On February 1st, 2023, our honorable Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget for the session 2023-24. While presenting the budget, she emphasized about the growth of Indian economy and its bright future and enumerated seven priorities of the Union Budget and said that they accompany each other and act as the “Saptarishi” guiding us through the Amrit Kaal. 

The Saptarishi are as follows: 

1) Inclusive Development 

2) Reaching the Last Mile 

3) Infrastructure and Investment 

4) Unleashing the Potential 

5) Green Growth 

6) Youth Power 

7) Financial Sector

Priority 1: Inclusive Development

The idea of Sabka Saath Sabka Vikas has facilitated inclusive development covering in specific, farmers, women, youth, OBCs, Scheduled Castes, Scheduled Tribes, divyangjan and economically weaker sections, and overall priority for the underprivileged. There has also been a focus on Jammu & Kashmir, Ladakh and the North-East. 

Inclusive Development will look upon the following factors:

AGRICULTURE AND COOPERATIVES

• More Credit to Agriculture Sector: 186 lakh crore in FY22
• Agriculture Accelerator Fund to encourage Start-Ups in rural areas
• Horticulture Clean Plant Program to encourage production of high value horticultural crops
• 220 lakh crore credit for Animal Husbandry, Dairy and Fisheries sector
• Additional storage capacity for farm produce
• Support to making India a Global Hub For Millets: Shree Anna

AFFORDABLE HEALTH FOR ALL

• Enhanced Health Expenditure: 2.1% of GDP in FY23
• Sickle Cell Anaemia elimination Mission to be launched
• 157 New Nursing Colleges to be established
• Joint Public and Private Medical Research to be encouraged via select ICMR labs
• New Program to foster research in Pharmaceuticals to be launched

ACCESSIBLE EDUCATION AND TRAINING

• Enhanced Education Expenditure: 2.9% of GDP in FY23
• Redesigned Teachers training via District Institutes of Education and Training
• National Digital Library to be set up for students
• States will be encouraged to set up physical libraries at Panchayat and ward levels
• Pradhan Mantri Kaushal Vikas Yojana PMKVY 4.0 to be launched to skill lakhs of youth

Priority 2: Reaching the Last Mile

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman said that the Ministry of Tribal Affairs and the Department of Development of North-Eastern Region provides sharper focus to the objective of reaching the last mile. She said that the current government has formed the ministries of AYUSH, Fisheries, Animal Husbandry and Dairying, Skill Development, Jal Shakti and Cooperation.

• Pradhan Mantri PVTG (Particularly Vulnerable Tribal Groups) Development Mission will be launched
• Financial assistance for sustainable micro irrigation in drought prone regions of Karnataka
• 38800 more teachers for 740 Eklavya Model Residential Schools
• Free food grain to all and priority households for one year, under Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY)
• Bharat SHRI to be set up to digitalize ancient inscriptions
• Outlay of PM Awas Yojna enhanced by 66%

Priority 3: Infrastructure & Investment

The Effective Capital Expenditure of the Center is budgeted at Rs 13.7 lakh crore, which will be 4.5 per cent of GDP.

INVESTMENT IN INFRASTRUCTURE AND PRODUCTIVE CAPACITY GROWTH AND EMPLOYMENT MULTIPLIER

• Increase in capital investment outlay by 33.4% to 210 lakh crore
• Infrastructure Finance Secretariat to assist stakeholders for more private investment in infrastructure
• Urban Infrastructure in Tier 2 and 3 cities with the establishment of Urban Infrastructure Development Fund (UIDF)
• Continuation of 50-year interest free loan to State Governments

Priority 4: Unleashing the Potential

The Finance Minister said that for enhancing ease of doing business, more than 39,000 compliance have been brought down and more than 3,400 legal provisions have been legitimatized. She added that for facilitating the trust based governance, Government has introduced the Jan Vishwas Bill to amend 42 Central Acts.

UNLEASHING THE POTENTIAL TOWARDS A TRANSPARENT AND ACCOUNTABLE ADMINISTRATION

• Phase 3 of E-Courts will be launched for structured administration of justice
• Input Based to Result Based Financing for better allocation of scarce resources
• Entity Digi Locker to be setup for businesses for secure online storing and sharing of documents

Priority 5: Green Growth

Green Credit Programme to be launched to incentivize sustainable actions

PM-PRANAM to be launched to incentivize States UTs to promote alternative fertilizers

500 new Waste to Wealth plants to be established under GOBARdhan Scheme

“Mangrove Initiative for Shoreline Habitats & Tangible Incomes” (MISHTI) to be taken up for Mangrove plantation along coastline

Amrit Dharohar to be implemented over next 3 years for optimal usage of wetlands

Priority 6: Youth Power

The Finance Minister said that to empower the youth and help the Amrit Peedhi achieve their dreams, the Government has constructed the National Education Policy, focused on training, adopted economic policies that facilitate job creation, and have supported business opportunities.

• Pradhan Mantri Kaushal Vikas Yojana 4.0

> On-job training, industry partnership, new age courses like Al, robotics, mechatronics, 3D printing, drones, etc.

• Skill India Digital Platform

> Expanding digital ecosystem to enable demand-based formal training, linking with employers and facilitating access to entrepreneurship schemes

• National Apprenticeship Promotion Scheme

> To provide stipend support to 47 lakh youth in three years

• Boosting Tourism

> 50 destinations to be selected and developed as a complete package for domestic & foreign tourists

• Setting Up Of Unity Malls In State Capitals

> For promotion and sale of ODOP (One District, One Product), and handicraft products

Priority 7: Financial Sector

Proposed Measures:

Setting up of National Financial Information Registry to facilitate efficient credit flow, promote financial inclusion, and foster financial stability.

Setting up of a Central Data processing Centre for faster handling of administrative work under the Companies Act.

Credit Guarantee for MSMEs: • Rs. 9,000 Crore infusion in corpus from 1st April 2023

Mahila Samman Bachat Patras: One-time new small savings scheme for 2-year period with deposit facility of up to Rs 2 lakh for women

Mentioned above are the seven major priorities called as Saptarishi, emphasized by the Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman while presenting the Union Budget 2023-24. 

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