The term Budget is a generic statement given to a number of documents, which includes the Annual Financial Statement. Article 112 makes it a constitutional obligation upon the Government to lay a statement of the estimated receipts and expenditures in the Parliament. The Government fulfils this duty through its Annual financial statement, which is contained in the Budget.
The Budget also includes the Demand-for-Grants, Appropriation Bill (to authorise the Government to use funds), Finance Bill (to introduce new taxes), Macroeconomic Framework Statement (required under the FRBM Act), Fiscal Policy Strategy Statement and Medium-Term Expenditure Statement apart from the Annual financial statement.
The Summary of the Union Budget of 2023-24 is discussed in this article.
Achievements of India as Stated in the Budget
- India’s economic growth at a rate of 7% is the highest among the major economies. The economy is on the right track after the shocks of the Covid-19 pandemic and the war.
- India has made several achievements that are contributing to its increasing global stature:
- Unique world-class digital public infrastructure, such as, Aadhaar, Co-Win and UPI.
- Covid vaccination drive in unparalleled scale and speed.
- proactive role in frontier areas, such as achieving climate-related goals,
- Mission LiFE, and
- National Hydrogen Mission.
- PM Garib Kalyan Anna Yojana (PMGKAY) has been instrumental in ensuring food and ensuring nutritional security during the COVID pandemic. This scheme will continue with the expenditure borne entirely by the Centre.
- G20 Presidency offers a unique opportunity for India to steer an ambitious, people-centric agenda to address global challenges and facilitate sustainable economic development.
- India is now the 5th largest economy in the world, offering an optimal environment for businesses and a vibrant innovation ecosystem. It also has made significant progress in many of the Sustainable Development Goals.
- Indian economy is now more formalised, and several schemes for inclusive development are producing positive outcomes.
Vision for Amrit Kaal – an empowered and inclusive economy
The vision for Amrit Kaal is a technology-driven and knowledge-based economy with strong public finances and a robust financial sector. This vision is anchored upon Jan Bhagidari through Sabka Saath Sabka Prayas and will be realised by:- facilitating ample opportunities for citizens, especially the youth, to fulfil their aspirations.
- providing strong impetus to growth and job creation and
- strengthening macroeconomic stability.
- Economic Empowerment of Women
- PM VIshwakarma KAushal Samman (PM VIKAS)
- Tourism
- Green Growth
- The 81 lakh Women Self Help Groups under Deendayal Antyodaya Yojana National Rural Livelihood Mission will be encouraged to form large producer enterprises or collectives, each having several thousand members and managed professionally.
- These entities will help the rural women with the supply of raw materials, design, quality, packaging, and marketing of their products so that they can cater to large consumer markets.
- A package of assistance has been formulated for traditional artisans and craftspeople, referred to as Vishwakarma, covering areas like quality, scale and reach of their products as well as integrating them with MSMEs value chains.
- The support is multi-dimensional in the form of financial assistance, access to advanced skilling and training, knowledge of modern digital techniques and efficient green technologies, brand promotion, linkage with local and global markets, digital payments, and social security.
- The tourism sector holds great employment and entrepreneurship potential for the youth. This can be realised by promoting tourism on a mission mode using the PPP channels and convergence of government initiatives and with the active participation of the states.
- Green growth involves green fuel, green energy, green farming, green mobility, green buildings, and green equipment and energy efficiency. This can create large-scale green job opportunities.
Priorities of the Budget
The Budget adopts 7 priorities called ‘Saptarishi‘, which are supposed to guide us through the Amrit Kal.- Inclusive Development.
- Reaching the Last Mile.
- Infrastructure and Investment.
- Unleashing the Potential.
- Green Growth.
- Youth Power.
- Financial Sector.