<\/span><\/h2>\n\u00a0<\/span><\/p>\nAn empowered and inclusive economy is the vision of Amrit Kaal that will be accomplished through-<\/span><\/p>\n\u00a0<\/span><\/p>\n![\"\"](\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2023\/02\/01171126\/Screenshot-2023-02-01-182517-300x113.png\")
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Stated below are three factors which are primary economic agendas for accomplishing this goal-<\/span><\/p>\n![\"\"](\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2023\/02\/01171215\/Screenshot-2023-02-01-182549-300x102.png\")
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<\/span>One of the key highlights of the Budget<\/span><\/strong><\/span><\/h2>\n<\/span>TAX PROPOSAL<\/strong><\/span><\/h3>\nThis budget can be called one of the most awaited budgets among salaried people for their taxation. The government has altered slightly from its previous regime which might benefit lots of young salaried people.<\/p>\n
\n- The new regime has enhanced the income tax rebate<\/strong>\u00a0from Rs 5 lakh to Rs 7 lakh.<\/li>\n
- Under the new regime, the\u00a0highest surcharge rate <\/strong>on revenue over 5 crore rupees will drop from 37% to 25%.<\/li>\n
- The\u00a0salaried class and retirees <\/strong>who earn at least Rs. 15.5 lakh will gain by Rs. 52,500 from the\u00a0extended standard deduction benefits.<\/strong><\/li>\n
- Increasing the\u00a0non-government salaried employee tax exemption threshold <\/strong>to Rs. 25 lakh for leave encashment on retirement.<\/li>\n
- The default tax system will be the new one. However, citizens can still\u00a0choose to benefit from the old tax system<\/strong>.<\/li>\n<\/ol>\n
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<\/span>The Union Budget 2023-2024<\/strong><\/span><\/h3>\nThe finance minister presented the budget classified into seven priorities and serve as\u00a0\u201cSaptrishi\u201d<\/strong>, the compass of Amrit Kaal. The following are the seven priorities.<\/p>\n <\/p>\n
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<\/span>PRIORITY 1- INCLUSIVE DEVELOPMENT- \u201cSabka Saath Sabka Vikas\u201d<\/strong><\/span><\/h3>\n<\/span>Agriculture and Cooperation<\/b><\/span><\/h4>\n![\"\"](\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2023\/02\/01171541\/Screenshot-2023-02-01-191821-300x275.png\")
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<\/span>Constructing digital public infrastructure<\/strong><\/span><\/h5>\nThis will make it possible to develop solutions for crop planning and health that are inclusive of farmers, increase access to agricultural inputs, loans, and insurance, and promote the Agri-tech sector start-ups.<\/p>\n
<\/span>Agriculture Accelerator Fund creation<\/strong><\/span><\/h5>\nThis seeks to provide innovative and reasonably priced solutions for problems encountered by farmers. It will also inspire young entrepreneurs in rural areas to launch Agri-startups.<\/p>\n
<\/span>Increasing cotton crop productivity<\/strong><\/span><\/h5>\nFarmers, the government and business will work together to produce extra-long staple cotton using a cluster-based and value chain approach.<\/p>\n
<\/span>Launch of Atmanirbhar Horticulture Clean Plant Program\u00a0<\/strong><\/span><\/h5>\nIt\u2019s to increase the supply of high-value horticulture crops with disease-free, high-quality planting material at estimated cost of Rs. 2,200 crores.<\/p>\n
<\/span>Create a global hub for \u201cShree Anna\u201d in India<\/strong><\/span><\/h5>\nThe Center government will assist the Indian Institute of Millet Research (IIMR) in Hyderabad in its efforts to serve as a global center of excellence for the exchange of cutting-edge research, innovations, and best practices.<\/p>\n
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<\/span>Health<\/b><\/span><\/h4>\n![\"\"](\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2023\/02\/01171708\/Screenshot-2023-02-01-191256-300x129.png\")
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<\/span>Education<\/b><\/span><\/h4>\n![\"\"](\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2023\/02\/01171732\/Screenshot-2023-02-01-191241-300x169.png\")
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<\/span>PRIORITY 2- REACHING THE LAST MILE<\/strong><\/span><\/h3>\n\n- Launch of the\u00a0Pradhan Mantri PVTG Development Mission <\/strong>to improve the socioeconomic circumstances of the particularly vulnerable tribal groups (PVTGs). Budget of Rs.15000 crore is allocated for 3 years in this mission.<\/li>\n
- Recruitment of 38,800 teachers to serve <\/strong>5 lakhs indigenous (tribal) students enrolled in the 740 Eklavya Model Residential Schools.<\/li>\n
