budget-2023 2024

I present the budget for 2023 2024.

this is the budget in Amrit Khan

this budget hopes to build on the foundation laid in the previous budget

and the blueprint drawn for India at 100. we envision a prosperous and inclusive

India in which the fruits of development will reach all sections and citizens

especially our youth women Farmers obc's

schedule casts and schedule tribes in the 75th year of our independence

the world has recognized the Indian economy as a bright star

our current years economic growth is estimated to be at seven percent

it is notable that this is the highest among all the major economies

this is in spite of the massive slow down globally caused by covid-19 and a

war the Indian economy is therefore on the right track and despite a time of

challenges heading towards a bright future

today as Indians stand with their head held high and their world and the world

appreciates India's achievements and successes we are sure that Elders who

had fought for India's independence will with joy bless us in our endeavors going

forward as well our focus on wide-ranging reforms

and sound policies implemented through sapka prayas resulting in Jan bhagithari

and targeted support to those in need helped us perform well in trying times

India's Rising Global profile is because of the several accomplishments

unique world-class digital public infrastructure example aadhar coven and

UPI kobit vaccination Drive in unparalleled scale and speed

proactive role in Frontier areas such as achieving the climate related goals

mission life and National hydrogen mission

during the covid-19 pandemic we ensured that no one goes to bed hungry with a

scheme to supply free food grains to over 80 crore persons for 28 months

continuing our commitment to ensure food and nutritional security we are

implementing from 1st January 2023 a scheme to supply free food grain to all

anthyodia and priority households for the next one year

the entire expenditure the entire expenditure of about 2 lakh crore will

be born by the central government

the challenges the G20 presidency gives us a unique opportunity to strengthen

India's role in the world economic order with the theme of vasudeva kutumbaka we

are steering an ambitious people-centric agenda to address Global

challenges and to facilitate sustainable Economic Development

the government's efforts since 2014 have ensured for all citizens a better

quality of life and life of dignity the per capita income has more than

doubled to 1.97 lakh rupees

in these nine years the Indian economy has increased in size from being 10th to

fifth largest in the world foreign

as well as a well-governed and Innovative country with a conducive

environment for business as as reflected in several Global indices

we have made a significant progress in many sustainable development goals

the economy has become a lot more formalized as reflected in the epfo

membership more than doubling to 27 crore and rupees 7400 crore digital

payments of 126 lakh crore rupees through UPI in

2022 the efficient implementation of many

schemes with universalization of targeted benefits has resulted in

inclusive development some of the schemes are 11.7 crore household toilets under

swachh Bharat Mission which is achieved 9.6 crore LPG connections Underwood

220 crore with vaccination of 102 crore

people persons 47.8 crore PM jandan bank accounts

insurance cover for 44.6 crore persons under pm suraksha bhima and PM jeevan

Jyoti yojana and crashed cash transfer of 2.2 lakh crores of Rupees to

11.4 crore to over 11.4 crore Farmers under pm kisan samman

nidhi our vision for the amritkal includes

technology driven and knowledge based economy with strong public finances and

a robust financial sector to achieve this Jan bhagithari through

sapka prayas is essential the economic agenda for achieving this

Vision focuses on three things first facilitating ample opportunities

for citizens especially the youth to fulfill their aspirations

second providing strong impetus to growth and job creation and third

strengthening macro economic stability

to service these Focus areas in our journey to India at 100 we believe that

the following four opportunities can be transformative during America

economic empowerment of women

yojana National rural livelihood mission

has achieved remarkable success by mobilizing rural women into 81 lakh

self-help groups we will enable these groups to reach the

next stage of economic empowerment through formation of large producer

Enterprises or connectives with each having

several thousand members and managed professionally they will be helped with

raw material supply and for better design quality branding and marketing of

their products through supporting these policies they will be enabled to scale

up their operations to serve the large consumer markets as has been the case

with the several startups growing into unicorns together

PM vishwakarma kaushal saman pm vikas

for centuries traditional Artisans and crafts people who work with their hands

using tools have brought Renown for India they generally referred to as

vishwakarma the art and the handicraft created by them represents the true

Spirit of Atman Bharat for the first time a package of

assistance for them has been conceptualized the new scheme will

enable them to improve the quality scale and reach of their products

integrating them with the msme value chain the components of the scheme will

include not only financial support but also access to Advanced skill training

knowledge of modern digital techniques and efficient green technologies brand

promotion linkage with local and Global markets digital payments and Social

Security this will greatly benefit the schedule caste schedule tribes obc's women and

people belonging to the weakest sections

tourism the country offers immense attraction for domestic as well as foreign tourists

there is a large potential to be tapped in tourism the sector holds huge

opportunities for jobs and Entrepreneurship for youth in particular promotion of Tourism will be taken up on

mission mode with active participation of States convergence of government

programs and public private Partnerships green growth

we are implementing many programs for green fuel green energy green farming

green Mobility green buildings and green equipment and policies for efficient use

of energy across various economic sectors these green growth efforts help in

reducing carbon intensity of the economy and provides for large-scale green job

opportunities

priorities of this budget the budget adopts the following seven

priorities they are comp they complement each other and act as the saptarishi guiding us

