{"id":39038,"date":"2023-02-06T23:06:01","date_gmt":"2023-02-06T17:36:01","guid":{"rendered":"https:\/\/www.5paisa.com\/finschool\/?p=39038"},"modified":"2025-03-11T11:51:48","modified_gmt":"2025-03-11T06:21:48","slug":"budget-2023-24-the-vision-for-amrit-kaal","status":"publish","type":"post","link":"https:\/\/www.5paisa.com\/finschool\/budget-2023-24-the-vision-for-amrit-kaal\/","title":{"rendered":"Union Budget 2023-24|The Vision for Amrit Kaal"},"content":{"rendered":"\t\t
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BUDGET 2023-24 has cheered up Indian Industry Leaders and have hailed it as \u201cprudent\u201d, \u201cpositive\u201d and \u201cprogressive\u201d.\u00a0 The Budget has a clear vision with 7 Priorities or Saptrishi as India enters in the \u201cAmrit Kaal\u201d. The modifications under the new tax regime has provided relief to common man which will certainly boost consumption. The overall perspective of the BUDGET 2023-24 is positive and includes great optimism at every stages for economic growth. This is the year where Finance Minister Mrs. Nirmala Sitharaman has used many of the Sanskrit terms like \u201cShree Anna\u201d, \u201cPanchamrit\u201d and many more which makes this budget unique on its own.<\/p>

SO HERE IS THE BUDGET 2023-24 ANALYSIS <\/b><\/span><\/h2>

PART A<\/strong><\/span><\/p>

The word Amrit Kaal was coined by Prime Minister Mr. Narendra Modi in the year 2021 during the festivities of 75th<\/sup> Independence Day. While announcing a new blue print for India\u2019s next 25 years, PM Modi used this phrase. Amrit Kaal has a goal of improving quality of life for Indian habitants and close development gap between rural and urban areas.<\/p>

The term \u201cAmrit Kaal\u201d comes from Vedic astrology. It refers to a crucial period when humans enjoy greater pleasure. It means the most fortunate time to begin any work.<\/p>

BUDGET 2023-24 was presented by Smt. Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs. While presenting the budget she emphasized that Indian economy is on the right track and despite challenges it is heading towards a bright future.<\/p>

Finance Minister said that this Budget hopes to build on the foundation laid in the previous budget and the blueprint drawn for India@100. This Budget envisions a prosperous and inclusive India, in which the fruits of development will be enjoyed by all the citizens, especially youth, women, farmers, OBCs, Scheduled Caste and Scheduled Tribes.<\/p>

While presenting the Budget, Mrs. Nirmala Sitharaman also said that during the nine years of the government, Indian economy has increased in size from being 10th<\/sup> to 5th<\/sup> largest in the world. India has significantly improved its position as a well governed and innovative country with a conducive environment for business.<\/p>

India has now a rising profile due to several accomplishments like World Class Digital Public Infrastructure namely Aadhaar, Co-win and UPI; Covid-19 vaccination drive, proactive roles in frontier areas such as achieving the climate related goal, mission LiFE, and National Hydrogen Mission.<\/p>

She Also Pointed Out Certain Points Mentioned Below Before Beginning The Budget <\/strong><\/span><\/p>

  1. During Covid-19 pandemic, Government ensured that no one goes to the bed hungry. Free supply of food grains to over 80 Crore persons for 28 months. Government is implementing from 1st<\/sup> January 2023, a scheme to supply free food grains to all Antyodha and priority households for the next one year, under PM Garib Kalyan Anna Yojana (PMGKAY). This entire expenditure of Rs 2 Lakh crore will be borne by the government.<\/li>
  2. During the time of challenges, the G20 Presidency gives India a unique opportunity to strengthen its role in the world economy. With the theme of \u2018Vasudhaiva Kutumbakam\u2019.<\/li>
  3. Government has put in efforts since 2014 and have ensured that all citizens of the country gets a better quality of life of dignity. Per Capita Income has more than doubled to Rs 1.97 lakh. The economy has become a lot more formalized as reflected in the EPFO membership.<\/li>
  4. The Finance Minister also pointed out that efficient implementation of many schemes with universalization of target benefits has resulted in the inclusive development. Some schemes such as 7 crore household toilets under Swachh Bharat Mission, 9.6 crore LPG connections under Ujjawala, 220 crore Covid vaccinations of 102 crore persons, 47.8 crore PM Jan Dhan Bank Accounts, Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana, and Cash transfer of Rs 2.2 lakh crore to over 11.4 crore farmers under PM Kisan Samman Nidhi has helped to achieve this.<\/li><\/ol>

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    BUDGET 2023-24- AN OVERVIEW<\/strong><\/span><\/h2>

    \"\"<\/a><\/p>

    \u00a0<\/p>

    The Amrit Kaal Budget has three vision for Empowered and Inclusive Economy<\/span><\/p>

