Key Highlights from Union Budget 2023-24 Part-A

What’s in today’s article?

• Why in News? 
• Key Highlights of Union Budget 2023-24
• Priorities of Budget 2023-24
• Budget Estimates 2023-24

Why in News?  

• Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament.
• She emphasized that Indian economy is on the right track, and despite a time of challenges, heading towards a bright future.
• In this article, vision priority areas and budget estimates mentioned in the Union budget are covered in detail.

Key Highlights of Union Budget 2023-24 

• Achievements since 2014 – 

Image Caption: Achievements since 2014

• The Union Finance Minister said that the government’s efforts since 2014 have ensured for all citizens a better quality of living and a life of dignity and the per capita income has more than doubled to Rs 1.97 lakh.
• Since 2014, the Indian economy has increased in size from being 10th to 5th largest in the world. 
• Moreover, the economy has become a lot more formalized as reflected in the EPFO membership, more than doubling to 27 crore, and 7,400 crore digital payments of Rs 126 lakh crore through UPI in 2022.
• Vision for Amrit Kaal – 
  • The Finance Minister said that our vision for the Amrit Kaal includes technology-driven and knowledge-based economy with strong public finances. 
  • Following four opportunities can be transformative during Amrit Kaal – 
    • Economic empowerment of women
    • PM Vishwakarma Kaushal Samman (PM VIKAS)
      • For centuries, traditional artisans and craftspeople, who work with their hands using tools, have brought renown for India and they are generally referred to as Vishwakarma.
      • 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.
    • Tourism
    • Green Growth

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Priorities of the Budget 2023-24

• The Finance Minister said that seven priorities of the Union Budget and said that they complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal.
• These seven priorities are as follows – 
  • Inclusive Development
  • Reaching the Last Mile
  • Infrastructure & Investment
  • Unleashing the Potential
  • Green Growth
  • Youth Power
  • Financial Sector

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Budget Estimates 2023-24

Image Caption: Trends in Deficit

• The Finance Minister said that the total receipts other than borrowings and the total expenditure are estimated at Rs 27.2 lakh crore and Rs 45 lakh crore respectively. 
• The net tax receipts are estimated at Rs 23.3 lakh crore.
• The fiscal deficit is estimated to be 5.9 per cent of GDP.
• Government plans to continue the path of fiscal consolidation, reaching a fiscal deficit below 4.5 per cent by 2025-26.

Q1) What is an Annual Financial Statement?

Article 112 of the Constitution requires the government to present to Parliament a statement of estimated receipts and expenditure in respect of every financial year, from April 1 to March 31. This statement is called the annual financial statement.

Q2) When was the first Union Budget presented in India?

The first Union Budget of India post-Independence was presented on November 26, 1947, just three months after India got independence from the British Empire. The nation’s first Union Budget was delivered by RK Shanmukham Chetty, the then finance minister.

Source: SUMMARY OF THE UNION BUDGET 2023-24