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As per the Union Budget 2024-25, some of the Fund Allocation & Provisions for Assam and North-East India are discussed here:
More than 100 branches of India Post Payment Bank will be set up in the North East region.
Assistance for flood management and related projects in Assam, Sikkim & Uttarakhand.
Government will also provide assistance to Assam, Himachal Pradesh, Uttarakhand and Sikkim for flood management, landslides and related projects.
Under the Pradhan Mantri Cha Shramik Protsahan Yojana (PMCSPY), Rs. 1000 crores have been allocated for the welfare of tea workers, especially women.
The special package for the Bodoland Territorial Council has increased significantly, with Rs 174.66 crore allocated, up from Rs. 100 crore last year.
The development of the Tea Board is also planned, with the budget outlay increased more than five times, from Rs. 135 crores to Rs. 721.50 crores. Notably, in 2023, Assam produced 654.63 million kilograms of tea, while in 2022, tea production was 668 million kilograms.
For the development of the Northeast region, a budget outlay of Rs. 5900 crores is planned.
Assam’s share of devolution stands at Rs. 38,154 crores. The state’s infrastructure will be bolstered through the Pradhan Mantri Sadak Yojana Phase IV and Pradhan Mantri Awas Yojana. Additionally, the tribal areas of the state will receive a boost under the Pradhan Mantri Janajatiya Unnat Gram Abhiyan.
The Assam government launched the Mukhyamantri Mahila Udyamita Abhiyaan (MMUA) to empower rural women entrepreneurs.
About Mukhyamantri Mahila Udyamita Abhiyan
The scheme is designed to foster the development of rural women who are part of self-help groups, transforming them into “rural micro-entrepreneurs” with a target annual income of Rs 1 lakh per member.
To qualify for the grant, women from the general and other backward caste (OBC) categories must have no more than three children.
However, specific exemptions are made for women from the Moran, Muttock, and tea-tribe communities, who can apply with four or fewer children.
For women belonging to Scheduled Tribe (ST) and Scheduled Caste (SC) categories, the eligibility criteria dictate that they should have no more than four children.
If beneficiaries have daughters, they must be enrolled in school. For girls not attending school, a signed commitment for future enrollment is necessary.
Beneficiaries need to ensure that the trees planted under the government’s tree plantation campaign, Amrit Brikshya Andolan, are thriving.
Assam Baibhav Award
Former Chief Justice of India (CJI) Ranjan Gogoi will be honored with Assam’s highest civilian award ‘Assam Baibhav’. The decision to confer this year’s award upon Ranjan Gogoi reflects the state government’s acknowledgment of his exceptional service and achievements.
This marks the third year of the Assam Baibhav awards, with the inaugural award presented to business magnate Ratan Tata in the first year, followed by journalist Tapan Saikia in the second year.
About ‘Assam Baibhav’ Awards
It is one of the highest civilian awards given by the state of Assam. As an award, Gogoi will be given a citation, certificate, medal and a cash prize of Rs 5 lakh.
Ranjan Gogoi held the office of the 46th Chief Justice of India.
During his tenure, the Supreme Court had given a historic verdict on the decade-old Ram Janmabhoomi-Babri Masjid case.
Assam Saurav Award 2023:
This award will be given to four personalities.
Mainly among these Hima Das – Athletics
Dr. Kishan Chand Nauriyal: Art and Culture
Elvis Ali Hazarika: Swimming and
Nadiram Deuri: Tiwa Dance
This award will include a citation, certificate, medal and a cash prize of Rs 4 lakh.
Assam Gaurav Award 2023:
This year 17 personalities will be given the ‘Assam Gaurav’ award.
Ranjit Gogoi (Folk and Bihu dance exponent)
Parvati Barua (animal protection activities)
Debojit Chiangmai (sound engineer)
Drono Bhuyan (Oja Pali)
Neelam Dutta (Organic Farming)
Anupam Deka (industrialist)
Soumyadeep Dutta (Wildlife Conservation)
Basant Chiring Phukan (Mushroom Cultivation)
Manendra Deka (Handicraft)
Meenakshi Chetia (Social Service)
Pakhila Lekhtepi (Karbi Lok)
Tenzing Bodosa (Elephant Friendly Tea Garden)
Nirmal De (mat)
Jessin Kumbang Pao (weaving)
Mary Hassa (social services)
Upendra Rabha (black rice cultivation) and
Rahul Gupta (Hydroponic Farming).
Assam Gaurav Award winners will be given a citation, certificate, medal and a cash prize of Rs 3 lakh.
Indian Army launched Operation Sarvashakti
The Indian Army has launched Operation Sarvashakti in the Rajouri-Poonch sector of Jammu and Kashmir, deploying forces on both sides of the Pir Panjal range to target terrorists who have carried out a series of attacks on troops in the area.
About Operation Sarvashakti
Recent years have witnessed three major terrorist attacks in the area, resulting in the loss of 20 soldiers.
Operation Sarvashakti is an initiative of the Indian army to neutralise terrorist threats in Pir Panjal range.
As part of the operation at least three brigades of additional troops are being deployed in the sector from various reserve and strike corps formations in order to increase the density of troops.
It is similar to Operation Sarpvinash.
In 2003, Indian forces launched Operation Sarpvinash to flush out terrorists who had infiltrated from across the border and set up camps in the thick forests south of the Pir Panjal range, especially in the Hilkaka area in Poonch.
The operation flushed out terrorists and brought peace to the area that lasted until 2017-18, even as terrorist incidents continued to take place in the valley.
The deposits raised under the framework are covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Swachh Survekshan Awards 2023
Surat and Indore have been jointly recognized as the cleanest cities in India at the Union Urban Affairs Ministry’s annual Clean City Awards 2023. Indore achieved the top rank for the seventh consecutive time.
President Smt. Droupadi Murmu conferred the Swachh Survekshan awards 2023 at Bharat Mandapam, New Delhi hosted by the Ministry of Housing and Urban Affairs (MoHUA).
The theme for the year 2023 was -“Waste to Wealth”.
The theme for the Cleanliness Survey 2024 is “Reduce, Reuse, and Recycle.”
The President launched the Swachh Survekshan 2023 dashboard, emphasizing the importance of everyone’s contribution to and participation in the survey.
Key Points
In the category of cities with a population of less than 1 lakh, Sasvad, Patan and Lonavala secured the top three spots.
Mhow Cantonment Board in Madhya Pradesh was adjudged the Cleanest Cantonment Board.
Varanasi and Prayagraj won the top two awards amongst the Cleanest Ganga Towns.
Maharashtra, Madhya Pradesh and Chhattisgarh won the top three awards for Best Performing State.
Chandigarh walked away with the award for the Best Safaimitra Surakshit Sheher, acknowledging initiatives that prioritize the safety, dignity, and well-being of sanitation workers.
About Swachh Survekshan Awards
It was launched in 2016, as part of the Swachh Bharat Mission initiated by the Government of India to promote cleanliness and sanitation in urban areas.
