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UNION BUDGET 2023-24
Table of Contents
UNION BUDGET 2023-24 ........................................................................................................................ 4
PART A ..................................................................................................................................................... 9
PART B ................................................................................................................................................... 24
UNION BUDGET 2023-24 - Q&A ............................................................................................................ 33
UNION BUDGET 2023-24
93rd Union Budget 2023-24: Adopted 7 Priorities to Guide the Nation Towards
Amrit Kaal
What is the Budget?
It is an Annual Financial statement of the estimated receipts and expenditure of the

Government in a Financial Year (which begins on 1st April of the current year and ends
on 31st March of the following year).
The Union Budget 2023-24 was framed as per the foundation laid in the Budget 2022-
23, and the blueprint is drawn for India@100.
Being the first Budget in Amrit Kaal and India’s 3rd paperless budget, it replaced the
traditional ‘Bahi-Khata’ with a Made-in-India tablet wrapped in a red-coloured cover
with a national emblem emblazoned on it.
On February 1, 2023, the Budget session was held in Parliament under the
chairmanship of Lok Sabha Speaker Om Birla, in which the Union Finance Minister (FM)
Nirmala Sitharaman presented the 93rd Union Budget of India for 2023-2024.
It was the 5th and last full budget of the Narendra Modi-led National Democratic
Alliance (NDA) government’s second term (before the 2024 general elections). This was
also the 5th Budget presentation of Nirmala Sitharaman since 2019.
• Budget 2023 Halwa Ceremony was held and the finance minister stirs the
dessert and serves it to colleagues.The Halwa ceremony marks the
commencement of the Budget printing process.
G20 Presidency: Steering the global agenda through challenges
· G20 Presidency gives us a unique opportunity to strengthen India’s role in the

world economic order. With the theme of ‘Vasudhaiva Kutumbakam’, we are steering
an ambitious, people-centric agenda to address global challenges, and to facilitate
sustainable economic development.
India’s Fiscal Position:
i.In the 75th year of India’s Independence, the world recognised the Indian economy as
a ‘bright star’.
ii.Growth: The economic growth of India in FY23 is estimated to be at 7% and the

growth in FY24 is projected to be at 6 to 6.8%.
GDP: The government has estimated a nominal GDP growth rate of 10.5% in 2023-24
(i.e., real growth plus inflation).
iii.Fiscal Deficit: The fiscal deficit in Budget 2023-24 is projected to be 5.9% of GDP
(Gross Domestic Product) against the 6.4 % in the Revised Estimates (RE) for 2022-23.
• Deficits: Revenue deficit in 2023-24 is targeted at 2.9% of GDP, which is lower
than the revised estimate of 4.1% in 2022-23.
Receipts: The receipts (other than borrowings) in 2023-24 are expected to be to Rs 27,16,281
crore, an increase of 11.7% over revised estimate of 2022-23. In 2022-23, total receipts (other
than borrowings) are estimated to be 6.5% higher than the budget estimates.
iv.Tax Revenue:
• Gross Tax Revenue is projected to grow at 10.4% in Budgeted estimates (BE)

2023-24 over RE 2022-23.
• Both, the Direct and Indirect Tax receipts are individually estimated to grow at
10.5% and 10.4 %, respectively.
• In BE 2023-24, the Tax Revenue (Net to Centre) is projected at Rs 23.31 lakh
crore, which is around 11.7 % more than Rs 20.87 lakh crore of RE 2022-23.
• In BE 2023-24, the NTR (Non-Tax Revenue) is estimated to contribute 11.5 % of
the Revenue Receipt and is projected to be at Rs 3.02 lakh crore.
v.Non-Debt Capital Receipts: It was estimated at Rs 84,000 crore in BE 2023-24

compared to Rs 83,500 crore of RE 2022-23.
vi.Total expenditure: Total expenditure of the Centre in BE 2023-24 is estimated at

about Rs 45.03 lakh crore, an increase of 7.5 % over RE 2022-23.
• Capital Expenditure - The Budget for FY 2023-24 provisions for above Rs 10

lakh crore (3.3 per cent of GDP) for capital expenditure. This depicts a sharp
increase of 37.4 per cent in capital budget in BE 2023-24 over Rs 7.28 lakh crore
of RE 2022-23.
Revenue Expenditure -Expenditure on revenue account has been estimated at about

Rs 35.02 lakh crore (11.6 per cent of GDP) in BE 2023-24 recording a growth of 1.2 per
cent over Rs 34.59 lakh crore of RE 2022-23.
vii.Interest Payments: In BE 2023-24, interest payments are estimated, based on the

prevailing interest rate for different securities, at Rs 10.80 lakh crore which is 30.8% of
the total revenue expenditure and 41.0 % of the Revenue Receipts of the Centre.
viii.Borrowing from NSSF: For financing the Fiscal Deficit in BE 2023-24, borrowing
from National Small Savings Fund (NSSF) is estimated at about Rs 4.71 lakh crore,
whereas, those from external sources and State Provident Funds are estimated at Rs
22,118 crore and Rs 20,000 crore, respectively.
ix.Public Dept: Total public debt, including external debt at the book value of the
Centre is estimated at Rs 152.54 lakh crore in BE 2023-24 against Rs 135.91 lakh crore
in RE 2022-23.
x.Debt to GDP Ratio: If the external debt is valued at the current exchange rate, the
public debt to GDP ratio is estimated at 51.3 % in BE 2023-24.
xi.Capex-FD ratio:
• The ratio of capital expenditure to Fiscal Deficit (Capex-FD) is estimated at

56.0% in BE 2023-24 as compared to 41.5 % in RE 2022-23.
• The ratio measures the extent of borrowed resources used for financing the
capital expenditure of the government (govt).
Vision for Amrit Kaal – an empowered and inclusive economy:
Jan Bhagidari through Sabka Saath Sabka Prayas became essential to achieve the
objective of technology-driven and knowledge-based economy with strong public
finances, and a robust financial sector.
i.About Amrit Kaal
• The term Amrit (in Sanskrit) refers to an elixir that grants immortality and Kaal
means a time period.
• Amrit kaal has been considered the best time period to start something new.
• On 15 August 2021, on the event of the 75th year of Independence, Prime
Minister Narendra Modi used the term Amrit Kaal for the first time. He also laid
out a roadmap for India for the next 25 years, the Amrit Kaal.
ii.Focus area under Amrit Kaal:
• Facilitating ample opportunities for citizens, especially the youth to fulfil their
aspirations
• Providing strong impetus to growth and job creation
• Strengthening macro-economic stability
Budgetary Allocations for Specific Ministries:
In 2023-24, the ministries with the highest allocations account for 55% of the estimated
total expenditure. Of these, the Ministry of Defence has the highest allocation in
2023-24, at Rs 5,93,538 crore with 13.2% of the total budgeted expenditure of the
central government. Other ministries with high allocation include: (i) Road Transport
and Highways (6% of total expenditure), (ii) Railways (5.4%), and (iii) Consumer
Affairs, Food, and Public Distribution (4.6%).
Among the top 13 ministries with the highest allocations, in 2023-24, the highest
percentage increase in allocation is observed in the Ministry of Railways (49%),
followed by the Ministry of Jal Shakti (31%), and the Ministry of Road Transport and
Highways (25%).
Budgetary Allocations to Major Schemes:
Pradhan Mantri Awas Yojana (rural and urban components taken together) has
the highest allocation in 2023-24 at Rs 79,590 crore. This is an increase of 3.2% over
the revised estimate of 2022-23. For 2022-23, the allocation towards the scheme has
been increased by 60.7% as compared to the budget estimates.
• The Jal Jeevan Mission has the second highest allocation in 2023-24 at Rs 70,000
crore, an increase of 27.3% over the revised estimate of Rs 55,000 crore in 2022-
23.
• Some other schemes with a comparatively higher increase in allocation in 2023-

24 include: (i) Reform Linked Distribution Scheme (101.2%), (ii) Swachh Bharat
Mission (74.2%), and (iii) Guarantee Emergency Credit Line to MSME borrowers
(34.3%).
Name of Scheme BE 2022- BE 2023-

23 24
(in Rs (in Rs
crore) crore)
Development of Pharmaceutical Industry 100 1250
Jal Jeevan Mission (JJM) 60,000 70,000
Eklavya Model Residential School 2,000 5,943
Pradhan Mantri Awas Yojana (PMAY) 48,000 79,590
Faster Adoption and Manufacturing of Hybrid and Electric 2,908 5172

Vehicles (FAME)
North East Special Infrastructure Development 1,419 2,491
Division of budget:
The budget is divided into two parts viz. Part-A & Part-B.
• Part-A: Consisting of 7 priorities to act as the ‘Saptarishi’ guiding through the

Amrit Kaal.
• Part-B: Related to the Tax Proposals.
Part-A: 7 priorities Part-B
Inclusive Development
Reaching the Last Mile
Infrastructure and Investment Direct Tax Proposals
Unleashing the Potential Indirect Tax Proposals
Green Growth
Youth Power
Financial Sector
PART A
‘Saptarishi’ - 7 priorities of Budget 2023-24
Priority 1: Inclusive Development
a.Agriculture:
i.Digital public infrastructure for Agriculture:
• Digital public infrastructure was planned to be built for agriculture as an open

source, open standard, and interoperable public good.
• Purpose: To enable inclusive, farmer-centric solutions through relevant
information services for crop planning and health, improved access to farm
inputs, credit, and insurance, and support for the growth of the agriculture-
technology (agri-tech) industry and start-ups.
ii.Agriculture Accelerator Fund: An Agriculture Accelerator Fund will be set up to

encourage agri startups by young entrepreneurs in rural areas to bring innovative
modern technologies and affordable solutions.
iii.Enhancing productivity of cotton crop: To improve the productivity of extra-long

staple cotton, govt has adopted a cluster-based and value chain approach through Public
Private Partnerships (PPP), under which collaboration will be held between farmers,
state and industry for input supplies, extension services, and market linkages.
iv.Atmanirbhar Horticulture Clean Plant Program: At an outlay of Rs 2,200 crore,

Atmanirbhar Clean Plant Program was launched to boost the availability of disease-free,
quality planting material for high-value horticultural crops.
Horticulture - The branch of plant agriculture dealing with garden crops, generally fruits,
vegetables, and ornamental plants.
v.Global Hub for Millets: ‘Shree Anna’
• India was the largest producer and second largest exporter of Milletes (‘Shree
Anna’) in the world. Several types of 'Shree Anna' such as jowar, ragi, bajra,
kuttu, ramdana, kangni, kutki, kodo, cheena, and sama are being grown in India.
• To make India a global hub for 'Shree Anna', the Indian Institute of Millet
Research, Hyderabad, Telangana was promoted as the Centre of Excellence for
sharing best practices, research and technologies at the international level.
vi.Agriculture Credit: The agriculture credit target for FY24 is increased to Rs 20 lakh
crore from Rs 18 lakh crore for FY23 a 11 per cent hike with a focus on animal
husbandry, dairy and fisheries.
vii.Fisheries: A new sub-scheme under Pradhan Mantri Matsya Sampada Yojana

(PMMSY) called the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) was
launched with a targeted investment of Rs 6,000 crore to further enable activities of
fishermen, fish vendors and micro & small enterprises in the sector, as well as improve
value-chain efficiencies and expand the market.
• Reduction in basic customs duty on fish meal from 15% to 5%, on krill meal
from 15% to 5%, on algal Prime (flour) from 30% to 15%, on fish lipid oil from
30% to 15% and on mineral and vitamin premixes from 15% to 5% for
manufacturing of aquatic feed is expected to reduce cost of feed, promote
domestic feed including and to substantially improve export competitive of
Indian shrimps.
b.Cooperation:
i.Backdrop:
• A new Ministry of Cooperation was formed to realise the vision of ‘Sahakar Se

Samriddhi’.
• The govt has already initiated computerisation of 63,000 Primary Agricultural
Credit Societies (PACS) with an investment of Rs 2,516 crore.
• Model bye-laws were formulated for PACS in consultation with all stakeholders
and states, enabling them to become multipurpose PACS.
• A national cooperative database is being prepared for country-wide mapping of
cooperative societies.
ii.With these initiatives undertaken, the govt has planned to set up a massive
decentralised storage capacity for the farmers to store their produce and realize
remunerative prices through sales at appropriate times.
iii.The govt also intends to support in setting up of a large number of multipurpose

cooperative societies, primary fishery societies and dairy cooperative societies in
uncovered panchayats and villages in the next 5 years.
c.Health, Education and Skilling
i.Nursing Colleges: 157 new nursing colleges were set to be established in co-location
with the existing 157 medical colleges that are established since 2014.
ii.Sickle Cell Anaemia Elimination Mission:
• A Mission to eliminate Sickle Cell Anaemia by 2047 was planned to be launched.

