Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 announcing a slew of measures including the revision of income tax slabs, lab development, facilitating inclusive growth, reduction of certain customs duty, and the creation of a green economy.
The finance minister began by calling this the ‘first Budget of Amrit Kaal’ and a blueprint for India@100 that revolves around seven main priorities, which form the ‘Saptarishis’ guiding her outlook. Poising India’s growth at 7 per cent, she further noted that the world has recognised the Indian economy as a bright star that is headed towards a bright future.
The Budget 2023-24 presents the vision for the Amrit Kaal blueprint for an empowered and inclusive economy. Three-pronged focus: Opportunities for citizens with a focus on the youth, growth and job creation, and strong and stable macroeconomic environment, driven by four transformative opportunities, constitute foundation of Amrit Kaal. The aim is to have strong public finances and a robust financial sector for the benefit of all sections of society. The government continues to be mindful about the fiscal space available for the social sector while redoubling its efforts to accelerate the economic growth agenda.
A good chunk of funds has been allocated for the social sector, much higher than the actual spend in the previous fiscal. The allotment largely attributed to increased spending on women empowerment, healthcare, Digital public infrastructure for agriculture, nutrition, education, water resources, financial inclusion, skill development, child welfare and basic infrastructure.
The Union Budget 2023-2024 aimed at empowering women economically. In this regard, Deendayal Antyodaya Yojana National Rural Livelihood Mission has achieved remarkable success by mobilizing rural women into 81 lakh self-help groups (SHGs). A one-time small saving scheme for women called Mahila Samman Saving certificate, for a tenure of two years, will offer a fixed interest rate of 7.5 per cent.
The government would also support general artisans through components such as financial support, skill training, modern green technology, brand promotion, and linkage with social and global markets. This year’s budget has made a convincing attempt to strengthen financial independence and to facilitate the economic empowerment of women by providing them with greater resources and access.
The education sector has received its highest-ever allocation of Rs 1.12 lakh crore ($13.66 billion) in the Union Budget 23-24. Allocation for school education has increased by 8 per cent from Rs 63,449 crore ($7.74 billion) in 2022-23 to Rs 68,804 ($8.39 billion) crore in 2023-24. The need for effective teacher training and building resilient mechanisms in education delivery was acknowledged.
To this end, the government will re-envision teachers’ training through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation. The budget also talked about a National Digital Library for children and adolescents that will be set up to facilitate the availability of quality books across geographies, languages, genres and levels, and device-agnostic accessibility.
To make education more accessible to the last mile, over the next three years, the government will recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students. The vision of ‘Make AI in India’ and ‘Make AI work for India’ a reality, three artificial intelligence centres of excellence (CoE) will be established in top educational institutions. Bridging the gaps in India’s education sector will be critical as the country’s youth comes of age in a rapidly changing world with new systems and new challenges. The measures announced in the Budget 2023-24 will allow the country to ensure continued growth in education.
The government’s philosophy of Sabka Saath Sabka Vikas has facilitated inclusive development covering in specific, farmers, youth, OBCs, Scheduled Castes, Scheduled Tribes, divyangjan and economically weaker sections, and overall priority for the underprivileged (vanchiton ko variyata). An Agriculture Accelerator Fund will be launched to encourage agri-startups by young entrepreneurs. Also, the agriculture credit target was hiked by 20 lakh crores with focus on animal husbandry, dairy and fisheries.
The finance ministry focused on making India a global hub for ‘Shree Anna’, the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing the best practices, research and technologies at the international level. PM PRANAM will also be launched to incentivise states and UTs to use alternative fertilisers.
Also, a Digital Public Infrastructure for Agriculture will be built as an open source, open standard, interoperable public good. It will enable inclusive farmer-centric solutions and help improve access to farm inputs, market intel, and support for the agriculture industry, and startups.
The increased availability of credit, facilitation of better quality inputs through a clean plant program, investments in digital infrastructure and skill development, and the agriculture accelerator announcement for promoting start-ups will all help in increasing farm-level productivity by building awareness and facilitating better quality inputs and market linkages.
Apart from these major announcements, the budget also focused on improving healthcare by establishing 157 new nursing colleges and promoting research in pharmaceuticals. States and cities will also be encouraged to undertake urban planning reforms and actions to transform their cities into ‘sustainable cities of tomorrow’ under UIDF (Urban Infrastructure Development Fund).
Overall, the Union Budget 2023-24 includes significant measures that have given the much-needed boost to the advancement of the country, helping people become more competitive and secure positions on the world map.
(A P Singh is the international third vice-president of Lions Clubs International, while Sameer Jain is managing director of Primus Partners )
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