Budget 2023-2024 : The Speech of Nirmala Sitharaman, Minister of Finance on February 1, 2023 in the parliament.

 

Hon’ble Speaker, I present the Budget for 2023-24. This is the first Budget in Amrit  Kaal. 

Introduction 

1. This Budget hopes to build on the foundation laid in the previous  Budget, and the blueprint drawn for India@100. We envision a prosperous  and inclusive India, in which the fruits of development reach all regions and  citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and  Scheduled Tribes. 

2. In the 75th year of our Independence, the world has recognised the  Indian economy as a ‘bright star’. Our current year’s economic growth is  estimated to be at 7 per cent. It is notable that this is the highest among all  the major economies. This is in spite of the massive slowdown globally  caused by Covid-19 and a war. The Indian economy is therefore on the right  track, and despite a time of challenges, heading towards a bright future. 

3. Today as Indians stands with their head held high, and the world  appreciates India’s achievements and successes, we are sure that elders  who had fought for India’s independence, will with joy, bless us our  endeavors going forward. 

Resilience amidst multiple crises 

4. Our focus on wide-ranging reforms and sound policies, implemented  through Sabka Prayas resulting in Jan Bhagidari and targeted support to  those in need, helped us perform well in trying times. India’s rising global profile is because of several accomplishments: unique world class digital  public infrastructure, e.g., Aadhaar, Co-Win and UPI; Covid vaccination drive  in unparalleled scale and speed; proactive role in frontier areas such as  achieving the climate related goals, mission LiFE, and National Hydrogen  Mission. 

5. During the Covid-19 pandemic, we ensured that no one goes to bed  hungry, with a scheme to supply free food grains to over 80 crore persons  for 28 months. Continuing our commitment to ensure food and nutritional  security, we are implementing, from 1st January 2023, a scheme to supply  free food grain to all Antyodaya and priority households for the next one  year, under PM Garib Kalyan Anna Yojana (PMGKAY). The entire  expenditure of about ` 2 lakh crore will be borne by the Central  Government. 

G20 Presidency: Steering the global agenda through challenges 

6. In these times of global challenges, the G20 Presidency gives us a  unique opportunity to strengthen India’s role in the world economic order.  With the theme of ‘Vasudhaiva Kutumbakam’, we are steering an  ambitious, people-centric agenda to address global challenges, and to  facilitate sustainable economic development. 

Achievements since 2014: Leaving no one behind 

7. The government’s efforts since 2014 have ensured for all citizens a  better quality of living and a life of dignity. The per capita income has more  than doubled to ` 1.97 lakh. 

8. In these nine years, the Indian economy has increased in size from  being 10th to 5th largest in the world. We have significantly improved our  position as a well-governed and innovative country with a conducive  environment for business as reflected in several global indices. We have  made significant progress in many Sustainable Development Goals.

 

9. The economy has become a lot more formalised as reflected in the  EPFO membership more than doubling to 27 crore, and 7,400 crore digital  payments of ` 126 lakh crore through UPI in 2022. 

10. The efficient implementation of many schemes, with  universalisation of targeted benefits, has resulted in inclusive development.  Some of the schemes are: 

i. 11.7 crore household toilets under Swachh Bharat Mission,  ii. 9.6 crore LPG connections under Ujjawala, 

iii. 220 crore Covid vaccination of 102 crore persons, 

iv. 47.8 crore PM Jan Dhan bank accounts, 

v. Insurance cover for 44.6 crore persons under PM Suraksha  Bima and PM Jeevan Jyoti Yojana, and 

vi. Cash transfer of ` 2.2 lakh crore to over 11.4 crore farmers  under PM Kisan Samman Nidhi. 

Vision for Amrit Kaal – an empowered and inclusive economy 

11. Our vision for the Amrit Kaal includes technology-driven and  knowledge-based economy with strong public finances, and a robust  financial sector. To achieve this, Jan Bhagidari through Sabka Saath Sabka  Prayas is essential. 

12. The economic agenda for achieving this vision focuses on three  things: first, facilitating ample opportunities for citizens, especially the  youth, to fulfil their aspirations; second, providing strong impetus to growth  and job creation; and third, strengthening macro-economic stability. 

13. To service these focus areas in our journey to India@100, we believe  that the following four opportunities can be transformative during Amrit  Kaal.

