Why in News?

• Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament.
• She emphasized that Indian economy is on the right track, and despite a time of challenges, heading towards a bright future.
• In this article, vision priority areas and budget estimates mentioned in the Union budget are covered in detail.

What’s in today’s article?

• Highlights of Union Budget 2023-24
• Priorities of the Budget 2023-24
• Budget Estimates 2023-24

Highlights of Union Budget 2023-24:

• Achievements since 2014 –
  • 
  • The Union Finance Minister said that the government’s efforts since 2014 have ensured for all citizens a better quality of living and a life of dignity and the per capita income has more than doubled to Rs 1.97 lakh.
  • Since 2014, the Indian economy has increased in size from being 10th to 5th largest in the world.
  • Moreover, the economy has become a lot more formalized as reflected in the EPFO membership, more than doubling to 27 crore, and 7,400 crore digital payments of Rs 126 lakh crore through UPI in 2022.
• Vision for Amrit Kaal –
  • The Finance Minister said that our vision for the Amrit Kaal includes technology-driven and knowledge-based economy with strong public finances.
  • Following four opportunities can be transformative during Amrit Kaal –
    • Economic empowerment of women
    • PM Vishwakarma Kaushal Samman (PM VIKAS)
      • 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.
      • for the first time, a package of assistance for them has been conceptualized.
      • The new scheme will enable them to improve the quality, scale and reach of their products, integrating them with the MSME value chain.
    • Tourism
    • Green Growth

Priorities of the Budget 2023-24:

• The Finance Minister said that seven priorities of the Union Budget and said that they complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal.
• These seven priorities are as follows –
  • Inclusive Development
  • Reaching the Last Mile
  • Infrastructure & Investment
  • Unleashing the Potential
  • Green Growth
  • Youth Power
  • Financial Sector

 Budget Estimates 2023-24:

• The Finance Minister 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.
• The fiscal deficit is estimated to be 5.9 per cent of GDP.
• Government plans to continue the path of fiscal consolidation, reaching a fiscal deficit below 4.5 per cent by 2025-26.