The annual survey ranks cities based on various sanitation parameters like door-to-door waste collection, waste treatment, public toilet management, citizen participation, and innovation in sanitation practices.
Winning cities and states receive recognition and financial incentives, aiming to motivate them to maintain and improve their sanitation standards.
NHAI Introduces ‘One Vehicle, One FASTag’ Initiative
The National Highways Authority of India (NHAI) has launched the ‘One Vehicle, One FASTag’ initiative that aims to discourage user behavior of using single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle.
About the ‘One Vehicle, One FASTag’ initiative:
The initiative aims to enhance the efficiency of the Electronic Toll Collection system and provide seamless movement at the Toll Plazas.
The new arrangement Of ‘One Vehicle, One FASTag’ has also been introduced to discourage user behaviour of using single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle.
The initiative encourages FASTag users to complete ‘Know Your Customer’ (KYC) process of their latest FASTag by updating KYC as per RBI guidelines.
FASTags with valid balance but with incomplete KYC will get deactivated/blacklisted by banks post 31st January 2024.
NHAI has taken this initiative after the recent reports of multiple FASTags being issued for a particular vehicle and FASTags being issued without KYC in violation of RBI’s mandate.
The ‘One Vehicle, One FASTag’ initiative will help to make toll operations more efficient and ensure seamless & comfortable journeys for the National Highway users.
About FASTag
FASTag is a device that uses Radio Frequency Identification (RFID) technology to enable toll payments while the vehicle is in motion.
It is essentially an RFID passive tag on the vehicle’s windscreen linked to a customer’s prepaid or savings/current account.
It allows customers to drive through toll plazas without stopping for toll payments.
The toll fee is deducted from the customer’s linked account.
It is also vehicle specific and once it is affixed to a vehicle, it cannot be transferred to another vehicle.
The Department for Promotion of Industry and Internal Trade (DPIIT)State’s Startup Ranking 2022
The Department for Promotion of Industry and Internal Trade (DPIIT) released the State’s Startup Ranking Framework 2022 report. Gujarat, Kerala, Karnataka, and Tamil Nadu emerged as the best-performing states in the Startup Ranking for 2022.
Categories and Participation
A total of 33 states and union territories actively participated in the evaluation, categorized under five distinct groups – best performers, top performers, leaders, aspiring leaders, and emerging startup ecosystems. The rankings serve as a testament to the varied and evolving nature of the startup ecosystem in different regions of the country.
About State’s Startup Ranking Framework 2022 report
Category A States (Population more than 1 crore)
Best performing states: Gujarat, Karnataka and Kerala
Top performing states: Punjab, Rajasthan, Telangana, Orissa and Maharashtra
Leading states: Uttar Pradesh, Uttarakhand, Madhya Pradesh, Assam and Andhra Pradesh
States with Ambitious Leadership: Bihar and Haryana
States developing emerging startup ecosystems: Chhattisgarh, Delhi, and Jammu and Kashmir
Category B States (Population less than 1 crore)
Best performer: Himachal Pradesh
Top Performer: Arunachal Pradesh Meghalaya
Leader: Goa, Manipur and Tripura
Aspiring leader: Andaman and Nicobar Islands and Nagaland
Emerging Ecosystems: Chandigarh, Dadra and Nagar Haveli, and Daman and Diu, Ladakh Mizoram, Puducherry and Sikkim
MeitY Secretary Launches India’s First Graphene Centre and IoT CoE in Kerala
Ministry of Electronics and Information Technology (MeitY), Secretary S Krishnan inaugurated the India Innovation Centre for Graphene (IICG) and a Centre of Excellence (CoE) in Intelligent Internet of Things (IIoT) Sensors in Kerala.
About India Innovation Centre for Graphene (IICG): India’s first Graphene Center
Digital University Kerala (DUK) (formerly IIITMK) and Centre for Materials for Electronics Technology (CMET)-Thrissur are the technical partners for setting up these centers at Makers Village Kochi.
The complete full-fledged facility for R&D, incubation, innovation, skilling, capacity building, testing & certification shall be established at these centers by the experts of these agencies.
The creation of a complete eco-system for start-ups in the area of IoT Sensors and Graphene & 2D Materials are the main objectives for setting up these centers in the country.
The complete solution with material to product/system development shall be provided at these centers in the respective areas.
Indian Army Develops Encrypted Mobile Ecosystem “SAMBHAV”
Indian Army develops end-to-end encrypted mobile ecosystem SAMBHAV (Secure Army Mobile Bharat Version). SAMBHAV’ has been developed in collaboration with leading national centers of excellence from academia and industry.
About SAMBHAV (Secure Army Mobile Bharat Version)
SAMBHAV is an end-to-end secure mobile ecosystem developed by the Indian Army.
It operates on 5G technology and aims to provide secure communication and instant connectivity.
It aims to address the information security challenges faced by the Indian Army.
Command Cyber Operations Support Wings enhance cyber capabilities at operational and tactical levels.
SAMBHAV addresses the vulnerability of mobile networks to eavesdropping, offering end-to-end security.
Command Cyber Operations Support Wing (CCOSW)
The Command Cyber Operations Support Wing (CCOSW) is being established which increases cyber security capability.
The CCOSWs are specialized units of the Indian Army that assist formations in carrying out mandated cyber security functions.
According to a report, six CCOSWs are being established for all commands. Additionally, specialized training will be provided to personnel involved in this initiative.
Assam Finance Minister, Ms. Ajanta Neog presented the state’s ₹774.47 cr deficit annual Budget for the financial year 2024-25 on February 12, 2024. With no new taxes proposed, Neog mentioned that the total budget for the coming financial year will be ₹2.9 lakh crore.
Budget estimates for 2024-25 show receipt of ₹143,605.56 crore under consolidated fund of the state. With receipt of ₹144,550.08 crore under public account and ₹2,000 crore from contingency fund, the aggregate receipts amount to ₹290,155.65 crore. The minister mentioned that total expenditure from the consolidated fund in 2024-25 is estimated at ₹143,890.62 crore.
Important Policies/Yojana announced in Assam Budget 2024-25
Punya Tirtha Yojana: Among the budget’s key highlights was the announcement of Punya Tirtha Yojana scheme to send 25,000 pilgrims to visit the Ram Mandir at Ayodhya, with an earmarked budget of ₹25 crore.
Mukhya Mantri Nijut Moina: The government will support 10 lakh girls with financial grants as admission incentives for their higher education. Each girl student who joins class 11 will receive One-time incentives of ₹10,000 and those joining first year of graduation will be given ₹12,500. One-time incentives of Rs 15,000 will be paid to 10 lakh girl students for joining post-graduation (first year). This will be available for students taking admission in government colleges and institutions. A total outlay of ₹240 crore has been allocated for this in the budget. Aimed at eliminating child marriages, the incentive is only for unmarried girls who study in any government-run educational institution.
Mukhya Mantri Mahila Udyamita Abhiyaan: A minimum amount of Rs 47,500 will be provided to each woman member of self-help groups in rural and urban areas. This will be provided by a combination of grant, subsidy, and loan.
