The Union Budget 2023, presented by the Finance Minister Nirmala Sitharaman on February 1, 2023, lays out the government’s financial plan for the next fiscal year. The budget focuses on supporting the ongoing economic recovery, boosting infrastructure, and promoting digitalization, among other key areas.
Key highlights of the Union Budget 2023 include:
Focus on infrastructure: The government has allocated a record Rs. 5.54 lakh crore for infrastructure development, with a focus on national highways, rural roads, ports, airports, and urban transport.
Boost to agriculture and rural development: The budget allocates Rs. 1.41 lakh crore for the agriculture sector, including Rs. 40,000 crore for the creation of a National Agricultural Market. Rs. 95,000 crore has been allocated for the rural development sector, aimed at strengthening the rural economy and improving the standard of living in rural areas.
Promoting digitalization: The budget places a strong emphasis on the digitalization of various sectors, including agriculture, health, and education. The government has announced the creation of a National Digital Health Mission, aimed at providing digital health ID cards for every citizen, among other initiatives.
Healthcare: The government has allocated Rs. 2.23 lakh crore for the health sector, with a focus on increasing access to quality healthcare and strengthening the public healthcare system. This includes the creation of new medical colleges and hospitals, and the expansion of the PM Jan Arogya Yojana.
Education: The budget allocates Rs. 93,000 crore for the education sector, aimed at improving the quality of education and increasing access to higher education. This includes the creation of a National Recruitment Agency, aimed at streamlining the recruitment process for various government jobs.
Tax reforms: The budget proposes several tax reforms, including the introduction of a new tax regime that offers lower tax rates for individuals who forgo exemptions and deductions. The government has also proposed the introduction of a Faceless Appeal mechanism for tax disputes, aimed at reducing litigation and improving the tax administration process.
In conclusion, the Union Budget 2023 seeks to support the ongoing economic recovery, boost infrastructure, and promote digitalization, among other key areas. The budget places a strong emphasis on agriculture, rural development, healthcare, education, and tax reforms, aimed at improving the standard of living of all citizens.