02/02/2023
Introduction:
The Union Budget 2023 was recently announced, and it contained a lot of key numbers and figures related to various sectors of the economy. In this article, we will take a look at some of the most important numbers from the budget that give us a snapshot of the state of the economy.
Subsidies and Expenditure
Food subsidy for FY24 is estimated at Rs 1.97 lakh crore
Fertilizer subsidy for FY24 is estimated at Rs 1.75 lakh crore
Divestment target for FY24 is set at Rs 51,000 crore
Growth for FY23 is estimated at 7%
Revised divestment target for FY23 is set at Rs 50,000 crore
Capital expenditure for FY24 is proposed at Rs 10 lakh crore, an increase of 33%
Agricultural credit target has been increased to Rs 20 lakh crore
Sector-Specific Highlights
Rs 2,200 crore has been allocated for high-value horticulture
The outlay for the PM Awas Yojana has been raised by 66% to Rs 79,000 crore
A plan has been made to spend Rs 15,000 crore on the vulnerable tribal group (PVTG) over the next three years
The outlay for the third phase of the e-courts project is set at Rs 7,000 crore
Rs 35,000 crore has been allocated for energy security and energy transition
The Green Hydrogen Mission aims to produce 5 million metric tons by 2030
Sugar cooperatives will receive a benefit of Rs 10,000 crore
Tax Changes
Import tax on compounded rubber has been increased to 25% from 10%
Calamity-related duty on ci******es has been raised by 16%
Conclusion:
The Union Budget 2023 contains a wealth of information about the state of the economy, subsidies, and expenditure. The key numbers give us a glimpse into the priorities and plans of the government and how they plan to allocate resources. It is important to keep a close eye on these numbers and updates in the budget to make informed decisions about spending and investments.