• It will include awareness creation, universal screening of 7 crore people in the
age group of 0-40 years in affected tribal areas, and counselling through
collaborative efforts of central ministries and state governments.
iii.Medical Research: To encourage collaborative research and innovation, facilities in

select ICMR (Indian Council of Medical Research) Labs were to be made available for
research by public and private medical college faculty and private sector teams.
iv.Pharma Innovation: FM stated that a new programme in pharmaceuticals will be

taken up through centers of excellence to promote research and innovation.
v.Multidisciplinary courses for medical devices: Dedicated multidisciplinary

courses for medical devices will be supported in existing institutions to ensure the
availability of skilled manpower for futuristic medical technologies, high-end
manufacturing and research.
vi.Teachers’ Training:
• Planned to re-envision Teachers’ training through innovative pedagogy,

curriculum transaction, continuous professional development, dipstick surveys,
and ICT (Information and Communication Technology) implementation.
• The District Institutes of Education and Training are to be developed as vibrant
institutes of excellence for this purpose.
vii.National Digital Library for Children and Adolescents:
• A National Digital Library for children and adolescents was to be set up for
facilitating the availability of quality books across geographies, languages, genres
and levels, and device-agnostic accessibility.
• To build a culture of reading, and to make up for pandemic-time learning loss,
the National Book Trust, Children’s Book Trust and other sources will be
encouraged to provide and replenish noncurricular titles in regional languages
and English to those physical libraries.
Priority 2: Reaching the Last Mile
Ministry of Tribal Affairs and the Department of Development of North-Eastern Region

were formed by former PM Vajpayee’s govt to fulfil the objective of ‘reaching the last
mile’.
To focus more on the objective, the PM Narendra Modi’s Govt formed the ministries of
AYUSH, Fisheries, Animal Husbandry and Dairying, Skill Development, Jal Shakti and
Cooperation.
i.Aspirational Districts and Blocks Programme:
Aspirational Blocks Programme (ABP) was announced in the Union Budget 2022-23 and
it has been launched during the 2nd National Conference of Chief Secretaries, held from
5 to 7 January, 2022.
Background:
• Aspirational Districts Programme (ADP) was launched by PM Narendra Modi in

January 2018, to transform the 112 most under-developed districts across the
country.
• Around 95 percent of those 112 districts have surpassed the state average values
and have made significant progress in key sectors. However, in those districts,
some blocks continued to lag, hence in 2022-23 those blocks in districts were
focused through the ABP.
• ABP initially covered 500 Blocks for saturation of essential govt services across
multiple domains such as health, nutrition, education, agriculture, water
resources, financial inclusion, skill development, and basic infrastructure.
ii.Pradhan Mantri PVTG Development Mission:
• PM Particularly Vulnerable Tribal Groups (PVTGs) Development Mission was

launched to improve the socio-economic conditions of the PVTGs.
• This mission will saturate PVTG families and habitations with basic facilities such
as safe housing, clean drinking water and sanitation, improved access to
education, health and nutrition, road and telecom connectivity, and sustainable
livelihood opportunities.
• Rs 15,000 crore was allocated to implement the Mission in the next 3 years
under the Development Action Plan for the Scheduled Tribes.
iii.Eklavya Model Residential Schools (EMRS)
In the next 3 years (i.e., within FY26), Govt plans to recruit 38,800 teachers and support
staff for the 740 Eklavya Model Residential Schools (EMRS), serving 3.5 lakh tribal
students.
Background:
• EMRS was started in 1997-98 to impart quality education to Scheduled Tribe

(ST) children in remote areas to enable them to avail of opportunities in high and
professional education courses and get employment in various sectors.
• Grants were given for the construction of schools and recurring expenses to the
State Govts under Grants under Article 275 (1) of the Constitution.
• From 2022, it has been decided that every block with more than 50% ST
population and at least 20,000 tribal persons, were need to have an EMRS.
(EMRS will be on par with Navodaya Vidyalaya)
iv.Water for Drought Prone Region: Union Budget announced central assistance of Rs
5,300 crore under the Upper Bhadra Project for the drought-prone central region of
Karnataka to provide sustainable micro irrigation and filling up of surface tanks for
drinking water.
v.Housing for All:
• The outlay for PM Awas Yojana is being enhanced by 66% to over Rs 79,000
crore.
• Note: In 2022-23 an allocation of Rs.48,000 crore was announced for the
completion of 80 lakh houses of eligible beneficiaries of PM Awas Yojana, both
Rural and Urban.
vi.‘Bharat SHRI’: Bharat Shared Repository of Inscriptions (Bharat SHRI) was to be set
up in a digital epigraphy museum, with the digitization of 1 lakh ancient inscriptions in
the first stage.
vii.Support for poor prisoners: The Govt has planned to provide the required financial
support for poor persons who are in prisons and unable to afford the penalty or the bail
amount.
Priority 3: Infrastructure & Investment
i.Capital Investment: The Union Budget increased the Capital investment outlay for the
third year in a row by 33% to Rs 10 lakh crore or 3.3% of GDP in FY24. The budgeted
Capital investment was almost 3 times the outlay in FY20.
ii.Effective Capital Expenditure: The ‘Effective Capital Expenditure’ of the Centre is

budgeted at Rs 13.7 lakh crore, which would be 4.5% of GDP
iii.Support to State Governments for Capital Investment:
• With an enhanced outlay of Rs 1.3 lakh crore, the union govt has decided to
continue the 50-year interest-free loan to state governments for 1 more year to
urge for investment in infrastructure and to incentivize them for complementary
policy actions.
• The entire 50-year loan to states has to be spent on capital expenditure within
2023-24.
iv.Private investment in Infrastructure: The newly formed Infrastructure Finance

Secretariat will assist all stakeholders with more private investment in infrastructure
that is predominantly dependent on public resources such as railways, roads, urban
infrastructure and power.
v.Railways: Indian Railways received a capital outlay of Rs 2.40 lakh crore. This is the
highest-ever outlay since FY14 and it is 9 times the outlay made in FY14.
vi.Logistics:
• The govt has also identified 100 critical transport infrastructure projects for last
and first-mile connectivity for ports, coal, steel, fertilizer, and food grains sectors.
• Those projects will be taken up on a priority basis with an investment of Rs
75,000 crore, out of which Rs 15,000 crore will be from private sources.
vii.Harmonized Master List of Infrastructure: The govt will also form an expert
committee to review the Harmonized Master List of Infrastructure. Notably, they will
recommend the classification and financing framework suitable for Amrit Kaal.
viii.Regional Connectivity:
• The FM has announced the plan to revive 50 additional airports, heliports, water
aerodromes, and advanced landing grounds for improving regional air
connectivity.
• Coastal shipping will also be promoted through the PPP model.
ix.Sustainable Cities of Tomorrow: States and cities are encouraged to make efficient
use enhanced availability and affordability of urban land to transform the cities into
‘sustainable cities of tomorrow’.
x.Urban Infrastructure Development Fund:
• The govt plans to set up an Urban Infrastructure Development Fund (UIDF), which
will be managed by the National Housing Bank and can be used by public
agencies to create urban infrastructure in tier-II and tier-III cities.
• The Fund will be managed by the National Housing Bank and is expected to have
an annual allocation of Rs 10,000 crore.
• Govt will also provide incentives to urban civic bodies to improve their finances
and creditworthiness and help them raise funds through municipal bonds.
• The govt is expected to make available 100 billion Indian rupees ($1.22 billion)
for setting up UIDF.
Note - As per the Reserve Bank of India’s (RBI) report on Municipal finances, 9
municipal corporations raised around Rs 3,840 crore through municipal bonds during
2017-21.
xi.Urban Sanitation: All cities and towns will be enabled for 100% mechanical
desludging of septic tanks and sewers to transition from manhole to machine-hole
mode.
Priority 4: Unleashing the Potential
i.Mission Karmayogi:
• The govt has launched an integrated online training platform, iGOT Karmayogi,
(Under Mission Karmayogi) to provide continuous learning opportunities for
lakhs of govt employees to upgrade their skills.
• Mission Karmayogi is the National Programme for Civil Services Capacity
Building (NPCSCB), launched on 2nd September 2020 for capacity building of
Indian civil servants and enhancing governance.
ii.For furthering trust-based governance, the govt has introduced the Jan Vishwas Bill to
amend 42 Central Acts.
• The amendment was to “decriminalize” 183 offences across 42 legislations and

enhance the ease of living and doing business in India.
• Some Acts that are amended by the Bill include the Indian Post Office Act, 1898,
the Environment (Protection) Act, 1986, the Public Liability Insurance Act, 1991,
and the Information Technology Act, 2000.
• More than 39,000 compliances have been reduced and more than 3,400 legal
provisions have been decriminalized.
iii.Centres of Excellence for Artificial Intelligence: 3 centres of excellence for

Artificial Intelligence (AI) will be set up by govt in top educational institutions for
realizing the vision of “Make AI in India and Make AI work for India”. This will pave way
for an effective AI ecosystem and nurture quality human resources in the AI field.
iv.National Data Governance Policy: A National Data Governance Policy will be
brought out to unleash innovation and research by start-ups and academia. This will
enable access to anonymized data.
v.Simplification of KYC process: The govt proposed to simplify the Know Your
Customer (KYC) procedure by adopting a 'risk-based' rather than the 'one size fits all'
approach which is currently in practice.
vi.One stop solution for identity and address updating: Govt has proposed to
introduce a 'one-stop solution' for updating the identity and address of individuals
maintained by various govt agencies, regulators and regulated entities through the
DigiLocker service and Aadhaar as foundational identity.
vii.PAN as Common Business Identifier: Permanent Account Number (PAN) will be

used as the common identifier for all digital systems of specified govt agencies and it
will be facilitated through a legal mandate.
viii.Unified Filing Process: To overcome the separate submission of the same

information to different govt agencies, a system of ‘Unified Filing Process’ was planned
to be set up. Such filing of information or return in simplified forms on a common portal
will be shared with other agencies as per the filer’s choice.
ix.“Vivad se Vishwas-I” Reliefs for MSMEs:
A scheme named “Vivad se Vishwas-I” was launched to provide relief to MSMEs (Micro,
Small & Medium Enterprises). Under the scheme, govt have decided to return the 95%
of the forfeited amount relating to bid or performance to MSMEs in cases of failure by
them to execute contracts during the COVID-19 period (i.e., between 19.02.2020 and
31.03.2022).
Reliefs for MSMEs:
• 95% of the performance security forfeited from such firms shall be refunded.
• 95% of the Bid security (Earnest Money Deposit), if any, forfeited from MSME
firms in tenders opened between 19.02.2020 and 31.03.2022 shall be refunded.
• 95% of the Liquidated Damages (LD) deducted from such firms shall also be
refunded. LD so refunded shall not exceed 95% of the performance security
stipulated in the contract.
• In case any firm has been debarred only due to default in the execution of such
contracts, such debarment shall also be revoked, by issuing an appropriate order
by the procuring entity.
x.Vivad se Vishwas II – Settling Contractual Disputes:
• The FM also mentioned the launch of a voluntary settlement scheme ‘Vivad se

Vishwas II’ to settle contractual disputes of govt and govt undertakings, wherein
the arbitral award is under challenge in a court.
• The settlement will be done by offering graded settlement terms as per the
dispute’s pendency level.
xi.State Support Mission: The State Support Mission of NITI Aayog will be continued
for 3 years for collective efforts towards national priorities.
xii.Result-Based Financing (RBF):
• To better allocate scarce resources, the financing of certain schemes was planned
to be changed from ‘input-based’ to ‘result-based’.
• Under RBF, a participating individual or institution is rewarded after agreed-
upon results are achieved and verified. For example, cash transfers or other
incentives will be given to the children or their parents to enrol them on school
education, or to teachers for regular attendance.
• Some schemes across education and health sectors could be tested for RBF on a
pilot basis before it is scaled up to better allocation.
xiii.E-Courts: For efficient administration of justice, Phase-3 of the E-Courts project will
be launched with an outlay of Rs 7,000 crore.
xiv.Fintech Services-Entity DigiLocker:
• To enable more Fintech innovative services, the scope of documents available in

