Higlights of Union Budget 2023. Part- 2

by | Feb 2, 2023 | General

  • PAN Card as a common identifier: PAN Card is to be identified as a common identifier for all digi-system as specified in government agencies.
  • MSME:
  1. Revamped credit guarantee to all the MSMEs that will be applicable from April 1, 2023, with 9000 Crores in the corpus.
  2. Collateral-free credit of 2 lakh crore to the companies registered under MSME.
  3. Cost of credit is decreased by about 1 per cent for the companies registered under MSME.
  • Employment or Job: Schemes have been launched for employment generation.
  1. Pradhan Mantri Kausal Vikas Yojana 4.0
  2. 30 Skill India International Centres will be set up across different states. The centre is established for the skill enhancement of youth for International opportunities.
  • Green Hydrogen Mission: The amount of 19700 crores is granted to the National Green Hydrogen Mission. The mission aims to reach 5 million tonnes in hydrogen production capacity by 2030.
  • Defence: The budget for the defence department is increased by 5.94 lakhs from 5.25 lakhs. Moreover, 1.62 lakhs crore is granted for the capital expenditure for the purchase of weapons or other essential purchases. The budget for border road organisation is increased by 5000 Crore, whereas Indian Air Force is alloted with 57,137.09 Crore, Indian navy with 52,804 crore , Army with 37,241 crore and the outlay of 23,264 is granted to the  defence research development organisation
  • Railway: The total outlay of 2.4 lakh crore is granted for boosting affordable regional connectivity and logistics of cargo freights.
  • 157 new Nursing colleges have to be established in the core areas.
  • National Digital Library for children and adolescents.
  • 3 centres for excellence of AI (Artifical Intelligence). The objectives of establishing these centres are to make AI for India and to make AI work for India.
  • 100 labs for developing apps using 5G services.
  • The outlay of 7000 crores for Phase- 3 e courts
  • Central Processing centre is established for ensuring faster response in a company filing.
  • Capital Investment: The outlay of 10 crores to capital investment for job creation and crowd in private investment.
  • Aviation: Fifty additional airports, helipads, water air drones, and advanced landing grounds have to be established in the upcoming years for the upliftment purpose.

 

  Surbhi Singla

Associate at Aggarwals & Associates, S.A.S Nagar, Mohali