Union Budget 2023: Pivotal Highlights for the Industry

By: Industry Outlook Team | Wednesday, 01 February 2023

Finance minister Nirmala Sitharaman announced yet another paperless budget yesterday. This was her fifth budget in a row. Calling it the first budget in Amrit Kaal, she said that government’s vision for the Amrit Kaal includes technology-driven and knowledge-based economy, with strong public finances and a robust financial sector.

Industry Outlook brings to you the highlights of the Union Budget 2023.

The Budget aimed at seven priority areas:

• Inclusive development
• Reaching the last mile
• Infra & investment
• Unleashing the potential
• Green growth
• Youth power
• Financial sector

Agricultural credit of Rs 20 lakh crore

An agricultural credit of Rs 20 lakh crore has been announced. It will be targeted at animal husbandry, dairy, and fisheries sector.

Horticulture Clean Plant Program

Atmanirbhar Bharat Horticulture Clean Plant Program will be launched to boost the production of high value horticulture crops at an outlay of Rs 2,200 crore.

New programme for pharmaceutical research

New programme for research in pharmaceuticals will be formulated and the industry will be encouraged to invest in research.

Capital investment outlay increased by 33 percent

Capital investment outlay will be increased to the tune of 33% to Rs 10 lakh crores, which would be 3.3% of GDP.

Rs 2.4 lakh crore to be awarded to Railways

Capital outlay of Rs 2.4 lakh crore will be awarded to Railways.

Transport infrastructure projects

100 critical transport infrastructure projects for steel, ports, fertilizer, coal, foodgrain sectors have been identified with an investment of Rs 75,000 crore.

Digilocker services to be expanded to FinTech

Digital certificate depository Digilocker services will be expanded to the FinTech sector. Entity DigiLocker will be set up for use by businesses and charitable trusts.

National Hydrogen Mission

Rs 19,700 crore has been allocated to the National Hydrogen Mission. The initiative aims at reaching hydrogen production capacity of 5 metric million tonnes by 2030.

Capital investment toward energy transition

Rs 35,000 crores have been set aside for priority capital investment toward energy transition, net zero objectives, and energy security by the Union Ministry of Petroleum and Natural Gas.

Green Credit Programme

A Green Credit Programme will be notified under the Environment Protection Act, 1986 with an aim to incentivize environmentally sustainable and responsive actions by companies, individuals, and local bodies.

PM PRANAM

Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth has been announced to encourage states to use alternative fertilizers and balance the use of chemical ones.

Central Data Processing Centre

A Central Data Processing Centre will be set up for faster handling of administrative work under the Companies Act.