Here’s everything you need to know about the Budget!
FIRST PRIORITY: INCLUSIVE DEVELOPMENT
The government promotes inclusive development through its ‘Sabka Ssath, Sabka Vikas’ philosophy. The government is concentrating its efforts in three areas.
Agriculture and cooperatives-
1. The government is establishing an Agriculture Accelerator Fund to encourage innovative rural start-ups.
2. They’re also expanding available storage capacity to help farmers increase their sales.
B) Health- 157 new nursing colleges will be established, and new centres will be developed as a priority to promote research and innovation in pharma.
(C) Education & Skill- A ‘National Digital Library’ for children will be established to facilitate the availability of books.
PRIORITY 2: GETTING TO THE FINISH LINE
The government is launching new programmes to help Tribal areas and North-Eastern regions develop.
1. The Government of India has launched the PM PVTG Dev. Mission to provide better facilities to Particularly Vulnerable Tribal Groups (PVTGs).
This will assist these tribes in bettering their socioeconomic conditions.
2. Furthermore, the budget for the PM Awas Yojana was increased by 66% to more than Rs.79000 Cr.
PRIORITIES 3 & 4: INFRASTRUCTURE& INVESTIGATION
Money invested in infrastructure development is beneficial to our country.
It has a much larger multiplier effect on economic growth and job creation.
1. Capital investment has increased by 33.4% to Rs.10 lakh crores, representing 3.3% of our GDP.
2. The Center is also continuing the State Government’s 50-year interest-free loan.- To encourage infrastructure investment.
3. A capital investment in railways of Rs.2.4 Lakh Cr. has been authorised, the highest in our history.
4. Rs.75000 Cr will be invested in 100 critical transportation infrastructure projects.
5. An Urban Infrastructure Development Fund will be established to improve urban infrastructure in Tier 2 and Tier 3 cities.
PRIORITY 4: UNLEASHING THE POTENTIAL
For a country to progress, its government must be transparent and accountable, which is part of good governance.
And to make that possible-
1. Govt. took 2 measures- “Make AI in India” & “Make AI work for India”.
Three specialised AI centres will be established under this measure to develop sustainable solutions for agriculture, health, and sustainable cities.
2. The government has issued the National Data Governance Policy in order to gain access to anonymized data for research purposes.
3. 100 labs will be established to develop 5G services, which will create employment and business opportunities.
PRIORITY 5: GREEN GROWTH
Our country is working to achieve net-zero carbon emissions by 2070 in order to live an environmentally conscious lifestyle.
1. The GOBARdhan Scheme, which will establish 500 new ‘waste to wealth’ plants, has been launched to promote a circular economy.
PM-PRANAM is a programme designed to encourage states and UTs to use alternative fertilisers.
PRIORITIES 6 AND 7: YOUTH POWER
The government has created the National Education Policy to empower our youth. The emphasis will be on skill development and job creation.
1. Mr. Pradhan Mr. Mantri Kaushal The Vikas Yojana 4.0 will be released to train millions of people in various courses such as coding, AI, robotics, IoT, drones, and so on.
2. This priority also includes the development of the tourism sector. At least 50 destinations will be chosen to create a comprehensive package for all tourists. Relevant information would be made available via an app.
3. States will be encouraged to establish Unity Malls in their capitals or financial centres to promote handcrafted products.
Now after covering all the priority areas, let’s move on to the tax proposals. All the indirect taxes aim to- 1. promote exports 2. boost domestic manufacturing 3. enhance domestic value addition & 4. encourage green energy and mobility.
Now due to these indirect taxes, what’s getting cheaper? Mobile phones, EVs, and TVs. And what’s getting costlier? Gold, cigarettes, and other electrical items. Finally, there’s some good news for middle-class people. There’s a new tax regime in the market.
TAX SLABS CHANGES:
If you earn < Rs.7 lakh/year then you don’t have to pay any tax to the govt
Rs 0 to Rs 3 lakh – Exempt
Rs 3 to 6 lakh – 5% Rs 6 to 9 lakh – 10%
Rs 9 to 12 lakh – 15%
Rs 12 to 15 lakh – 20%
Above Rs 15 lakhs – 30%
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