{"id":32303,"date":"2023-02-02T12:39:28","date_gmt":"2023-02-02T07:09:28","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=32303"},"modified":"2025-04-19T10:22:09","modified_gmt":"2025-04-19T04:52:09","slug":"explained-key-highlights-from-union-budget-2023-24-part-a","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/explained-key-highlights-from-union-budget-2023-24-part-a\/","title":{"rendered":"Key Highlights from Union Budget 2023-24 Part-A"},"content":{"rendered":"<h3><strong>What\u2019s in today\u2019s article?<\/strong><\/h3>\n<ul>\n<li><strong>Why in News?\u00a0<\/strong><\/li>\n<li><strong>Key Highlights of Union Budget 2023-24<\/strong><\/li>\n<li><strong>Priorities of Budget 2023-24<\/strong><\/li>\n<li><strong>Budget Estimates 2023-24<\/strong><\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<h2><strong>Why in News?<\/strong>\u00a0\u00a0<\/h2>\n<ul>\n<li>Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament.<\/li>\n<li>She emphasized that <i><strong>Indian economy is on the right track, and despite a time of challenges, heading towards a bright future<\/strong><\/i>.<\/li>\n<li>In this article, vision priority areas and budget estimates mentioned in the Union budget are covered in detail.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Key Highlights of Union Budget 2023-24\u00a0<\/strong><\/h2>\n<ul>\n<li><strong>Achievements since 2014 \u2013\u00a0<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/GdCWHaFlsd8E9uGPlOf_lVrq4cq4F5KibK0v8JRcTbUS86ZwxC1rlRi4iwb5GGAdtIWYtnb4-xmga8fvYOFFUw7PBfqroGgSIBgEfB3opp4X-08Ua4BgNUTNnJuZIeAEMhlcwj4-jFcK13N-_oXtpg\" alt=\"\" \/><strong>\u00a0<\/strong><\/p>\n<p>Image Caption: Achievements since 2014<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>The Union Finance Minister said that the government\u2019s efforts since 2014 have ensured for all citizens a better quality of living and a life of dignity and the <i><strong>per capita income has more than doubled to Rs 1.97 lakh<\/strong><\/i>.<\/li>\n<li>Since 2014, the Indian economy has increased in size from being 10th to 5th largest in the world.\u00a0<\/li>\n<li>Moreover, the economy has become a lot more formalized as reflected in the EPFO membership, more than doubling to 27 crore, and <i><strong>7,400 crore digital payments of Rs 126 lakh crore through UPI in 2022<\/strong><\/i>.<\/li>\n<li><strong>Vision for Amrit Kaal \u2013\u00a0<\/strong>\n<ul>\n<li>The Finance Minister said that our vision for the Amrit Kaal includes technology-driven and knowledge-based economy with strong public finances.\u00a0<\/li>\n<li>Following four opportunities can be transformative during Amrit Kaal \u2013\u00a0\n<ul>\n<li><strong>Economic empowerment of women<\/strong><\/li>\n<li><strong>PM Vishwakarma Kaushal Samman (PM VIKAS)<\/strong>\n<ul>\n<li>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 <strong>Vishwakarma<\/strong>.<\/li>\n<li>for the first time, a package of assistance for them has been conceptualized.<\/li>\n<li>The new scheme will enable them to improve the quality, scale and reach of their products, integrating them with the MSME value chain.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tourism<\/strong><\/li>\n<li><strong>Green Growth<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/strong><\/p>\n<h2><strong>Priorities of the Budget 2023-24<\/strong><\/h2>\n<ul>\n<li>The Finance Minister said that <strong>seven priorities<\/strong> of the Union Budget and said that they complement each other and act as the \u2018<strong>Saptarishi<\/strong>\u2019 guiding us through the <strong>Amrit Kaal<\/strong>.<\/li>\n<li>These seven priorities are as follows \u2013\u00a0\n<ul>\n<li>Inclusive Development<\/li>\n<li>Reaching the Last Mile<\/li>\n<li>Infrastructure &amp; Investment<\/li>\n<li>Unleashing the Potential<\/li>\n<li>Green Growth<\/li>\n<li>Youth Power<\/li>\n<li>Financial Sector<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/p>\n<h2><strong>Budget Estimates 2023-24<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/sWM3Dc6WnR89hA7nhN7NpX697PNJDqPV9Z99cQHSTT1ZK_ZcyWvxfh2xKb5Qr81BzSNC24HudUVYZkmkUeNGUssW1-KEDno5jffMN0o-eFrXaLhImbq7MgLpmW_I8e1P5MNWXS5nZCSPObWG3b6vdw\" alt=\"\" \/><\/p>\n<p>Image Caption: Trends in Deficit<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>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.\u00a0<\/li>\n<li>The <i><strong>net tax receipts are estimated at Rs 23.3 lakh crore<\/strong><\/i>.<\/li>\n<li>The <i><strong>fiscal deficit is estimated to be 5.9 per cent of GDP<\/strong><\/i>.<\/li>\n<li>Government plans to <u>continue the path of fiscal consolidation, reaching a fiscal deficit below 4.5 per cent by 2025-26<\/u>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3><strong>Q1) What is an Annual Financial Statement?<\/strong><\/h3>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Q2) When was the first Union Budget presented in India?<\/strong><\/h3>\n<p>The first Union Budget of India post-Independence was presented on <strong>November 26, 1947<\/strong>, just three months after India got independence from the British Empire. The nation&#8217;s first Union Budget was delivered by <strong>RK Shanmukham Chetty<\/strong>, the then finance minister.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/www.pib.gov.in\/PressReleasePage.aspx?PRID=1895320\" target=\"_blank\" rel=\"nofollow noopener\"><u>SUMMARY OF THE UNION BUDGET 2023-24<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Union Budget is also called the Annual Financial Statement in Article 112 of the Constitution.<\/p>\n","protected":false},"author":5,"featured_media":32304,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-32303","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/32303","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=32303"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/32303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/32304"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=32303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=32303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=32303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}