set up a National Recycling Fund to promote waste management and recycling. The government also announced plans to set up a National Technical Textiles Mission to promote the growth of the technical textiles sector in the country.

Agriculture and Rural Development:

The budget proposed an allocation of INR 2.83 lakh crore for the agriculture and rural development sector. This allocation will be used to improve the existing rural infrastructure and implement new projects aimed at improving the lives of rural residents. The government plans to launch a new scheme, 'Rural Development Plus', to ensure comprehensive rural development, including access to credit, water, and electricity. The budget also proposes to increase the allocation for the Pradhan Mantri Fasal Bima Yojana to INR 17,000 crore, to ensure adequate insurance coverage for farmers. The government announced plans to set up a Kisan Rail network to provide a dedicated freight corridor for the transportation of perishable goods. Additionally, the budget proposed the creation of a National Agricultural Market (e-NAM) platform to provide farmers with access to a wider market for their products.

Education and Healthcare:

The budget proposed a significant increase in the allocation for the education and healthcare sector, with a total of INR 93,000 crore allocated for education and INR 2.23 lakh crore allocated for healthcare. The government aims to improve the quality of education and healthcare facilities in the country, especially in rural areas, by upgrading existing schools and hospitals and setting up new institutions. The budget also proposes the creation of a National Research Foundation to enhance research in the country.The budget proposed the setting up of a National Recruitment Agency to conduct a common eligibility test for recruitment to non-gazetted posts in the government. The government also announced plans to set up a National Technical Textiles Mission to promote the growth of the technical textiles sector in the country.

Employment Generation:

The budget proposed an allocation of INR 1.30 lakh crore for employment generation, which will be used to create new jobs and improve the existing ones. The government aims to provide training and skill development programs to the youth of the country, especially those in rural areas. The budget also proposes the creation of a National Employment Guarantee Scheme to ensure employment for all eligible individuals in the country.

Overall, the Budget 2023 of India focused on a growth-oriented approach with a strong emphasis on infrastructure, health, and education. The government's commitment to achieving its goal of making India a $5 trillion economy by 2025 was also evident in the budget. However, the budget did not announce any major reforms in the tax structure and there were no major changes in the personal income tax slabs.

Note: This overview is based on publicly available information and is subject to change.

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