The Union Budget of India for 2023 was presented by Finance Minister Nirmala Sitharaman on 1st February 2023. This budget focuses on the government’s efforts to boost the country’s economic growth and promote inclusive development. This article will review some of the key highlights of the Union Budget 2023.
- Focus on Agriculture and Rural Development: The government has allocated ₹2,87,000 crore for agriculture and rural development in the budget, focusing on increasing farmers’ income. The allocation includes ₹40,000 crores for the development of agricultural infrastructure and ₹20,000 crores for the Pradhan Mantri Fasal Bima Yojana, a crop insurance scheme.
- Infrastructure Development: The budget has allocated ₹5,54,000 crore for infrastructure development, which includes the development of roads, ports, airports, and other transportation facilities. The government has also allocated ₹1,41,000 crore for the National Highways Development Project, which aims to improve the connectivity of remote areas.
- Education and Health: The budget has allocated ₹93,000 crores for the development of education and ₹2,23,846 crores for health and well-being. This includes the setting up of medical colleges, health centers, and hospitals, and the expansion of the Pradhan Mantri Jan Arogya Yojana, a health insurance scheme.
- Women Empowerment: The budget has allocated ₹3,000 crores for the development of women-oriented schemes, including the Mahila Shakti Kendra and the National Mission for Empowerment of Women.
- Technology and Innovation: The budget has allocated ₹1,000 crore for the promotion of technology and innovation, which includes the setting up of a National Recruitment Agency to streamline the recruitment process for government jobs.
- Tax Reforms: The budget has proposed several tax reforms, including the reduction of corporate tax rates for new domestic companies, the introduction of a new tax regime for individuals, and the simplification of the tax filing process.
In conclusion, the Union Budget 2023 is aimed at promoting inclusive growth, improving the standard of living of citizens and boosting the country’s economy. The budget focuses on the development of key sectors such as agriculture, infrastructure, education, health and technology. The government’s efforts to simplify tax filing, reduce tax rates and promote innovation are expected to boost economic growth and create new job opportunities.
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Dr. Vibhor S Agarwal has a Ph.D. in IPR, start-ups, and corporate law, as well as an MBA in finance from NMIMS Mumbai, and achieved numerous certifications in corporate law. He is a practicing corporate lawyer and the founder of two business verticals. He has advised over 2000 businesses, 5000 students, and 400 new start-ups all over India and other countries like Dubai, London, the USA, and Qatar. Dr. Viibhor Agarwal assists people with business expansion and branding, regardless of size, as well as business setup, financial literacy, start-up guidance, licensing, tax planning, and other legal compliance issues. Dr. Viibhor Agarwal’s goal is to provide complete financial and business literacy to all businessmen who want to start new businesses and grow existing businesses and to those students who want to open their start-ups. In each video, Dr. Viibhor Agarwal not only explains the method of the solution but also advises subscribers on practical tips learned from and faced by clients handled by Dr. Viibhor Agarwal daily. This blog portal provides you with an easy and clear solution to your business problem, allowing you to take your business to the next level.