Union Finance Minister Nirmala Sitharaman speaks during the post-Budget press conference in New Delhi, Wednesday, February 1, 2023. Photo Credit: PTI
Union Finance Minister Nirmala Sitharaman on Wednesday said the government will focus on economic growth and job creation and bring down the fiscal deficit. is presenting its last full budget in Parliament before the 2024 elections.
Here are the charts that show the key aspects of the Union Budget 2023:
budget at a glance
Narendra Modi government focused on a series of expansionary measures Tied into various priorities including capital expenditure spending and green growth, youth power and inclusive growth,
Fiscal deficit Finance minister Nirmala Sitharaman said it would be brought down to below 4.5% by 2025-26. He also said that tax receipts are budgeted at Rs 23.3 lakh crore for the next fiscal and states will be allowed 3.5% of GDP as fiscal deficit.
deficit fund
government plans To borrow record ₹15.4 lakh crore dated securities in FY24 to meet its expenditure requirement to drive the economy. This is over and above the total borrowing of ₹14.21 lakh crore for the current financial year ending March 31, 2023.
where did the rupee come from
Where borrowings and other liabilities account for the largest income budget money comes,
Rupee goes
With 20% of its budget going to interest payments, the state’s share of taxes and duties and central sector planning eclipse the two major areas of expenditure for the government.
State-wise Allocation of Central Taxes and Duties
Here is the state-wise distribution of net proceeds of central taxes and duties for the Budget Estimates 2023-24. The distribution was organized according to the recommendation of the 15th Finance Commission, which fixed the states’ share at 41% of the net proceeds of shareable central taxes and income tax.
Transfer to States/UTs
allocation to ministries
Massive ₹5.94 lakh crore allocated in the Union Budget Ministry of DefenceA 13% year-on-year increase from last year’s budget estimates.
Outlay for major schemes
Union Budget 2023-24 Documents Listed new allocation For major welfare schemes that drive socio-economic development.
Finance Minister Nirmala Sitharaman announced Various measures for agriculture sectorThe credit target includes an increase of ₹20 lakh crore, with a focus on animal husbandry, dairy and fisheries.
% change for flagship schemes
Here’s a roundup of changes in budgetary allocations for some key schemes. While the MGNREGS budget saw a reduction of 32% from the revised estimates for 2022-23, the outlay for PM-Kisan remained the same.
rail budget at a glance
With an outlay of ₹2.40 lakh crore for FY 2023-24 as compared to ₹1.40 lakh crore in FY 2022-23, Finance Minister Nirmala Sitharaman said that expenditure for railways This is nine times the amount provided in 2013-2014.
cheap vs expensive
Union Budget 2023-24 eyes to boost exports, boost domestic manufacturing and enhance value addition proposed number of changes For a customs regime that is likely to make mobile phones and TVs cheaper and certain classes of automobiles including EVs, as well as toys and bicycles costlier.