DigiLocker for individuals will be expanded.
• An Entity DigiLocker was planned to be set up for use by MSMEs, large
businesses and charitable trusts for storing and sharing documents online
securely, whenever needed, with various authorities, regulators, banks and other
business entities.
Note - Fintech services in India have been facilitated by digital public infrastructure
including Aadhaar, PM Jan Dhan Yojana, Video KYC, India Stack and UPI.
xv.5G Services: The FM stated about setting up 100 labs in engineering institutions for
developing applications using 5G services. The labs will cover, applications such as
smart classrooms, precision farming, intelligent transport systems, and health care.
xvi.Lab Grown Diamonds (LGD):
• India is a global leader in cutting and polishing natural diamonds, contributing

about three-fourths of the global turnover by value.
• With the depletion in deposits of natural diamonds, the industry is moving
towards LGDs.
• To use this opportunity, the Budget proposed to nullify the Basic Customs Duty
(BCD) on seeds used in the manufacturing of LGDs from the current 5%.
• A research and development grant will be provided to one of the IITs (Indian
Institute of Technologies) for 5 years to encourage indigenous production of LGD
seeds and machines and to reduce import dependency.
• These environment-friendly LGDs have optically and chemically the same
properties as natural diamonds.
Priority 5: Green Growth
Hon’ble Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a
movement of environmentally conscious lifestyle.
India is moving forward for the ‘panchamrit’ and net-zero carbon emission by 2070.
i.Green Hydrogen Mission:
• The National Green Hydrogen Mission which was approved in January 2023 with
an initial outlay of Rs 19,700 crores, will facilitate the transition of the economy
to low carbon intensity, and reduce dependence on fossil fuel imports.
• Target was set to reach an annual production of 5 MMT by 2030.
ii.Energy Transition: Under the budget, Rs 35,000 crore was allocated for priority
capital investments towards energy transition and net zero objectives, and energy
security by the Ministry of Petroleum & Natural Gas.
iii.Energy Storage Projects: Battery Energy Storage Systems with a capacity of 4,000
MWH would be supported with Viability Gap Funding to steer the economy on the
sustainable development path.
iv.Renewable Energy Evacuation in Ladakh: An announcement was made regarding

the inter-state transmission system for evacuation and grid integration of 13 GW of
renewable energy from Ladakh. The project will be constructed with an investment of
Rs 20,700 crores including central support of Rs 8,300 crore.
v.Green Credit Programme: A Green Credit Programme was notified under the
Environment (Protection) Act to incentivize environmentally sustainable and
responsive actions by companies, individuals and local bodies.
vi.PM-PRANAM: “PM Programme for Restoration, Awareness, Nourishment and

Amelioration of Mother Earth (PM-PRANAM)” would be launched to incentivize States
and Union Territories to promote alternative fertilizers and balanced use of chemical
fertilizers.
vii.GOBARdhan scheme:
• 500 new ‘waste to wealth’ plants under the GOBARdhan (Galvanizing Organic Bio-
Agro Resources Dhan) scheme were planned to be established at a total
investment of Rs 10,000 crore. It includes 200 compressed biogas (CBG) plants
(including 75 plants in urban areas), and 300 community or cluster-based plants.
• A 5% CBG mandate will be introduced in due course for all organizations
marketing natural and bio gas.
viii.Bhartiya Prakritik Kheti Bio-Input Resource Centres:
• Announcement was made to establish 10,000 Bhartiya Prakritik Kheti Bio-Input

Resource Centres to support 1 crore farmers to adopt natural farming within the
next 3 years.
• The resource centres will create a national-level distributed micro-fertilizer and
pesticide manufacturing network.
ix.MISHTI: The govt announced a new scheme ‘Mangrove Initiative for Shoreline
Habitats & Tangible Incomes’ (MISHTI) for mangrove plantation along the coastline and
on salt pan lands, wherever feasible, through convergence between MGNREGS
(Mahatma Gandhi National Rural Employment Guarantee Scheme), CAMPA
(Compensatory Afforestation Fund Management and Planning Authority) Fund and
other sources.
x.Amrit Dharohar:
• A new scheme named ‘Amrit Dharohar’ was announced by the govt, to encourage
optimal use of wetlands, and enhance bio-diversity, carbon stock, eco-tourism
opportunities and income generation for local communities. The scheme will be
implemented over the next 3 years
• Note - The total number of Ramsar sites in our country has increased to 75.
Whereas, before 2014, there were only 26.
xi.Coastal Shipping: It will be promoted as the energy-efficient and lower-cost mode of

transport, both for passengers and freight, through PPP mode with viability gap
funding.
xii.Vehicle Replacement: Fund was allocated to scrap old vehicles of the Central govt,
and States will also be supported in replacing old vehicles and ambulances.
Priority 6: Youth Power
To help the 'Amrit Peedhi' (the youth) realize their dreams, the FM stressed the already-
formulated National Education Policy, which focused on 'skilling, adopted economic
policies that facilitate job creation at scale, and supported business opportunities'.
i.Pradhan Mantri Kaushal Vikas Yojana 4.0:
• The FM announced the launch of Pradhan Mantri Kaushal Vikas Yojana 4.0,
which aims to skill lakhs of youth within the next 3 years.
• The scheme will emphasize On-job training, industry partnership, and alignment
of courses with the needs of the industry. It also includes new-age courses like
coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.
ii.Skill India Digital Platform:
• A unified Skill India Digital platform was launched to expand the digital
ecosystem for: enabling demand-based formal skilling, linking with employers
including MSMEs, and facilitating access to entrepreneurship schemes.
• Besides, to skill the youth for international opportunities, 30 Skill India
International Centres will be set up across different States.
iii.National Apprenticeship Promotion Scheme: To provide stipend support to 47

lakh youth in 3 years, Direct Benefit Transfer under a pan-India National
Apprenticeship Promotion Scheme would be rolled out.
iv.Tourism: 50 destinations will be developed as a ‘complete package of tourism’.

Information on physical connectivity, virtual connectivity, tourist guides, food streets
and tourist security and other relevant aspects of the visitor experience for those 50
destinations would be made available through an app.
• Also announced advancements in the "Dekho Apna Desh" scheme to promote
tourism and encourage people to explore the rich cultural heritage and diversity
of India.
• For integrated development of theme-based tourist circuits, the ‘Swadesh
Darshan Scheme’ was also launched.
• Under the Vibrant Villages Programme, tourism infrastructure and amenities will
also be facilitated in border villages.
v.Unity Mall: States were encouraged to set up a Unity Mall in their state capital or
most prominent tourism centre or the financial capital for promotion and sale of their
own ODOPs (one district, one product), GI products and other handicraft products, and
for providing space for such products of all other states.
Priority 7: Financial Sector
i.Credit Guarantee for MSMEs:
• In FY23, revamping the credit guarantee scheme for MSMEs was proposed by the
FM.
• The revamped scheme will take effect from 1st April 2023 through the infusion
of Rs 9,000 crore in the corpus. This will enable additional collateral-free
guaranteed credit of Rs 2 lakh crore. The cost of the credit would be reduced by
about 1%.
ii.National Financial Information Registry:
• A national financial information registry was planned to be set up to serve as the

central repository of financial and ancillary information.
• This will facilitate the efficient flow of credit, promote financial inclusion, and
foster financial stability.
• A new legislative framework would govern the credit public infrastructure, and it
would be designed in consultation with the RBI.
iii.GIFT IFSC
The following measures were taken to enhance business activities in GIFT (Gujarat
International Finance Tec) IFSC (International Financial Services Centre):
• Delegating powers under the Special Economic Zone (SEZ) Act to IFSCA to avoid
dual regulation,
• Setting up a single window IT system for registration and approval from IFSCA,
SEZ authorities, GSTN (Goods and Services tax Network), RBI, SEBI (Securities
and Exchange Board of India) and IRDAI (Insurance Regulatory & Development
Authority of India),
• Permitting acquisition financing by IFSC Banking Units of foreign banks,
• 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, and
• Recognizing offshore derivative instruments as valid contracts.
iv.Investor Protection in Banking Sector: Certain amendments are proposed to the
Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act
to improve bank governance and enhance investors’ protection.
v.IT portal for Reclaiming of shares and dividends: An integrated IT portal will be
established for investors to reclaim unclaimed shares and unpaid dividends from the
Investor Education and Protection Fund Authority.
vi.Digital Payments: In 2022 Digital payments were increased by 76 % in transactions

and 91 percent in value.
vii.Senior Citizens:
• The maximum deposit limit for Senior Citizen Savings Scheme has enhanced
from Rs 15 lakh to Rs 30 lakh.
• The maximum deposit limit for Monthly Income Account Scheme also enhanced
from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh
for joint account.
viii.Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra
• The FM proposed to introduce an investment scheme for Women investors. For

commemorating Azadi Ka Amrit Mahotsav, a 1-time new small saving scheme
Mahila Samman Savings certificate (MSSC), which would be available for a 2-year
period up to March 2025.
• This will offer a deposit facility of up to Rs 2 lakh in the name of women or girls
for a tenor of 2 years at a fixed interest rate of 7.5% with a partial withdrawal
option.
Fiscal Management:
RE 2022- BE 2023- %change (2022-23 RE to

Item 23 24 2023-24 BE)
(in Rs (in Rs
crore) crore)
Total Receipts 24,31,913 27,16,281 11.7
Revenue Receipts 23,48,413 26,32,281 12.1
Capital Receipts 18,38,819 18,70,816 0.01
Total Expenditure 41,87,232 45,03,097 7.5
Capital Expenditure 7,28,274 10,00,961 27.2
Effective Capital 10,53,862 13,70,949

Expenditure
Fiscal Deficit (as % of 17,55,319 17,86,816 1.8%
GDP) (6.4 %) (5.9%) (-7.8%)
Revenue Deficit (as % 11,0,546 8,69,855 -21.7%

of (4.1%) (2.9%) (-29.3%)
GDP)
Effective Revenue 7,84,958 4,99,867

Deficit (2.9%) (1.7%)
Primary Deficit (as % 8,14,668 7,06,845 -13.2%

of GDP) (3.0%) (2.3%) (-23.3%)
**BE means Budgeted Estimates and RE states Revised Estimates.
Note - FM reiterated the govt’s intention to bring the fiscal deficit below 4.5% of GDP by
2025-26.
• As per the First Advance Estimates of FY23, Nominal GDP for BE 2023-2024 has
been projected at Rs 3,01,75,065 crore assuming 10.5 % growth over the
estimated Nominal GDP of Rs 2,73,07,751 crore.
• To finance the fiscal deficit in 2023-24, the net market borrowings from dated
securities are estimated at Rs 11.8 lakh crore. The balance financing is expected
to come from small savings and other sources. The gross market borrowings are
estimated at Rs 15.4 lakh crore.
• Fiscal Deficit of States: States would be allowed a fiscal deficit of 3.5% of GSDP
(Gross State Domestic Product) of which 0.5% will be tied to power sector
reforms.
• Revised Estimates of Expenditure for 2022-2023 show an increase of Rs
2,42,323 crore over the BE 2022-2023.
• Growth in BE 2023- 24 over RE 2022-23 is 10% excluding prior year
adjustments.
Achievements since 2014:
• In the 9 years, the Indian economy has increased in size from being 10th to 5th
largest in the world.
• The per capita income has more than doubled to Rs 1.97 lakh.
Efficient implementation of many schemes since 2014:
Scheme Implementation
Swachh Bharat Mission 11.7 crore household toilets