- Financial assistance of Rs. 5300 cr will be given to\u00a0drought prone areas of Karnataka<\/strong>.<\/li>\n
- One lakh old inscriptions will be\u00a0digitally preserved as part of the Bharat Shared Repository of Inscriptions<\/strong>, which will be established in a museum of digital epigraphy.<\/li>\n<\/ol>\n
<\/span>PRIORITY 3- INFRASTRUCTURE & INVESTMENT<\/strong><\/span><\/h3>\nInvestments in Infrastructure have a\u00a0multiplier impact<\/strong>\u00a0on growth and employment.<\/p>\n\n- Increase in Capital Investment Outlay <\/strong>by 33% to Rs. 10 lakh crores, which is 3.3% of GDP.<\/li>\n
- The Center has budgeted\u00a013.7 lakh crore for \u201cEffective Capital Expenditure\u201d,<\/strong>which equates to 4.5% of GDP.<\/li>\n
- Continuation of\u00a050 year interest free loan to states governments<\/strong>to incentivise infrastructure investment costing for Rs. 1.3 lakh crore.<\/li>\n
- Allocation of\u00a0 2.4 lakh crore to railways<\/strong>.<\/li>\n
- A total of Rs. 75,000 crore, including Rs. 15,000 crore from private sources, would be invested in\u00a0100 transportation infrastructure projects<\/strong>, which will be completed in order of priority.<\/li>\n
- Cities will be incentivized to\u00a0improve their credit worthiness for municipal bonds<\/strong>through changes to the regulation of property taxes and the ring-fencing of user fees on urban infrastructure.<\/li>\n<\/ol>\n
<\/span>PRIORITY 4- UNLEASHING THE POTENTIAL<\/strong><\/span><\/h3>\n\n- Three centers of excellence for artificial intelligence will be established in prestigious educational institutions under the motto\u00a0\u201cMake AI in India and Make AI work for India\u201d.<\/strong><\/li>\n
- In engineering institutions, 100 labs will be set up to develop applications using\u00a05G services.<\/strong><\/li>\n
- A budget of Rs. 7,000 crores would be used to\u00a0launch Phase 3 of the E-Courts project<\/strong>.<\/li>\n
- Vivad se Vishwas I<\/strong>\u2013 Relief for MSMEs affected during Covid period \u2013\u00a0Less stringent contract execution for MSMEs<\/li>\n
- Vivad se Vishwas II<\/strong>\u2013 Settling Contractual Disputes \u2013\u00a0Easier and standardised settlement of contractual disputes of Govt and Govt Undertakings<\/li>\n<\/ol>\n
<\/span>Simplification of KYC Process-<\/strong><\/span><\/h4>\nThe government will aim to simply the KYC process by adopting a risked based approach rather than a one size fits all approach.<\/p>\n
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<\/span>PRIORITY 5- GREEN GROWTH<\/strong><\/span><\/h3>\n\n- Budget allocates Rs. 35,000 crores for\u00a0high-priority capital investments in energy security, net zero goals and energy transition.<\/strong><\/li>\n
- Outlay of Rs. 20,700 crores for\u00a0Renewable Energy plan in Ladakh.<\/strong><\/li>\n
- PM- PRANAM <\/strong>will be introduced to encourage the use of alternative fertilisers\u2019 responsibly and in moderation throughout the States and Union Territories.<\/li>\n
- Under the GOBARdhan programme,\u00a0500 new \u201cwaste to wealth\u201d plants will be built <\/strong>to advance the circular economy.<\/li>\n
- The central government will assist 1 crore farmers in switching to natural farming. For this, 10,000 Bio-Input Resource Centers <\/strong>would be established.<\/li>\n
- Amrit Dharohar <\/strong>will be implemented for optimal usage of wetlands.<\/li>\n
- MISHTI will<\/strong> be taken up for Mangrove plantation along the coastline.<\/li>\n<\/ol>\n
<\/span>PRIORITY 6- AMRIT PEEDHI- Youth Power<\/strong><\/span><\/h3>\n\n- Within the following three years, as part of the\u00a0Pradhan Mantri Kaushal Vikas Yojana 4.0<\/strong>will be introduced to train thousands of youngsters. The programme will also encompass cutting-edge training in\u00a0coding, artificial intelligence, robotics, mechatronics, IOT, 3D printing, drones, and other soft skills.<\/strong><\/li>\n
- Creation of a\u00a0single Skill India Digital platform<\/strong>to enable demand-based formal skilling, connect with businesses, especially MSMEs, and make access to entrepreneurship programmes easier.<\/li>\n
- Stipend support<\/strong>to be provided to 47 lakh youth in 3 years.<\/li>\n
- 50 places to be selected to develop a complete package for domestic and foreign tourists. The central government will take the necessary measures to\u00a0boost tourism sector<\/strong>.<\/li>\n
- Set-up of\u00a0Unity malls <\/strong>in states for promotion and sale of their own\u00a0One District One Product.<\/strong>\u00a0<\/strong><\/li>\n
- <\/li>\n<\/ol>\n