Union Budget 2024: The Union Budget is one of the most crucial annual financial reports of India, which deals with the expected income and expenditure of the economy in the upcoming fiscal year. In Budget 2023, Union Finance Minister Nirmala Sitharaman listed seven top priorities of the Union Budget 2023 that would act as the 'Saptarishi' guiding the government through the Amrit Kaal.
The seven pillars or ‘Saptarishi’ of Union Budget 2023:
> Inclusive Development > Reaching Last Mile. > Infrastructure Investment. > Unleashing Potential. > Green Growth. > Youth Power. > Financial Sector.
"The adopts the following seven priorities, they complement each other and act as the Saptarishi, guiding us through the ‘Amrit Kaal’. They are: inclusive development, infrastructure and investment, reaching the last mile, unleashing the potential, green growth, youth power, financial sector," Sitharaman had said in her Budget speech.
Here are the top points covered under the Saptarishi:
Inclusive Development: The first priority is inclusive development, ensuring that all segments of society reap the benefits of national growth. The focus is on implementing policies that foster equitable growth, reduce disparities, and construct a more inclusive society.
Reaching Last Mile: The second goal, termed as 'reaching the last mile', focuses on ensuring that government policies and initiatives permeate even the most remote and neglected parts of society. The government plans to achieve this using technology and novel methods.
Infrastructure Investment: The third priority was infrastructure investment, which was launched to meet the urgent need for enhanced infrastructure across the nation. The plan encompasses expenditure on ports, airports, railroads, and roads, which are crucial for the country's economic progress and competitiveness.
Unleashing Potential: The fourth goal involved the government's commitment to eradicate hurdles hindering the economy's growth and progress. This will be achieved by initiating reforms in key sectors such as labour, land, and education.
Green Growth: The fifth priority is to promote environmentally friendly and sustainable growth. This includes investments in renewable energy, environmental protection, and steps to counteract climate change effects.
Some of the top investment proposals made:
> Green Hydrogen Mission: The mission, with an outlay of Rs 19,700 crores, will facilitate transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports, and make the country assume technology and market leadership in this sunrise sector.
> The Budget 2023 provided Rs 35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by Ministry of Petroleum & Natural Gas.
> Battery Energy Storage Systems with capacity of 4,000 MWH will be supported with Viability Gap Funding.
> The Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be constructed with investment of Rs 20,700 crore including central support of Rs 8,300 crore.
> A Green Credit Programme will be notified under the Environment (Protection) Act. This will incentivize environmentally sustainable and responsive actions by companies, individuals and local bodies.
> A new “PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” will be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.
> 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting circular economy. These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of Rs 10,000 crore.
Youth Power: The sixth priority will focus on harnessing the potential of the nation's youth. This will involve investments in education and skill development, job creation, and fostering entrepreneurship.
Financial Sector: Lastly, the seventh priority will focus on fortifying the financial sector to aid growth and development. This includes measures to foster financial inclusion, increase credit accessibility, and improve the functionality and stability of the financial sector.
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