Ujjawala 9.6 crore LPG connections
COVID Vaccination 220 crore Covid vaccination of 102 crore

persons
PM Jan Dhan bank accounts 47.8 crore
PM Suraksha Bima and PM Jeevan Insurance cover for 44.6 crore persons
Jyoti Yojana
PM Kisan Samman Nidhi Cash transfer of Rs 2.2 lakh crore to over 11.4
crore farmers
PMGKAY: To ensure food and nutritional security a scheme to supply free food grain to
all Antyodaya and priority households for the year 2023 under PM Garib Kalyan Anna
Yojana (PMGKAY) was started from 1st January 2023.
• The entire expenditure Rs 2 lakh crore will be borne by the Central Govt.
Success of Deendayal Antyodaya Yojana National Rural Livelihood Mission:
• So far, 81 lakh Self Help Groups (SHGs) were formed by rural women under the
Deendayal mission.
• The next stage objective was to transform those SHGs into large producer
enterprises by supplying raw materials for better design, quality, branding and
marketing of their products.
PM-VIKAS package for artisans and craftspeople:
• A new scheme PM VIshwakarma KAushal Samman (PM VIKAS) was formed to

provide integrated solutions to artisans and craftspersons, from financial
support to digital training.
• The traditional artisans and craftspeople are generally referred to as
Vishwakarma. For the first time, a package of financial assistance was announced
for them under PM VIKAS.
• Along with the financial support, PM-VIKAS would enable them to improve the
quality, scale and reach of their products, integrating them with the MSME value
chain.
• PM VIKAS would benefit the Scheduled Castes, Scheduled Tribes, OBCs (Other
Backward Classes), women and people belonging to the weaker sections.
Tourism Promotion in Mission Mode: As the tourism sector holds huge opportunities
for jobs and entrepreneurship, the finance minister announced the promotion of
tourism to be taken up on mission mode, with active participation of states,
convergence of govt programmes and public-private partnerships.
PART B
Indirect Tax Proposals
i.Green Mobility:
• To avoid taxes on blended compressed Natural Gas ,Govt exempts excise duty on
GST - paid compressed biogas contained in it.
• Customs duty exemption is being extended to the import of capital goods and
machinery required for the manufacture of lithium-ion cells for batteries used in
electric vehicles.
ii.Electronics:
• Mobile phone production in India has increased from 5.8 crore units valued at
about Rs 18,900 crore in 2014-15 to 31 crore units valued at over Rs 2,75,000
crore in FY23.
• To further deepen domestic value addition in the manufacture of mobile phones,
relief in customs duty on the import of certain parts and inputs like camera lens
and continue the concessional duty on lithium-ion cells for batteries for another
year.
iii.Electrics:
• To promote value addition in the manufacture of televisions, the BCD on parts of

open cells of TV panels is proposed to reduce to 2.5%.
• The BCD on electric kitchen chimneys is being increased from 7.5% to 15% and
that on heat coils for these is proposed to be reduced from 20% to 15%
iv.Chemicals and Petrochemicals:
• BCD on Denatured ethyl alcohol, which is used in the chemical industry is

exempt. This will also support the Ethanol Blending Programme and facilitate
our endeavour for energy transition.
• BCD on acid grade fluorspar was reduced from 5% to 2.5% to make the
domestic fluorochemicals industry competitive. Further, the BCD on crude
glycerin for use in the manufacture of epichlorohydrin is proposed to be
reduced from 7.5% to 2.5%.
v.Marine products:
• In FY23 marine products recorded the highest export growth benefitting farmers
in the coastal states of the country.
• To further enhance the export competitiveness of marine products, particularly
shrimps, duty is being reduced on key inputs for domestic manufacture of
shrimp feed.
vi.Precious Metals:
• The FM proposed to increase the BCD on articles made from dore and bars of
gold and platinum bars to enhance the duty differential.
• Silver: The import duty on silver dore, bars and articles also increased from
about 10.75% to 15% to align them with that duty on gold and platinum.
vii.Metals:
• The exemption from BCD on raw materials for the manufacture of CRGO (Cold
Rolled Grain Oriented) Steel, ferrous scrap and nickel cathode is being continued
to promote the availability of raw materials for the steel sector.
• The concessional BCD of 2.5% on copper scrap is also being continued to ensure
the availability of raw materials for secondary copper producers who are mainly
in the MSME sector.
viii.Compounded Rubber: BCD rate on compounded rubber was increased from 10%
to ‘25% or Rs. 30/kg whichever is lower’, to make it par with that on natural rubber
other than latex, to curb circumvention of duty.
ix.Cigarettes: The budget proposed to revise National Calamity Contingent Duty

(NCCD) on specified cigarettes upwards by about 16%. It was last revised 3 years ago.
Items becoming low-cost/Cheaper Items becoming High-cost/Costlier
Mobile phones Cigarettes
Lab-grown Silver
diamonds
Compounded rubber
Shrimp feed Imitation Jewellery
Machinery for lithium-ion batteries Articles made from gold bars
Imported bicycles and toys
Raw materials Imported kitchen electric chimney

for EV industry
TV Imported luxury cars and EVs

Direct Tax Proposals
• The tax payers’ portal received a maximum of 72 lakh returns in a day and
processed more than 6.5 crore returns in FY23, the average processing period
reduced from 93 days in FY14 to 16 days in FY23, and 45% of the returns were
processed within 24 hours.
• To further improve the Tax Payers Services, the budget planned to roll out a
next-generation Common IT Return Form for tax payer convenience, and also
plans to strengthen the grievance redressal mechanism.
i.MSMEs: MSMEs with a turnover of up to Rs 2 crore and certain professionals with

turnover of up to Rs 50 lakh could avail the benefit of presumptive taxation.
• Also proposed to provide enhanced limits of ` 3 crore and ` 75 lakh respectively, to the
tax payers whose cash receipts are no more than 5 per cent.
ii.Proposals for the co-operative sector:
• New co-operatives that commence manufacturing activities by 31.3.2024 shall

get the benefit of a lower tax rate of 15%, as it will presently be available to new
manufacturing companies.
• The FM made a relief proposal to the cooperative sugar millers and cooperative
sugarcane growers to provide an opportunity to claim payments made to
sugarcane farmers for the period prior to the assessment year 2016-17 as
expenditure.
This proposal is expected to provide relief of approx. Rs 10,000 crores to

small and marginal farmers.
• A higher limit of Rs 2 lakh per member is being provided for cash deposits to and
loans in cash by Primary Agricultural Co-operative Societies (PACS) and Primary
Co-operative Agriculture and Rural Development Banks (PCARDBs).
• Similarly, a higher limit of Rs 3 crore for TDS (Tax Deduction at Source) on cash
withdrawal is being provided to co-operative societies.
iii.Start-ups
• The date of incorporation for income tax benefits to start-ups was extended from
March 31 2023 to March 31 2024.
• Note - India is the 3rd largest ecosystem for start-ups globally, and ranks 2nd in
innovation quality among middle-income countries.
iv.Appeals: To reduce the pendency of appeals at the Commissioner level, the proposal
was made to deploy about 100 Joint Commissioners for the disposal of small appeals.
v.Better targeting of tax concessions: A proposal was made to cap deduction from
capital gains on investment in residential houses under sections 54 and 54F to Rs 10
crore.
vi.Improving Compliance and Tax Administration: The minimum time period
required to be provided by the transfer pricing officer to assessee for production of
documents and information was reduced from 30 days to 10 days.
vii.Rationalisation: 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, was
proposed to be exempted from income tax.
• Other key rationalisaitons:

1. The minimum threshold of Rs 10,000 for TDS and clarifying taxability
relating to online gaming was removed.
2. The conversion of gold into electronic gold receipt and vice versa will not
be treated as capital gain.
3. TDS rate was reduced from 30% to 20% on the taxable portion of the
Employees' Provident Fund (EPF) Scheme withdrawal in non-PAN cases.
4. Taxation on income from Market Linked Debentures.
5. Extension of period of tax benefits to funds relocating to IFSC, GIFT City
till 31.03.2025;
6. Decriminalisation under section 276A of the Income Tax Act.
7. Allowing carry forward of losses on strategic disinvestment including that
of IDBI Bank; and
8. Providing EEE status to Agniveer Fun
viii.Personal Income Tax
• Rebate: Under Budget 2023-24, tax rebate limit in the new tax regime was
increased to Rs 7 lakh, thus the persons in the new tax regime, with income up to
Rs 7 lakh will not have to pay any tax.
o Note: Currently, in the case of both old and new tax regimes, those with
income up to Rs 5 lakh are not paying any income tax.
• Two Standard deductions of Rs 50,000 to salaried individual, and deduction from
family pension up to Rs 15,000, which is currently allowed only under the old
regime is proposed to allow under the new regime also.
• Change in Tax structure regime:
o Backdrop: In 2020, the new personal income tax regime with six income
slabs starting from Rs 2.5 lakh was introduced.
o Now the FM had proposed to change the tax structure in that regime by
reducing the number of slabs to 5 and increasing the tax exemption limit
to Rs 3 lakh.
Personal Income Tax slabs:
New tax regime New tax regime Old tax regime

(Revised) (Previous)
Income Income Tax Income Income Tax Income Income Tax

Slabs Rate Slabs Rate Slabs Rate
Rs 2.5 lakh Nil 0-2.5 lakh Nil
Rs 0-3 lakh Nil
Rs 2.5-5 5%
lakh Rs 2.5-5 5%
lakh
Rs 3-6 lakh 5% Rs 5-7.5 10%
lakh
Rs 6-9 lakh 10% Rs 7.5-10 15%

lakh Rs 5 -10 20%
lakh
Rs 9-12 lakh 15% Rs 10-12.5 20%
lakh
Rs 12-15 20% Rs 12.5-15 25%

lakh lakh Above 10 30%
lakh
Above Rs 15 30% Above Rs 15 30%
lakh lakh
• Surcharge on income-tax: Highest surcharge under the new tax regime has
been reduced to 25% from 37% for people earning more than Rs 5 crore. No
change in surcharge is proposed for those who opt to be under the old regime.
Surcharge on income-tax under both old regime and new regime:
Income slabs Surcharge on income- Surcharge on income-

tax tax
(old tax regime) (new tax regime)
Above Rs 50 lakh up to Rs 1 10% 10%

crore
Above Rs 1 crore up to Rs 2 15 % 15 %
crore
Above Rs 2 crore and up to Rs 5 25 %

crore 25 %
Above Rs 5 crore 37%
Note - The highest tax rate in our country is 42.74%. This is among the highest in the
world. (The current reduction in surcharge will brings down their tax rate from 42.74%
to 39%).
• Rise in tax exemption limit: The limit of tax exemption on leave encashment
(up to 10 months of average salary) at the time of retirement of non-govt
salaried employees was last fixed at Rs 3 lakh in the year 2002 when the highest
basic pay in the govt was Rs 30,000.
In line with the increase in govt salaries, the limit was increased to Rs 25
lakh.
• Default tax regime: The new tax regime for Individual and Hindu Undivided
Family (HUF), introduced by the Finance Act 2020, is now proposed to be the
default tax regime. However, citizens will continue to have the option to avail the
benefit of the old tax regime.
• Revenue of about Rs 38,000 crore – Rs 37,000 crore in direct taxes and Rs 1,000
crore in indirect taxes – will be forgone while revenue of about Rs 3,000 crore
will be additionally mobilized. Thus, India will lose Rs 35,000 crores of net tax
revenue.
Overall Tax proposals:
Income Tax Slab Rates
Individuals below 60 years
Net Income Range Rate of Income-tax
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Senior citizens between 60 and 80 years
Rs. 3,00,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Super senior citizens (80 years and above)
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

ix.Other major proposals in the Finance Bill:
• Agnipath Scheme, 2022:

o Providing EEE (Exempt-Exempt-Exempt) status to Agniveer Fund, the
payment received from the Agniveer Corpus Fund by the Agniveers
enrolled in Agnipath Scheme, 2022 is proposed to be exempt from taxes.
o Deduction in the computation of total income is proposed to be allowed to
the Agniveer on the contribution made by him or the Central govt to his
Seva Nidhi account.
• Incentives to IFSC: Relocation of funds to IFSC, GIFT City has certain tax
exemptions, if the relocation is before March 31, 2023. This date is proposed to
be extended to March 31, 2025.
• A new co-operative society formed on or after April 01, 2023, which commences
manufacturing or production by March 31, 2024 and does not avail of any
specified incentive or deduction, is proposed to be allowed an option to pay tax
at a concessional rate of 15% similar to what is available to new manufacturing
companies.
• Presumptive scheme of taxation: In order to ease compliance and to promote
non-cash transactions, it is proposed to increase the threshold limits for
presumptive scheme of taxation for eligible businesses from Rs 2 crore to Rs 3
crore and for specified professions from Rs 50 lakh to Rs 75 lakh.
• Online games: For online games, it is proposed to provide for TDS and taxability
on net winnings at the time of withdrawal or at the end of the financial year.
Moreover, TDS would be without the threshold of Rs 10,000.
• For lottery, crossword puzzles games, etc threshold limit of Rs 10,000 for TDS
shall continue but shall apply to aggregate winnings during a financial year.
Revenue and Expenditure:

