Big announcement for MSMEs
“Credit guarantee for MSMEs – Rs 9000 crores infused in the corpus which will allow additional collateral-free credit of Rs 2 lakh crores; to be effective from April 1, 2023. The cost of raising funds for MSMEs will come down,” said FM Sitharaman.
Relief for common people, Income Tax rebate extended up to Rs 7 lakhs
Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime, said FM Sitharaman Average processing time for income tax returns reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism, added FM Sitharaman.
Custom duty on cigarettes increased: FM
Custom duty on cigarettes increased, said FM Nirmala Sitharaman. I propose to reduce the number of basic custom 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, cesses and surcharges on some items including toys, bicycles, automobiles, added FM Nirmala Sitharaman. I propose to provide relief on 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, said FM Nirmala Sitharaman.
Revised fiscal deficit is at 6.4 pc of GDP: FM
The revised fiscal deficit is at 6.4 per cent of GDP, said FM Sitharaman. “FY-2024 fiscal deficit target at 5.9 per cent of GDP”, added FM Sitharaman. “I reiterate my intention to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26”, said FM.
Nursing colleges to National Digital Library; check out what all Govt has in store for students, youngsters
157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014: FM Nirmala Sitharaman Eklavaya Model Residential Schools -in the next 3 years the Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students: FM Nirmala Sitharaman A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility: FM Nirmala Sitharaman 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: FM Nirmala Sitharaman To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States: FM Nirmala Sitharaman
Govt proposes package for traditional handicraft makers: FM
PM Vishwa Karma Kaushal Samman-package of assistance for traditional artisans and craftspeople has been conceptualised, will enable them to improve quality, scale & reach of their products, integrating with MSME value chain, said FM Nirmala Sitharaman in Parliament.
National Data Governance Policy will be brought: FM
To unleash Innovation and research by Startups and Academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data, said FM Nirmala Sitharaman.
Govt announces old vehicles replacement policy
Government announced old vehicles replacement policy which will scrap all the old government vehicles and old state ambulances, said FM.
The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0: FM
The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0 to skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States, said FM Nirmala Sitharaman.
50 additional airports will be revived to improve regional air connectivity: FM
50 additional airports, helipods, water aero drones, advanced landing grounds will be revived to improve regional air connectivity, said FM Nirmala Sitharaman. Rs 35,000 crores priority capital for the energy transition, she said. Battery storage to get viability gap funding, added the FM.
3 Centres of Excellence for Artificial Intelligence will be set up in top educational institutions
For realising the vision of Make AI in India and Make AI work for India, three Centres of Excellence for Artificial Intelligence will be set up in top educational institutions, said Union Finance Minister Nirmala Sitharaman in her Budget speech.
PAN must for business establishments
For business establishments required to have Permanent Account Number, the PAN will be used as a common identifier for all Digital Systems of specified government agencies, said FM Nirmala Sitharaman. Leading industry players will partner in conducting inter-disciplinary research, develop cutting-edge applications and scalable problem solutions in the areas of agriculture, health and sustainable cities, added Union Finance Minister Nirmala Sitharaman.
Rs 75 Thousand Crore Capital Outlay For Railways, 50 Airports To Be Revived: FM Sitharaman
Total capital outlay of Rupees 75 thousand crores has been earmarked for Indian Railways and 50 airports across the country will be revived.
50-year interest free loan to state govts extended for one more year: FM
50-year interest free loan to State governments extended for one more year, said FM Sitharaman. All cities and towns will be enabled for 100 per cent mechanical de-sludging of septics tanks and sewers to transition from manhole to machine hole mode, said FM Nirmala Sitharaman.
Capital investment outlay is 3.3 per cent of GDP: FM
Capital investment outlay being increased by 33 per cent to Rs 10 lakh crores, which would be 3.3 per cent of GDP, said FM Sitharaman
PM Awaas Yojana outlay raised by 66 pc to over Rs 79,000 cr: FM
PM Awaas Yojana outlay raised by 66 per cent to over Rs 79,000 crore, said FM. 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, said FM Nirmala Sithara
Govt to raise farm credit target to Rs 20 lakh crore: FM
Indian Institute of Millet Research will be supported as a centre of excellence, said FM Nirmala Sitharaman in Parliament. The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries, added FM Sitharaman.
More digital payments show Indian economy has become more formalised: FM
The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments, said Finance Minister Nirmala Sitharaman.
Promotion of tourism will be taken up on mission mode: Sitharaman
Promotion of tourism will be taken up on mission mode. 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, said FM Nirmala Sitharaman. Promotion of tourism will be taken up on mission mode with active participation of states, the convergence of Govt programs and public-private partnerships, added FM Nirmala Sitharaman.
Govt proposes Agriculture Accelerator Fund: FM
Government proposes Agriculture Accelerator Fund to encourage agri-startups by young entrepreneurs, said FM.
The agricultural credit target will be increased to Rs 20 lakh crores with a focus on animal husbandry, dairy and fisheries, added FM Sitharaman
FM lists priorities of Budget 2023-24
Govt proposes package for traditional handicraft makers, said FM Sitharaman. “Promotion of tourism will be taken up on mission mode,” says Finance Minister Nirmala Sitharaman during Budget 2023-24 presentation. Priorities of Budget 2023-24 – inclusive development, reaching the last mile, infra and investment, unleashing the potential, green growth, youth and financial sector, said Finance Minister Nirmala Sitharaman.
Vision for Amrit Kaal includes a technology-driven and knowledge-based economy: FM
Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this ‘janbhagidari’ through ‘sabka saath, sabka prayaas’ is essential, said FM Nirmala Sitharaman.
Indian economy has increased in size from being 10th to 5th in the world: FM
Size of Indian economy improved from tenth to fifth largest in past nine years, said Sitharaman In these times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order, added the Finance Minister. Govt’s efforts since 2014 have ensured for all citizens, a better quality of life & life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world, said FM.
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