Mukhya Mantri Awaas Yojana (Gramin): 13,000 houses each will be allocated to eligible beneficiaries from tea garden communities and poorest of poor beneficiaries who were not included under the socio-economic caste census.
Rooftop solar: All new private and public buildings constructed in Assam will have to mandatorily install rooftop solar facility.
Farm mechanisation: The state government will distribute power tillers, tractors, threshers, and other farm equipment to support agricultural activities.
Social Equity in Government Recruitment: To bring social equity in Govt recruitment for all grade III and grade IV posts without compromising the quality of selection, from the 2024-25 fiscal, the government will provide 5% weightage in total marks to job applicants from families without any member in government service.
Safeguard for iconic sites: Budget proposals included bringing in legislation to ensure that the land surrounding “iconic and heritage locations” in Barpeta, Batadrava, Majuli, and Narayanpur is transferred only to indigenous persons or institutions. The move is to “safeguard the cultural significance” of these places.
Mukhya Mantri Sangrahalaya: The government has also decided to set up ‘Mukhya Mantri Sangrahalaya’ in Guwahati to document the legacies of all former Chief Ministers of the State.
ASHTADASH MUKUTOR UNNOYONEE MAALA:
Flagship Schemes 2024-25
Mukhya Mantri Nijut Moina (MMNM)
Mukhya Mantri Mahila Udyamita Abhiyaan
Orunodoi 2.0 – Expanding and More Inclusive
Assam Micro Finance Incentive and Relief Scheme – Category III
Chief Minister’s Atmanirbhar Assam Abhijan
One Lakh Plus Jobs
Projects for Amrit Kaal
Creating Growth Corridors
Mukhya Mantri Awaas Yojana (Gramin)
Innovative integration of wetlands with River Brahmaputra
Green Growth for Greener Assam
Welfare of Tea Tribe Community
Quest for Cultural Identity
Punya Tirth Yojana – Ayodhya Pilgrimage
Future for Children
Khel Maharan and Youth Clubs in 126 LACs
Global Investors’ Summit in November, 2024
Mukhya Mantri Sangrahalaya
Major Announcements for FY 2024-25
Reservation for Agniveers in Assam Police
Self-sufficiency in egg, milk and fish production
Promotion of small tea growers
Start-up Mission
Setting up of Training Centre at Padmashree Hemaprova Chutia’s residence
PM Vishwakarma Yojana
Farm Mechanization
Rooftop solarisation
Climate Action
Amrit-Guwahati Integrated Global City (Amrit-GiG City)
Ayushman Asom : A comprehensive healthcare initiative
Comprehensive School health Programme under Chief Minister’s Ayushman Asom
Village and Community Outreach Programme for MBBS Students in Assam under Chief Minister’s Ayushman Asom
Championing Digital Transformation & Artificial Intelligence
Gyan-Dhara – Integrating virtual reality technology with for experiential learning
Third Assam Bhawan in New Delhi
Standing with our employees – Apun Ghar, Apun Bahan
Supporting the Employees of Different Societies (Ex-Gratia)
Jeevika Sakhi Express
Monthly remuneration to honorary Gaon Pradhans in the Forest areas
Expenditures & Receipts of Govt of Assam
Expenditure (excluding debt repayment) in 2024-25 is estimated to be Rs 1,36,699 crore, a decrease of 9% from the revised estimates of 2023-24. In addition, debt of Rs 7,192 crore will be repaid by the state.
Receipts (excluding borrowings) for 2024-25 are estimated to be Rs 1,14,165 crore, a decrease of 5% as compared to the revised estimate of 2023-24.
Revenue surplus in 2024-25 is estimated to be 0.3% of GSDP (Rs 1,852 crore), as compared to a revenue deficit of 0.2% of GSDP (Rs 1,396 crore) at the revised estimate stage in 2023-24. Assam had budgeted a revenue surplus of 0.5% of GSDP in 2023-24.
Fiscal deficit for 2024-25 is targeted at 3.5% of GSDP (Rs 22,534 crore). In 2023-24, as per the revised estimates, fiscal deficit is expected to be 5.2% of GSDP.
Receipts in 2024-25
Total revenue receipts for 2024-25 are estimated to be Rs 1,11,944 crore. Of this, Rs 43,020 crore (38%) will be raised by the state through its own resources, and Rs 68,924 crore (62%) will come from the centre. Resources from the centre will be in the form of state’s share in central taxes (36% of revenue receipts) and grants (26% of revenue receipts).
Devolution: In 2024-25, state’s share in central taxes is estimated at Rs 40,000 crore.
Grants from the centre in 2024-25 are estimated at Rs 28,924 crore.
Assam’s own tax revenue
Assam’s total own tax revenue is estimated to be Rs 34,148 crore in 2024-25, an increase of 13% over the revised estimate of 2023-24. Own tax revenue as a percentage of GSDP is estimated at 5.3% in 2024-25, same as the revised estimates for 2023-24. As per the actual figures for 2022-23, own tax revenue as a percentage of GSDP was 5%.
In 2024-25, State GST is estimated to be the largest source of own tax revenue (50% share).
Assam’s expenditure on key sectors
Education: Assam has allocated 17% of its expenditure on education in 2024-25. This is higher than the average allocation for education by states in 2023-24 (14.7%).
Health: Assam has allocated 6.1% of its total expenditure towards health, which is broadly similar to the average allocation for health by states (6.2%).
Rural development: Assam has allocated 3.7% of its expenditure on rural development. This is lower than the average allocation for rural development by states (5%).
Roads and bridges: Assam has allocated 7% of its expenditure towards roads and bridges. This is higher than the average allocation towards roads and bridges by states (4.6%).
Agriculture: Assam has allocated 4.5% of its total expenditure towards agriculture. This is lower than the average expenditure on agriculture by states (5.9%).
Irrigation: Assam has allocated 2.8% of its total expenditure towards irrigation, which is lower than the average allocation by states (3.4%).
Deficits, Debt, and FRBM Targets for 2024-25
The Assam Fiscal Responsibility and Budget Management Act, 2005 provides annual targets to progressively reduce the outstanding debt, revenue deficit and fiscal deficit of the state government.
Revenue balance: It is the difference of revenue expenditure and revenue receipts. A revenue deficit implies that the government needs to borrow to finance those expenses which do not increase its assets or reduces its liabilities. The budget estimates a revenue surplus of Rs 1,852 crore (or 0.3% of the GSDP) in 2024-25.
Fiscal deficit: It is the excess of total expenditure over total receipts. This gap is filled by borrowings by the government and leads to an increase in total liabilities. In 2024-25, the fiscal deficit is estimated to be 3.5% of GSDP. For 2024-25, the central government has permitted fiscal deficit of up to 3.5% of GSDP to states, of which 0.5% of GSDP will be available upon carrying out certain power sector reforms. As per the revised estimates, in 2023-24, the fiscal deficit of the state is expected to be 5.2% of GSDP. This is higher than the budget estimate of 3.7% of GSDP. Fiscal deficit is projected to be lowered to 1.4% of GSDP by 2029-30.
