Union Budget-Feb 2023

Highlights of Finance Minister Budget speech (till 12.05 PM)

By : Babushahi Bureau
First Published : Wednesday, Feb 01, 2023 12:11 PM
Updated : Wednesday, Feb 01, 2023 02:17 PM

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Highlights of Finance Minister Budget speech (till 12.05 PM)

New Delhi, February 1, 2023: Finance Minister Nirmala Sitharaman’ budget speech highlights:
1. This substantial increase in recent years is central to govt.'s efforts to increase growth potential, job creation, crowd in private investment and provide cushion against global headwinds
2. Capital investment outlay is being increased steeply for the third year in a row, by 33%, to Rs. 10 lakh crores, which would be 3.3% of GDP, this will almost be 3 times outlay made in 2019-20, announces Finance Minister
3. Required financial support to be provided to poor persons who are in prison and unable to afford penalty or bail amount
4. The government proposes to set up a national digital library for facilitating the availability of quality books States will be encouraged to set up physical libraries at panchayat and ward levels and provide infrastructure for accessing the national digital library resources
5. Central assistance of Rs. 5,300 crores to be given to o Upper Bhadra Project in drought prone central regions of Karnataka, to provide sustainable microirrigation and filling up of service tanks for drinking water
6. Outlay for PM Awas Yojana is being enhanced by 66% to over Rs. 79,000 crores
7. 38,000 teachers and support staff to be recruited in next 3 years, for 740 Eklavya Model Residential Schools serving 3.5 lakh tribal students
8. Aspirational Blocks programme covering 500 blocks has been launched for saturation of govt. programmes; Pradhan Mantri Primitive Vulnerable Tribal Groups Development Mission is being launched to improve conditions of vulnerable tribal groups
9. We are implementing programs like green fuel, green energy etc. for efficient use of energy across economic sectors These green growth efforts help in reducing carbon intensity of economy & provide large scale job opportunities: Finance Minister
10. Agriculture Credit Target to be increased to Rs. 20 lakh crores, with focus on animal husbandry, dairy, and fisheries A new sub-scheme of PM Matsya Sampada Yojana to be launched, with a targeted investment of Rs. 6000 crores
11. National Digital Library for Children and Adolescents to be set up for facilitating availability of quality books across languages, geographies and genres; states to set up physical libraries and provide infra to access the library resources
12. National Child Trust, Children's Book Trust and other sources to be encouraged to provide and replenish non curricular titles in regional languages and English, to these libraries; collaboration with NGOs working in literacy also to be done
13. Capital outlay of Rs 2.40 lakh crore has been provided for #Railways; This highest ever outlay is about nine times the outlay made in FY 2013-14
14. New programme to promote research and innovation in pharmaceuticals to be taken up through centres of excellence, industry to also be encouraged to invest in research and development in priority areas
15. The tourism sector holds huge opportunities for jobs and entrepreneurship. promotion of tourism will be taken up on mission mode with the active participation of states' convergence of government programs and public-private partnership
16. 157 new nursing colleges to be established in colocation with existing 157 medical colleges set up since 2014
17. 63,000 Primary Agricultural Credit Societies are being computerized with investment of Rs. 2,516 crores; model bylaws were formulated for PACS, national database is being prepared, with this, massive decentralized storage capacity to be set up
18. PM Vishwa Karma Kaushal Samman For the first time package of assistance for traditional artisans and craftspeople has been conceptualized, which will enable them to improve the quality, scale, and reach of their products, integrating with the MSME value chain
19. The Economy has become a lot more formalized as reflected by the doubling of EPFO membership to 27 crore and ₹ 7,400 crore digital payments of ₹126 lakh crore through #UPI in 2022
20. New sub scheme of PM Matsya Sampada Yojana, with targeted investment of Rs. 6000 crores, to further enable activities of fishermen, fish vendors and micro and small entrepeneurs, improve value chain efficiences and expand the market
21. Agriculture Credit Target to be increased to Rs. 20 lakh crores, with focus on animal husbandry, dairy and fisheries