{"id":2740,"date":"2023-02-16T11:07:19","date_gmt":"2023-02-16T05:37:19","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=2740"},"modified":"2025-03-26T00:00:34","modified_gmt":"2025-03-25T18:30:34","slug":"budget-2023-highlights","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/budget-2023-highlights\/","title":{"rendered":"Initiatives under Green Growth"},"content":{"rendered":"<h2>Key Initiatives under Unleashing the potential:<\/h2>\n<h3>Centres of Excellence for Artificial Intelligence:<\/h3>\n<ul>\n<li><strong>Three centers of excellence <\/strong>for Artificial Intelligence will be set up <strong>in top educational institutions.<\/strong><\/li>\n<li>It will be set up to realize the <strong>vision of \u2018make AI in India and make AI work for India&#8217;.<\/strong><\/li>\n<li><strong>Leading industry players will partner in conducting inter-disciplinary research<\/strong> and develop cutting-edge applications and scalable problem solutions in the areas of agriculture, health, and sustainable cities,\u201d.<\/li>\n<\/ul>\n<h3>Simplification of Know Your Customer (KYC) process:<\/h3>\n<ul>\n<li>The KYC process <strong>will be simplified by adopting a \u2018risk-based\u2019 instead of a \u2018one size fits all\u2019<\/strong> approach.<\/li>\n<li><strong>The financial sector regulators<\/strong> will also <strong>be encouraged to have a KYC system<\/strong> fully amenable <strong>to meet the needs of Digital India.<\/strong><\/li>\n<\/ul>\n<h3>What is KYC?<\/h3>\n<ul>\n<li>KYC is an <strong>effective way for an institution to confirm and thereby verify the authenticity of a customer.<\/strong><\/li>\n<li><strong>All financial institutions are mandated by the RBI to do the KYC process<\/strong> for all customers before giving them the right to carry out any financial transactions.<\/li>\n<\/ul>\n<h3>One-stop solution for identity and address updating:<\/h3>\n<ul>\n<li>This will be <strong>established using DigiLocker service and Aadhaar as a foundational identity.<\/strong><\/li>\n<li><strong>Purpose<\/strong>: For <strong>reconciliation and updating of the identity and address of individuals<\/strong> maintained by various government agencies, regulators and regulated entities<\/li>\n<li><strong>Common Business Identifier:<\/strong><\/li>\n<li><strong>What is it?<\/strong> A business identifier is a <strong>unique code or number for every company<\/strong> contained on a particular country&#8217;s company register.<\/li>\n<li><strong>Budget 2023:<\/strong> For the business establishments required to have a Permanent Account Number (PAN), the <strong>PAN will be used as the common identifier for all digital systems of specified government agencies.<\/strong><\/li>\n<li><strong>Voluntary settlement scheme (Vivad se Vishwas II ):<\/strong><\/li>\n<li>It will be introduced <strong>to settle contractual disputes<\/strong> of <strong>government and government undertakings<\/strong>, <strong>wherein the arbitral award is under challenge in a court.<\/strong><\/li>\n<li>This will be <strong>done by offering graded settlement terms<\/strong> <strong>depending on the pendency level<\/strong> of the dispute.<\/li>\n<li>Under the scheme, a <strong>voluntary option is given to the private sector<\/strong> to come into the scheme or not.<\/li>\n<li>\u00a0<strong>Vivad Se Vishwas Scheme:<\/strong><\/li>\n<li>It is a <strong>direct tax scheme<\/strong> introduced by the Government of India in 2020 for <strong>settling disputes between taxpayers and the income tax department<\/strong>.<\/li>\n<li>It <strong>aims to minimize tax-related litigation.<\/strong><\/li>\n<li>Under this scheme, <strong>an individual taxpayer can claim a full waiver on interest and penalty<\/strong> <strong>on<\/strong> the full and <strong>final settlement<\/strong> of the disputed tax amount.<\/li>\n<\/ul>\n<h3>Result Based Financing:<\/h3>\n<ul>\n<li>The <strong>financing of select schemes<\/strong> will be changed, on a pilot basis, <strong>from \u2018input-based\u2019 to \u2018result-based\u2019.<\/strong><\/li>\n<\/ul>\n<p>Purpose: To better allocate scarce resources for competing for development needs.<\/p>\n<h3>Entity DigiLocker:<\/h3>\n<ul>\n<li>It will be <strong>set up for use by MSMEs, large businesses, and charitable trusts<\/strong>.<\/li>\n<li><strong>Purpose<\/strong>: To <strong>store and share documents online securely<\/strong>, whenever needed, <strong>with various authorities<\/strong>, regulators, banks, and other business entities.<\/li>\n<\/ul>\n<p>What is DigiLocker?<\/p>\n<ul>\n<li>It is a flagship <strong>initiative of the Ministry of Electronics &amp; IT<\/strong> (MeitY) under the <strong>Digital India programme.<\/strong><\/li>\n<li>It is a <strong>secure cloud-based platform for the storage<\/strong>, sharing, and verification of <strong>documents &amp; certificates.<\/strong><\/li>\n<li>It <strong>aims at the &#8216;Digital Empowerment&#8217; of citizens<\/strong> by providing access to authentic digital documents to citizen&#8217;s digital document wallet.<\/li>\n<\/ul>\n<h3>Lab Grown Diamonds (LGD):<\/h3>\n<ul>\n<li><strong>What is it?<\/strong> These are <strong>diamonds<\/strong> that are <strong>produced using specific technology which mimics the geological processes that grow natural diamonds.<\/strong><\/li>\n<li>The diamond simulants such as Moissanite, Cubic Zirconia (CZ), White Sapphire, YAG, and others are used to make them look like natural diamonds.<\/li>\n<li><strong>Applications:<\/strong><\/li>\n<li><strong>They are used for industrial purposes<\/strong>, in <strong>machines and tools,<\/strong> and their hardness and extra strength make them <strong>ideal for use as cutters<\/strong>.<\/li>\n<li>Pure synthetic diamonds are used in electronics as a <strong>heat spreader for high-power laser diodes, laser arrays, and high-power transistors.<\/strong><\/li>\n<li><strong>Budget 2023: <\/strong>A <strong>research and development grant will be provided to one of the IITs for five years to encourage indigenous production of LGD<\/strong> seeds and machines and to reduce import dependency.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1)What is the Digital India Programme?<\/h3>\n<p>The Government has launched the Digital India programme with the vision of transforming India into a digitally empowered society and a knowledge-based economy, by ensuring digital access, digital inclusion, digital empowerment and bridging the digital divide. The programme is centred on three key vision areas, namely digital infrastructure as a core utility to every citizen, governance and services on demand, and digital empowerment of citizens.<\/p>\n<p>Source:\u00a0<a href=\"https:\/\/www.ndtv.com\/business\/union-budget-2023-here-are-saptarshi-the-7-priorities-of-union-budget-3742226\" target=\"_blank\" rel=\"nofollow noopener\"><u>Union Budget 2023: Here Are &#8220;Saptarshi&#8221; &#8211; The 7 Priorities Of Union Budget<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Government listed 7 priorities \u2013 called \u2018Saptarishi\u2019 in Budget 2023.<\/p>\n","protected":false},"author":5,"featured_media":2742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2740","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=2740"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/2742"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=2740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=2740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=2740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}