through the amarthkal inclusive development

reaching the last mile infrastructure and investment unleashing the potential

green growth youth power and financial sector

I now speak on the priority number one inclusive development the government's philosophy of subca

vikas has facilitated inclusive development covering in specific Farmers

women youth obc's scheduled casts scheduled tribes divyang and

economically weaker sections and overall priority for the underprivilegeda

there has also been a sustained focus on Jammu Kashmir ladakh and the Northeast

this budget Builds on those efforts

digital public infrastructure for agriculture digital public infrastructure for

agriculture will be built as an open source open standard and interoperable public

good this will enable inclusive pharmaceentric Solutions through

relevant information services for crop planning and health improved access to

farm inputs credit and insurance help for crop estimation Market intelligence

and support for growth of agritech industry and startups

an agricultural and agriculture access accelerator fund and agriculture

accelerator fund will be set up to encourage Agri startups

by young entrepreneurs in rural areas the fund will aim at bringing Innovative and affordable solutions for challenges

faced by farmers it will also bring in modern Technologies to transform agricultural

practices increase productivity and profitability

to enhance the productivity of extra long staple cotton we will adopt a

cluster-based and value chain approach through public private Partnerships this

will mean collaboration between farmers State and Industry for input supplies

extension services and Market linkages

we will launch an Atma nurburg clean plant program to boost availability of

disease-free quality planting material for high value Horticultural crops at an

outlay of 2200 crores

Global Hub for millets millets which are SRI Anna

India has the Forefront

India's at the Forefront of popularizing millets whose consumption further nutrition

furthers nutrition food security and Welfare of farmers

said The Honorable prime minister we are the largest producer and second

largest exporter of Sri Anna in the world

we grow several types of Sri Anna such as SRI Anna jovar SRI Anna ragi SRI and

navbhadra SRI annakutu Ram dhana

China and sama

these are a number of health benefits and have been an integral part of a food

for centuries I acknowledge with pride the huge

service done by small farmers in contributing to the health of fellow

citizens by growing these SRI Anna

now to make India a global hub for sriana the Indian Institute of military

search ideally Indian Institute of the SRI Anna research Hyderabad will be

supported as the center of excellence in for sharing best practices research and

Technologies at the international level the agricultural credit Target will be

increased to 20 lakh crores with Focus on animal husbandry Dairy and Fisheries

we will launch a new sub scheme for of PM matsya sampada yojana which is an

existing scheme but we launch a new sub scheme with targeted investment of 6 000

crores to further enable activities of fishermen fish vendors and

micro and small entrepreneurs improve value chain efficiencies and

expand the market for Farmers especially small and

marginal farmers and other marginalized sections the government is promoting Cooperative

based economic development model a new ministry of cooperation was formed

with a mandate to realize the vision of sahakar says samruddhi

realize the situation the government has already initiated computerization of 63

000 primary agricultural credit societies with an investment of

2560 crores 2516 crores in consultation with all the

stakeholders and the states model bylaws for Pacs were formulated

enabling them to become multi-purpose Pacs

a national Cooperative database is being prepared for Country-Wide mapping of

Cooperative societies with this backdrop we will Implement a

plan to set up massive decentralized storage capacity

this will help farmers store their produce and realize remunerative prices

through sale at appropriate times the government will also facilitate setting

up of a large number of multi-purpose Cooperative societies primary fishery

societies and Dairy Cooperative Societies in uncovered panchayat and

villages in the next five years

health education and Skilling

157 new nursing colleges will be established in core location

in core location with the existing 157 medical colleges established since 2014.

a mission to eliminate sickle cell anemia by 2047 will be launched it will

entail awareness creation Universal screening of seven crore people in the

age group of 0 to 40 years

in affected tribal areas and counseling through collaborative efforts of central

Ministries and state governments facilities in select icmr labs

Indian Council for medical research Labs will be made available for research by

public and private Medical College faculty and private sector r d teams for

encouraging collaborative research and innovation

a new Pharma program a new program to promote research and innovation in

Pharmaceuticals will be taken up through centers of excellence we shall also encourage industry to

invest in research and development in specific priority areas

dedicated multi-disciplinary courses for medical devices will be supported in

existing institutions to ensure availability of skilled Manpower for

future futuristic medical Technologies high-end manufacturing and research

teachers training teachers training will be re-envisioned through Innovative pedagogy

curriculum transaction continuous professional development dipstick surveys and ICT implementation

the district Institute of Education and Training will be developed as vibrant

Institutes of Excellence for this purpose

National digital library for children and adolescents a national digital library for children

and adolescents will be set up for facilitating availability of quality

books across geographies languages genres and levels and device agnostic

accessibility States will be encouraged to set up physical libraries for them at panchayat

and Ward levels and provide infrastructure

for accessing the national Digital Library resources

additionally to build a culture of reading and to make up for pandemic time learning loss

the national book trust the children's book trust and other sources will be

encouraged to provide and replenish non-curricular titles in Regional

languages and in English to these physical libraries

collaboration with ngos that work in literacy will also be a part of this

initiative to inculcate financial literacy financial sector

regulators and organizations will be encouraged to provide

age-appropriate reading material to these libraries

I moved to Priority two reaching the last mind prime minister vajpai is government

