LIC in Trouble?

- By Ankit Agrawal
 ankitmay28
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 CONSTITUTIONAL PROVISIONS RELATED TO BUDGET

According to Article 266 of the Constitution, Parliamentary

approval is required to draw money from the
Consolidated Fund of India.

The term ‘Budget’ is not mentioned in the constitution.

The constitution refer it as ‘Annual Financial Statement’.

 Article 112 – 117 in the constitution deals with the
financial matters.

Besides, Article 114 (3) of the Constitution stipulates that

no amount can be withdrawn from the Consolidated Fund
without the enactment of a law (i.e. Appropriation bill).
 WHO IS RESPONSIBLE FOR PREPARING BUDGET?

The Budget Division of the Department of

Economic Affairs in the Finance Ministry
is the nodal body responsible for
preparing the Budget.
•Inclusive development
•Reaching the last mile
•Infra & investment
•Unleashing the potential
•Green growth
•Youth power
•Financial sector
 ECONOMIC GROWTH

This budget hopes to build on the foundation laid in the previous

budget and the blueprint drawn for India at 100.

The current year’s economic growth is estimated to be at 7%.

The economy is on the right track despite challenges and our focus on
wide-ranging reforms helped us perform well in these
trying times, the Finance Minister said.
 5 TH LARGEST ECONOMY

The government’s efforts since 2014 have ensured for all citizens,
a better quality of life.

The per capita income has more than doubled to Rs 1.97 lakh.

In the last 9 years, the Indian economy has increased in size from
being 10th to 5th largest in the world.

The world has also recognized India as a bright star, in spite of

massive global slowdown caused by pandemic and the war
 G20 PRESIDENCY

In these times of global challenges, including the war in

Ukraine,

India’s G20 presidency gives us a unique opportunity to

strengthen India’s role in the world economic order, says
Finance Minister Nirmala Sitharaman.
 TECHNOLOGY DRIVEN SOCIETY

Our vision for the Amrit Kaal includes technology-driven and

knowledge-based economy, with strong public finances
and a robust financial sector.

To achieve this 'janbhagidari' through 'sabka saath, sabka

prayaas' is essential.
 SUPPLY OF FOODGRAINS

During the Covid-19 pandemic, we ensured that nobody goes to bed

hungry with a scheme to supply free foodgrains to over
80 crore persons for 28 months.

We are implementing a scheme to supply foodgrains from Jan 1, 2023,

to all Antaodaya and priority households for the next
1 year and will spend Rs 2 lakh cr.
 GREEN GROWTH

Finance Minister Nirmala Sitharaman said that ‘green growth’

would be one of the priorities of the budget.

“We are implementing many programmes for green growth across

various economic sectors…

They will help reduce carbon intensity and create green jobs,” the FM
said. The government hints at a more broad based
growth in green energy.
 CLEAN PLANT PROGRAMME

The government will launch the Atmanirbhar Clean Plant

Programme to improve availability of disease-free quality
planting material,

For high-value horticultural crops at an outlay of Rs 2,200

crore
 GLOBAL HUB FOR MILETS

The budget envisages India becoming a global hub for Sri Ann or
Millets.

India is already the largest producer and second largest exporter of

millets and the continued focus on domestic production, consumption
and export potential will not just earn us greenbacks but
also add to India’s soft power.

The Indian Institute of Millet Research will be supported as a

centre of excellence.
 AGRI TECH STARTUPS

The government announced digital public infrastructure for

agriculture which will enable inclusive farmer-centric services that are
relevant for crop protection, in what is a shot in the arm for
agritech startups in the country.

Agritech startups bucked the funding slowdown of 2022 and raised

large sums from investors but India is yet to get
its first agritech unicorn.

With the government building digital public infrastructure for

agriculture, will agritech startups attract more funding this year
and grow faster
 AGRI CREDIT TARGET

The agricultural credit target will be increased to Rs 20 lakh crore with

a focus on animal husbandry, dairy and fisheries.

The government has also initiated computerisation for 63,000

primary agricultural credit societies with an
investment of Rs 2,516 crore.
 NATURAL FARMING

Over the next 3 years, one crore farmers will get

assistance to adopt natural farming.

10,000 bio input resource centres will be set up.

 PUSH FOR FISHERIES

The government will launch a sub-scheme under PM Matsya Sampada

Yojana with an outlay of Rs 6,000 crore to further
enable those involved in fisheries.

She added that the PM Vishwa Karma Kaushal Samman — a package

of assistance for traditional artisans and craftspeople — has been
conceptualized that will enable them to improve quality, scale and
reach of their products, integrating with MSME value chain.
 HEALTH

•157 new nursing colleges to be established in co-location with existing

157 med colleges established since 2015

•Mission to eliminate sickle cell anemia by 2047

•Facilities in select ICMR labs will be made available for research by

public & pvt medical facilities

•A new programme to promote research & innovation in

pharmaceuticals will be taken up by Centres of Excellence
 NATIONAL DIGITAL LIBRARY

The government proposes to set up a national digital library for

children and adolescents to make up for the learning loss during the
pandemic, said Finance Minister Nirmala Sitharaman.

