Budget 2023 raises strong foundation of Modi's self-reliant India
By Team Newsable | First Published Feb 9, 2023, 11:56 AM ISTThe budget’s driving force reflects the efficient leadership and visionary leadership of Prime Minister Narendra Modi. This budget reflects our stable economy, young India's power and multicultural work ethic, says Tarun Chugh
Union Budget 2023-24 is a historic budget for India. The Budget paves the way for the progress of every sector and every class. It is the first budget of the golden age of independence that focuses on all-inclusive and aims to elevate the strong foundation of self-reliant India.
Under the able leadership of Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman, the budget furthers the mantra of 'Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas. In this Union Budget, while on the one hand, attention has been paid to the integrated welfare of all at the microeconomic level, on the other hand, arrangements have been made to emphasize upon the growth of the macro-economic level.
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Entering India's Amrit Kaal for the next 25 years, the four priorities on which development has been emphasized in the budget will lead to a self-reliant India as well as a strong and prosperous India.
This budget will benefit every section of society. The biggest grain storage has been planned. This is the centre of rural development, and digital payments will be seen in the agriculture sector as well. Apart from providing employment to a large population, this budget will boost the ease of living.
This first budget of Amrit Kaal is going to provide the basis for fulfilling the resolution of a self-reliant and developed India. The budget will fulfil the dreams of a society’s aspirations as it brings revolutionary proposals for farmers and the middle class. The deprived sections have been given priority in the budget.
The budget’s driving force reflects the efficient leadership and visionary leadership of Prime Minister Narendra Modi. This budget reflects our stable economy, young India's power and multicultural work ethic. This budget has brought rays of development to the last man, reflecting the government's vision. This budget is going to emphasize upon education, earning and well-being.
The new income tax exemption limit will benefit the middle class. Pensioners, family pensioners and people getting fixed salaries will get relief in standard deduction in the new system. In 2002, the income tax exemption limit for non-government salaried employees in leave encashment on retirement was fixed at three lakh rupees. At that time, the highest basic pay in the government was Rs.30,000. This limit is being increased to Rs 25 lakh. That is, there will be no tax on leave encashment up to Rs 25 lakh.
The number of startups in the agriculture sector will increase. The agricultural loan target will be increased to Rs 20 lakh crore. Agri startups will grow with the Agriculture Accelerator Fund. This will help the farmers, and they will be able to face the challenges easily. This will increase productivity. It will be between farmers, state and industry partners.
The Agriculture credit target has been increased to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries. In the next three years, one crore farmers will be encouraged to do natural farming. Ten thousand bio-input research centres will be established. For this, emphasis will be given to micro fertilizer.
A total of Rs 1,564 crore has been allocated in the Union Budget 2023-24 for Census 2021 and its related exercise. Census activities have been stalled for more than three years due to the Corona epidemic. The allocation for the census exercise is less than half the new amount compared to Rs 3,676 crore in last year's budget estimates. Thus every penny is being taken care of, and the budget will usher in a new era of development and make India a self-reliant nation.
The government has provided a capital outlay of Rs 2.40 lakh crore for the railway sector. This is nine times more than the budget for 2013-14. The capital business has increased with special emphasis on roads and highways, railways, housing and urban works. This will directly affect the economic development of the country. In the budget, the allocation of the central government's biggest housing scheme for the poor has been increased by 66 per cent.
The budget will create a strong foundation to fulfil the grand vision of a developed India. This budget gives priority to the underprivileged. This budget will fulfil the dreams of everyone in the village, from the poor section to farmers and the middle class. PM’s Vishwakarma Kaushal Samman will bring a big change in the lives of crores of Vishwakarma (workers). Traditionally in our country, one has to create something by working hard with own hands, tools and equipment. The budget has also announced an ambitious scheme to form new primary co-operatives.
After this budget, digital payments will be made available to the agriculture sector. Therefore, in this budget, we have come up with a very big plan for digital agriculture infrastructure. The drive for credit support and reforms for our industries has been taken forward. The middle class is a huge force in fulfilling the dreams of a prosperous and developed India.
The author is National General Secretary of the Bharatiya Janata Party
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