had formed the ministry of tribal affairs and the department of development of

Northeast region to provide a sharper Focus to the

objective of reaching the last mile our garment has formed the ministries of

ayush Fisheries animal husbandry and daring skill development

jalshakti and cooperation

building on the success of the aspirational districts program the government has recently launched the

aspirational blocks program covering 500 blocks

for saturation of essential garment Services across multiple domains such as

Health Nutrition education agriculture Water Resources Financial inclusion

skill development and basic infrastructure money speaker sir

Pradhan mantri pbtg which is primitive vulnerable tribal groups

development mission is being launched

to improve socio-economic conditions of the particularly vulnerable tribal

groups the pbtgs as we refer them to Pradhan mantri pvtg development Mission

will be launched this will saturate pbtg families and habitations with basic

facilities such as safe housing clean drinking water and sanitation improved

access to Education Health Nutrition Road and Telecom connectivity and

sustainable livelihood opportunities an amount of 15

000 crores will be made available to implement the mission in the next

three years under the development action plan for the scheduled tribes

a Columbia model residential schools in the next three years Center will

recruit 38 800 teachers

staff For the 740 a Colombia modern residential schools which is serving 3.5

lakh tribal students

foreign prone Central regions of Karnataka

Central assistance of 5300 crore will be given to Upper bhadra

project for white

to provide sustainable micro irrigation and filling up of service tanks for

drinking water foreign

to over 79 000 crores

Bharat shared repository of inscriptions will be set up in a digital epigraphy

museum with digitization of one lakh ancient inscriptions in the first stage

support for poor prisoners the poor for poor persons

for poor persons who are in prisons and unable to afford the penalty or the bail

amount required financial support will be provided

priority number three infrastructure and investment investments in infrastructure and

productive capacity have a large multiplier of impact on growth and employment after the

subdued period of the pandemic private Investments are growing again the budget takes the lead once again to ramp up The

Virtuous cycle of investment and job creation honorable speaker sir the capital

investment outlay is being increased steeply for the third year in a row

by 33 percent to 10 lakh crores which would be

foreign

of GDP this will almost be three times the

outlay made in 2019-20

[Applause]

this substantial increase in recent years is Central to the government's

efforts to enhance growth potential and job creation grounded crowd in private

Investments and provide a cushion against global headwinds the direct capital investment by the

center is complemented by the provision made for creation of capital assets through grants and AIDS to State the

effective capital expenditure of the center is budgeted at 13.7 lakh crore

rupees which will be 4 4.5 percent of GDP

support to state governments for capital investment I have decided to continue the 50-year

interest-free loan to state governments for one more year to Spur investment in infrastructure and

to incentivize them for complementary policies actions with a significantly

enhanced outlay of 1.3 lakh crores

the newly established infrastructure Finance Secretariat will assist all

stakeholders for more private investment in infrastructure including Railways

roads Urban infrastructure and power which are predominantly depend on public

resources the harmonized master list of infrastructure will be reviewed by an

expert committee for recommending the classification and financing from

framework suitable for amarthkal a capital outlay I'm talking about

Railways no sir honorable speaker Railways a capital outlay of

2.40 lakh crores has been provided for the railways

this is the highest ever outlay about and this sorry this highest ever outlay

is about nine times the outlay made in 2013-14

100 critical transport infrastructure projects for last and first mile

connectivity for pro ports coal steel fertilizer and food grain sectors have

been identified they will be taken up on priority with investment of 75 000

crores including 15 000 crore from private sources

50 additional airports heliports water aerodromes and advanced Landing grounds

will be revived for improving Regional Air connectivity

sustainable cities for tomorrow [Applause]

states and cities will be encouraged to undertake urban planning

urban planning reforms and actions to transform our cities into sustainable cities of tomorrow

this means efficient use of land resources adequate resources for urban infrastructure trans Transit oriented

development enhanced availability and affordability of Urban Land and

opportunities for all through property tax governance reforms

and ring fencing user charges on Urban infrastructure cities will be

incentivized to improve their credit worthiness for municipal bonds

like the ridf an urban infrastructure development fund

will be established through use of priority sector Lending shortfall

this will be managed by the National Housing Bank and will be used by public

agencies to create Urban infrastructure in tier 2 and tier 3 cities

States will be encouraged to leverage resources from the grants of the 15th

Finance commission as well as existing schemes to adopt appropriate use of

charges while accessing the uidf we expect to make an available

to make available 10 000 crore rupees per annum for this purpose

all cities and towns will be enabled for 100 mechanical de-sludging of septic

tanks and sewers to transition from manhole to machine hole mode

enhanced Focus will be provided for scientific management of dry and wet

waste honorable speaker sir our prime minister had said good governance is the key to a

nation's progress our government is committed to providing a transparent and accountable

Administration which works for the betterment and Welfare of common citizens

Mission Karma Yogi under Mission Karma Yogi Center States and the union

territories are making and implementing capacity building plans for civil

servants the government has also launched an integrated online training Pro platform