i.Under Article 112 of the Constitution of India, Union Budget is an Annual financial
statement that encompasses the receipt and expenditure of the Indian government, the
information on the Consolidated Fund of India, Contingency Fund of India and Public
Accounts.
• Every year it is presented on the last working day of February by the Finance
Minister of India in Parliament.
• But in 2017 Arun Jaitley (FM IN 2014) started presenting the Union Budget on
February 1 departing from the colonial-era tradition of using the last working
day of February.
• The budget is presented by means of the financial bill and Appropriation bill
which has to be passed by the houses.
• The budget division of the department of economic affairs (DEA) in the finance
ministry is the nodal body responsible for producing the budget.
Note- Article 267 of the Constitution authorizes the existence of a Contingency Fund of
India
ii.The list of Budget documents presented to the Parliament:
A. Annual Financial Statement (AFS)
B. Demands for Grants (DG)
C. Finance Bill
D. Fiscal Policy Statements mandated under FRBM Act:
i. Macro-Economic Framework Statement
ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
E. Expenditure Budget
F. Receipt Budget
G. Expenditure Profile
H. Budget at a Glance
I. Memorandum Explaining the Provisions in the Finance Bill
J. Output Outcome Monitoring Framework
K. Key Features of Budget 2023-24
L. Implementation of Budget Announcements, 2022-2023
The documents shown at Serial Nos. A, B, and C are mandated by Article 112,113 and
110 (a) of the Constitution of India respectively, while the documents at Serial No. D (i)
and (ii) are presented as per the provisions of the Fiscal Responsibility and Budget
Management Act, 2003.
iii.History of Budget:
• The Budget was first introduced in India on April 7, 1860, when Scottish
economist and politician James Wilson from the East India Company presented it
to the British Crown.
• First Union budget of independent India was presented by India’s first finance
minister R. K. Shanmukham Chetty in 1947.
• First Indian governor of RBI who presented the Interim Budget In 1951-52 was C
D Deshmukh
• First PM who presented the Union Budget Pandit was Jawaharlal Nehru in 1958-
59.
• Black Budget – Union Budget 1973-74 is known as Black Budget of India as
budget deficit rose to Rs 550 crore.
• Until 2016, every year it is presented on the last working day of February by the
Finance Minister of India in Parliament.
• But after 2016 govt presents it on the first day of February.
• In 1959, Morarji Desai, the finance minister of India, presented the maximum
number of budgets so far i.e. 10.
• In 2017, Rail Budget was merged with the Union Budget.
• Nirmala Sitharaman in her first budget in 2019 replaced the leather briefcase
carrying budget documents with a traditional red cloth ‘bahi-khata’.
Key Terminologies:
i.Fiscal Deficit (FD): It is the adverse fiscal balance which is a difference between the
Revenue Receipts Plus Non-Debt Capital Receipts (NDCR) i.e., total of the non-debt
receipts and the total expenditure.
• FD is reflective of the total borrowing requirement of govt.
ii.Revenue Deficit (RD): It refers to the excess of revenue expenditure over revenue
receipts.
iii.Effective Revenue Deficit (ERD): It is the difference between Revenue Deficit and
Grant-in-Aid for Creation of Capital Assets.
iv.Primary Deficit: It is measured as Fiscal Deficit less interest payments. Effective

Capital Expenditure (Eff-Capex) refers to the sum of Capital Expenditure and Grants-in-
Aid for the Creation of Capital Assets.
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UNION BUDGET 2023-24 - Q&A
1. In which Article of Indian Constitution, the Union Budget is referred as the
Annual Financial Statement (AFS)?
1) Article 110
2) Article 112
3) Article 100
4) Article 114
5) Article 111
Answer- 2) Article 112
Explanation:
Article 112 of Indian Constitution, the Union Budget is referred as the Annual Financial
Statement (AFS).
In Parliament, The Budget goes through these stages:
• Presentation of Budget
• General Discussion
• Scrutiny by departmental committees
• Voting on Demands for grants
• Passing of appropriation bill
• Passing of finance bill.
2. Who presented the first budget for India in 1860 (Pre independence)?
1) Franklin Allen
2) Christopher Allsopp
3) James Wilson
4) Sir Alison
5) Julia Aglionby
Answer- 3) James Wilson
Explanation:
INDIA'S FIRST BUDGET: The Budget was first introduced in India on April 7, 1860 when
Scottish economist and politician James Wilson from East India Company presented it
to the British Crown.
i. Independent India's first budget was presented on November 26, 1947 by the then
Finance Minister R K Shanmukham Chetty.
3. On 1st February, 2023, Union Finance Minister (FM) Nirmala Sitharaman

presented the 93rd Union Budget of India for 2023-2024.
The Budget session was held in Parliament under the chairmanship of __________.
1) Droupadi Murmu (President of India)
2) Jagdeep Dhankhar (Vice-President of India)
3) Narendra Modi (Prime Minister of India)
4) Girish Chandra Murmu (Comptroller and Auditor General of India)
5) Om Birla (Speaker of Lok Sabha)
Answer- 5) Om Birla (Speaker of Lok Sabha)
Explanation:
On February 1, 2023, the Budget session was held in Parliament under the
chairmanship of Lok Sabha Speaker Om Birla, in which the Union Finance Minister
(FM) Nirmala Sitharaman presented the 93rd Union Budget of India for 2023-2024.
i. It was the 5th and last full budget of the Narendra Modi-led National Democratic
Alliance (NDA) government’s second term (before the 2024 general elections). This was
also the 5th Budget presentation of Nirmala Sitharaman since 2019.
ii. The Union Budget 2023-24 was framed as per the foundation laid in the Budget
2022-23, and the blueprint is drawn for India@100.
4. In the Union Budget for 2023-24, The economic growth of India is projected to
be at ________ for FY24.
1) 6.0-6.8%
2) 6.8-7.6%
3) 8.0-8.8%
4) 8.5-9.3%
5) 7.6-8.5%
Answer- 1) 6.0-6.8%
Explanation:
The economic growth of India in FY23 is estimated to be at 7% and the growth in FY24
is projected to be at 6 to 6.8%.
5. The Fiscal Deficit (as % of GDP) is projected to __________ in the Union Budget
2023-24, against the 6.4 % in the Revised Estimates (RE) for 2022-23.
1) 5.7%
2) 5.5%
3) 6.0%
4) 6.2%
5) 5.9%
Answer- 5) 5.9%
Explanation:
The fiscal deficit in Budget 2023-24 is projected to be 5.9% of GDP (Gross Domestic
Product) against the 6.4 % in the Revised Estimates (RE) for 2022-23.
Note- Fiscal Deficit is when the total expenditure of the government is greater than the
total revenue generated.
• The borrowings of the government are not added in the revenue, but Fiscal
deficit indicates government’s borrowings only.
• So Fiscal deficit = Total expenditure – Total revenue excluding borrowings
6. What is the Budgeted Estimate (BE) of total expenditure in FY 2023-24?
1) Rs 39.06 lakh crore
Answer- 2) Rs 45.03 lakh crore
Explanation:
The Total expenditure of the Centre in BE 2023-24 is estimated at about Rs 45.03 lakh
crore, an increase of 7.5 % over RE 2022-23.
7. Which of the following points is/are ‘correct’ with respect to India's Fiscal
Position: (Tax Revenue), as of union Budget 2023-24?
A) Gross Tax Revenue is projected to grow at 10.4% in Budgeted estimates (BE)
2023-24 over RE 2022-23.
B) Both the Direct and Indirect Tax receipts are individually estimated to grow at
C) In BE 2023-24, the Tax Revenue (Net to Centre) is projected at Rs 23.31 lakh
1) All A, B & C
2) Only B & C
3) Only A & B
4) Only C
5) Only A
Answer- 1) All A, B & C
Explanation:
Gross Tax Revenue is projected to grow at 10.4% in Budgeted estimates (BE) 2023-24
over RE 2022-23.
• Both the Direct and Indirect Tax receipts are individually estimated to grow at
• In BE 2023-24, the Tax Revenue (Net to Centre) is projected at Rs 23.31 lakh
• In BE 2023-24, the NTR (Non-Tax Revenue) is estimated to contribute 11.5 % of
the Revenue Receipt and is projected to be at Rs 3.02 lakh crore.
8. The Union Budget 2023-24 is the first budget in Amrit Kaal. How long is the
period of Amrit Kaal?
1) 10 years
2) 15 years
3) 25 years
4) 30 years
5) 35 years
Answer- 3) 25 years
Explanation:
The Union Budget 2023-24 was framed as per the foundation laid in the Budget 2022-
23, and the blueprint is drawn for India@100.
i. Being the first Budget in Amrit Kaal ( the 25-year, from India @75 to India @100)
and India’s 3rd paperless budget, it replaced the traditional ‘Bahi-Khata’ with a Made-
in-India tablet wrapped in a red-coloured cover with a national emblem emblazoned on
it.
Note- The term Amrit (in Sanskrit) refers to an elixir that grants immortality and Kaal
means a time period.
• On 15 August 2021, on the event of the 75th year of Independence, Prime
Minister Narendra Modi used the term Amrit Kaal for the first time. He also laid
out a roadmap for India for the next 25 years, the Amrit Kaal.
9. Which of the following is a focus area under Vision for Amrit Kaal – an
empowered and inclusive economy?
1) Facilitating Opportunities for citizens with focus on youth
2) Providing strong impetus to growth and job creation
3) Strong and Stable Macroeconomic Environment
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
Vision for Amrit Kaal – an empowered and inclusive economy:
Jan Bhagidari through Sabka Saath Sabka Prayas became essential to achieve the
objective of a technology-driven and knowledge-based economy with strong public
finances, and a robust financial sector.
Focus area under Amrit Kaal:
• Facilitating ample opportunities for citizens, especially the youth to fulfil their
aspirations
• Providing strong impetus to growth and job creation
• Strong and Stable Macroeconomic Environment
10. Which of the following is a ‘Not’ a transformative opportunity identified by GoI

in Union Budget 2023-24?
1) Economic Empowerment of Women through SHGs
2) PM GatiShakti
3) PM Vishwakarma KAushal Samman (PM VIKAS)
4) Tourism Promotion in Mission Mode
5) Green Growth
Answer- 2) PM GatiShakti
Explanation:
To service these focus areas in India’s journey to India@100, The Budget identifies 4
transformative opportunities to be leveraged before reaching India@100:
• Economic Empowerment of Women through SHGs
• PM Vishwakarma KAushal Samman (PM VIKAS)
• Tourism Promotion in Mission Mode
• Green Growth
11. Which Ministry of Union Government has received the highest allocation in
2023-24?
1) Ministry of Defence
2) Ministry of Railways
3) Ministry of Road Transport and Highways
4) Ministry of Home Affairs
5) Ministry of Agriculture & Farmers' Welfare
Answer- 1) Ministry of Defence
Explanation:
Budgetary Allocations for Specific Ministries:
Name of Ministries Budgetary Allocation (in
Rs lakh crore)
Defence (Highest allocation in 2023-24) 5.94
Road Transport and Highways 2.70
Railways 2.41
Consumer Affairs, Food and Public Distribution 2.06
Home Affairs 1.96
Chemicals and Fertilizers 1.78
Rural Development 1.60
Agriculture and Farmers' Welfare 1.25
Faster Adoption and Manufacturing of Hybrid and 1.23

Electric Vehicles Communications
12. How much funds have been allocated under the Pradhan Mantri Awas Yojana
(PMAY) in 2023-24?
1) Rs 48,000 crore
2) Rs 37,383 crore
3) Rs 25,000 crore
4) Rs 51,689 crore
5) Rs 79,590 crore
Answer- 5) Rs 79,590 crore
Explanation:
The outlay for Pradhan Mantri Awas Yojana is being enhanced by 66% to over Rs
79,000 crore.
Name of Scheme BE 2022- BE 2023-
23 24
(in Rs (in Rs
crore) crore)
Pradhan Mantri Awas Yojana (PMAY) (Highest allocation) 48,000 79,590
Jal Jeevan Mission (JJM) 60,000 70,000
Faster Adoption and Manufacturing of Hybrid and Electric 2,908 5172

