BUSINESS ECONOMICS

TITLE OF PROJECT: INDIA’S UNION BUDGET

PROGRAM OF STUDY: S.Y. B.COM (BACHELOR OF

COMMERCE)

NAME: Palak Kothari

ROLL NO. : HSBC0057

ECONOMICS

PROGRAM OF STUDY: S.Y. B.COM (BACHELOR OF

COMMERCE)

YEAR OF SUBMISSION: 2023

NAME: PalakKothari

ROLL NO. : HSBC0057

TITLE OF PROJECT: INDIA’S UNION BUDGET

 The Union Budget of India, also referred to as the Annual Financial Statement

in Article 112 of the Constitution of India, is the annual budget of the

Republic of India. The Government presents it on the first day of February so

that it could be materialised before the beginning of new financial year in

April.

 In the 75th year of India’s Independence, the World has recognized the Indian

Economy as a ‘bright star’ as the Economic Growth is estimated at 7 per cent,

which is the highest among all major economies, in spite of the massive global

slowdown caused by COVID-19 and Russia-Ukraine War.

 This was stated by Union Minister for Finance & Corporate Affairs Smt.

Nirmala Sitharaman, while presenting the Union Budget 2023-24 in

Parliament today. She emphasized that Indian economy is on the right track,

and despite a time of challenges, heading towards a bright future.

 Smt. Sitharaman said that this Budget hopes to build on the foundation laid in

the previous Budget, and the blueprint drawn for India@100, which envisions

a prosperous and inclusive India, where the fruits of development reach all

regions and citizens, especially our youth, women, farmers, OBCs, Scheduled

Castes and Scheduled Tribes.

Presentation, Inspiration and motivation have always played an important role in my

life

I express a sincere thanks to the teachers of H.R. College.

I pay my deep sense of gratitude to our teacher to encourage me to the project peak

and to provide me an opportunity to do this project

Teachers always take great pains in moulding their students and are ready to extend

their helping hands to their students whenever they are in need. Many a time, a

teacher will go out of their way to teach a student some specific concepts, or coach

them in a subject where the student has issues.

Despite all their effort, they seldom ask for anything in return, aside from our best

efforts during tests and exams. As such, it becomes a moral responsibility of a student

to appreciate his/her teacher’s efforts in helping him/her overcome the difficult times

and preparing them for the challenges that await them in the future. The least we can

do as a token to express our gratitude for all their hard work is by writing an

Appreciation Letter.

 Thank you for emboldening me.

 Your positivity and encouragement brightened my days.

 You made me a better, more thoughtful person.

 Your kindness made me feel welcomed and comfortable.

1. VISION FOR AMRIT KAAL

2. PRIORITIES OF UNION BUDGET, 2023-24:

a.) Inclusive Development

b.) Reaching the Last Mile

c.) Infrastructure and Investment

d.) Unleashing the Potential

e.) Green Growth

f.) Youth Power

g.) Financial Sector

3. KEY POINTS STATED IN THE UNION BUDGE, 2023-24

4. ALLOCATION FOR SPECIFIC MINISTRIES

5. BIBLIOGRAPHY

6. BACK COVER
 VISION FOR AMRIT KAAL

- AN EMPOWERED AND INCLUSIVE ECONOMY

 Our vision for the Amrit Kaal includes technology-driven and knowledge-

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

 The economic agenda for achieving this vision focuses on three things: first,

facilitating ample opportunities for citizens, especially the youth, to fulfil their

aspirations; second, providing strong impetus to growth and job creation; and

third, strengthening macro-economic stability.

 To service these focus areas in our journey to India@100, we believe that the

following four opportunities can be transformative during Amrit Kaal.

1) ECONOMIC EMPOWERMENT OF WOMEN: Deendayal Antyodaya

Yojana National Rural Livelihood Mission has achieved remarkable success

by mobilizing rural women into 81 lakh Self Help Groups.

2) PM VISHWAKARMA KAUSHAL SAMMAN (PM VIKAS): The art and

handicraft created by Vishwakarma represents the true spirit of Atmanirbhar

Bharat. The new scheme will enable them to improve the quality, scale and

reach of their products, integrating them with the MSME value chain.

3) TOURISM: Promotion of tourism will be taken up on mission mode, with

active participation of states, convergence of government programmes and

public-private partnerships.

4) GREEN GROWTH: We are implementing many programmes for green fuel,

green energy, green farming, green mobility, green buildings, and green

equipment, and policies for efficient use of energy across various economic

sectors.
 PRIORITIES OF THE UNION BUDGET, 2023-24

The Budget adopts the following seven priorities. They complement each other and

act as the ‘Saptarishi’ guiding us through the Amrit Kaal.

