Union Budget 2023-24: Big announcements made; “Not Disappointng”, say industry experts

Finance Minister Nirmala Sitharaman made a number of announcements within the Union Budget 2023-2024 on Wednesday.

The Budget 2023-24 is just not disappointing concerning the dedication to public capital expenditure by the federal government, stated a senior official of Acuite Ratings and Research.

“The market was anticipating an additional dedication to public capital expenditure from the federal government and it has not dissatisfied.

“The complete capex (capital expenditure) outlay within the Union Budget has been enhanced by 33 per cent from Rs.7.5 lakh crore to Rs 10 lakh crore which takes it to an all-time excessive of three per cent of GDP (gross home product),” stated Suman Chowdhury, Executive Director & Chief Analytical Officer.

“This won’t solely beef up the infrastructure sector but additionally be optimistic for employment and development, Chowdhury added.

Some highlights of the Budget:

* Railways get Rs 2.4 lakh crore, which is the best ever allocation to it

* Agricultural credit score goal elevated to Rs 20 lakh crore

* Mobility Infra — 50 further airports, heliports

* 50 locations to be chosen via problem mode for tourism

* Mahila Samman Savings Certificate will probably be made out there for 2 years, deposits of as much as Rs 2 lakh at 7.5 per cent curiosity

* Senior Citizens’ Savings Scheme deposit restrict raised to Rs 30 lakh from Rs 15 lakh

* Income tax rebate restrict elevated from Rs 5 lakh to Rs 7 lakh underneath new tax regime

* Allocation for PM Awas Yojna elevated by 66 per cent to over Rs 79,000 crore

* Capital funding outlay to be raised by 33 per cent to Rs 10 lakh crore, which will probably be 3.3 per cent of GDP in fiscal 2024

* Effective capital expenditure of centre to be – Rs 13.7 lakh crore

* 157 new nursing faculties in main areas

* Mission to get rid of sickle cell anaemia by 2047

* Tribals to get Rs 15,000 crore over subsequent three years for protected housing, sanitation, ingesting water, and electrical energy .

* Manhole to machine-hole mode — All cities and cities will probably be enabled for 100 per cent transition of sewers and septic tanks .

* Eklavya Model Residential Schools – 38,800 academics will probably be employed

* Goal ‘Make AI in India’, ‘Make AI Work For India’ — three centres for excellence for AI will probably be arrange in high academic institutes

* Rs 2,516 crore for Computerisation of 63,000 credit score societies

* 100 labs to develop apps utilizing 5g providers to be arrange in engineering establishments

* Rs 35,000 crore for power transition to net-zero emission objectives

* Green Hydrogen Mission for diminished dependence on fossil gas

* Battery power storage methods of 4000 MWh will probably be supported

* 39,000 compliances diminished for ease of doing enterprise,

* 30 Skill India worldwide centres to be arrange

* Natural Farming – one crore farmers will get help.

(With inputs from IANS)