I got Karma Yogi to provide continuous learning opportunities

for lacks of government employees to upgrade their silk skills and facilitate

people-centric approach sir for enhancing ease of doing business

more than 39 000 compliance more than 39 000 compliances have been

reduced and more than 3400 legal Provisions have

been decriminalized

for furthering the trust-based governance we have introduced

the Jan vishwas Bill to amend 42 Central Acts

this budget proposes a series of measures to unleash the potential of our

economy centers of excellence for artificial intelligence

for realizing the vision of make AI in India and make AI work for

India three centers of excellence for artificial intelligence will be set up

in top educational institutions leading industry players will partner in

conducting interdisciplinary research develop Cutting Edge applications and

scalable problem Solutions in the areas of Agriculture health and sustainable

cities this will Galvanize an effective AI ecosystem and nurture quality human

resources in the field National Data governance policy

to unleash Innovation and research by startups and Academia a national governance data

governance policy will be brought out

this will enable access to anonymized data

the kyc process will be simplified adopting a risk-based instant instead of

one size fits-all approach the financial sector Regulators will also be

encouraged to have a kyc system fully amenable to meet the needs of digital

India One-Stop solution for identity and

addressed address updating a One-Stop solution for reconciliation

and updating of identity and address of individuals maintained by various

government agencies regulators and regulated entities will be established

using digilocker at Digi Locker service and other as foundational identity

speaker cell common business identifier for the business establishments

required to have a permanent account number the pan will be used as the common

identifier for All Digital systems of specified government agencies

this will bring ease of doing business and it will be facilitated through a legal mandate

for obviating the need for separate submission of same information

to different garment agencies a system of unified filing process

will be set up such filing of information or return in simplified

forms on a common portal will be shared with other agencies as per the filers

choice vishwas one relief for msmes

in cases of failure by msmas to execute contracts during the covet

period 95 percent of the forfeited amount relating to the bid or performance

Security will be returned to them by government and government undertakings

this will provide this will provide relief to the msmes

e vishwas too settling contractual disputes to settle

contractual disputes of government and government undertakings wherein arbitral

award is under Challenge in a court a voluntary settlement scheme with

standardized terms will be introduced this will be done by offering graded

settlement terms depending on pendency level of the dispute

the state support mission of Niti ayog will be continued for three years for

our Collective efforts towards National priorities

result-based financing to better allocate scarce resources for competing

development needs the financing of Select schemes will be changed on a

pilot basis from input based to result based

e-codes for efficient administration of justice phase 3 of e-courts projects will phase

three of the e-codes project will be launched with an outlay of 7000 crores

fintech services in India have been facilitated by our digital public infrastructure including aadhar PM

jandan yojana video kyc India stack and

UPI to enable more fintech Innovative Services the scope of documents

available in Digi Locker for individuals will be expanded

an entity Digi Locker will be set up for the use by msme's large businesses and

also charitable trusts this will be towards storing and sharing documents

online securely whenever needed with various

authorities Regulators Banks and other business entities 5G services

100 labs for developing applications using 5G services will be set up in

engineering institutions

to realize a new range of opportunities business models and employment potential the labs

will cover among others applications such as smart classrooms Precision

farming intelligent Transport Systems and Health Care applications

lab-grown diamonds lab-grown diamonds is a technology and

Innovation driven emerging sector with high employment potential

these environment friendly diamonds which have optically and chemically the

same properties As Natural diamonds to encourage indigenous production of

ngd lab-grown diamond seeds and machines and to reduce input dependency and

research and development Grant will be provided to one of the iits for five

years to reduce the cost of production a

proposal to review the custom duty on lgd seeds will be indicated in Part B of

the speech I come to the fifth priority honorable speaker sir green growth

honorable prime minister has given a vision for life or lifestyle for environment to Spur a

movement of environmentally conscious lifestyle India is moving forward firmly

for the panchamrity The Net Zero carbon emission by 2070 to usher in green

industrial and economic transition this budget Builds on our focus on green

growth foreign the recently launched national green

hydrogen Mission with an outlay of 19700 crores

will facilitate transition of the economy through low carbon intensity reduce

Independence on fossil fuel Imports and make the country assume technology and

Market leadership in this Sunrise sector our Target is to reach an annual

production of 5 mmt by 2030

energy transition this budget provides for 35

000 crores for priority capital investment towards energy transition and Net Zero

objectives and energy security by Ministry of petroleum and natural gas

to steer the economy to steer the economy on sustainable

development path battery energy storage systems with cap capacity of 4000 mwh

will be supported with viability Gap funding a detailed framework for Pumped

storage projects will also be formulated renewable energy evacuation

the interstate transmission system for evacuation and grid integration of 13

gigawatt renewable energy from ladakh will be constructed with investment of

20 700 crores including Central support of 8 300 crores

green credit program for encouraging behavioral change a green credit program

will be notified under the environment protection act this will incentivize environmentally