Outstanding debt: Outstanding debt is the accumulation of total borrowings at the end of a financial year. At the end of 2024-25, the outstanding debt is estimated to be 25.2% of GSDP, higher than the budget estimate for 2023-24 (24.4% of GSDP).
Outstanding Government Guarantees: Outstanding debt of states do not include a few other liabilities that are contingent in nature, which states may have to honour in certain cases. State governments guarantee the borrowings of State Public Sector Enterprises (SPSEs) from financial institutions. As of March 31, 2023, the state’s outstanding guarantee is estimated to be Rs 1,167 crore, which is 0.2% of Assam’s GSDP in 2022-23.
GREEN BUDGETING
Green Budgeting is a Public Finance Management (PFM) tool to enable evidence and output based budgeting towards achieving climate and sustainability targets allowing for effi cient resource allocation towards Climate Change mitigation, adaptation, and environment sustainability.
A Green Budget contributes to achieving various Sustainable Development Goals (SDGs), such as SDG 13 (Climate Action), SDG 11 (Sustainable Cities and Communities), SDG 7 (Aff ordable and Clean Energy), and other SDGs, fostering a more sustainable and resilient future in line with the United Nations’ Sustainable Development Goals (SDGs) and India’s Nationally Determined Contributions (NDCs) under the Paris Agreement and other national and state commitments. Green Budget share is 10.02% of total budget of 18 key departments amounting to Rs. 4636 Crore in FY 2024-25.
Highlights of Assam Economy 2024
The Gross State Domestic Product (GSDP) of Assam for 2024-25 (at current prices) is projected to be Rs. 6,43,089 crore, amounting to growth of 13% over 2023-24.
In 2022-23, Assam’s GSDP (at constant prices) is estimated to grow by 10.2% over the previous year. In comparison, India’s GDP is estimated to grow by 7.2% in 2022-23.
Sectors contribution: In 2022-23, agriculture, manufacturing, and services sectors are estimated to contribute 35%, 19%, and 45% of Assam’s economy, respectively (at current prices).
Per capita GSDP: In 2022-23, Assam’s per capita GSDP (at current prices) is estimated to be Rs 1,36,819, an increase of 17% over 2021-22. In 2022-23, India’s per capita GDP is estimated to increase by 15% over 2021-22 to Rs 1,96,983.
Highlights of Interim Union Budget 2024-25 – Analysis & Important points for APSC Exam
On February 01, 2024, Union Finance Minister Nirmala Sitharaman presented the Interim Union Budget for the financial year 2024-25 in the Parliament, with the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the whole of nation approach of “Sabka Prayas”. This was the sixth budget presented by the current FM and the last one of Prime Minister Narendra Modi-led government’s second term. The full budget will be presented in July 2024, after the new government is formed post the Lok Sabha Elections.
Finance Minister confirmed the continuation of existing rates for direct taxes, indirect taxes, and export duties. She also disclosed an 11% surge in the upcoming year’s capex outlay, reaching ₹11.1 lakh crore. During the fiscal year’s federal budget announcement, the fiscal gap revised to 5.8% of the gross domestic product. Nominal GDP growth for FY25 is projected at 10.5%.
Highlights & Important Point of Interim Union Budget 2024-25
~ PART- A ~
Social Justice
To focus on upliftment of four major castes, that is, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’(Farmer).
Govt to form high-powered panel to address population growth challenges and demographic changes.
‘Garib Kalyan, Desh ka Kalyan’
Government assisted 25 crore people out of multi-dimensional poverty in last 10 years.
DBT of Rs. 34 lakh crore using PM-Jan Dhan accounts led to savings of Rs. 2.7 lakh crore for the Government.
PM-SVANidhi provided credit assistance to 78 lakh street vendors. 2.3 lakh have received credit for the third time.
PM-JANMAN Yojana to aid the development of particularly vulnerable tribal groups (PVTG).
PM-Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades.
Welfare of ‘Annadata’
PM-KISAN SAMMAN Yojana provided financial assistance to 11.8 crore farmers.
Under PM Fasal BimaYojana, crop insurance is given to 4 crore farmers
Electronic National Agriculture Market (e-NAM) integrated 1361 mandis, providing services to 1.8 crore farmers with trading volume of Rs. 3 lakh crore.
Momentum for Nari Shakti
30 crore Mudra Yojana loans given to women entrepreneurs.
Female enrolment in higher education gone up by 28%.
In STEM courses, girls and women constitute 43% of enrolment, one of the highest in the world.
Over 70% houses under PM Awas Yojana given to women from rural areas.
PM Awas Yojana (Grameen)
Despite COVID challenges, the target of three crore houses under PM Awas Yojana (Grameen) will be achieved soon.
Two crore more houses to be taken up in the next five years.
A scheme to help middle class living in rented houses to buy or build their own houses will be launched
Rooftop solarization and muft bijli
1 crore households to obtain 300 units free electricity every month through rooftop solarization. Each household is expected to save Rs.15000 to Rs.18000 annually.
Ayushman Bharat
Healthcare cover under Ayushman Bharat scheme to be extended to all ASHA workers, Anganwadi Workers and Helpers.
Agriculture and food processing
Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment.
Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60000 individuals with credit linkages.
Research and Innovation for catalyzing growth, employment and development
A corpus of Rs.1 lakh crore to be established with fifty-year interest free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates.
A new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.
Infrastructure
Capital expenditure outlay for Infrastructure development and employment generation to be increased by 11.1 per cent to Rs.11,11,111 crore, that will be 3.4 per cent of the GDP.
Railways
3 major economic railway corridor programmes identified under the PM Gati Shakti to be implemented to improve logistics efficiency and reduce cost
Energy, mineral and cement corridors
Port connectivity corridors
High traffic density corridors
Forty thousand normal rail bogies to be converted to Vande Bharat standards.
Aviation Sector
Number of airports in the country doubled to 149.
Five hundred and seventeen new routes are carrying 1.3 crore passengers.
Indian carriers have placed orders for over 1000 new aircrafts.
Green Energy
Coal gasification and liquefaction capacity of 100 MT to be set up by 2030.
Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes to be mandated.
Tourism sector
States to be encouraged to take up comprehensive development of iconic tourist centres including their branding and marketing at global scale.
Framework for rating of the tourist centres based on quality of facilities and services to be established.
Long-term interest free loans to be provided to States for financing such development on matching basis.
Investments
FDI inflow during 2014-23 of USD 596 billion was twice of the inflow during 2005-14.
Reforms in the States for ‘Viksit Bharat’
A provision of Rs.75,000 crore rupees as fifty-year interest free loan is proposed to support milestone-linked reforms by the State Governments.
Budget Estimates 2024-25
Total receipts other than borrowings and the total expenditure are estimated at Rs.30.80 and Rs.47.66 lakh crore respectively.
Tax receipts are estimated at Rs.26.02 lakh crore.
Scheme of fifty-year interest free loan for capital expenditure to states to be continued this year with total outlay of Rs.1.3 lakh crore.
Fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP
Revised Estimates (RE) 2023-24
RE of the total receipts other than borrowings is Rs.27.56 lakh crore, of which the tax receipts are Rs.23.24 lakh crore.
RE of the total expenditure is Rs.44.90 lakh crore.
Revenue receipts at Rs.30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy.
RE of the fiscal deficit is 5.8 per cent of GDP for 2023-24.
~ PART- B ~
Direct taxes
FM proposes to retain same tax rates for direct taxes
Direct tax collection tripled, return filers increased to 2.4 times, in the last 10 years
Government to improve tax payer services
Outstanding direct tax demands upto Rs 25000 pertaining to the period upto FY 2009-10 withdrawn
Outstanding direct tax demands upto Rs 10000 for financial years 2010-11 to 2014-15 withdrawn
This will benefit one crore tax payers
Tax exemption on certain income of IFSC units extended by a year to 31.03.2025 from 31.03.2024
Direct tax collection target set at ₹21.99-lakh crore, while that of indirect tax is at ₹16.22-lakh crore.
Indirect taxes
FM proposes to retain same tax rates for indirect taxes and import duties
GST unified the highly fragmented indirect tax regime in India
Average monthly gross GST collection doubled to Rs 1.66 lakh crore this year, while GST tax base has doubled
State SGST revenue buoyancy (including compensation released to states) increased to 1.22 in post-GST period(2017-18 to 2022-23) from 0.72 in the pre-GST period (2012-13 to 2015-16)
GST led to supply chain optimization and reduced the compliance burden on trade and industry. Lower logistics cost and taxes helped reduce prices of goods and services, benefiting the consumers
Tax rationalization efforts over the years
No tax liability for income upto Rs 7 lakh, up from Rs 2.2 lakh in FY 2013-14
Presumptive taxation threshold for retail businesses increased to Rs 3 crore from Rs 2 crore
Presumptive taxation threshold for professionals increased to Rs 75 lakh from Rs 50 lakh
Corporate income tax decreased to 22% from 30% for existing domestic companies
Corporate income tax rate at 15% for new manufacturing companies
Tax benefits to start-ups and investments made by sovereign wealth or pension funds extended by 1 year till March 31, 2025
Tribal Cooperative Marketing Development Federation of India Limited (TRIFED) was established in August 1987.
It is a national-level apex organization functioning under the administrative control of the Ministry of Tribal Affairs.
It is headquartered in New Delhi.
The objectives of TRIFED are
Socio-economic development of tribal people in the country.
To institutionalize trade of Minor Forest Produce (MFP) and Surplus Agriculture Produce (SAP) collected or cultivated by tribals as they are heavily dependent on these natural products for their livelihood.
To empower tribal people with knowledge, tools and pool of information so that they can undertake their operations in a more systematic and scientific manner.
In 2021, the Tribal Cooperative Marketing Development Federation of India (TRIFED), under the Ministry of Tribal Affairs, launched “Sankalp se Siddhi” – Village and Digital Connect Drive. The main aim of the drive is to activate the Van Dhan Vikas Kendras located in tribal villages.
It also organizes exhibitions like the National Tribal Craft Expo called “Aadi Mahotsav” etc. to promote and market tribal products.
On February 21, 2023, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023, which has provided much higher outlays for the Ministry of Development of North Eastern Region (MDoNER) during the Financial Year 2023-24.
With the objective of seeking a significant impact in the North Eastern Region (NER), emphasis has been laid on enhancing capital expenditure in the NE Region. By way of devolution Northeast India will get Rs 78,500 Crore. For flagship schemes the budget has allocated Rs 5000 Crore more this year.
Enhanced outlays are provided towards supporting the initiatives with special focus for the ST and SC communities; and the livelihoods of the women and the youth in NE Region.
There have been significant increases in the MDoNER Scheme-wise outlays also, that will increase the impact in infrastructure, social-development and livelihood sectors in the NER.
The quantum of funds to be earmarked by the various Central Ministries / Departments in the NER as per the 10% Gross Budgetary Support (GBS) stipulations have also been significantly enhanced.
Some of the major ongoing infrastructure projects in NER such as Capital Connectivity Roads and Rail-Lines, Air Connectivity, Power, Telecom, Petroleum & Natural Gas etc. are financed under 10% GBS.
Some of the announcements related to the Ministry of Development of North Eastern Region (DoNER) are:
There is a step-jump in the budget outlay for the MDoNER during the Financial Year 2023-24. The total B.E. 2023-2024 allocation is Rs. 5892.00 crore; well over twice (~114% higher than) the RE 2022-23 allocation of Rs. 2755.05 crore.
Out of this, Rs 4093.25 crore (~70%) is provided for Capital expenditure. In addition, Rs. 1,324.03 crore further from within the amount of Rs. 1,798.75 crore provided for Revenue Expenditure is as grants for creation of capital assets.
This is tantamount to provisioning of Rs. 5,417.28 crore (~92%) out of Rs. 5,892.00 crores as B.E. 2023-24 outlay for MDoNER towards expenditure of capital nature.
The total B.E. 2023-2024 allocation for the infrastructure targeted North East Special Infrastructure Development (NESID) Scheme is Rs. 2,491.00 crore; well over (~67% higher than) the RE 2022-23 allocation of Rs. 1,493.30 crore.
The total B.E. 2023-2024 allocation for the infrastructure, social development and livelihoods targeted Prime Ministers Development Initiative for North-East (PMDevINE) Scheme is Rs. 2,200.00 crore; four and a half times the RE 2022-23 allocation of Rs. 400.00 crore. PM-DevINE was announced in the union budget to address developmental gaps in the northeastern region.
The total B.E. 2023-2024 allocation for the overall wholistic development, social infrastructure and social development targeted Schemes of North Eastern Council (NEC) is Rs. 800.00 crore ; (~20% higher than) the RE 2022-23 allocation of Rs. 666.87 crore.
As per Expenditure Profile of Union Budget 2023-24 Statement-11, the 10% GBS share for the NER comes to Rs. 94,679.53 (~31% higher than) the RE 2022-23 allocation of Rs. 72.540.28 crore under 10% GBS share of the 55 non-exempt Ministries / Departments.
The allocation for Tribal Sub Plan (TSP) out of the B.E. outlay for 2023-24 has been enhanced to Rs. 1690.00 crore or over twice (~101% higher than) the RE 2022-23 allocation of Rs. 839.95 crore for TSP.
The allocation for Scheduled Caste Sub Plan (SCSP) out of the B.E. outlay for 2023-24 has been enhanced to Rs. 488.00 crore or nearly one and a half times (~48% higher than) the RE 2022-23 allocation of Rs. 330.54 crore for SCSP.
In comparison to the actual expenditure of Rs. 24,819.18 crore in 2014-15, the B.E. 2023-24 provision for 10% GBS shows an increase of Rs. 71,860.35 crore ; nearly thrice ( ~281% higher than) the actual expenditure in 2014-15.