 

1) Economic Empowerment of Women: Deendayal Antyodaya Yojana  National Rural Livelihood Mission has achieved remarkable success  by mobilizing rural women into 81 lakh Self Help Groups. We will  enable these groups to reach the next stage of economic  empowerment through formation of large producer enterprises or  collectives with each having several thousand members and  managed professionally. They will be helped with supply of raw  materials and for better design, quality, branding and marketing of  their products. Through supporting policies, they will be enabled to  scale up their operations to serve the large consumer markets, as  has been the case with several start-ups growing into ‘Unicorns’. 

2) PM VIshwakarma KAushal Samman (PM VIKAS): For centuries,  traditional artisans and craftspeople, who work with their hands  using tools, have brought renown for India. They are generally  referred to as Vishwakarma. The art and handicraft created by them  represents the true spirit of Atmanirbhar Bharat. 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. The  components of the scheme will include not only financial support  but also access to advanced skill training, knowledge of modern  digital techniques and efficient green technologies, brand  promotion, linkage with local and global markets, digital payments,  and social security. This will greatly benefit the Scheduled Castes,  Scheduled Tribes, OBCs, women and people belonging to the weaker  sections. 

3) Tourism: The country offers immense attraction for domestic as well  as foreign tourists. There is a large potential to be tapped in tourism.  The sector holds huge opportunities for jobs and entrepreneurship  for youth in particular. Promotion of tourism will be taken up on  mission mode, with active participation of states, convergence of  government programmes and public-private partnerships.

 

4) Green Growth: We are implementing many programmes for green  fuel, green energy, green farming, green mobility, green buildings,  and green equipment, and policies for efficient use of energy across  various economic sectors. These green growth efforts help in  reducing carbon intensity of the economy and provides for large

scale green job opportunities. 

Priorities of this Budget

14. The Budget adopts the following seven priorities. They complement  each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal.

1) Inclusive Development 

2) Reaching the Last Mile 

3) Infrastructure and Investment 

4) Unleashing the Potential 

5) Green Growth 

6) Youth Power 

7) Financial Sector 

Priority 1: Inclusive Development 

15. The Government’s philosophy of Sabka Saath Sabka Vikas has  facilitated inclusive development covering in specific, farmers, women,  youth, OBCs, Scheduled Castes, Scheduled Tribes, divyangjan and  economically weaker sections, and overall priority for the underprivileged  (vanchiton ko variyata). There has also been a sustained focus on Jammu &  Kashmir, Ladakh and the North-East. This Budget builds on those efforts. 

Agriculture and Cooperation 

Digital Public Infrastructure for Agriculture 

16. Digital public infrastructure for agriculture will be built as an open  source, open standard and inter operable public good. This will enable inclusive, farmer-centric solutions through relevant information services for  crop planning and health, improved access to farm inputs, credit, and  insurance, help for crop estimation, market intelligence, and support for  growth of agri-tech industry and start-ups. 

Agriculture Accelerator Fund

17. An Agriculture Accelerator Fund will be set-up to encourage agri startups by young entrepreneurs in rural areas. The Fund will aim at  bringing innovative and affordable solutions for challenges faced by  farmers. It will also bring in modern technologies to transform agricultural  practices, increase productivity and profitability. 

Enhancing productivity of cotton crop 

18. To enhance the productivity of extra-long staple cotton, we will  adopt a cluster-based and value chain approach through Public Private  Partnerships (PPP). This will mean collaboration between farmers, state and  industry for input supplies, extension services, and market linkages. 

Atmanirbhar Horticulture Clean Plant Program 

19. We will launch an Atmanirbhar Clean Plant Program to boost  availability of disease-free, quality planting material for high value  horticultural crops at an outlay of ` 2,200 crore. 

Global Hub for Millets: ‘Shree Anna’

20. “India is at the forefront of popularizing Millets, whose consumption  furthers nutrition, food security and welfare of farmers,” said Hon’ble Prime  Minister. 

21. We are the largest producer and second largest exporter of ‘Shree  Anna’ in the world. We grow several types of 'Shree Anna' such as jowar,  ragi, bajra, kuttu, ramdana, kangni, kutki, kodo, cheena, and sama. These  have a number of health benefits, and have been an integral part of our  food for centuries. I acknowledge with pride the huge service done by small farmers in contributing to the health of fellow citizens by growing these  ‘Shree Anna’. 

