New Delhi: Finance Minister Nirmala Sitharaman on Wednesday announced a hike of 33% in capital expenditure (capex) outlay for 2023-24 to Rs 10 lakh crore, which will account for 3.3 per cent of the GDP, while presenting what she called the first budget in ‘Amrit Kaal’.
This signifies that the government means business and is willing to walk the extra mile to push growth with the fiscal deficit for 2023-24 estimated at 5.9% of GDP.
The minister listed seven priorities, including infrastructure, green growth, financial sector and youth power, in the Union Budget 2023.
The Centre is planning to spend Rs 2200 crore for high-value horticulture and increase agri credit target to Rs 20 lakh crore. “50 additional airports, heliports, water aerodromes, and advanced landing zones will be revitalised. 100 critical transport infra projects for steel, ports, fertiliser, coal, and foodgrain sectors have been identified with an investment of Rs75,000 crore, including Rs 15,000 crore from private sources,” she said.
OTHER HIGHLIGHTS
>> The Finance Minister also announced legalisation of the permanent account number (PAN) as a single business identification.
>> The government plans to introduce a 5% compressed biogas mandate for all entities marketing natural gas in India. This may mean that they would have to market compressed biogas, or CBG, to the extent of 5% of their volumes.
>> Revamped credit guarantee scheme will come into effect from April 1, 2023, through the infusion of Rs 9,000 crore in the corpus. This will enable additional collateral-free credit of Rs 2 lakh crore to MSMEs
>> 50-year interest-free loan to state governments will continue for a year more
>> Centre to launch Pradhan Mantri Kaushal Vikas Yojana 4.0 and set up 30 Skill India International Centres in different states to skill the youth for international opportunities
>> Outlay of Pradhan Mantri Awas Yojana (PMAY) enhanced by 66% to over Rs 79,000 crore, giving a further boost to the government’s programme to provide housing to the urban poor.
>> 50 tourist destinations to be selected through challenge mode to be developed as a whole package for domestic and international tourism
>> PM Pranam to be launched to incentivise states and UTs to use alternative fertilisers
>> Customs duty on lab-grown diamonds to be reduced
>> The Centre plans to spend Rs 15000 cr vulnerable tribal group (PVTG) over 3 years
>> Green Hydrogen Mission will facilitate the transition of the economy to reduce dependence on fossil fuel imports
>> 100 labs for developing apps using 5G services will be set up in engineering institutions
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