sustainable and responsive actions by companies individuals and local bodies

and help mobilize additional resources for such activities

PM program for restoration awareness nourishment and amelioration of Mother

Earth PM pranam will be launched to incentivize States and union territories

to promote alternative fertilizers and balanced use of chemical fertilizers

govardhan scheme 500 new ways to wealth plants under

govardhan galvanizing organic bio aggro resources

done govardhan scheme will be established for promoting circular economy

these will include 200 compressed biogas plants including 75 plants in urban

areas and 300 Community or cluster-based plants at low at a total investment of

10 000 crores I will refer to this in Part B also in

due course a five percent CBG mandate will be introduced for all organizations

marketing natural and biogas for collection of biomass and distribution

of Bio manure appropriate fiscal support will also be provided

bio-input Resource Centers over the next three years we will

facilitate one crore Farmers to adopt natural farming

for this honorable speaker 10 000 bio input Resource Centers

will be set up creating a national level distributed micro fertilizer and

pesticide manufacturing Network Misty

mishti building on

building on India's success in afforestation

Mangrove Initiative for Shoreline habitats and tangible incomes

Misty will be taken up for Mangrove Plantation along the coastline and on

salt pan lands wherever feasible through convergence between manrega Campa fund

and other sources foreign

vital ecosystems which sustain biological diversity

in his latest monkey bath the Prime Minister said now I quote now the total

number of ramsar sites in our country has increased to 75.

whereas before 2014 there were only 26 unquote

local communities local communities have always been at

the Forefront of conservation efforts the government will promote the unique

conservation values through Amarth darohar a scheme that will be

implemented over the next three years to encourage optimal use of wetlands and

enhance biodiversity carbon stock equal tourism opportunities and income

generation for local communities Coastal shipping

Coastal shipping will be promoted as energy efficient and lower cost mode of Transport both of passengers and Freight

through PPP mode with viability Gap funding vehicle replacement

vehicle replacement is an important continuing policy replacing the old

political solid I know replacing

absolutely thank you replacing old polluting vehicles

may be applicable right replacing old polluting vehicles

is an important part of Greening our economy in furtherance of the vehicle scrapping

policy mentioned in budget 2122 I have allocated adequate funds to scrap old

vehicles of the central government States will also be supported in

replacing old vehicles and Old State ambulances

honorable speakers I moved to Priority six youth power to empower Our Youth and help the Amrit

PD realize their dreams we have formulated the National Education policy which is

very wide in its scope but one of the things is also to focus on Skilling

adopted economic policies that facilitate job creation at scale and

have supported business opportunities Pradhan mantri kaushal vikas yojana

Pradhan mantri kaushal vikas yojana 4.0 will be launched to skill lacks of Youth

within the next three years on job training industry partnership and

alignment of courses with needs of Industry will be emphasized the scheme

will also cover New Age courses for industry 4.0 like coding AI robotics

mechatronics iot 3D printing drones and

other soft skills to skill youth for international opportunities 30 skill India

international centers will be set up across different states

the digital ecosystem for Skilling will be further expanded with the launch of a

unified skill India digital platform for enabling demand based formal Skilling

linking with employers including msmes and facilitating access to

entrepreneurship schemes to provide stipend support to 47 lakh

youths in three years direct benefit transfer under a pan-india national

apprenticeship promotion scheme will be ruled out

tourism honorable speaker Sir with an integrated and Innovative Approach at least 50

destinations will be selected through challenge mode in addition

in addition to aspects such as physical connectivity virtual connectivity

tourist guides high standards for food streets and tourist security

all the relevant aspects would be made available on an app to enhance tourist

experience every destination would be developed as

a complete package the focus of development of Tourism would be on

domestic as well as foreign tourists

hello sector specific Skilling and Entrepreneurship development will be

dovetailed to achieve the objectives of Deco Apna Desh initiative

this was launched as an appeal by The Honorable prime minister to the middle class

to prefer domestic tourism over International tourism the integrated development of team-based

tourist circuits the swadesh darshan scheme was also launched under the

vibrant Villages program tourism infrastructure and amenities will be

facilitated in Border villages Unity Mall

States will be encouraged to set up a Unity Mall in the state capital or most

prominent Tourism Center or the financial capital for promotion and sale

of their one district one product and GI products and other handicraft

products and for providing space for such products of all other states as

well sir priority number seven financial sector or reforms in the

financial sector and Innovative use of Technology have led to financial inclusion at scale better and faster

Service delivery ease of access to credit and participation in financial markets this budget proposes to further

these measures credit guarantee for msmes last year I

proposed revamping of the credit guarantee scheme for the msmes I am happy to announce

that the revamped scheme will take effect from 1st April 2023 through

infusion of 9 000 crores in the corpus

this will enable additional collateral free guaranteed credit of 2 lakh crores

of rupees further the cost of credit will be reduced by about one percent

a national financial information registry will be set up to serve as the

central repository of Financial and ancillary information this will facilitate efficient flow of

credit promote Financial inclusion and Foster Financial stability a new

legislative framework will govern this credit public infrastructure and will be

designed in consultation with RBI to meet the needs of amritkal and to

facilitate Optimum regulation in the financial sector public consultation as

necessary and feasible will be brought to the process of Regulation making and

issuing subsidiary directions to simplify to ease and to reduce cost

of compliance financial sector Regulators will be requested to carry out a comprehensive review