22. Now to make India a global hub for 'Shree Anna', the Indian Institute  of Millet Research, Hyderabad will be supported as the Centre of Excellence  for sharing best practices, research and technologies at the international  level. 

Agriculture Credit 

23. The agriculture credit target will be increased  to ` 20 lakh crore with focus on animal husbandry, dairy and fisheries. 

Fisheries 

24. We will launch a new sub-scheme of PM Matsya Sampada Yojana  with targeted investment of ` 6,000 crore to further enable activities of  fishermen, fish vendors, and micro & small enterprises, improve value chain  efficiencies, and expand the market. 

Cooperation 

25. For farmers, especially small and marginal farmers, and other  marginalised sections, the government is promoting cooperative-based  economic development model. A new Ministry of Cooperation was formed  with a mandate to realise the vision of ‘Sahakar Se Samriddhi’. To realise  this vision, the government has already initiated computerisation of 63,000  Primary Agricultural Credit Societies (PACS) with an investment of ` 2,516  crore. In consultation with all stakeholders and states, model bye-laws for  PACS were formulated enabling them to become multipurpose PACS. A  national cooperative database is being prepared for country-wide mapping  of cooperative societies. 

26. With this backdrop, we will implement a plan to set up massive  decentralised storage capacity. This will help farmers store their produce  and realize remunerative prices through sale at appropriate times. The  government will also facilitate setting up of a large number of multipurpose  cooperative societies, primary fishery societies and dairy cooperative  societies in uncovered panchayats and villages in the next 5 years. 

Health, Education and Skilling 

Nursing Colleges 

27. One hundred and fifty-seven new nursing colleges will be  established in co-location with the existing 157 medical colleges established  since 2014. 

Sickle Cell Anaemia Elimination Mission

28. A Mission to eliminate Sickle Cell Anaemia by 2047 will be launched.  It will entail awareness creation, universal screening of 7 crore people in the  age group of 0-40 years in affected tribal areas, and counselling through  collaborative efforts of central ministries and state governments. 

Medical Research 

29. Facilities in select ICMR Labs will be made available for research by  public and private medical college faculty and private sector R&D teams for  encouraging collaborative research and innovation. 

Pharma Innovation 

30. A new programme to promote research and innovation in  pharmaceuticals will be taken up through centers of excellence. We shall  also encourage industry to invest in research and development in specific  priority areas. 

Multidisciplinary courses for medical devices 

31. Dedicated multidisciplinary courses for medical devices will be  supported in existing institutions to ensure availability of skilled manpower  for futuristic medical technologies, high-end manufacturing and research.

 

Teachers’ Training 

32. Teachers’ training will be re-envisioned through innovative  pedagogy, curriculum transaction, continuous professional development,  dipstick surveys, and ICT implementation. The District Institutes of  Education and Training will be developed as vibrant institutes of excellence  for this purpose. 

National Digital Library for Children and Adolescents 

33. A National Digital Library for children and adolescents will be set-up  for facilitating availability of quality books across geographies, languages,  genres and levels, and device agnostic accessibility. States will be  encouraged to set up physical libraries for them at panchayat and ward  levels and provide infrastructure for accessing the National Digital Library  resources. 

34. Additionally, to build a culture of reading, and to make up for  pandemic-time learning loss, the National Book Trust, Children’s Book Trust  and other sources will be encouraged to provide and replenish non curricular titles in regional languages and English to these physical libraries.  Collaboration with NGOs that work in literacy will also be a part of this  initiative. To inculcate financial literacy, financial sector regulators and  organizations will be encouraged to provide age-appropriate reading  material to these libraries. 

Priority 2: Reaching the Last Mile 

35. Prime Minister Vajpayee’s government had formed the Ministry of  Tribal Affairs and the Department of Development of North-Eastern Region.  To provide a sharper focus to the objective of ‘reaching the last mile’, our  government has formed the ministries of AYUSH, Fisheries, Animal  Husbandry and Dairying, Skill Development, Jal Shakti and Cooperation.

 

Aspirational Districts and Blocks Programme 

36. Building on the success of the Aspirational Districts Programme, the  Government has recently launched the Aspirational Blocks Programme  covering 500 blocks for saturation of essential government services across  multiple domains such as health, nutrition, education, agriculture, water  resources, financial inclusion, skill development, and basic infrastructure. 

