Ms. Nirmala Sitharaman, the Union Finance Minister of India, presented the awaited 2023-2024 Union Budget, which is also the last budget of the Bharatiya Janata Party (BJP) Government.
Under the last Modi Government budget, the Union Finance Ministry announced major relief for taxpayers, investors and businessmen. In the 2023-2024 Union Budget, the Finance Minister emphasized seven priorities calling it ‘saptrishi.’
The Union Finance Ministry said, in the ‘Amrit Kal’ budget, inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and the financial sector have been given major importance.
Concerned about green energy and the growth of India, the Union Finance Ministry announced 50 airports to be established for better air connectivity. In addition, Ms. Nirmala Sitharaman announced Rs. 35,000 crores investment to reach India’s goal of net zero carbon emissions.
The Union Ministry also announced an Urban Infrastructure development fund to be established in tier II and tier III cities at a cost of Rs. 10,000 crores, per annum. The Union Government also announced three centres for artificial intelligence (AI) to conduct research and develop cutting edge solutions.
Furthermore, the Union Finance Ministry also announced an investment of Rs. 19,700 crores for the National Hydrogen Mission, an investment of Rs. 20,700 crores for 13 gigawatts of green energy from Ladakh.
In addition, Ms. Nirmala Sitharaman announced revamped credit guarantee for MSMEs, in effect from the 1st of April 2023, with Rs. 9,000 crore infusion at a cost of 1%.
The Government of India also announced a hike of fixed deposits for senior citizens, from Rs. 15 lakhs to Rs. 30 lakhs.
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