of existing regulations for this they will consider suggestions from public

and regulated entities time limits to decide the application under various

regulations will also be laid down honorable speakers are to enhance

business activities in gift ifsc the following measures will be taken

delegating powers under the scz ACT to the ifsca to avoid dual regulation

setting up a single window i t system for registration and approval of ifsca

scz authorities gstn RBI sebi and irdai

permitting acquisition permitting acquisition financing by ifsc

banking units of foreign Banks establishing a subsidiary of exim bank

for trade refinancing amending ifsca act for statutory

Provisions for arbitration ancillary services and avoiding dual regulation

under the scz act and recognizing offshore derivative instruments as valid

contracts honorable speaker sir data Embassy

for countries looking for digital continuity Solutions we will facilitate

setting up of their data embassies in gift ifsc

foreign

governance and investor protection and banking sector to improve Bank governance and enhance

investors protection certain amendments to the banking regulation act the bank

banking companies Act and the Reserve Bank of India act are being proposed

capacity building in Securities Market honorable speaker sir to build capacity

of functionaries and Professionals in the Securities Market sebi will be

empowered to develop regulate maintain and enforce norms and standards for

education in the National Institute of Securities markets and to recognize award of degrees diplomas and

certificates a central data processing a central

processing center a central processing center will be set up for faster

response to companies through con centralized handling of various forms

filed with field offices under the company's Act

reclaiming of shares and dividends for investors to reclaim unclaimed shares

and unpaid dividends from the investor education and protection fund Authority

with ease from the investor education and protection fund Authority with ease

an integrated I.T portal will be established digital payments continue to find wide

Acceptance in 2022 they show an increase of 76 percent in transaction

and 91 percent in value fiscal support for this digital public

infrastructure will continue in 2023-2024

for commemorating a one time

new small savings scheme mahila saman savings Patra or saving certificate

mahila saman saving certificate will be made available for a two-year period up

to March 2025. this will offer deposit facility up to 2

lakh in the name of a woman or girls for a tenor of two years at fixed interest

rate of 7.5 percent with partial withdrawal option

senior citizens the maximum deposit limit for senior citizens saving scheme will be enhanced

from 15 lakh to 30 lakhs of rupees

the maximum deposit limit for monthly income account scheme will be enhanced

from 4.5 lakh to 9 lakh for single account

and from 9 lakh to 15 lakh for joint account

honorable speakers are fiscal management 50 years interest-free loan to States

the entire 50-year loan to States has to be spent on capital expenditure Within

2023-24 most of this will be at the discretion

of the states but a part will be conditional on States increasing their actual capital

expenditure parts of the outlay will also be linked to or are located for the following

purposes scrapping old garment vehicles urban planning reforms and actions

financing reforms in urban local bodies to make them credit worthy for municipal

bonds housing for police Personnel above or as part of the police station

constructing Unity malls children and Adolescent libraries and digital

infrastructure and state share of capital expenditure of central schemes

honorable speaker sir fiscal deficit of states

will be allowed a fiscal deficit of 3.5 percent of gsdp of which 0.5 percent

will be tied to power sector reforms revised estimates

2022 to 2023 the revised estimate honorable speaker

sir of the total receipts other than borrowing is 24.3 lakh crores of which

the net net tax receipts are 20.9 lakh

crops the revised estimate of the total expenditure is 41.9 lakh crores of

rupees of which the capital expenditure is about 7.3 lakh crores the revised

estimate of the fiscal deficit is 6.4 percent of GDP adhering to the budget

estimate so budget estimates of 2023-24

coming to 2023-24 the total receipts other than

borrowings and the total expenditure are estimated at 27.2 lakh crores and 45

lakh crores respectively the net tax receipts are estimated at 23.3 lakh

crores the fiscal deficit is estimated to be

5.9 percent of the GDP

in my budget speech for 21 22 I had announced that we planned to continue

the path of fiscal consolidation reaching a fiscal deficit of below 4.5

percent by 2025-26 with a fairly steady decline

over the period we have adhered to this path and I reiterate my intention to

bring the fiscal deficit below 4.5 percent of GDP by 2025-26

to finance the fiscal deficit in 2023-24 the net Market borrowings from dated

Securities are estimated at 11.8 lakh crores the balance financing is expected

to come from small savings and other sources the gross Market borrowings are

estimated at 15.43 lakh crores of rupees honorable speaker sir I now move to Part

B

indirect taxes my indirect tax proposals will aim to

promote exports boost domestic manufacturing enhance domestic value

addition encourage green energy and Mobility a simplified tax structure with fewer

tax rates helps in reducing compliance burden and improving Tax Administration

I propose to reduce the number of basic customs duty rates on Goods other than

textiles and agriculture from 21 to 13 as a result there are minor changes in

the basic custom duties successes and surcharges on some items including Toys Bicycle Automobiles and

NAFTA green Mobility to avoid cascading of taxes on Blended

compressed natural gas I propose to exempt excise duty on GST paid

compressed biogas contained in it to further provide impetus to Green

Mobility customs duty exemptions is being extended to import of capital goods and