Pradhan Mantri PVTG Development Mission 

37. To improve socio-economic conditions of the particularly vulnerable  tribal groups (PVTGs), Pradhan Mantri PVTG Development Mission will be  launched. This will saturate PVTG families and habitations with basic  facilities such as safe housing, clean drinking water and sanitation,  improved access to education, health and nutrition, road and telecom  connectivity, and sustainable livelihood opportunities. An amount  of ` 15,000 crore will be made available to implement the Mission in the  next three years under the Development Action Plan for the Scheduled  Tribes. 

Eklavya Model Residential Schools 

38. In the next three years, centre will recruit 38,800 teachers and  support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh  tribal students. 

Water for Drought Prone Region 

39. In the drought prone central region of Karnataka, central assistance  of ` 5,300 crore will be given to Upper Bhadra Project to provide  sustainable micro irrigation and filling up of surface tanks for drinking  water. 

PM Awas Yojana 

40. The outlay for PM Awas Yojana is being enhanced   by 66 per cent to over ` 79,000 crore.

Bharat Shared Repository of Inscriptions (Bharat SHRI) 

41. ‘Bharat Shared Repository of Inscriptions’ will be set up in a digital  epigraphy museum, with digitization of one lakh ancient inscriptions in the  first stage. 

Support for poor prisoners 

42. For poor persons who are in prisons and unable to afford the  penalty or the bail amount, required financial support will be provided. 

Priority 3: Infrastructure & Investment 

43. Investments in Infrastructure and productive capacity have a large  multiplier impact on growth and employment. After the subdued period of  the pandemic, private investments are growing again. The Budget takes the  lead once again to ramp up the virtuous cycle of investment and job  creation. 

Capital Investment as driver of growth and jobs 

44. Capital investment outlay is being increased steeply for the third  year in a row by 33 per cent to ` 10 lakh crore, which would be 3.3 per cent  of GDP. This will be almost three times the outlay in 2019-20. 

45. This substantial increase in recent years is central to the  government’s efforts to enhance growth potential and job creation, crowd in private investments, and provide a cushion against global headwinds. 

Effective Capital Expenditure 

46. The direct capital investment by the Centre is complemented by the  provision made for creation of capital assets through Grants-in-Aid to  States. The ‘Effective Capital Expenditure’ of the Centre is budgeted at  ` 13.7 lakh crore, which will be 4.5 per cent of GDP.

 

Support to State Governments for Capital Investment 

47. I have decided to continue the 50-year interest free loan to state  governments for one more year to spur investment in infrastructure and to  incentivize them for complementary policy actions, with a significantly  enhanced outlay of ` 1.3 lakh crore. 

Enhancing opportunities for private investment in Infrastructure 

48. The newly established Infrastructure Finance Secretariat will assist  all stakeholders for more private investment in infrastructure, including  railways, roads, urban infrastructure and power, which are predominantly  dependent on public resources. 

Harmonized Master List of Infrastructure 

49. The Harmonized Master List of Infrastructure will be reviewed by an  expert committee for recommending the classification and financing  framework suitable for Amrit Kaal. 

Railways 

50. A capital outlay of ` 2.40 lakh crore has been provided for the  Railways. This highest ever outlay is about 9 times the outlay made in 2013- 14. 

Logistics 

51. One hundred critical transport infrastructure projects, for last and  first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors  have been identified. They will be taken up on priority with investment of  ` 75,000 crore, including ` 15,000 crore from private sources. 

Regional Connectivity 

52. Fifty additional airports, heliports, water aerodromes and advance  landing grounds will be revived for improving regional air connectivity.

Sustainable Cities of Tomorrow 

53. States and cities will be encouraged to undertake urban planning  reforms and actions to transform our cities into ‘sustainable cities of  tomorrow’. This means efficient use of land resources, adequate resources  for urban infrastructure, transit-oriented development, enhanced  availability and affordability of urban land, and opportunities for all. 

Making Cities ready for Municipal Bonds 

54. Through property tax governance reforms and ring-fencing user  charges on urban infrastructure, cities will be incentivized to improve their  credit worthiness for municipal bonds. 

Urban Infrastructure Development Fund 

55. Like the RIDF, an Urban Infrastructure Development Fund (UIDF) will  be established through use of priority sector lending shortfall. This will be  managed by the National Housing Bank, and will be used by public agencies  to create urban infrastructure in Tier 2 and Tier 3 cities. States will be  encouraged to leverage resources from the grants of the 15th Finance  Commission, as well as existing schemes, to adopt appropriate user charges  while accessing the UIDF. We expect to make  available ` 10,000 crore per annum for this purpose. 

