The maximum deposit limit for Senior Citizen Scheme to be enhanced from Rs 15 lakh to Rs 30 lakh.
Targeted Fiscal Deficit to be below 4.5% by 2025-26.
30Skill India International Centresto be set up across different States to skill youth for international opportunities.
Revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through infusion of Rs 9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1 per cent.
Entity DigiLockerto be setup for use by MSMEs, large business and charitable trusts to store and share documents online securely.
100 labs to be setup for 5G Services based application development to realize a new range of opportunities, business models, and EMPLOYMENT potential.
Outlay forPM Awas Yojanais being enhanced by 66% to over Rs. 79,000 crore.
Capital outlay of Rs. 2.40 lakh crore has been provided for the Railways, which is the highest ever outlay and about nine times the outlay made in 2013-14.
Atmanirbhar Clean Plant Programwith an outlay of 2200 crore to be launched to boost availability of disease-free, quality planting material for high value horticultural crops.
157 new Nursing colleges to be established in co-location with the existing 157 medical colleges established since 2014.
Centre to recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students over the next three years.
Union Budget 2023-34
The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament. The highlights of the Budget are as follows
Per capita income has more than doubled to 1.97 lakh in around nine years.
Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years.
EPFO membership has more than doubled to 27 crore.
7,400 crore digital payments of 126 lakh crore has taken place through UPI in 2022.
11.7 crore household toilets constructed under Swachh Bharat Mission.
9.6 crore LPG connections provided under Ujjwala.
220 crore covid vaccination of 102 crore persons.
47.8 crore PM Jan Dhan bank accounts.
Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana.
Cash transfer of 2.2 lakh crore to over 11.4 crore farmers under PM Kisan Samman Nidhi.
IMF approves $4.7 billion Bangladesh support package
The has signed off on a $4.7 billion support loan package for Bangladesh to help it cope with soaring energy and food costs that have sparked huge protests.
Bangladesh and other South Asian countries dependent on fossil fuel imports were hit hard by sharp cost-of-living increases followingRussia’s invasion of Ukraine.
Nationwide blackouts of up to 13 hours a day hit the electricity grid last year and the government extended food relief for households unable to afford rice and other staples.
Bangladesh plans to use the IMF loan to prop up its Foreign Exchange reserves, which have nosedived from $46 billion to $34 billion.
Aditya-L1 Mission
In the year 2022, ISRO is expected to launch the “Aditya-L1 mission” to investigate the sun.
Highlights:
The L1 Lagrange point will be the landing site for the Aditya-L1 mission. After AstroSat, this will be ISRO’s second space-based astronomy mission.
In 2015, AstroSat was launched.Aditya-L1 was originally known as Aditya 1 and was designed to only observe the solar corona.
Aditya L1, a solar probe, will be launched on a Polar Satellite Launch Vehicle (PSLV) XL carrying seven payloads or experiments.
Union budget 2022-23 By Nirmala Sitharaman
Nirmala Sitharaman, the Union Finance Minister, presents the Union Budget 2022 for the fourth time.
Highlights:
Nirmala Sitharaman, the Union Finance Minister, presents the Union Budget 2022 for the fourth time.
She will give the fiscal year 2022-23 financial results and tax suggestions (April 2022 to March 2023).
As Union Finance Minister Nirmala Sitharaman departs the Finance Ministry to present the Budget in Parliament, a Made in India tablet has taken the place of the customary ‘Bahi Khata.’
V Anantha Nageswaran, India’s Chief Economic Advisor, released the Economic Survey 2021-22 on January 31, 2022.
The Indian economy is expected to develop at an annual rate of 8-8.5 percent in the fiscal year 2022-23, according to the government (FY23).
The Union Budget is a yearly financial report that estimates the government’s income and expenditures to propose future long-term Growth and development strategies.
The Annual Financial Statement refers to the year’s Union Budget, defined by Article 112 of the Indian Constitution (AFS).
Economic Survey 2022 Highlights
On the 31st of January 2022, Finance Minister Nirmala Sitharaman presented the Economic Survey 2021-22 to the Parliament.
Highlights:
On the 31st of January 2022, Finance Minister Nirmala Sitharaman presented the Economic Survey 2021-22 to the Parliament.
The pre-budget Economic Survey is a document that is presented to Parliament prior to the Union Budget to present the state of the economy and make policy recommendations.
A team led by Chief Economic Advisor wrote the pre-Budget Economic Survey (CEA).
The Centre named economist V Anantha Nageswaran as the next CEA just days before the presentation.
The Indian economy is expected to develop at an annual rate of 8-8.5 percent in the fiscal year 2022-23, according to the government (FY23).
For the current fiscal year 2021-22 (FY22), the GDP Growth rate is expected to be 9.2%. According to the Economic Survey, India will need to spend around USD 1.4 trillion on over the next five years to achieve a GDP of USD 5 trillion.
The lack of major base effects in 2022-23 as compared to 2021-22 is the key reason for the lower projection.
In fact, when these base effects were removed in Q3 and Q4 of 2021-22 and economic activity had begun to recover, the second half of 2021-22 saw only 5.6 percent growth.