Machinery required for manufacture of lithium ion cells for Batteries used in

electrical Vehicles as well Electronics as a result of various

initiatives of the government including faced manufacturing program mobile phone

production in India has increased from 5.8 crore units valid valued at about 18

900 crore in 2014-15 to 31 crore units

valued at 2 lakhs 75 000 crore in the last Financial year

to further deepen domestic value addition in manufacturing of mobile phones I propose to provide relief to

customer customs duty I propose to provide relief in customs duty on import

of certain parts and inputs like camera lens and continue the concessional duty

on lithium ion cells for batteries for another year

similarly to promote value addition and manufacture of televisions I propose to

reduce the basic customs duty on parts of open cells of TV panels to 2.5

percent electrical to rectify inversion of Duty

to rectify inversion of Duty structure and encourage manufacturing of electric kitchen chimneys the basic custom duty

on electric kitchen chimney is being increased from 7.5 percent to 15 percent and that on

heat coils for these is proposed to be reduced from 20 to 15 percent

chemicals and petrochemicals denatured ethyl alcohol is used in

chemical industry I propose to exempt basic customs duty on it this will also

support ethanol blending program and facilitate a Endeavor for energy transition basic customs duty is also

being reduced on acid grade fluorospar from 5 to 2 5 2.5 percent to make the

domestic fluorochemicals industry competitor further the basic customs

duty on crude glycerin for use in manufacture of epic chlorohydramine is proposed to be

reduced from 7.5 percent to 2.5 percent

[Music] Marine products in the last Financial year Marine

Products recorded the highest export growth benefiting farmers in the coastal states of the country to further enhance

the export competitiveness of marine products particularly shrimps duties

being reduced on key inputs for domestic manufacture of shrimp feed

India is a global leader as I said in part A in cutting and polishing of natural diamonds contributing about

three-fourths of the global turnover by value with the depletion of deposits of

natural Diamonds the industry is moving towards lab-grown diamonds and it holds

huge promise to cease this opportunity I propose to reduce the basic customs duty on seeds used in their manufacture

custom duties on door or door and bars

of gold and platinum they increased earlier this fiscal I propose to increase the duties of on articles made

there from to enhance the duty differential I also propose to increase the import Duty on Silver doors bars and

articles to align them with that on gold and platinum to facilitate availability of raw

materials for the steel sector exemptions from basic custom duty on raw materials for

manufacture of crgo Steel ferrous crap and nickel cathode is being continued

similarly the concessional BCD of 2.5 percent on copper scrap is also being

continued to ensure the availability of raw materials for secondary copper producers who are mainly in the msme

sectors compounded rubber the basic custom duty rate on compounded

rubber is being increased from 10 percent to 25 percent or 30 kg whichever

is lower at par with that of natural rubber other than latex to curb

circumvention of Duty cigarettes National Calamity contingent

Duty on specified cigarettes was last revised three years ago this is

proposed to be revised upwards by about 16 percent direct taxes

I now come to my direct tax proposals honorable speaker these proposals aim to

maintain continuity and stability of Taxation further simplify and rationalize various Provisions to reduce

the compliance burden promote the entrepreneurial spirit and provide tax

relief to Citizens it has been constant Endeavor of the income tax department to

improve taxpayers Services by making compliance easy and smooth our taxpayers

portal received a maximum of 72 lakh returns in a day processed more than 6.5

crore returns this year average processing period reduced from

93 days in financial year 1314 to 16 days only now

and 45 of the returns were processed within 24 hours

we intend to further improve this roll out the Next Generation common I.T

return form for taxpayer convenience and also plan to strengthen the grievance

redressal mechanism msmes and professionals

msme is a growth engines of our economy micro Enterprises with turnover up to

two crore of rupees and certain professionals with turnover of up to 50

lakh rupees can Avail the benefit of presumptive Taxation I propose to

provide enhanced limits of three crore and 75 lakh respectively to the

taxpayers whose cash receipts are no more than 5 percent

whose cash receipts are no more than five percent moreover to support msmes

in timely receipt of payments I propose to a love deduction for expenditure

incurred on payments made to them only when payment is actually made

cooperation cooperation is a value to be cherished in realizing our prime minister's goal

for say car say samridi and his result to connect the spirit of cooperation

with the spirit of amrutkal in addition to the measures proposed and party I

have a slew of proposals for the cooperation sector first new cooperatives that commence

manufacturing activities till 2024 31st March shall get the benefit of a lower

tax rate of 15 percent as is presently available to new manufacturing companies

secondly I propose to provide an opportunity to sugar cooperatives to

claim payments made to a sugarcane Farmers for the period prior to the

assessment year 2016-17 as expenditure this is expected

to provide them a relief of almost 10 000 crores

thirdly I am providing a higher limit of 2 lakh

per member for cash deposits to loans in cash by primary agricultural Cooperative

societies and primary agricultural primary Cooperative Agriculture and

rural development Banks I repeat that thirdly I am providing a higher limit of

2 lakh per member for cash deposits to and Loans in cash by primary

agricultural Cooperative societies and primary Cooperative Agricultural and rural development Banks similarly a