Urban Sanitation 

56. All cities and towns will be enabled for 100 per cent mechanical  desludging of septic tanks and sewers to transition from manhole to  machine-hole mode. Enhanced focus will be provided for scientific  management of dry and wet waste. 

Priority 4: Unleashing the Potential 

57. “Good Governance is the key to a nation’s progress. Our government  is committed to providing a transparent and accountable administration  which works for the betterment and welfare of the common citizen,” said  Hon’ble Prime Minister.

 

Mission Karmayogi 

58. Under Mission Karmayogi, Centre, States and Union Territories are  making and implementing capacity-building plans for civil servants. The  government has also launched an integrated online training platform, iGOT  Karmayogi, to provide continuous learning opportunities for lakhs of  government employees to upgrade their skills and facilitate people-centric  approach. 

59. For enhancing ease of doing business, more than  39,000 compliances have been reduced and more than  3,400 legal provisions have been decriminalized. For furthering the trust based governance, we have introduced the Jan Vishwas Bill to amend 42  Central Acts. This Budget proposes a series of measures to unleash the  potential of our economy. 

Centres of Excellence for Artificial Intelligence 

60. For realizing the vision of “Make AI in India and Make AI work for  India”, three centres of excellence for Artificial Intelligence will be set-up in  top educational institutions. Leading industry players will partner in  conducting interdisciplinary research, develop cutting-edge applications and  scalable problem solutions in the areas of agriculture, health, and  sustainable cities. This will galvanize an effective AI ecosystem and nurture  quality human resources in the field. 

National Data Governance Policy

61. To unleash innovation and research by start-ups and academia, a  National Data Governance Policy will be brought out. This will enable access  to anonymized data. 

Simplification of Know Your Customer (KYC) process 

62. The KYC process will be simplified adopting a ‘risk-based’ instead of  ‘one size fits all’ approach. The financial sector regulators will also be encouraged to have a KYC system fully amenable to meet the needs of  Digital India. 

One stop solution for identity and address updating

63. A one stop solution for reconciliation and updating of identity and  address of individuals maintained by various government agencies,  regulators and regulated entities will be established using DigiLocker service  and Aadhaar as foundational identity. 

Common Business Identifier 

64. For the business establishments required to have a Permanent  Account Number (PAN), the PAN will be used as the common identifier for  all digital systems of specified government agencies. This will bring ease of  doing business; and it will be facilitated through a legal mandate. 

Unified Filing Process 

65. For obviating the need for separate submission of same information  to different government agencies, a system of ‘Unified Filing Process’ will be  set-up. Such filing of information or return in simplified forms on a common  portal, will be shared with other agencies as per filer’s choice. 

Vivad se Vishwas I – Relief for MSMEs 

66. In cases of failure by MSMEs to execute contracts during the Covid  period, 95 per cent of the forfeited amount relating to bid or performance  security, will be returned to them by government and government  undertakings. This will provide relief to MSMEs. 

Vivad se Vishwas II – Settling Contractual Disputes 

67. To settle contractual disputes of government and government  undertakings, wherein arbitral award is under challenge in a court, a  voluntary settlement scheme with standardized terms will be introduced.  This will be done by offering graded settlement terms depending on  pendency level of the dispute.

 

State Support Mission 

68. The State Support Mission of NITI Aayog will be continued for three  years for our collective efforts towards national priorities. 

Result Based Financing 

69. To better allocate scarce resources for competing development  needs, the financing of select schemes will be changed, on a pilot basis,  from ‘input-based’ to ‘result-based’. 

E-Courts 

70. For efficient administration of justice, Phase-3 of the   E-Courts project will be launched with an outlay  of ` 7,000 crore. 

Fintech Services 

71. Fintech services in India have been facilitated by our digital public  infrastructure including Aadhaar, PM Jan Dhan Yojana, Video KYC, India  Stack and UPI. To enable more Fintech innovative services, the scope of  documents available in DigiLocker for individuals will be expanded. 

Entity DigiLocker 

72. An Entity DigiLocker will be set up for use by MSMEs, large business  and charitable trusts. This will be towards storing and sharing documents  online securely, whenever needed, with various authorities, regulators,  banks and other business entities. 