In aggregate, a total of Rs. 3,37,000 crore was spent in the period from 2014-15 to 2021-22. Together with the anticipated expenditures of Rs. 72,540.28 crore in 2022-23 and Rs. 94,679.53 crore in 2023-24, the aggregate expenditure in NER under the 10% GBS stipulation is likely to reach Rs. 5,00,000 crore in the decade from 2014-15 to 2023-24.
For the first time an amount of Rs 1.20 lakh crore has been earmarked for connecting the hilly and border areas of the region.
Funds for Railway Development in Assam & North East States
Adequate fund has been allotted for the overall development of railway infrastructure in all Northeastern states. Union Budget 2023 has allocated 19 projects of Rs. 75,795 crore for the Railways in Assam and NorthEast. 19 projects covering 2,008 Km is are currently in process at Assam and other Northeastern regions.
Under Amrit Bharat Station Scheme, 59 stations in the North East will be developed with world-class amenities/facilities. The list of stations that will be benefited under the scheme are: Naharalagun (Itanagar), Amguri, Arunachal, Chaparmukh, DhemajiDhubriDibrugarh, Diphu, Duliajan, Fakiragram Jn., Gauripur, Gohpur, Golaghat, Gosaigaon hat. Haibargaon, Harmuti, HojaiJagiroad, Jorhat Town, Kamakhya. Kokrajhar, Lanka, Ledo, Lumding, Majbat, MakumJn, Margherita, Mariani, Murkongsolek, Naharkatia, Nalbari. Namrup, Narangi, New Bongaigaon, New Haflong, New Karimganj, New Tinsukia, North Lakhimpur, Pathshala, Rangapara North, RangiyaJn, SarupatharSilapathar, Silchar, Simalguri, Sivasagar Town, Tangla, Tinsukia, Udalguri, ViswanathChariali, Imphal, Sairang (Aizawl), Dimapur, Rangpo, Agartala, Dharmanagar, Kumarghat, Udaypur.
15 stations each in all divisions of NFR to be developed under Amrit Bharat Station Scheme.
The Union Budget 2023-24 has earmarked Rs 10,988.80 crore for the development of railways in the North East. It is 13.75 per cent more than the previous year’s allotment (Rs 9,660.14 crore).
Total railway infrastructure projects of Rs 75,795 crore are going on in the entire Northeastern region. An adequate allocation has been made for the early execution of all the ongoing works. Around Rs 1,100 crore has been allocated for Dimapur-Kohima new line projects while Rs 800 crore is earmarked for the execution of the Jiribam-Imphal new line projects.
Other capital connectivity projects in the Northeastern states such as Sivok – Rangpo new line projects in Sikkim gets Rs 2,350 crore while Rs 915 crore has been allocated for Bairabi-Sairang new line projects in Mizoram.
Among other new line projects, Rs 200 crore for Agartala-Akhaura international connectivity project between India and Bangladesh and around Rs 700 crore is allocated for Araria – Galgalia project.
Rs 600 crore for New Bongaigaon – Rangiya-Kamakhya and Rs 500 crore for New Bongaigaon-Goalpara-Kamakhya has been allocated for speedy execution of the ongoing track doubling works, he also said.
Moreover, Rs 115 crore has been allocated for the doubling works between Katihar-Kumedpur and Katihar-Mukuria sections to further improve train connectivity to and from Northeast.
Agthori station near Guwahati will be redeveloped with world-class facilities for Rs 517 crore.
Acknowledgment
Assam Chief Minister Himanta Biswa Sarma “Assam Govt will be richer by Rs 10,000 Crore following the Union budget 2023-24. CM Sarma said, “We have calculated and Assam will be richer by Rs 10,000 following the budget. This part only relates to untied fund. Once we calculate the money from the schemes it will be much more.”
While grant of Panchayats is increased by 15 percent grant of town committees is increased by 61 percent. “SDRF grant is increased by 5 percent and Central sector allocation is enhanced by 5 percent. The interest free loan amount of Assam is increased to Rs 6000 Crore.”
Assam will get an additional Rs 6400 crore of untied funds from the budget than the previous year. From some Rs 25,000 crore annually, this budget has allocated Rs 31, 950 Crore for Assam which is a hike of Rs 6,400 Crore. That means that now the state government will get around Rs 550 Crore more from the Centre monthly.”
Currently, the state government receives around Rs 18,000 Crore monthly from the Centre as untied funds which the state government can utilize at its own will.
Federation of Industry and Commerce of North Eastern Region (FINER) has hailed the Budget 2023, welcoming the budget, Bajrang Lohia said that the Finance Minister presented a citizen-centric, growth-oriented budget, which clearly sets the priorities going ahead, aiming at a stable tax regime. The budget focuses on the youth, women, and disadvantaged in general, and strives for enabling opportunities among the people.
The announcement of laying Rs.2491 crore for the North East Special Infrastructure Development Scheme is a huge relief to the industry fraternity of the region. Under the scheme, 100 percent centrally funding is provided to the State governments of North Eastern Region for the projects of physical infrastructure relating to water supply, power and connectivity enhancing tourism and social infrastructure relating to primary and secondary sectors of education and health.
Highlights of Union Budget 2023-24 – Analysis & Important points for APSC Exam
On February 1, 2023, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in the last full-fledged Budget before the general elections next year. She said that the Indian economy is on the right path and heading towards a bright future. In a big boost for taxpayers and economy, Union Finance Minister announced major changes in tax slabs under the new tax regime and big hike in allocation for railways and capital expenditure.
Seven priorities of the budget ‘Saptarishi’ are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
Atmanirbhar Clean Plant Program with an outlay of ₹2200 crore to be launched to boost availability of disease-free, quality planting material for high value horticultural crops.
157 new nursing colleges to be established in co-location with the existing 157 medical colleges established since 2014.
Centre to recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students over the next three years.
Outlay for PM Awas Yojana is being enhanced by 66% to over Rs. 79,000 crore.
Capital outlay of Rs. 2.40 lakh crore has been provided for the Railways, which is the highest ever outlay and about nine times the outlay made in 2013-14.
Urban Infrastructure Development Fund (UIDF) will be established through use of priority Sector Lending shortfall, which 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.
Entity DigiLocker to be setup for use by MSMEs, large business and charitable trusts to store and share documents online securely.
100 labs to be setup for 5G services based application development to realize a new range of opportunities, business models, and employment potential.
500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme to be established for promoting circular economy at total investment of Rs 10,000 crore. 5 per cent compressed biogas mandate to be introduced for all organizations marketing natural and bio gas.
Centre to facilitate one crore farmers to adopt natural farming over the next three years. For this, 10,000 Bio-Input Resource Centres to be set-up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.
Agriculture Accelerator Fund to be set-up to encourage agri-startups by young entrepreneurs in rural areas.
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.
₹20 lakh crore agricultural credit targeted at animal husbandry, dairy and fisheries.
A new sub-scheme of PM Matsya Sampada Yojana with targeted investment of ₹6,000 crore to be launched to further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies, and expand the market.
Digital public infrastructure for agriculture to be built as an open source, open standard and interoperable public good to enable inclusive farmer centric solutions and support for growth of agri-tech industry and start-ups.