Vehicles (FAME)
13. What is the Outlay capital provided for the North East Special Infrastructure
Development in the Union Budget 2023-24?
1) Rs 5,943 crore
2) Rs 2,000 crore
3) Rs 2,491 crore
4) Rs 1,419 crore
5) Rs 1250 crore
Explanation:
Name of Scheme BE 2022-23 BE 2023-24
(in Rs crore) (in Rs crore)
Eklavya Model Residential School 2,000 5,943
North East Special Infrastructure Development 1,419 2,491
Development of Pharmaceutical Industry 100 1250
14. Which of the following is ‘not’ the component of part A of the Union Budget
2023-24?
1) Inclusive Development
2) Ease of taxation
3) Green Growth
4) Youth Power
5) Unleashing the Potential
Answer- 2) Ease of taxation
Explanation:
The budget 2023-24 is divided into two parts viz. Part-A & Part-B.
i. The Part-A of budget proposals consisted of 7 priorities to act as the ‘Saptarishi’
guiding through the Amrit Kaal. while Part-B is related to the Tax (Direct & Indirect)
Proposals. The 7 priorities of Part A are as follows:
• Inclusive Development
• Reaching the Last Mile
• Infrastructure and Investment
• Unleashing the Potential
• Green Growth
• Youth Power
• Financial Sector
15. The Atmanirbhar Horticulture Clean Plant Program will be launched with the
outlay of ______________ .
1) Rs 4,000 crore
2) Rs 2,800 crore
3) Rs 3,200 crore
4) Rs 1,500 crore
5) Rs 2,200 crore
Explanation:
The Atmanirbhar Clean Plant Programme will be launched to boost availability of
disease-free, quality planting material for high value horticultural crops at an outlay of
Rs 2,200 crore.
16. The Union Budget stated that India was the largest producer and second
largest exporter of Millets (‘Shree Anna’) in the world.
Indian Institute of Millet Research in ________, will be promoted as the Centre of
Excellence for sharing research and technologies at the international level to
make India as the global hub for 'Shree Anna'.
1) Chennai, Tamil Nadu
2) Bengaluru, Karnataka
3) Gujarat, Gandhinagar
4) Hyderabad, Telangana
5) Kolkata, West Bengal
Answer- 4) Hyderabad, Telangana
Explanation:
India was the largest producer and second largest exporter of Millets (‘Shree Anna’) in
the world. Several types of 'Shree Anna' such as jowar, ragi, bajra, kuttu, ramdana,
kangni, kutki, kodo, cheena, and sama are being grown in India.
i. To make India a global hub for 'Shree Anna', the Indian Institute of Millet Research,
Hyderabad, Telangana was promoted as the Centre of Excellence for sharing best
practices, research and technologies at the international level.
17. The agriculture credit target for FY24 is increased to _____________ from Rs 18
lakh crore for FY23.
1) Rs 20 lakh crore
2) Rs 28 lakh crore
3) Rs 30 lakh crore
4) Rs 34 lakh crore
5) Rs 25 lakh crore
Answer- 1) Rs 20 lakh crore
Explanation:
The agriculture credit target for FY24 is increased to Rs 20 lakh crore from Rs 18
lakh crore for FY23 with a focus on animal husbandry, dairy and fisheries.
18. A new sub-scheme called the PM Matsya Sampada Yojana was launched with a
targeted investment of _________ to further enable activities of fishermen, fish
vendors and MSMEs.
1) Rs 7,000 crore
2) Rs 2,000 crore
3) Rs 6,000 crore
4) Rs 3,000 crore
5) Rs 5,000 crore
Explanation:
A new sub-scheme called the PM Matsya Sampada Yojana was launched with a
targeted investment of Rs 6,000 crore to further enable activities of fishermen, fish
vendors and micro & small enterprises in the sector, as well as improve value-chain
efficiencies and expand the market.
19. According to the Union Budget 2023-23, How many nursing colleges were set
to be established in co-location with the existing 157 medical colleges since 2014?
1) 200
2) 100
3) 140
4) 160
5) 157
Answer- 5) 157
Explanation:
Nursing Colleges: 157 new nursing colleges were set to be established in co-location
with the existing 157 medical colleges that have been established since 2014.
20. Which year is set as the target year for eliminating sickle cell anaemia in India
in the budget for 2023-24?
1) 2050
2) 2040
3) 2047
4) 2030
5) 2035
Answer- 3) 2047
Explanation:
Sickle Cell Anaemia Elimination Mission: A Mission to eliminate Sickle Cell Anaemia by
2047 was planned to be launched.
i. It will include awareness creation, universal screening of 7 crore people in the age
group of 0-40 years in affected tribal areas, and counselling through collaborative
efforts of central ministries and state governments.
21. According to the Union Budget 2023-24, How many teachers will be recruited
for the Eklavya Model Residential Schools (EMRS) within the next 3 years?
1) 28,000
2) 38,800
3) 40,000
4) 42,000
5) 35,000
Answer- 2) 38,800
Explanation:
Eklavya Model Residential Schools (EMRS) In the next 3 years (i.e., within FY26), Govt
plans to recruit 38,800 teachers and support staff for the 740 Eklavya Model
Residential Schools (EMRS), serving 3.5 lakh tribal students.
• Note- EMRS was started in 1997-98 to impart quality education to Scheduled
Tribe (ST) children in remote areas to enable them to avail of opportunities in
high and professional education courses and get employment in various sectors.
• Grants were given for the construction of schools and recurring expenses to the
State Govts under Grants under Article 275 (1) of the Constitution.
• From 2022, it has been decided that every block with more than 50% ST
population and at least 20,000 tribal persons, were need to have an EMRS.
(EMRS will be on par with Navodaya Vidyalaya).
22. How much amount has been allocated under the Upper Bhadra Project for the
drought-prone central region of Karnataka to provide sustainable micro
irrigation and filling up of surface tanks for drinking water?
1) Rs 4,200 crore
2) Rs 3,100 crore
3) Rs 1,200 crore
4) Rs 2,090 crore
5) Rs 5,300 crore
Explanation:
Water for Drought Prone Region: Union Budget announced central assistance of Rs
5,300 crore under the Upper Bhadra Project for the drought-prone central region
of Karnataka to provide sustainable micro irrigation and filling up of surface tanks for
drinking water.
23. In Union Budget 2023-24, the central government announced the Bharat SHRI
is to be set up in a digital epigraphy museum, with the digitization of 1 lakh
ancient inscriptions in the first stage.
In Bharat SHRI, what does ‘R’ stand for?
1) Represent
2) Record
3) Resource
4) Repository
5) Redeem
Answer- 4) Repository
Explanation:
‘Bharat SHRI’: Bharat Shared Repository of Inscriptions (Bharat SHRI) was to be set
up in a digital epigraphy museum, with the digitization of 1 lakh ancient inscriptions in
the first stage.
24. Which of the following points is/are ‘correct’ with respect to the Priority 3 of
Part A (Infrastructure & Investment) in Union Budget 2023-24?
A) The Union Budget increased the Capital investment outlay for the third year in
a row by 44% to Rs 15 lakh crore FY24.
B) The ‘Effective Capital Expenditure’ of the Centre is budgeted at Rs 13.7 lakh
crore, which would be 4.5% of GDP.
C) The central govt has decided to continue the 50-year interest-free loan to state
governments for 1 more year to urge for investment in infrastructure with the
outlay for this is Rs 1.3 lakh crore.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 3) Only B & C
Explanation:
Priority 3: Infrastructure & Investment
i. Capital Investment: The Union Budget increased the Capital investment outlay for the
third year in a row by 33% to Rs 10 lakh crore or 3.3% of GDP in FY24. The budgeted
Capital investment was almost 3 times the outlay in FY20.
ii. Effective Capital Expenditure: The ‘Effective Capital Expenditure’ of the Centre is
budgeted at Rs 13.7 lakh crore, which would be 4.5% of GDP.
iii. Support to State Governments for Capital Investment:
• With an enhanced outlay of Rs 1.3 lakh crore, the union govt has decided to
continue the 50-year interest-free loan to state governments for 1 more year to
urge for investment in infrastructure and to incentivize them for complementary
policy actions.
• The entire 50-year loan to states has to be spent on capital expenditure within
2023-24.
25. What is the Outlay capital provided for the Indian Railways in the Union
Budget 2023-24?
Answer- 1) Rs 2.40 lakh crore
Explanation:
Railways: Indian Railways received a capital outlay of Rs 2.40 lakh crore. This is the
highest-ever outlay since FY14 and it is 9 times the outlay made in FY14.
i. Logistics: The Government has also identified 100 critical transport infrastructure
projects for last and first-mile connectivity for ports, coal, steel, fertilizer, and food
grains sectors.
• Those projects will be taken up on a priority basis with an investment of Rs
75,000 crore, out of which Rs 15,000 crore will be from private sources.
26. The government plans to set up an Urban Infrastructure Development Fund