5G Services

73. One hundred labs for developing applications using  5G services will be set up in engineering institutions to realise a new range  of opportunities, business models, and employment potential. The labs will  cover, among others, applications such as smart classrooms, precision  farming, intelligent transport systems, and health care applications.

 

Lab Grown Diamonds

74. Lab Grown Diamonds (LGD) is a technology-and innovation-driven  emerging sector with high employment potential. These environment friendly diamonds which have optically and chemically the same properties  as natural diamonds. To encourage indigenous production of LGD seeds and  machines and to reduce import dependency, a research and development  grant will be provided to one of the IITs for five years. 

75. To reduce the cost of production, a proposal to review the custom  duty rate on LGD seeds will be indicated in Part B of the speech. 

Priority 5: Green Growth

76. Hon’ble Prime Minister has given a vision for “LiFE”, or Lifestyle for  Environment, to spur a movement of environmentally conscious lifestyle.  India is moving forward firmly for the ‘panchamrit’ and net-zero carbon  emission by 2070 to usher in green industrial and economic transition. This  Budget builds on our focus on green growth. 

Green Hydrogen Mission 

77. The recently launched National Green Hydrogen Mission, with an  outlay of ` 19,700 crores, will facilitate transition of the economy to low  carbon intensity, reduce dependence on fossil fuel imports, and make the  country assume technology and market leadership in this sunrise sector.  Our target is to reach an annual production of 5 MMT by 2030. 

Energy Transition 

78. This Budget provides ` 35,000 crore for priority capital investments  towards energy transition and net zero objectives, and energy security by  Ministry of Petroleum & Natural Gas. 

Energy Storage Projects 

79. To steer the economy on the sustainable development path, Battery  Energy Storage Systems with capacity of 4,000 MWH will be supported with Viability Gap Funding. A detailed framework for Pumped Storage Projects  will also be formulated. 

Renewable Energy Evacuation 

80. The Inter-state transmission system for evacuation and grid  integration of 13 GW renewable energy from Ladakh will be constructed  with investment of ` 20,700 crore including central support of ` 8,300 crore. 

Green Credit Programme 

81. For encouraging behavioural change, a Green Credit Programme will  be notified under the Environment (Protection) Act. This will incentivize  environmentally sustainable and responsive actions by companies,  individuals and local bodies, and help mobilize additional resources for such  activities. 

PM-PRANAM 

82. “PM Programme for Restoration, Awareness, Nourishment and  Amelioration of Mother Earth” will be launched to incentivize States and  Union Territories to promote alternative fertilizers and balanced use of  chemical fertilizers. 

GOBARdhan scheme 

83. 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing  Organic Bio-Agro Resources Dhan) scheme will be established for promoting  circular economy. These will include 200 compressed biogas (CBG) plants,  including 75 plants in urban areas, and 300 community or cluster-based  plants at total investment of ` 10,000 crore. I will refer to this in Part B. In  due course, a 5 per cent CBG mandate will be introduced for all  organizations marketing natural and bio gas. For collection of bio-mass and  distribution of bio-manure, appropriate fiscal support will be provided.

 

Bhartiya Prakritik Kheti Bio-Input Resource Centres 

84. Over the next 3 years, we will facilitate 1 crore farmers to adopt  natural farming. For this, 10,000 Bio-Input Resource Centres will be set-up,  creating a national-level distributed micro-fertilizer and pesticide  manufacturing network. 

MISHTI 

85. Building on India’s success in afforestation, ‘Mangrove Initiative for  Shoreline Habitats & Tangible Incomes’, MISHTI, will be taken up for  mangrove plantation along the coastline and on salt pan lands, wherever  feasible, through convergence between MGNREGS, CAMPA Fund and other  sources. 

Amrit Dharohar 

86. Wetlands are vital ecosystems which sustain biological diversity. In  his latest Mann Ki Baat, the Prime Minister said, “Now the total number of  Ramsar sites in our country has increased to 75. Whereas, before 2014,  there were only 26…” Local communities have always been at the forefront  of conservation efforts. The government will promote their unique  conservation values through Amrit Dharohar, a scheme that will be  implemented over the next three years to encourage optimal use of  wetlands, and enhance bio-diversity, carbon stock,  eco-tourism opportunities and income generation for local communities. 

Coastal Shipping 

87. Coastal shipping will be promoted as the energy efficient and lower  cost mode of transport, both for passengers and freight, through PPP mode  with viability gap funding. 

