Union Budget 2023-24 Highlights: Part 3...
Continuation from part 1....
6. Big relief to the states
Nirmala Sitharaman, the minister of finance, announced on wednesday that the federal government will give state governments a 50-year, interest-free loan for another year. He added that the additional capital investment for infrastructure development of Rs. 10 lakh crore represents 3.3% of GDP.
7. government is kind to the farmers
For the upcoming fiscal year, the government said on wednesday that it would increase the farm credit target by 11% to Rs 20 lakh crore, with an emphasis on aquaculture, dairy, and fisheries. The goal for agricultural finance is Rs 18 lakh crore for the current fiscal year 2022–2023. In her budget speech, Finance minister Nirmala Sitharaman said that the government will spend Rs 2,200 crore to start the "Atmanirbhar Clean Plant Programme" in order to increase the supply of high-value horticultural crops with disease-free, high-quality planting material.
8. Government's emphasis on infrastructure
The capital investment for infrastructure development would increase by 33% to Rs 10 lakh in the budget for the fiscal year 2023–2024. This amounts to 3.3% of the GDP.
9. What will be the fiscal deficit?
By the fiscal year 2025–2026, the budget deficit will be reduced to under 4.5%, according to Finance minister Nirmala Sitharaman. She added that the budgeted tax receipts for the upcoming fiscal year remained at Rs 23.3 lakh crore.
10. government is kind to the elderly
The Finance minister increased the Senior Citizen Savings Account investment cap by two times from its previous level. This means that instead of having a maximum investment limit of Rs 4.5 lakh, such individuals will now have one of Rs 9 lakh.