Budget 2023: Finance Minister Nirmala Sitharaman Outlines Seven Priorities
The seven priorities outlined by the finance minister include inclusive development and green growth.
Finance Minister Nirmala Sitharaman laid out seven distinct priorities for the 2023–24 budget.
"They complement each other and act as the Saptrishi (7 mentors) guiding us through the Amrit Kaal," the finance minister said while delivering her speech in parliament on Feb. 1.
The seven priorities are:
Inclusive development
Reaching the last mile
Infrastructure and investment
Unleashing the potential
Green growth
Youth power
Financial sector
Inclusive development
The government plans to bolster agricultural credit, launch an accelerator fund, and build digital public infrastructure for agriculture, Sitharaman said during her budget address.
"The agriculture credit target will be increased to Rs 20 lakh crore with a focus on animal husbandry, dairy, and fisheries," she said. The government will also launch a mission to eliminate 'sickle cell anemia' by 2047.
Reaching The Last Mile
The union government will also boost its outlay for the PM Awas Yojana by 66% to over Rs 79,000 crore, Sitharaman said during her address.
Other measures under this priority include providing assistance to drought-prone areas in Karnataka and supporting poor prisoners who are unable to afford penalties or their bail amount.
Infrastructure And Investment
"Capital investment outlays are being increased steeply for the third year in a row by 33% to Rs 10 lakh crore," the finance minister said in her speech. This level of capital spending puts the outlay at 3.3% of GDP.
The government has also decided to continue 50-year interest-free loans to state governments for one more year, Sitharaman said. Spurring investment in infrastructure and incentivising state governments for complementary policy actions are among the objectives for doing so, she added.
"A capital outlay of Rs 2.40 lakh crore has been provided for the railways. This highest ever outlay is about nine times the outlay made in 2013-14," she said.
Unleashing The Potential
Under this priority, the government plans to launch 'centres of excellence' for artificial intelligence, simplify KYC processes, and launch the third phase of the E-courts project.
"Phase 3 of the e-courts project will be launched with an outlay of Rs 7,000 crore," Sitharaman said during the speech.
Green growth
The budget for FY24 provides "Rs 35,000 crore for priority capital investments towards energy transition and net zero objectives," Sitharaman said, outlining initiatives under the environmental priority. The government will also promote coastal shipping as an energy-efficient and lower-cost mode of transport, she added.
Additionally, the government has also boosted outlays for the green hydrogen mission and plans to reach an annual production of 5 million metric tonnes by 2030. The plan is to take India to net zero emissions by 2070, Sitharaman said during the speech.
Youth Power
The government plans to bolster the Skill India programme and the National Apprenticeship Promotion Scheme under the enlisted priorities.
"States will be encouraged to set up a Unity Mall in their state capital or most prominent tourism centre or the financial capital for promotion and sale of their own ODOPs (one district, one product)," Sitharaman said.
Financial Sector
The budget introduced a revamped credit guarantee scheme for MSMEs, plans to improve governance at banks, and has changes in the pipeline for rules governing business activities in GIFT City in Gujarat.
"To simplify, ease, and reduce the cost of compliance, financial sector regulators will be requested to carry out a comprehensive review of existing regulations," Sitharaman said.