Vehicle Replacement 

88. Replacing old polluting vehicles is an important part of greening our  economy. In furtherance of the vehicle scrapping policy mentioned in  Budget 2021-22, I have allocated adequate funds to scrap old vehicles of

the Central Government. States will also be supported in replacing old  vehicles and ambulances. 

Priority 6: Youth Power 

89. To empower our youth and help the ‘Amrit Peedhi’ realize their  dreams, we have formulated the National Education Policy, focused on  skilling, adopted economic policies that facilitate job creation at scale, and  have supported business opportunities. 

Pradhan Mantri Kaushal Vikas Yojana 4.0 

90. Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill  lakhs of youth within the next three years. On-job training, industry  partnership, and alignment of courses with needs of industry will be  emphasized. The scheme will also cover new age courses for Industry 4.0  like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft  skills. To skill youth for international opportunities, 30 Skill India  International Centres will be set up across different States. 

Skill India Digital Platform

91. The digital ecosystem for skilling will be further expanded with the  launch of a unified Skill India Digital platform for: 

∙ enabling demand-based formal skilling, 

∙ linking with employers including MSMEs, and 

∙ facilitating access to entrepreneurship schemes. 

National Apprenticeship Promotion Scheme

92. To provide stipend support to 47 lakh youth in three years, Direct  Benefit Transfer under a pan-India National Apprenticeship Promotion  Scheme will be rolled out.

 

Tourism 

93. With an integrated and innovative approach, at  least 50 destinations will be selected through challenge mode. In addition to  aspects such as physical connectivity, virtual connectivity, tourist guides,  high standards for food streets and tourists’ security, all the relevant  aspects would be made available on an App to enhance tourist experience.  Every destination would be developed as a complete package. The focus of  development of tourism would be on domestic as well as foreign tourists. 

94. Sector specific skilling and entrepreneurship development will be  dovetailed to achieve the objectives of the ‘Dekho Apna Desh’ initiative.  This was launched as an appeal by the Prime Minister to the middle class to  prefer domestic tourism over international tourism. For integrated  development of theme-based tourist circuits, the ‘Swadesh Darshan  Scheme’ was also launched. Under the Vibrant Villages Programme, tourism  infrastructure and amenities will also be facilitated in border villages. 

Unity Mall 

95. States will be encouraged to set up a Unity Mall in their state capital  or most prominent tourism centre or the financial capital for promotion and  sale of their own ODOPs (one district, one product), GI products and other  handicraft products, and for providing space for such products of all other  States. 

Priority 7: Financial Sector 

96. Our reforms in the financial sector and innovative use of technology  have led to financial inclusion at scale, better and faster service delivery,  ease of access to credit and participation in financial markets. This Budget  proposes to further these measures. 

Credit Guarantee for MSMEs 

97. Last year, I proposed revamping of the credit guarantee scheme for  MSMEs. I am happy to announce that the revamped scheme will take effect from 1st April 2023 through infusion of ` 9,000 crore in the corpus. This will  enable additional collateral-free guaranteed credit of ` 2 lakh crore.  Further, the cost of the credit will be reduced by about 1 per cent. 

National Financial Information Registry

98. A national financial information registry will be set up to serve as the  central repository of financial and ancillary information. This will facilitate  efficient flow of credit, promote financial inclusion, and foster financial  stability. A new legislative framework will govern this credit public  infrastructure, and it will be designed in consultation with the RBI. 

Financial Sector Regulations 

99. To meet the needs of Amrit Kaal and to facilitate optimum  regulation in the financial sector, public consultation, as necessary and  feasible, will be brought to the process of regulation-making and issuing  subsidiary directions. 

100. To simplify, ease and reduce cost of compliance, financial sector  regulators will be requested to carry out a comprehensive review of existing  regulations. For this, they will consider suggestions from public and  regulated entities. Time limits to decide the applications under various  regulations will also be laid down. 

GIFT IFSC 

101. To enhance business activities in GIFT IFSC, the following measures  will be taken: 

∙ Delegating powers under the SEZ Act to IFSCA to avoid dual  regulation, 

∙ Setting up a single window IT system for registration and  approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and  IRDAI,

∙ Permitting acquisition financing by IFSC Banking Units of  foreign banks, 

∙ Establishing a subsidiary of EXIM Bank for trade  re-financing, 

∙ Amending IFSCA Act for statutory provisions for arbitration,  ancillary services, and avoiding dual regulation under SEZ Act,  and 

∙ Recognizing offshore derivative instruments as valid contracts. 

