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An overview of Union Budget 2023

 


Union Budget India 2023: A Comprehensive Overview by Suman Ghosh


The Union Budget of India is a yearly financial statement presented by the government of India, outlining its expected revenue and expenditures for the upcoming financial year. The budget is crucial as it lays down the government's economic policies, initiatives and plans for the country.


Union Budget 2023 was presented on 1st February 2023 by the Honorable Finance Minister Nirmala Sitharaman. The budget focused on the government's efforts to revive the Indian economy that was hit hard by the COVID-19 pandemic. The main focus of the budget was on the agriculture sector, infrastructure development, and boosting the manufacturing industry.


The budget proposed an allocation of Rs. 2.83 lakh crore for the agriculture sector, with a focus on doubling farmers' income, ensuring adequate credit and insurance facilities, and creating a modern infrastructure for storage and marketing of agricultural produce. The government has also announced plans to set up a Rs. 10,000 crore Agri-Market Infrastructure Fund.


The budget also emphasized on infrastructure development, with an allocation of Rs. 5.54 lakh crore for the transport sector and Rs. 1.97 lakh crore for the development of rural infrastructure. The government has also proposed to set up a National Recycling Fund to promote the recycling of plastics.


The budget emphasized on boosting the manufacturing sector, with a focus on the production-linked incentive scheme. The government has proposed a Rs. 2.5 lakh crore allocation for the scheme, aimed at attracting investment and boosting the competitiveness of the Indian manufacturing sector.


The budget also proposed measures to improve the ease of doing business in India, such as the simplification of the tax regime, the introduction of a single-window clearance mechanism for foreign investors, and the setting up of a National Recruitment Agency to streamline the recruitment process.


The budget also proposed measures to improve the healthcare sector, with an allocation of Rs. 64,180 crore for the Ayushman Bharat scheme, aimed at providing health insurance coverage to nearly 50 crore people. The budget also proposed a Rs. 35,000 crore allocation for the National Health Mission.


In conclusion, the Union Budget 2023 focuses on reviving the Indian economy, boosting the agriculture and manufacturing sectors, and improving the healthcare and infrastructure sectors. The budget proposes several measures to improve the ease of doing business in India and attract investment. The budget is a step in the right direction and is expected to bring about positive changes in the country.

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