1) INCLUSIVE DEVELOPMENT: The Government’s philosophy of Sabka

Saath Sabka Vikas has facilitated inclusive development covering in specific,

farmers, women, youth, OBCs, Scheduled Castes, Scheduled Tribes,

divyangjan and economically weaker sections, and overall priority for the

underprivileged (vanchiton ko variyata). There has also been a sustained focus

on Jammu & Kashmir, Ladakh and the North-East. This Budget builds on

those efforts.

2) REACHING THE LAST MILE: Prime Minister Vajpayee’s government

had formed the Ministry of Tribal Affairs and the Department of Development

of North-Eastern Region. To provide a sharper focus to the objective of

‘reaching the last mile’, our government has formed the ministries of AYUSH,

Fisheries, Animal Husbandry and Dairying, Skill Development, Jal Shakti and

Cooperation.

3) INFRASTRUCTURE AND INVESTMENT: Investments in Infrastructure

and productive capacity have a large multiplier impact on growth and

employment. After the subdued period of the pandemic, private investments

are growing again. The Budget takes the lead once again to ramp up the

virtuous cycle of investment and job creation.

nation’s progress. Our government is committed to providing a transparent

and accountable administration which works for the betterment and welfare of

the common citizen,” said Hon’ble Prime Minister.

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 firmly for the ‘panchamrit’ and

net-zero carbon emission by 2070 to usher in green industrial and economic

transition. This Budget builds on our focus on green growth.

6) YOUTH POWER: To empower our youth and help the ‘Amrit Peedhi’

realize their dreams, we have formulated the National Education Policy,

focused on skilling, adopted economic policies that facilitate job creation at

scale, and have supported business opportunities.

7) FINANCIAL SECTOR: Our reforms in the financial sector and innovative

use of technology have led to financial inclusion at scale, better and faster

service delivery, ease of access to credit and participation in financial markets.

This Budget proposes to further these measures.

 Three-pronged focus driven by four transformative opportunities constitute

foundation of Amrit Kaal

 Capital investment outlay increased by 33% to Rs. 10 lakh Crore

 Effective capital expenditure at 4.5% of GDP

 Fiscal deficit estimated to be 5.9 % of GDP in be 2023-24

 Real GDP to grow at 7% in fy2022-23

 Exports to grow at 12.5% in fy 2023

 Atmanirbhar clean plant program with outlay of ₹2200 crore to be launched to

boost availability of quality planting material for high value horticultural crops

 157 new nursing colleges to be established

 Outlay for pm awas yojana enhanced by 66% to over Rs. 79,000 Crore

 Highest ever capital outlay of Rs. 2.40 lakh crore provided for railways
 Urban infrastructure development fund (uidf) to be established through use of

priority sector lending shortfall

 500 new ‘waste to wealth’ plants under gobardhan scheme to be established at

total investment of Rs 10,000 crore

 10,000 bio-input resource centres to be set-up, creating national-level

distributed micro-fertilizer and pesticide manufacturing network

 Mantri Kaushal Vikas yojana 4.0 to be launched

 New slabs announced under the new tax regime

 Resident individual with total income up to ₹ 7 lakh will not have to pay any

income

tax under new tax regime

 Standard deduction of ₹ 50,000 will also be available to salaried individuals

under the new tax regime

 Limit for tax exemption on leave encashment on retirement of non-

government salaried employees increased to ₹ 25 lakh

 Number of basic customs duty rates on goods, other than textiles and

agriculture, reduced from 21 to 13

MINISTRY RS. IN LAKH CRORE

1. Ministry of Defence 5.94

2. Ministry of Road transport and 2.70

3. Ministry of Railways 2.41

4. Ministry of Consumer affairs, 2.06

5. Ministry of home affairs 1.96

6. Ministry of Chemicals and 1.78

7. Ministry of Rural Development 1.60

8. Ministry of Agriculture and 1.25

9. Ministry of Communications 1.23

 https://www.indiabudget.gov.in/doc/budget_speech.pdf

 https://pib.gov.in/PressReleasePage.aspx?PRID=1895320

 https://www.indiabudget.gov.in/

 https://www.indiabudget.gov.in/doc/bh1.pdf
 BACK COVER

 Ms Nirmala Sitharaman said that the total receipts other than borrowings and

the total expenditure are estimated at Rs 27.2 lakh crore and Rs 45 lakh crore

respectively. The net tax receipts are estimated at Rs 23.3 lakh crore.

 Smt Nirmala Sitharaman provides major relief in the personal income tax. The

indirect tax proposals contained in the budget aim to promote exports enhance

domestic value addition, encourage green energy and mobility.

 Smt. Sitharaman said, to finance the fiscal deficit in 2023-24, the net market

borrowings from dated securities are estimated at Rs11.8 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.

 The fiscal deficit is estimated to be 5.9 per cent of GDP.

 The Vision for 'Amrit Kaal' articulated in the Union Budget for FY 2023-24 is

centered around: Opportunities for Citizens with focus on youth. Growth &

Job creation.

THANK YOU!