Data Embassy 

102. For countries looking for digital continuity solutions, we will  facilitate setting up of their Data Embassies in GIFT IFSC. 

Improving Governance and Investor Protection in Banking Sector 

103. To improve bank governance and enhance investors’ protection,  certain amendments to the Banking Regulation Act, the Banking Companies  Act and the Reserve Bank of India Act are proposed. 

Capacity Building in Securities Market 

104. To build capacity of functionaries and professionals in the securities  market, SEBI will be empowered to develop, regulate, maintain and enforce  norms and standards for education in the National Institute of Securities  Markets and to recognize award of degrees, diplomas and certificates. 

Central Data Processing Centre 

105. A Central Processing Centre will be setup for faster response to  companies through centralized handling of various forms filed with field  offices under the Companies Act.

Reclaiming of shares and dividends 

106. For investors to reclaim unclaimed shares and unpaid dividends  from the Investor Education and Protection Fund Authority with ease, an  integrated IT portal will be established. 

Digital Payments 

107. Digital payments continue to find wide acceptance. In 2022, they  show increase of 76 per cent in transactions  and 91 per cent in value. Fiscal support for this digital public infrastructure  will continue in 2023-24. 

Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra 

108. For commemorating Azadi Ka Amrit Mahotsav, a one-time new small  savings scheme, Mahila Samman Savings Certificate, will be made available  for a two-year period up to March 2025. This will offer deposit facility upto  ` 2 lakh in the name of women or girls for a tenor of 2 years at fixed  interest rate of 7.5 per cent with partial withdrawal option. 

Senior Citizens

109. The maximum deposit limit for Senior Citizen Savings Scheme will be  enhanced from ` 15 lakh to ` 30 lakh. 

110. The maximum deposit limit for Monthly Income Account Scheme  will be enhanced from ` 4.5 lakh to ` 9 lakh for single account and from ` 9  lakh to ` 15 lakh for joint account. 

Fiscal Management 

Fifty-year interest free loan to States 

111. The entire fifty-year loan to states has to be spent on capital  expenditure within 2023-24. Most of this will be at the discretion of states,  but a part will be conditional on states increasing their actual capital

expenditure. Parts of the outlay will also be linked to, or allocated for, the  following purposes: 

∙ Scrapping old government vehicles, 

∙ Urban planning reforms and actions, 

∙ Financing reforms in urban local bodies to make them  creditworthy for municipal bonds, 

∙ Housing for police personnel above or as part of police stations,  ∙ Constructing Unity Malls, 

∙ Children and adolescents’ libraries and digital infrastructure,  and 

∙ State share of capital expenditure of central schemes. 

Fiscal Deficit of States 

112. States will be allowed a fiscal deficit of 3.5 per cent of GSDP of which  0.5 per cent will be tied to power sector reforms. 

Revised Estimates 2022-23 

113. The Revised Estimate of the total receipts other than borrowings is  ` 24.3 lakh crore, of which the net tax receipts  are ` 20.9 lakh crore. The Revised Estimate of the total expenditure is  ` 41.9 lakh crore, of which the capital expenditure is about ` 7.3 lakh crore. 

114. The Revised Estimate of the fiscal deficit is 6.4 per cent of GDP,  adhering to the Budget Estimate. 

Budget Estimates 2023-24 

115. Coming to 2023-24, the total receipts other than borrowings and the  total expenditure are estimated at ` 27.2 lakh crore and ` 45 lakh crore  respectively. The net tax receipts are estimated at ` 23.3 lakh crore.

116. The fiscal deficit is estimated to be 5.9 per cent of GDP. In my  Budget Speech for 2021-22, I had announced that we plan to continue the  path of fiscal consolidation, reaching a fiscal deficit below 4.5 per cent by  2025-26 with a fairly steady decline over the period. We have adhered to  this path, and I reiterate my intention to bring the fiscal deficit below 4.5  per cent of GDP by 2025-26. 

117. To finance the fiscal deficit in 2023-24, the net market borrowings  from dated securities are estimated at ` 11.8 lakh crore. The balance  financing is expected to come from small savings and other sources. The  gross market borrowings are estimated at ` 15.4 lakh crore.