(UIDF), which will be managed by which organisation?
1) Reserve Bank of India
2) Small Industries Development Bank of India
3) National Bank for Agriculture and Rural Development
4) Housing and Urban Development Corporation
5) National Housing Bank
Answer- 5) National Housing Bank
Explanation:
Urban Infrastructure Development Fund: The government plans to set up an Urban
Infrastructure Development Fund (UIDF), which will be managed by the National
Housing Bank and can be used by public agencies to create urban infrastructure in tier-
II and tier-III cities.
i. The Government will also provide incentives to urban civic bodies to improve their
finances and creditworthiness and help them raise funds through municipal bonds.
ii. The government is expected to make available 100 billion Indian rupees ($1.22
billion) for setting up UIDF.
iii. Urban Sanitation: All cities and towns will be enabled for 100% mechanical
desludging of septic tanks and sewers to transition from manhole to machine-hole
mode.
27. How many centres of excellence for Artificial Intelligence (AI) will be set up by
the government in top educational institutions for realizing the vision of “Make AI
in India and Make AI work for India”?
1) Five
2) Three
3) Four
4) Eight
5) Seven
Answer- 2) Three
Explanation:
Centres of Excellence for Artificial Intelligence: 3 centres of excellence for Artificial
Intelligence (AI) will be set up by govt in top educational institutions for realizing the
vision of “Make AI in India and Make AI work for India”. This will pave way for an
effective AI ecosystem and nurture quality human resources in the AI field.
28. Which of the following will be used as the common identifier for all digital
systems of specified govt agencies?
1) Legal Entity Identifier
2) Universal Account Number
3) Mobile Money Identifier
4) Permanent Account Number
5) Indian Financial System Code
Answer- 4) Permanent Account Number
Explanation:
Permanent Account Number (PAN) will be used as the common identifier for all digital
systems of specified govt agencies and it will be facilitated through a legal mandate.
29. According to the Union Budget 2023-24, which of the following points is/are
‘correct’ with respect to the “Vivad se Vishwas-I” scheme?
A) A “Vivad se Vishwas-I” scheme was launched to provide relief to MSMEs (Micro,
Small & Medium Enterprises).
B) GoI has decided to return the 95% of the forfeited amount relating to bid or
performance to MSMEs in cases of failure by them to execute contracts during the
COVID-19 period (i.e., between 19.02.2020 and 31.03.2022).
C) 95% of the Liquidated Damages (LD) deducted from such firms shall also be
refunded.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Explanation:
A scheme named “Vivad se Vishwas-I” was launched to provide relief to MSMEs
(Micro, Small & Medium Enterprises).
i. Under the scheme, govt have decided to return the 95% of the forfeited amount
relating to bid or performance to MSMEs in cases of failure by them to execute contracts
during the COVID-19 period (i.e., between 19.02.2020 and 31.03.2022).
ii. Reliefs for MSMEs:
• 95% of the performance security forfeited from such firms shall be refunded.
• 95% of the Bid security (Earnest Money Deposit), if any, forfeited from MSME
firms in tenders opened between 19.02.2020 and 31.03.2022 shall be refunded.
• 95% of the Liquidated Damages (LD) deducted from such firms shall also be
refunded. LD so refunded shall not exceed 95% of the performance security
stipulated in the contract.
• In case any firm has been debarred only due to default in the execution of such
contracts, such debarment shall also be revoked, by issuing an appropriate order
by the procuring entity.
30. As per the Union Budget 2023–24, what is the target year set by India to
achieve net-zero carbon emissions?
1) 2060
2) 2070
3) 2050
4) 2030
5) 2040
Answer- 2) 2070
Explanation:
India is moving forward for the ‘panchamrit’ and net-zero carbon emission by 2070.
31. What is the budget allocated for the National Green Hydrogen Mission to shift
the economy to low carbon intensity, reduce dependence on fossil fuel imports?
1) Rs 30,800 crores
2) Rs 10,900 crores
3) Rs 19,700 crores
4) Rs 36,500 crores
5) Rs 25,600 crores
Answer- 3) Rs 19,700 crores
Explanation:
Green Hydrogen Mission:
The National Green Hydrogen Mission which was approved in January 2023 with an
initial outlay of Rs 19,700 crores, will facilitate the transition of the economy to low
carbon intensity, and reduce dependence on fossil fuel imports.
i. Target was set to reach an annual production of 5 MMT by 2030.
32. What is the budget allocated for energy transition and net zero objectives, and
energy security by the Ministry of Petroleum & Natural Gas?
1) Rs 20,000 crore
2) Rs 15,000 crore
3) Rs 10,000 crore
4) Rs 35,000 crore
5) Rs 40,000 crore
Explanation:
Under the budget, Rs 35,000 crore was allocated for priority capital investments
towards energy transition and net zero objectives, and energy security by the
Ministry of Petroleum & Natural Gas.
33. How many new ‘waste to wealth’ plants were planned to be established under
the GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme with the
total investment of Rs 10,000 crore?
1) 200
2) 750
3) 400
4) 1000
5) 500
Answer- 5) 500
Explanation:
GOBARdhan scheme: 500 new ‘waste to wealth’ plants under the GOBARdhan
(Galvanizing Organic Bio-Agro Resources Dhan) scheme were planned to be established
at a total investment of Rs 10,000 crore.
i. It includes 200 compressed biogas (CBG) plants (including 75 plants in urban areas),
and 300 community or cluster-based plants.
ii. A 5% CBG mandate will be introduced in due course for all organizations marketing
natural and biogas.
34. How many Bhartiya Prakritik Kheti Bio-Input Resource Centres were planned
to establish to support 1 crore farmers to adopt natural farming within the next 3
years?
1) 1000
2) 5000
3) 10,000
4) 8000
5) 20,000
Answer- 3) 10,000
Explanation:
Bhartiya Prakritik Kheti Bio-Input Resource Centres: Announcement was made to
establish 10,000 Bhartiya Prakritik Kheti Bio-Input Resource Centres to support 1
crore farmers to adopt natural farming within the next 3 years.
i. The resource centres will create a national-level distributed micro-fertilizer and
pesticide manufacturing network.
35. Which of the following points is/are correct with respect to the 5th Priority
(Green Growth) of Part A in the union Budget 2023-24?
A) The Inter-state transmission system for evacuation and grid integration of 13
GW renewable energy from Ladakh will be constructed with an investment of Rs
20,700 crore.
B) “PM Programme for Restoration, Awareness, Nourishment and Amelioration of
Mother Earth (PM-PRANAM)” to be launched to incentivize States & UT to
promote Health Diet among children and Women.
C) A new scheme ‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes’
(MISHTI) to be taken up for mangrove plantation along the coastline and on salt
pan lands.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 4) Only A & C
Explanation:
Priority 5: Green Growth:
Renewable Energy Evacuation in Ladakh: The Inter-state transmission system for
evacuation and grid integration of 13 GW renewable energy from Ladakh will be
constructed with an investment of Rs 20,700 crore including central support of Rs
8,300 crore.
i. “PM-PRANAM” would be launched to incentivize States and Union Territories to
promote alternative fertilizers and balanced use of chemical fertilizers.
ii. The govt announced a new scheme MISHTI for mangrove plantation along the
coastline and on salt pan lands, wherever feasible, through convergence between
MGNREGS, CAMPA (Compensatory Afforestation Fund Management and Planning
Authority) Fund and other sources.
iii. A new scheme named ‘Amrit Dharohar’ was announced by the govt, to encourage
optimal use of wetlands, and enhance bio-diversity, carbon stock, eco-tourism
opportunities and income generation for local communities.
• The scheme will be implemented over the next 3 years
Note - The total number of Ramsar sites in our country has increased to 75. Whereas,
before 2014, there were only 26.
36. Which of the following points is/are ‘correct’ with respect to the 6th Priority
(Youth Power) of Part A in the Union Budget 2023-24?
A) The FM announced the launch of Pradhan Mantri Kaushal Vikas Yojana 4.0,
which aims to skill lakhs of youth within the next 3 years.
B) 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.
C) Direct Benefit Transfer under a pan-India National Apprenticeship Promotion
Scheme to be rolled out to provide stipend support to 47 lakh youth in Next 3
years.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
Priority 6 of Part A: Youth Power:
i. Pradhan Mantri Kaushal Vikas Yojana 4.0: The FM announced the launch of
Pradhan Mantri Kaushal Vikas Yojana 4.0, which aims to skill lakhs of youth within the
next 3 years.
• The scheme will emphasize On-job training, industry partnership, and alignment
of courses with the needs of the industry. It also includes new-age courses like
coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.
ii. Skill India Digital Platform: A unified Skill India Digital platform was launched to
expand the digital ecosystem for: enabling demand-based formal skilling, linking with
employers including MSMEs, and facilitating access to entrepreneurship schemes.
• Besides, to skill the youth for international opportunities, 30 Skill India
International Centres will be set up across different States.
iii. National Apprenticeship Promotion Scheme: To provide stipend support to 47
lakh youth in 3 years, Direct Benefit Transfer under a pan-India National
Apprenticeship Promotion Scheme would be rolled out.
37. Which of the following points is/are ‘correct’ with respect to the 7th Priority
(Financial Sector) of Part A in the Union Budget 2023-24?
A) A national financial information registry was planned to be set up to serve as
the central repository of financial and ancillary information.
B) Certain amendments are proposed to the Banking Regulation Act, the Banking
Companies Act & the RBI Act to improve bank governance & enhance investors
protection.
C) Under the credit guarantee scheme for MSMEs, the cost of the credit would be
reduced by about 3% and the revamping of the scheme will take w.e.f 1st May
2023.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 2) Only A & B
Explanation:
Priority 7: Financial Sector:
i. National Financial Information Registry: A national financial information registry
was planned to be set up to serve as the central repository of financial and ancillary
information.
ii. Investor Protection in Banking Sector: Certain amendments are proposed to the
Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act
to improve bank governance and enhance investors’ protection.
iii. Credit Guarantee for MSMEs: In FY23, revamping the credit guarantee scheme for
MSMEs was proposed by the FM.
• The revamped scheme will take effect from 1st April 2023 through the infusion
of Rs 9,000 crore in the corpus. This will enable additional collateral-free
guaranteed credit of Rs 2 lakh crore. The cost of the credit would be reduced by
about 1%.
38. Which of the following measures were taken to enhance business activities in
GIFT (Gujarat International Finance Tec) IFSC (International Financial Services
Centre), mentioned in Union Budget 2023-24?
1) Delegating powers under the SEZ Act to IFSCA to avoid dual regulation.
2) Setting up a single window IT system for registration and approval from IFSCA, SEZ
authorities, GSTN (Goods and Services tax Network), RBI, SEBI and IRDAI.
3) Establishing a subsidiary of EXIM Bank for trade re-financing.
4) Both 1 & 2
5) All 1, 2 & 3
Answer- 5) All 1, 2 & 3
Explanation:
GIFT (Gujarat International Finance Tec) IFSC (International Financial Services
Centre):
i. The following measures were taken to enhance business activities in GIFT (Gujarat
International Finance Tec) IFSC (International Financial Services Centre):
• Delegating powers under the Special Economic Zone (SEZ) Act to IFSCA to avoid
dual regulation,
• Setting up a single window IT system for registration and approval from IFSCA,
SEZ authorities, GSTN (Goods and Services tax Network), RBI, SEBI (Securities
and Exchange Board of India) and IRDAI (Insurance Regulatory & Development
Authority of India),
• Permitting acquisition financing by IFSC Banking Units of foreign banks,
• 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, and
• Recognizing offshore derivative instruments as valid contracts.
39. According to the Union Budget 2023-24, the Digital payments were increased
by _________ in transactions and 91% in value in 2022.
1) 85%
2) 76%
3) 95%
4) 70%
5) 82%
Answer- 2) 76 %
Explanation:
Digital Payments: In 2022 Digital payments were increased by 76 % in transactions
and 91 percent in value.
40. According to the Union Budget 2023-24, the maximum deposit limit for Senior
Citizen Savings Scheme has been enhanced from Rs 15 lakh to __________.
1) Rs 40 lakh
2) Rs 20 lakh
3) Rs 50 lakh
4) Rs 10 lakh
5) Rs 30 lakh
Answer- 5) Rs 30 lakh
Explanation:
The maximum deposit limit for Senior Citizen Savings Scheme has been enhanced
from Rs 15 lakh to Rs 30 lakh.
i. The maximum deposit limit for Monthly Income Account Scheme was also enhanced
from Rs 4.5 lakh to Rs 9 lakh for a single account and from Rs 9 lakh to Rs 15 lakh for
joint account.
41. Which of the following is ‘Incorrect’ with respect to the Fiscal Management,
mentioned in Union Budget 2023-24?
1) The Revenue Receipts- 26,32,281 crore for BE 2023-24.
2) The Capital Expenditure- 10,00,961 crore for BE 2023-24.
3) The Revenue Deficit (as % of GDP)- 2.9% for BE 2023-24.
4) The Primary Deficit (as % of GDP)- 3.0% for BE 2023-24.
5) None of the above
Answer- 4) The Primary Deficit (as % of GDP)- 3.0% for BE 2023-24.
Explanation:
Fiscal Management:
RE 2022-23 BE 2023-24
Item (in Rs crore) (in Rs crore)
Total Receipts 41,87,232 45,03,097
Revenue Receipts 23,48,413 26,32,281
Capital Receipts 18,38,819 18,70,816
Capital Expenditure 7,28,274 10,00,961
Revenue Deficit (as % of 11,0,546 8,69,855

GDP) -4.10% -2.90%
8,14,668 7,06,845
Primary Deficit (as % of GDP) -3.00% -2.30%
**BE means Budgeted Estimates and RE states Revised Estimates.

Note - FM reiterated the government's intention to bring the fiscal deficit below 4.5% of
GDP by 2025-26.
42. In the Union Budget 2023-24, States would be allowed a fiscal deficit of _________
of Gross State Domestic Product (GSDP).
1) 2.9%
2) 3.5%
3) 3.0%
4) 4.2%
5) 2.1%
Answer- 2) 3.5%
Explanation:
Fiscal Deficit of States: States would be allowed a fiscal deficit of 3.5% of GSDP (Gross
State Domestic Product) of which 0.5% will be tied to power sector reforms.
i. Revised Estimates of Expenditure for 2022-2023 show an increase of Rs 2,42,323
crore over the BE 2022-2023.
43. Which of the following points is ‘Incorrect’ with respect to the efficient
implementation of Govt schemes in inclusive development since 2014?
1) 11.7 crore household toilets constructed under Swachh Bharat Mission.
2) 9.6 crore LPG connections implemented under the Ujjawala scheme.
3) 47.8 crore Pradhan Mantri Mudra Yojana bank accounts were opened.
4) Under the PM Suraksha Bima and PM Jeevan Jyoti Yojana, 44.6 crore people are
insured.
5) PM Kisan Samman Nidhi has transferred Rs 2.2 lakh crore in cash to over 11.4 crore
farmers.
Answer- 3) 47.8 crore Pradhan Mantri Mudra Yojana bank accounts were opened.
Explanation:
Achievements since 2014:
• In the last 9 years, the Indian economy has increased in size from being 10th to
5th largest in the world.
• The per capita income has more than doubled to Rs 1.97 lakh.
Efficient implementation of many schemes since 2014:
Scheme Implementation
Swachh Bharat Mission 11.7 crore household toilets
Ujjawala 9.6 crore LPG connections
COVID Vaccination 220 crore Covid vaccination of 102 crore