    \u00a0<\/p>

    The Amrit Kaal Budget includes technology driven and knowledge based economy with strong public finances and a robust financial sector and to achieve this, Jan Bhagidhari through Sabka Sath Sabka Prayas is essential. This can be achieved through the three visions mentioned above that is Opportunities for citizens with focus on youth, Growth in Job creation, Strong and Stable Macro Economic Environment<\/p>

    The Finance Minister also discussed about the four opportunities that be utilized during Amrit Kaal which are as follows<\/span><\/strong><\/p>

    1. Economic Empowerment of Women<\/strong>:<\/span> Deendayal Antyodaya Yojana National Rural Livelihood Mission has become successful by mobilizing rural women into 81 lakh Self Help Groups and also these groups will reach the next stage of economic empowerment through formation of large producer enterprises or collectives with each having several thousand members and managed professionally.<\/li>
    2. PM VIshwakarma KAushal Samman (PM VIKAS)<\/span>:<\/strong>For centuries, traditional artisans and craftspeople, who work with their hands using tools, have brought renown for India and they are generally referred to as VIshwakarma. The art and handicraft created by them represents the true spirit of Aatmanirbhar Bharat.<\/li>
    3. Tourism:<\/strong><\/span>The Finance Minister said that the country promotes for domestic as well as foreign tourists, as there is a large potential in tourism. She also added that the sector holds huge opportunities for jobs and entrepreneurship for youth in particular and emphasized that promotion of tourism will be taken up on mission mode, with active participation of states, convergence of government programmes and public-private partnerships.<\/li>
    4. Green Growth<\/strong>:<\/span> Dwelling on the subject of Green Growth, the FM said that India is 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. These green growth efforts help in reducing carbon intensity of the economy and provides for largescale green job opportunities, she added.<\/li><\/ol>

      BUDGET 2023-24 has 7 major priorities known as Saptrishi which are listed below<\/strong><\/span><\/p>

      \"\"<\/a><\/p>

      So the Saptrishi can be described in following way<\/p>

      \u201cIF YOU GRIP\u201d<\/strong><\/span><\/p>

      I –<\/strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 INCLUSIVE DEVELOPMENT<\/span><\/p>

      F-<\/strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 FINANCIAL SECTOR<\/span><\/p>

      YOU-<\/strong>\u00a0 \u00a0YOUTH POWER<\/span><\/p>

      G\u00a0<\/strong> \u00a0 \u00a0 \u00a0 \u00a0 -GREEN GROWTH<\/span><\/p>

      R\u00a0<\/strong> \u00a0 \u00a0 \u00a0 \u00a0 -REACHING THE LAST MILE<\/span><\/p>

      I\u00a0<\/strong> \u00a0 \u00a0 \u00a0 \u00a0 \u00a0-INFRASTRUCTURE AND INVESTMENT<\/span><\/p>

      P\u00a0<\/strong> \u00a0 \u00a0 \u00a0 \u00a0 – UNLEASHING THE POTENTIAL<\/span><\/p>

      \u00a0<\/h2>

      PRIORITY 1- INCLUSIVE DEVELOPMENT<\/strong><\/span><\/h2>

      \u00a0 \"\"\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\"\"<\/p>

      \u00a0Inclusive Development projects include benefits such as<\/strong><\/span><\/p>

      1. 9 crore drinking water connections to rural houses<\/li>
      2. Cash transfer of Rs 2.2 lakh crore to over 11.4 crore Farmers under PM-KISAN.<\/li>
      3. Insurance cover for 44.6 crore persons under PMSBY and PMJJY.<\/li>
      4. 8 crore PM Jan Dhan bank accounts.<\/li>
      5. 220 crore Covid Vaccinations of 102 crore persons.<\/li>
      6. 6 Crore LPG connections under Ujjawala.<\/li>
      7. 7 Crore household toilets constructed under SBM.<\/li><\/ol>

        Farmers, Women, Youth, Scheduled Castes, Scheduled Tribes, and Other Backward Classes such as OBC, Divyangjan (PWD) and economically weaker Sections (EWS) are specifically covered in Inclusive Development. Overall priority for the underprivileged and sustained focus on Union Territory of Jammu and Kashmir and Ladakh and the North East Region is also included. It has two prolonged strategy which was first unveiled in 2019 like Incentivizing the private sector thus creating jobs and pushing growth and \u201cMinimum Government, Maximum Governance\u201d increasing capex and raising more revenues via disinvestment ,<\/p>

        There are three categories which is included in Inclusive Development \u2013Sabka Saath Sabka Vikas<\/span><\/strong><\/p>

        \"\"<\/a><\/p>

        \u00a0<\/p>

        1. Agriculture<\/strong><\/span><\/li><\/ol>