Computerisation of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of ₹2,516 crore initiated.
Massive decentralised storage capacity to be set up to help farmers store their produce and realize remunerative prices through sale at appropriate times.
“PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” (PM-PRANAM) to be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.
‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes’, MISHTI, to be taken up for mangrove plantation along the coastline and on salt pan lands, through convergence between MGNREGS, CAMPA Fund and other sources.
Education & Skill Development
Pradhan Mantri Kaushal Vikas Yojana 4.0, to be launched to skill lakhs of youth within the next three years covering new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.
30 Skill India International Centres to be set up across different States to skill youth for international opportunities.
10 lakh crore capital investment, a steep increase of 33% for third year in a row, to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.
District Institutes of Education and Training to be developed as vibrant institutes of excellence for Teachers’ Training.
A National Digital Library for Children and Adolescents to be set-up for facilitating availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility.
iGOT Karmayogi, an integrated online training platform, launched to provide continuous learning opportunities for lakhs of government employees to upgrade their skills and facilitate people-centric approach.
A unified Skill India Digital platform to be launched for enabling demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes.
Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme to be rolled out to provide stipend support to 47 lakh youth in three years.
Industries
Revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through infusion of Rs 9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1 percent.
Central Processing Centre to be setup for faster response to companies through centralized handling of various forms filed with field offices under the Companies Act.
Financial Sector
The maximum deposit limit for Senior Citizen Savings Scheme to be enhanced from Rs 15 lakh to Rs 30 lakh.
National Financial Information Registry to be set up to serve as the central repository of financial and ancillary information for facilitating efficient flow of credit, promoting financial inclusion, and fostering financial stability. A new legislative framework to be designed in consultation with RBI to govern this credit public infrastructure.
Financial sector regulators to carry out a comprehensive review of existing regulations in consultation with public and regulated entities. Time limits to decide the applications under various regulations would also be laid down.
To enhance business activities in GIFT IFSC, the following measures to 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 bank.
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
Recognizing offshore derivative instruments as valid contracts.
Amendments proposed to the Banking Regulation Act, the Banking Companies Act and the Reserve of India Act to improve bank governance and enhance investors’ protection.
Countries looking for digital continuity solutions would be facilitated for setting up of their Data Embassies in GIFT IFSC.
SEBI to 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.
Integrated IT portal to be established to enable investors to easily reclaim the unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority.
To commemorate Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate to be launched. It will offer deposit facility upto Rs 2 lakh in the name of women or girls for tenure of 2 years (up to March 2025) at fixed interest rate of 7.5 per cent with partial withdrawal option.
The maximum deposit limit for Monthly Income Account Scheme to be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account.
The entire fifty-year interest free loan to states to be spent on capital expenditure within 2023-24. Part of the loan is conditional on States increasing actual Capital expenditure and parts of outlay will be linked to States undertaking specific loans.
Targeted Fiscal Deficit to be below 4.5% by 2025-26.
Fiscal Deficit of 3.5% of GSDP allowed for States of which 0.5% is tied to Power sector reforms.
Healthcare
Sickle Cell Anaemia elimination mission to be launched.
Research & Development
Joint public and Private Medical research to be encouraged via select ICMR labs for encouraging collaborative research and innovation. New Programme to promote research in Pharmaceuticals to be launched.
Aspirational Blocks Programme covering 500 blocks launched for saturation of essential government services across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure.
15,000 crore for implementation of Pradhan Mantri PVTG Development Mission over the next three years under the Development Action Plan for the Scheduled Tribes.
Three centres of excellence for Artificial Intelligence to be set-up in top educational institutions to realise the vision of “Make AI in India and Make AI work for India”.
National Data Governance Policy to be brought out to unleash innovation and research by start-ups and academia.
R & D grant for Lab Grown Diamonds (LGD) sector to encourage indigenous production of LGD seeds and machines and to reduce import dependency.
Infrastructure
Investment of Rs. 75,000 crore, including Rs. 15,000 crore from private sources, for one hundred critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors.
New Infrastructure Finance Secretariat established to enhance opportunities for private investment in infrastructure.
5,300 crore to be given as central assistance to Upper Bhadra Project to provide sustainable micro irrigation and filling up of surface tanks for drinking water.
Annual production of 5 MMT under Green Hydrogen Mission to be targeted by 2030 to facilitate transition of the economy to low carbon intensity and to reduce dependence on fossil fuel imports.
₹35000 crore outlay for energy security, energy transition and net zero objectives. Battery energy storage systems to be promoted to steer the economy on the sustainable development path.
20,700 crore outlay provided for renewable energy grid integration and evacuation from Ladakh.
Art & Culture
‘Bharat Shared Repository of Inscriptions’ to be set up in a digital epigraphy museum, with digitization of one lakh ancient inscriptions in the first stage.
Capital Expenditure / Investments
‘Effective Capital Expenditure’ of Centre to be Rs. 13.7 lakh crore.
Continuation of 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.
Encouragement to states and cities to undertake urban planning reforms and actions to transform our cities into ‘sustainable cities of tomorrow’.
Transition from manhole to machine-hole mode by enabling all cities and towns to undertake 100 percent mechanical desludging of septic tanks and sewers.
Governance
More than 39,000 compliances reduced and more than 3,400 legal provisions decriminalized to enhance Ease Of Doing Business.
Jan Vishwas Bill to amend 42 Central Acts have been introduced to further trust-based governance.
One stop solution for reconciliation and updation of identity and address of individuals to be established using DigiLocker service and Aadhaar as foundational identity.
PAN will be used as the common identifier for all digital systems of specified government agencies to bring in Ease of Doing Business.
95 per cent of the forfeited amount relating to bid or performance security, will be returned to MSME’s by government and government undertakings in cases the MSME’s failed to execute contracts during Covid period.
Result Based Financing to better allocate scarce resources for competing development needs.
Phase-3 of the E-Courts project to be launched with an outlay of Rs. 7,000 crore for efficient administration of justice.
Environment & Sustainability
Green Credit Programme to be notified under the Environment (Protection) Act to incentivize and mobilize additional resources for environmentally sustainable and responsive actions.
Amrit Dharohar scheme to be implemented over the next three years to encourage optimal use of wetlands, enhance bio-diversity, carbon stock, eco-tourism opportunities and income generation for local communities.
Tourism
At least 50 tourist destinations to be selected through challenge mode; to be developed as a complete package for domestic and foreign tourists.
Sector specific skilling and entrepreneurship development to be dovetailed to achieve the objectives of the ‘Dekho Apna Desh’
Tourism infrastructure and amenities to be facilitated in border villages through the Vibrant Villages Programme.
States to be encouraged to set up a Unity Mall for promotion and sale of their own and also all others states’ ODOPs (One District, One Product), GI products and handicrafts.
DIRECT TAXES
To further improve tax payer services, proposal to roll out a next-generation Common IT Return Form for tax payer convenience, along with plans to strengthen the grievance redressal mechanism.
Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs. 7 lakh to not pay any tax.
Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh. Change to provide major relief to all tax payers in the new regime.
Proposal to extend the benefit of standard deduction of Rs. 50,000 to salaried individual, and deduction from family pension up to Rs. 15,000, in the new tax regime.
Highest surcharge rate to reduce from 37 per cent to 25 per cent in the new tax regime. This to further result in reduction of the maximum personal income tax rate to 39 per cent.
The limit for tax exemption on leave encashment on retirement of non-government salaried employees to increase to Rs. 25 lakh.
The new income tax regime to be made the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime.
Enhanced limits for micro enterprises and certain professionals for availing the benefit of presumptive taxation Increased limit to apply only in case the amount or aggregate of the amounts received during the year, in cash, does not exceed five per cent of the total gross receipts/turnover.
Deduction for expenditure incurred on payments made to MSMEs to be allowed only when payment is actually made in order to support MSMEs in timely receipt of payments.
New co-operatives that commence manufacturing activities till 31.3.2024 to get the benefit of a lower tax rate of 15 percent, as presently available to new manufacturing companies.
Opportunity provided to sugar co-operatives to claim payments made to sugarcane farmers for the period prior to assessment year 2016-17 as expenditure. This expected to provide them a relief of almost Rs.10,000 crore.
Date of incorporation for income tax benefits to start-ups to be extended from 31.03.23 to 31.3.24.
Proposal to provide the benefit of carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years.
Deduction from capital gains on investment in residential house under sections 54 and 54F to be capped at Rs. 10 crore for better targeting of tax concessions and exemptions.
Proposal to limit income tax exemption from proceeds of insurance policies with very high value. Where aggregate of premium for life insurance policies (other than ULIP) issued on or after 1st April, 2023 is above Rs. 5 lakh, income from only those policies with aggregate premium up to Rs. 5 lakh shall be exempt.
Income of authorities, boards and commissions set up by statutes of the Union or State for the purpose of housing, development of cities, towns and villages, and regulating, or regulating and developing an activity or matter, proposed to be exempted from income tax.
Minimum threshold of Rs. 10,000/- for TDS to be removed and taxability relating to online gaming to be clarified. Proposal to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of the financial year.
Conversion of gold into electronic gold receipt and vice versa not to be treated as capital gain.
TDS rate to be reduced from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases.
Income from Market Linked Debentures to be taxed.
Deployment of about 100 Joint Commissioners for disposal of small appeals in order to reduce the pendency of appeals at Commissioner level.
Increased selectivity in taking up appeal cases for scrutiny of returns already received this year.
Period of tax benefits to funds relocating to IFSC, GIFT City extended till 31.03.2025.
Certain acts of omission of liquidators under section 276A of the Income Tax Act to be decriminalized with effect from 1st April, 2023.
Carry forward of losses on strategic disinvestment including that of IDBI Bank to be allowed.
Agniveer Fund to be provided EEE status. The payment received from the Agniveer Corpus Fund by the Agniveers enrolled in Agnipath Scheme, 2022 proposed to be exempt from taxes. Deduction in the computation of total income is proposed to be allowed to the Agniveer on the contribution made by him or the Central Government to his Seva Nidhi account.
INDIRECT TAXES
Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21.
Minor changes in the basic custom duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha.
Excise duty exempted on GST-paid compressed bio gas contained in blended compressed natural gas.
Customs Duty on specified capital goods/machinery for manufacture of lithium-ion cell for use in battery of electrically operated vehicle (EVs) extended to 31.03.2024
Customs duty exempted on vehicles, specified automobile parts/components, sub-systems and tyres when imported by notified testing agencies, for the purpose of testing and/ or certification, subject to conditions.
Customs duty on camera lens and its inputs/parts for use in manufacture of camera module of cellular mobile phone reduced to zero and concessional duty on lithium-ion cells for batteries extended for another year.
Basic customs duty reduced on parts of open cells of TV panels to 2.5 per cent.
Basic customs duty on electric kitchen chimney increased to 15 per cent from 7.5 per cent.
Basic customs duty on heat coil for manufacture of electric kitchen chimneys reduced to 15 per cent from 20 per cent.
Denatured ethyl alcohol used in chemical industry exempted from basic customs duty.
Basiccustoms duty reduced on acid grade fluorspar (containing by weight more than 97 per cent of calcium fluoride) to 2.5 per cent from 5 per cent.
Basic customs duty on crude glycerin for use in manufacture of epicholorhydrin reduced to 2.5 per cent from 7.5 per cent.
Duty reduced on key inputs for domestic manufacture of shrimp feed.
Basic customs duty reduced on seeds used in the manufacture of lab grown diamonds.
Duties on articles made from dore and bars of gold and platinum increased.
Import duty on silver dore, bars and articles increased.
Basic Customs Duty exemption on raw materials for manufacture of CRGO Steel, ferrous scrap and nickel cathode continued.
Concessional BCD of 2.5 per cent on copper scrap is continued.
Basic customs duty rate on compounded rubber increased to 25 per cent from 10 per cent or 30 per kg whichever is lower.
National Calamity Contingent Duty (NCCD) on specified cigarettes revised upwards by about 16 per cent.
Allocation to North Eastern Region
Doubled allocation for North East to Rs 5,892 crore for FY 2023-24. 110.43% hike from Rs 2,800 crore is in line with Indian Govt’s mission to develop NE region of India.
Allocation toward Prime Minister’s Dev Initiative for North East Region (PM-DevINE) has increased over five fold to Rs 2,200 crore.
There is a step-jump in the budget outlay for the MDoNER during the Financial Year 2023-24. The total B.E. 2023-2024 allocation is Rs. 5892.00 crore ; well over twice (~114% higher than) the RE 2022-23 allocation of Rs. 2755.05 crore.
Out of this outlay of Rs 5892.00 crore in BE 2023-24, Rs 4093.25 crore (~70%) is provided for Capital expenditure.
In addition, Rs. 1,324.03 crore further from within the amount of Rs. 1,798.75 crore provided for Revenue Expenditure is as grants for creation of capital assets.
This is tantamount to provisioning of Rs. 5,417.28 crore (~92%) out of Rs. 5,892.00 crores as B.E. 2023-24 outlay for MDoNER towards expenditure of capital nature.
The total B.E. 2023-2024 allocation for the infrastructure targeted North East Special Infrastructure Development (NESID) Scheme is Rs. 2,491.00 crore ; well over (~67% higher than) the RE 2022-23 allocation of Rs. 1,493.30 crore.
The total B.E. 2023-2024 allocation for the infrastructure, social development and livelihoods targeted Prime Ministers Development Initiative for North-East (PMDevINE) Scheme is Rs. 2,200.00 crore ; four and a half times the RE 2022-23 allocation of Rs. 400.00 crore.
The total B.E. 2023-2024 allocation for the overall wholistic development, social infrastructure and social development targeted Schemes of North Eastern Council (NEC) is Rs. 800.00 crore ; (~20% higher than) the RE 2022-23 allocation of Rs. 666.87 crore.