persons
PM Jan Dhan bank accounts 47.8 crore

PM Suraksha Bima and PM Jeevan Insurance cover for 44.6 crore persons
Jyoti Yojana
PM Kisan Samman Nidhi Cash transfer of Rs 2.2 lakh crore to over 11.4
crore farmers
44. Which of the following points is ‘correct’ with respect to the efficient
implementation of Govt schemes in inclusive development since 2014?
A) 81 lakh Self Help Groups (SHGs) were formed by rural women under the
Deendayal Antyodaya Yojana National Rural Livelihood Mission.
B) A new scheme called ‘PM Vishwakarma KAushal Samman (PM VIKAS)’ was
formed to provide integrated solutions to artisans & craftspersons, from financial
support to digital training.
C) A scheme will be launched to supply free food grain to all Antyodaya and
priority households for the next 1 year under the PM Garib Kalyan Anna Yojana to
ensure food and nutritional security.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Explanation:
i. PMGKAY: To ensure food and nutritional security a scheme to supply free food grain
to all Antyodaya and priority households for the year 2023 under PM Garib Kalyan Anna
Yojana (PMGKAY) was started from 1st January 2023.
• The entire expenditure Rs 2 lakh crore will be borne by the Central Govt.
ii. Success of Deendayal Antyodaya Yojana National Rural Livelihood Mission:
So far, 81 lakh Self Help Groups (SHGs) were formed by rural women under the
Deendayal mission.
iii. PM-VIKAS package for artisans and craftspeople:
A new scheme PM VIshwakarma KAushal Samman (PM VIKAS) was formed to provide
integrated solutions to artisans and craftspersons, from financial support to digital
training.
• PM VIKAS would benefit the Scheduled Castes, Scheduled Tribes, OBCs (Other
Backward Classes), women and people belonging to the weaker sections.
45. Which of the following points is/are ‘correct’ with respect to the Indirect Tax
Proposals-Part B in Union Budget 2023-24?
A) Mobile phone production in India has increased from 5.8 crore units valued at
about Rs 18,900 crore in 2014-15.
B) Basic Custom Duty on acid grade fluorspar was reduced from 5% to 2.5% to
make the domestic fluorochemicals industry competitive
C) The Basic Custom Duty on parts of open cells of TV panels is proposed to be
increased from 7.5% to 15%.
1) Only A
2) Only A & B
3) Only B & C
4) Only A & C
5) All A, B & C
Answer- 2) Only A & B
Explanation:
Indirect Tax Proposals:
Electronics: Mobile phone production in India has increased from 5.8 crore units
valued at about Rs 18,900 crore in 2014-15 to 31 crore units valued at over Rs 2,75,000
crore in FY23.
Chemicals and Petrochemicals: Basic Custom Duty on acid grade fluorspar was
reduced from 5% to 2.5% to make the domestic fluorochemicals industry competitive.
Further, the BCD on crude glycerin for use in the manufacture of epichlorohydrin is
proposed to be reduced from 7.5% to 2.5%.
Electrics: To promote value addition in the manufacture of televisions, the Basic
Custom Duty on parts of open cells of TV panels is proposed to be reduced to 2.5%.
• The BCD on electric kitchen chimneys is being increased from 7.5% to 15%
and that on heat coils for these is proposed to be reduced from 20% to 15%
46. Which of the following items is ‘Not’ becomes High-cost/Costlier, as per the
Union Budget 2023-24?
1) Silver
2) Cigarettes
3) Imported bicycles and toys
4) Imported luxury cars and EVs
5) Mobile phones
Answer- 5) Mobile phones
Explanation:
Items becoming low-cost/Cheaper Items becoming High-cost/Costlier
Mobile phones Cigarettes

Lab-grown Silver
diamonds
Compounded rubber
Shrimp feed Imitation Jewellery
Machinery for lithium-ion batteries Articles made from gold bars
Imported bicycles and toys
Raw materials Imported kitchen electric chimney

for EV industry
TV Imported luxury cars and EVs
47. Which of the following points is/are ‘correct’ with respect to the Direct Tax
Proposals, as per Union Budget 2023-24?
A) The taxpayers portal received a maximum of 72 lakh returns in a day and
processed more than 6.5 crore returns in FY23.
B) The average processing period reduced from 93 days in FY14 to 16 days in
FY23, and 45% of the returns were processed within 24 hours.
C) The budget planned to roll out a next-generation Common IT Return Form for
taxpayer convenience to further improve the Taxpayers Services.
1) All A, B & C
2) Only A & B
3) Only B & C
4) Only A & C
5) Only A
Explanation:
Direct Tax Proposals:
i. The taxpayers' portal received a maximum of 72 lakh returns in a day and processed
more than 6.5 crore returns in FY23,
ii. The average processing period reduced from 93 days in FY14 to 16 days in FY23, and
45% of the returns were processed within 24 hours.
iii. To further improve the Taxpayers Services, the budget planned to roll out a next-
generation Common IT Return Form for taxpayer convenience, and also plans to
strengthen the grievance redressal mechanism.
48. As per the Union Budget 2023-24, India is the ___________ largest ecosystem for
start-ups globally.
1) 2nd
2) 4th
3) 1st
4) 3rd
5) 5th
Answer- 4) 3rd
Explanation:
India is the 3rd largest ecosystem for start-ups globally, and ranks 2nd in innovation
quality among middle-income countries.
i. The date of incorporation for income tax benefits to start-ups was extended from
March 31 2023 to March 31 2024.
49. Under Budget 2023-24, the tax rebate limit in the new tax regime was
increased to _______________.
1) Rs 11 lakh
2) Rs 7 lakh
3) Rs 10 lakh
4) Rs 8 lakh
5) Rs 9 lakh
Answer- 2) Rs 7 lakh
Explanation:
Rebate: Under Budget 2023-24, tax rebate limit in the new tax regime was increased
to Rs 7 lakh, thus the persons in the new tax regime, with income up to Rs 7 lakh will
not have to pay any tax.
Note: Currently, in the case of both old and new tax regimes, those with income up to Rs
5 lakh are not paying any income tax.
50. What is the rate of tax for Personal Income tax slab (New tax regime) between
the income of Rs 3 Lakh to Rs 6 Lakh for 2023-24 ?
1) 5%
2) 20%
3) 10%
4) 30%
5) 15%
Answer- 1) 5%
Explanation:
New tax regime
(Revised)
Income Slabs Income Tax Rate
Rs 0-3 lakh Nil

Rs 3-6 lakh 5%
Rs 6-9 lakh 10%
Rs 9-12 lakh 15%
Rs 12-15 lakh 20%
Above Rs 15 lakh 30%
51. What is the rate of tax for Personal Income tax slab (New tax regime) between
the income of Rs 9 Lakh to Rs 12 Lakh for 2023-24 ?
1) 5%
2) 20%
3) 10%
4) 30%
5) 15%
Answer- 5) 15%
Explanation:
New tax regime
(Revised)
Income Slabs Income Tax Rate
Rs 0-3 lakh Nil
Rs 3-6 lakh 5%
Rs 6-9 lakh 10%
Rs 9-12 lakh 15%
Rs 12-15 lakh 20%
Above Rs 15 lakh 30%
52. The Finance Minister (FM) Nirmala Sitharaman proposed to reduce the
highest surcharge rate from 37% to ________________ for people earning more than Rs
5 crore in the new tax regime.
1) 10%
2) 25%
3) 35%
4) 15%
5) 30%
Answer- 2) 25%
Explanation:
Surcharge on income-tax: Highest surcharge under the new tax regime has been
reduced to 25% from 37% for people earning more than Rs 5 crore. No change in
surcharge is proposed for those who opt to be under the old regime.
53. What is the highest tax rate in India?

1) 38.20%
2) 58.2%
3) 42.74%
4) 49.34%
5) 64.21%
Answer- 3) 42.74%
Explanation:
The highest tax rate in our country is 42.74%. This is among the highest in the world.
(The current reduction in surcharge will bring down their tax rate from 42.74% to
39%).
54. What is the rate of tax for Income tax slabs (Senior citizens between 60 and 80
years) between the income of Rs 3 Lakh to Rs 5 Lakh for 2023-24 ?
1) 5%
2) 20%
3) 10%
4) 30%
5) 15%
Answer- 1) 5%
Explanation:
Income Tax Slab Rates
Individuals below 60 years
Net Income Range Rate of Income-tax
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Senior citizens between 60 and 80 years
Rs. 3,00,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Super senior citizens (80 years and above)
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

55. The 1st Budget of Independent India was presented on 26th November ______
by ___________.
1) 1950; Moraji Desai
2) 1950; Jawaharlal Nehru
3) 1947; C D Deshmukh
4) 1949; John Mathal
5) 1947; R K Shanmukham Chetty
Answer- 5) 1947; R K Shanmukham Chetty
Explanation:
The first Budget of Independent India was presented on November 26, 1947, by
India's 1st finance minister R K Shanmukham Chetty.
56. In which year Finance Minister (FM) Nirmala Sitharaman replaced the leather
briefcase carrying budget documents with a traditional red cloth ‘bahi-khata’?
1) 2019
2) 2022
3) 2020
4) 2023
5) 2021
Answer- 1) 2019
Explanation:
Nirmala Sitharaman in her first budget in 2019 replaced the leather briefcase carrying
budget documents with a traditional red cloth ‘bahi-khata’.
57. Which of the following finance ministers of India, has presented the maximum
number of budgets?
1) T.T. Krishnamachari
2) Morarji Desai
3) Manmohan Singh
4) Nirmala Sitharaman
5) P. Chidambaram
Answer- 2) Morarji Desai
Explanation:
In 1959, Morarji Desai, the finance minister of India, presented the maximum number
of budgets so far i.e. 10.
i. In 2017, the Rail Budget was merged with the Union Budget.
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What is the Budget?

It is an Annual Financial statement of the estimated receipts and expenditure of the

G20 Presidency: Steering the global agenda through challenges

· G20 Presidency gives us a unique opportunity to strengthen India’s role in the

India’s Fiscal Position:

ii.Growth: The economic growth of India in FY23 is estimated to be at 7% and the

• Gross Tax Revenue is projected to grow at 10.4% in Budgeted estimates (BE)

v.Non-Debt Capital Receipts: It was estimated at Rs 84,000 crore in BE 2023-24

vi.Total expenditure: Total expenditure of the Centre in BE 2023-24 is estimated at

• Capital Expenditure - The Budget for FY 2023-24 provisions for above Rs 10

Revenue Expenditure -Expenditure on revenue account has been estimated at about

vii.Interest Payments: In BE 2023-24, interest payments are estimated, based on the

• The ratio of capital expenditure to Fiscal Deficit (Capex-FD) is estimated at

Vision for Amrit Kaal – an empowered and inclusive economy:

i.About Amrit Kaal

ii.Focus area under Amrit Kaal:

Budgetary Allocations for Specific Ministries:

Budgetary Allocations to Major Schemes:

• Some other schemes with a comparatively higher increase in allocation in 2023-

Name of Scheme BE 2022- BE 2023-

Development of Pharmaceutical Industry 100 1250

Jal Jeevan Mission (JJM) 60,000 70,000

Eklavya Model Residential School 2,000 5,943

Pradhan Mantri Awas Yojana (PMAY) 48,000 79,590

Faster Adoption and Manufacturing of Hybrid and Electric 2,908 5172

• Part-A: Consisting of 7 priorities to act as the ‘Saptarishi’ guiding through the

Part-A: 7 priorities Part-B

Reaching the Last Mile

Infrastructure and Investment Direct Tax Proposals

Unleashing the Potential Indirect Tax Proposals

Priority 1: Inclusive Development

i.Digital public infrastructure for Agriculture:

• Digital public infrastructure was planned to be built for agriculture as an open

ii.Agriculture Accelerator Fund: An Agriculture Accelerator Fund will be set up to

iii.Enhancing productivity of cotton crop: To improve the productivity of extra-long

iv.Atmanirbhar Horticulture Clean Plant Program: At an outlay of Rs 2,200 crore,

v.Global Hub for Millets: ‘Shree Anna’

vii.Fisheries: A new sub-scheme under Pradhan Mantri Matsya Sampada Yojana

• A new Ministry of Cooperation was formed to realise the vision of ‘Sahakar Se

iii.The govt also intends to support in setting up of a large number of multipurpose

ii.Sickle Cell Anaemia Elimination Mission:

• A Mission to eliminate Sickle Cell Anaemia by 2047 was planned to be launched.

iii.Medical Research: To encourage collaborative research and innovation, facilities in

iv.Pharma Innovation: FM stated that a new programme in pharmaceuticals will be

v.Multidisciplinary courses for medical devices: Dedicated multidisciplinary

• Planned to re-envision Teachers’ training through innovative pedagogy,

vii.National Digital Library for Children and Adolescents:

Priority 2: Reaching the Last Mile

Ministry of Tribal Affairs and the Department of Development of North-Eastern Region

• Aspirational Districts Programme (ADP) was launched by PM Narendra Modi in

ii.Pradhan Mantri PVTG Development Mission:

• PM Particularly Vulnerable Tribal Groups (PVTGs) Development Mission was

iii.Eklavya Model Residential Schools (EMRS)

• EMRS was started in 1997-98 to impart quality education to Scheduled Tribe

Priority 3: Infrastructure & Investment