Additionally, to build a culture of reading and to make up for the

pandemic-time learning loss, the National Book Trust and the
Children's Book Trust and other sources,

Will be encouraged to provide non-curricular titles in regional

languages and in English to these physical libraries.
 PM PRIMITIVE VULNERABLE TRIBAL GROUPS MISSION

To improve social-economic condition of the Particularly Tribal

Groups, PMPVTG Development mission will be launched, to
saturate PVTG habitations with basic facilities.

Rs 15,000 cr to be made available to implement scheme in next 3 years

 EKLAVAYA MODEL SCHOOLS

In the next three years, Eklavaya Model Residential Schools,

the Centre will recruit 38,800 teachers and support staff for
740 schools serving 3.5 lakh tribal students, announced
FM Nirmala Sitharaman
 RAILWAYS

Capital outlay of ₹2.40 lakh crore.

This is 9 times the outlay made in 2013

 EASE OF DOING BUSINESS

For enhancing ease of doing business, more than 39,000 compliances

have been reduced, over 3,400 legal provisions decriminalised.

For the business establishments required to have a permanent account

number, the PAN will be used as a common identifier for all digital
systems of specified government agencies.
 LAB GROWN DIAMONDS

To encourage production and sales of lab grown diamonds (lab grown

diamonds are artificially produced but have similar properties as
natural diamonds and are cost effective).

Government will provide R&D grant in lab grown diamond area as

well as consider custom duty reduction on key raw
material (lab grown seeds).

Lab grown diamonds have huge potential in both domestic and

export markets.
 GREEN HYDROGEN MISSION

The recently launched national green hydrogen with an outlay of Rs

19,700 crore will facilitate the transition of the economy to low carbon
intensity and reduce dependency on fossil fuel imports.

Our target is to reach an annual production of 5 MMT by 2030.

This budget provides for Rs 35,000 crore capital investment towards

energy transition and net zero objective and energy security
by the Ministry of petroleum and natural gas.
 TRANSPORT INFRA PROJECTS

50 additional airports, heliports, water aerodromes, and

advanced landing zones to be revitalised.

100 critical transport infra projects for steel, ports,

fertiliser, coal, foodgrain sectors have been identified with
an investment of Rs75,000 crore including
Rs 15,000 crore from private sources.
 PRADHAN MANTRI KAUSHAL VIKAS YOJANA 4.0

The government will launch Pradhan Mantri Kaushal Vikas

Yojana 4.0, said FM Nirmala Sitharaman.

In order to skill the youth for international opportunities, 30

Skill India International Centres will be set up across
different States
 PUSH FOR TOURISM

50 tourist destinations will be selected through

challenge mode to be developed as a whole package
for domestic and international tourism
 REVAMPED CREDIT GUARANTEE SCHEME FOR MSMES

Revamped Credit guarantee scheme for MSMEs will take effect from
1 April 2023 with infusion of Rs 9000 crore into the corpus.

This will enable additional collateral free credit guarantee of Rs 2 lakh

crore rupees, which will enable to lower cost of credit by 1%.

Good news for MSMEs that are still recovering from the impact of
pandemic.
 CBG MANDATE

The government plans to introduce a 5% compressed biogas mandate

for all entities marketing natural gas in India.

This may mean that companies marketing natural gas in India will
have to market compressed biogas, or CBG, to the extent
of 5 per cent of their volumes.

The government has been pushing for increased production of CBG

and its blending with natural gas, particularly in the transportation
segment that uses compressed natural gas, or CNG, as a fuel.
 NATIONAL FINANCIAL INFORMATION REGISTRY

The government will set up a National Financial

Information Registry to serve as a central repository
of financial and ancillary information
 100 LABS FOR DEVELOPING APPS

100 labs for developing apps using 5G services will be set up in

engineering institutions.

To realise new range of opportunities, business models & employment

potential, labs will cover among others, apps like Smart Classrooms,
Precision Farming, Intelligent Transports Systems & Healthcare
 BIG JUMP IN CAPITAL EXPENDITURE

At Rs 10 lakh crore, the Centre’s capex target for 2023-

24 is 33 percent higher than the budget estimate
of Rs 7.5 lakh crore for 2022-23.
 FISCAL DEFICIT

Finance Minister Nirmala Sitharaman fixes fiscal

deficit for 2023-24 at 5.9 per cent.
 PERSONAL INCOME TAX

Finance Minister Nirmala Sitharaman announces

Income Tax rebate limit increase to
Rs 7 lakh from Rs 5 lakh
 WHAT ABOUT BANK PRIVATISATION?

FM Nirmala Sitharaman has not touched up on any key banking sector

reforms including the long held promise of privatization
of public sector banks.

To be sure, this is no surprise. Ahead of the 2024 general elections and

considering the politically sensitive nature of the move, the
Government was expected to keep mum on the
bank privatisation issue.

However, one must remember that privatisation of at least two PSBs

was a key announcement in Sitharaman’s last budget.
Q. Which of the following is related to Operation
Green’ mission?

A) Production of tomato, onion and potatoes

B) Production of tomato, chilli and potatoes

C) Production of pulses, onion and potatoes

D) Production of tomato, pulses and rice

LIC in Trouble?
- By Ankit Agrawal
 ankitmay28

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