Top highlights of budget 2023-24 in Bharat

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Healthcare has always been a top pick in the union budget, and why not? It is one of the emerging industries, especially after the covid strike. Plus, India has always done well in the sector of healthcare. Whether it’s about providing healthcare facilities, production, distribution, manufacturing, testing, or more.

The recent union budget was presented recently on 1st February 2023. The Finance Minister of India – Nirmala Sitharaman presented the budget. In case you’ve missed it then don’t worry, here are the top highlights of budget 2023-24 in India.

Let’s begin from the scratch! Why is the union budget important? Well, every country has to control its economic fluctuations. Union budget aids in controlling fluctuations & brings economic stability & ensures proper handling of inflation and deflation.

Here are the top highlights of budget 2023-24 in India, also explore which industries will be benefitted from the budget 2023-24 in India.

  1. Boost to infrastructure

Since India is a partially-developed country, there’s a lot to be get done in the sector of infrastructure. Additionally, the Government of India is running several projects & schemes to develop a better infrastructure for the people of the country.

Infrastructure includes allocation, development, and maintenance of roads, highways, airports, railways, dams, bridges, and rural infrastructure. Thus, the industries serving in the sector of infrastructure such as construction companies, contractors, infra projects companies, etc. can acquire more opportunities and contribute to the infrastructure of India.

  1. Healthcare

Budget 2023-24 in India has allocated the healthcare sector Rs 86,175 crore for the planning of the healthcare department. This will aid in the creation of more healthcare centers that will be having demand for medications and healthcare facilities.

Thus, the industries serving in the sector of manufacturing medications, creation of healthcare facilities, etc. will get benefitted.

  1. Focus on Education

Many people in India were unable to pursue an education. Since India’s Prime Minister Narendra Modi introduced several laws and programs boosting the right to education. The number of educated people is rising. The government has placed a strong emphasis on updating the primary, secondary, and medical education systems.

However, many are still facing difficulties in getting an education. Therefore, to highlight the education of as many people as possible, the budget proposed an allocation from budget 2023-24 in India. Government funding for skill development has also been granted.

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  1. Agricultural Reforms

Agricultural reforms involve alterations to laws, rules, and procedures relating to land use, financing, marketing, and other areas. It can be used to increase the efficiency and production of the agricultural sector. The government’s goals for the agricultural sector is to increase crop output, sorting, and packaging product.

Farmers are the foundation of agriculture, laying the groundwork for the growth of the next generations. On the basis of needs, the government has set up many schemes for farmers. A new program to give farmers was announced by the government. A minimum support price (MSP) of 1.5 times the cost of output. This is one of the key takeaways of budget 2023-24 in India.

  1. Boost to Manufacturing 

Governments have allotted money for enhancing the manufacturing sector to encourage economic growth, job creation, and competitiveness. The particular budget allotment for this purpose would depend on the priorities and the resources that are available. This distribution may come in the form of financial assistance for manufacturers in the shape of grants, loans, tax advantages, or other forms. A strategy to strengthen the manufacturing sector can include involving spending on infrastructure, training, research, and development.

The budget proposed a number of measures to promote manufacturing, including the allocation of more than Rs 10,000 crore. The budget 2023-24 in India is aiming at promoting the ‘Atma Nirbhar’ scheme.

  1. Support to MSMEs 

MSMEs (Micro, Small, and Medium Enterprises) are described as companies with a specific cap on the number of workers and yearly revenue. MSMEs support entrepreneurship, create jobs and help the industrial sector expand. All of these are important for a nation’s economy. 

They are regarded as the foundation of the economy since they account for a sizable amount of GDP. Moreover, support economic equality by giving individuals from all backgrounds the same possibilities. Thus, the government has announced a number of measures to support enterprises including an allocation of Rs 15,700 crore for the MSMEs sector.

  1. Digital India 

Launched in 2015, the Digital India program aims to make India a knowledge economy and society that is enabled by technology. By granting all individuals access to technology, the program hopes to close the digital gap between urban and rural communities. The budget proposed allocation of Rs 35,756 crore for the digital infrastructure sector by the government. 

Its main goals are to improve everyone in India’s quality of life by delivering e-Governance services. Further, expanding internet connection, and encouraging the usage of electronic transactions. Some key components are — 

  • Building a strong and secure digital infrastructure
  • Offering a variety of digital services, such as e-banking, e-health, etc 
  • Promoting e-skills education and digital literacy
  • Making technology accessible to persons with impairments, as well as those living in rural areas

What Should I Know About Budget 2023-24 In India? 

The budget for the Indian government’s next fiscal year, which begins on April 1, 2023, is titled “Budget 2023-24.” It gives a quick overview of the nation’s economic and financial position as well as the government’s intentions for revenues and expenditures. Here are some essential details of budget 2023–24 in India :

  • Revenue and Expenditure: The budget will include information on the government’s anticipated income from taxes and other sources, as well as its anticipated outlays, which might include money for social programs, infrastructure improvements, the military, and other projects.
  • Economic Growth: The budget is intended to highlight the steps the government will take to assist the growth of different economic sectors as well as reflect its expectations for economic growth for the upcoming fiscal year.
  • Taxation: Budget announcements on taxes may include adjustments to the corporate tax rate, indirect tax rates, or personal income tax rates.

Investors, corporations, and the general public will all be keeping a close eye on the budget 2023–24 since it will give a clear picture of the government’s objectives and intentions for the upcoming fiscal year.

Summing Up

Finally, inclusive growth and development are the main themes of the Union Budget 2023–24. While, with a particular focus on MSMEs, healthcare, infrastructure, and education, fostering economic development, opening up job possibilities, and improving citizens’ quality of life.