Union Budget 2023
The word “Budget” is not mentioned in the constitution instead it is written as Annual Financial Statement (AFS). It is mentioned under Article 112. The budget contains the estimates for the future/budget year, current year, and past year. It contains estimated receipts and expenditures of the Government in a Financial Year (FY). Every Financial Year (FY) begins on 1st April of the current year and ends on 31st March of the next year. The nodal agency responsible for budget preparation is the Budget Division of the Department of Economic Affairs in the Ministry of Finance.
Union Budget 2023-24 : Highlights & Analysis
Union Budget 2023-24: The Union Budget is the annual budget of the Indian Union. It is presented every year in February by the Union Finance Minister. It focuses on development that is inclusive of all. It includes people from certain groups and a few regions under Sabka Sath, and Sabka Vikas. It includes Scheduled Castes, Scheduled Tribes, OBCs, farmers, women, EWS and PwDs.
The main goals include boosting farmers’ income and generating job opportunities in rural regions. Additionally, the government plans to allocate Rs. 2 lakh crore for providing free food grains to all priority households as part of the PM scheme. The budget also focuses on the Northeast Region (NER), UTs of J&K and Ladakh. The act also aims to incentivize the private sector. It will help to create jobs and push growth. To increase the capex and raise more revenues via disinvestment, the Government is focusing on ‘Minimum Government, Maximum Governance’.
Table of Content
- Union Budget 2023
- Highlights of Union Budget 2023-24?
- Union Budget 2023-24 Analysis
- Key Takeaways of the Union Budget
- Sources of Receipt for the Government
- Important Schemes and Budgetary Allocations