higher limit of three crore for tedious on cash withdrawal is being provided to

Cooperative societies startups

entrepreneurship is vital for a country's economic development we have taken a number of measures for startups

and they have bone results India is now the third largest ecosystem for startups

globally and ranks second in Innovation quality among middle income countries I

propose to extend the date of incorporation for income tax benefits to startups from 31 3 2023 to 31 3 2024 I

further propose to provide the benefit of carry forward of losses on Char on

change of shareholding of startups from seven years of incorporation to 10 years

foreign to reduce the pendency of appeals at

commissioner level I propose to deploy about 100 joint commissioners for

disposal of small appeals we shall also be more selective in taking up cases for

scrutiny of returns already received this year

better targeting of tax concessions for better targeting of tax concessions

and exemptions are proposed to cap deduction from capital gains on

investment in residential house under Section 54 and section 54 F to 10 crores

another Proposal with similar intent is to limit income tax exemption from

proceeds of insurance policies with very high value

racialization honorable speaker sir there are a number of proposals relating to rationalization

and simplification income of authorities boards and commissions set up by

statutes of union or state for the purpose of housing development of cities

towns and Villages and regulating or regulating and developing an activity or

matter is proposed to be Exempted from income tax other major major measures in

this direction are removing the minimum threshold of 10 000

for TDS and clarifying taxability relating to online gaming not treating

conversion of gold into electronic gold receipts and vice versa as capital gains

reducing the tedious rate from 30 to 20 percent on taxable portion of EPF

withdrawals in non-pan cases and Taxation on income for Market linked

debentures other major proposals in the finance bill relate to the following extension

of period of tax benefits to funds relocating to ifsc give City till 31 3

2025 decriminalization under Section 276 a of

the income tax act allowing carry forward of losses on strategic

disinvestment including that of idbi bank and providing

eee status to agnivir fund

personal income tax

now I come to what everyone is waiting for personal income tax

I have five major announcements to make in this regard these primarily benefit a hard-working

middle class the first one concern concerns rebate

currently those with income up to five lakh do not pay any tax

do not pay any income tax in both old and new regimes

I propose to increase the rebate limit to 7 lakhs in the

[Applause]

I propose I propose to I propose to

[Music] I propose to increase the rebate limit to 7 lakh in the new tax regime

thus persons in the new tax regime with income up to seven lakhs will not have

to pay any tax at all the second proposal relates to middle

class individuals I had introduced in the year 2020 the new personal income

tax regime with six income slabs starting from 2.5 lakh I propose to

change the tax structure in this regime by reducing the number of slabs to five

and increasing the tax exemption limit to 3 lakhs the new tax rates are

0 to 3 lakh nil three to six lakhs five percent

six to nine lakhs ten percent nine to twelve lakh fifteen percent

12 to 15 lakhs 20 percent and above 15 lakhs 30 percent

this will provide major relief to all taxpayers in the new regime an

individual an individual with an annual income of

nine lakhs will be required to pay only forty five thousand rupees this is only

five percent of us or her income it is a reduction of 25 on what he or

she is required to pay now that is 60 000. so in the place of sixty thousand

it is now only forty five thousand similarly an individual with an income of 15 lakh rupees would be required to

pay only 1.5 lakh or 10 percent of his income or her income a reduction of 20

from the existing liability of 1 lakh 87 500 rupees

my third proposal is for the standard 8 class and the pensioners including

family pensioners for whom I propose to extend the benefit of standard deduction

to the new tax regime each salary person with an income of 15.5 lakh rupees or

more will thus tend to benefit by 52 500

rupees my fourth announcement in personal

income tax is regarding the highest tax rate which in our country is 42.74

percent this is among the highest in the world I propose to reduce the highest

surcharge I propose to reduce the highest surcharge rate from 37 percent to 25

percent in the new tax regime

this would result this would result in reduction of the maximum rate

this would result in the reduction of the maximum tax rate to 39 percent

lastly the limit of 3 lakh rupees for tax exemption on leave and catchment on

retirement of non-government salaried employees was last fixed in the year 2002.

when the highest basic pay in the government was only 30 000 rupees per

month in line with the increase in the government salaries I am proposing to

increase this limit to 25 lakh rupees

we are also making we are also making the new income tax

regime as the default tax regime however citizens will continue to have

the option to Avail the benefit of the old tax regime apart from these I am also making some

other changes as given in the anaksha as a result of these proposals

revenue of about 38 000 crore

to 37 000 crore in direct taxes and rupees 1000 crore in indirect taxes will

be foregone while revenue of about 3 000 crore will be additionally mobilized

thus the total revenue foregone is about 35 000 crores annually

honorable speaker Sir with these words I comment the budget to this August House

[Music] item number

one Mania item number two

so with your permission I lay on the table of the following statements under section three one of the fiscal

responsibility budget management management act 2003 one medium term

fiscal policy come fiscal policy strategy statement and macroeconomic framework statement

foreign

[Music]

with quantity

so with your permission I Rise to move for leave to introduce the finance bill 2023.