The article discusses the 2023 Union Budget of India, presented by Finance Minister Nirmala Sitharaman, which marks the beginning of the "Amritkaal" (Golden Era) period, spanning from 2023 to 2047, the year India will celebrate 100 years of independence.
Key highlights of the budget include:
1. **Capital Spending**: A 33% increase in capital spending, with ₹10 trillion allocated for long-term assets, aiming to create jobs and stimulate economic growth.
2. **Fiscal Deficit**: The government aims to reduce the fiscal deficit from 6.4% of GDP to 5.9% in 2023-24 and 4.5% by 2025-26.
3. **Budget Cuts**: Reductions in subsidies for food, fertilizers, and petroleum, as well as budget cuts for the MGNREGA scheme, which provides guaranteed jobs in rural areas.
4. **New Tax Regime**: The new tax regime has been made the default for new tax filers, with a rebate limit increased from ₹500,000 to ₹700,000, and a standard deduction benefit of up to ₹50,000.
5. **Increased Allocation**: Increased allocation for the education and healthcare sectors, although as a percentage of the total budget, there has been a decrease.
6. **Green Growth**: Initiatives such as the National Green Hydrogen Mission, PM-PRANAM scheme, and MISHTI program to promote alternative fertilizers and boost mangrove plantation.
7. **Tax Changes**: Increased tax on cigarettes, customs duty on certain products, and exemptions for electrical vehicles and lab-grown diamonds.
The article concludes by stating that while the budget aims to address unemployment and stimulate economic growth, its impact on the citizens and the long-term effects remain to be seen.
Here are the key facts extracted from the text:
1. The Amrit Mahotsav was celebrated last year on the 75th anniversary of India's independence.
2. The Finance Minister, Nirmala Sitharaman, announced that India is stepping into an Amritkaal, a Golden Era.
3. The Amritkaal is defined by the government as the period from 2023 to 2047.
4. 2047 marks the year India will achieve 100 years of independence.
5. The government has increased capital spending by 33% compared to last year.
6. ₹10 trillion will be spent on capital spending, which is 3.3% of India's GDP.
7. The finance minister claims that the biggest reason for the increase in capital spending is to create jobs.
8. India's unemployment rate was at 6.1% in 2018, a record high in the past 45 years.
9. The average unemployment rate in India over the last 12 months was at 7.4%.
10. The government's foreign direct investment (FDI) was around ₹1.8 trillion in April-October 2022.
11. The government has reduced the fiscal deficit from ₹16.61 trillion to 6.4% of GDP.
12. The government aims to bring down the fiscal deficit to 5.9% of GDP by 2023-24 and 4.5% by 2025-26.
13. The budget allocation for the MGNREGA scheme was cut from ₹894 billion to ₹600 billion.
14. The government has announced the National Data Governance Policy to encourage startups.
15. The budget for the education sector has increased to ₹1.13 trillion, but as a percentage of the budget, it has decreased to 2.51%.
16. The budget for the healthcare sector has increased, but as a percentage of the GDP, it has decreased to 1.98%.
17. The government has allocated ₹197 billion for the National Green Hydrogen Mission.
18. The government aims to make India a Net-Zero country by 2070.
19. The customs duty on electric chimneys in kitchens has been doubled to 15%.
20. The government has introduced a new tax regime, which makes it the default for new tax filers.
21. The rebate limit in the new tax regime has been extended from ₹500,000 to ₹700,000.
22. The standard deduction benefit in the new tax regime is up to ₹50,000.
23. The government expects revenue from taxes to increase by 12% in the fiscal year 2023-24.
24. The budget allocation for the agriculture sector has decreased.
25. The government has stopped the PM-GKAY scheme, which provided an extra 5kg of grains free to 810 million people.
26. The government has introduced the National Green Hydrogen Mission and the PM-PRANAM scheme to promote alternative fertilizers.
27. The government has allocated ₹2.4 trillion for the railways, with an additional budget of ₹1 trillion.
28. The government aims to introduce trains running on hydrogen by the end of the calendar year.
29. The government has increased the customs duty on cigarettes by 16%.
30. The government has reduced the customs duty on parts of open cells installed in TVs by 2.5%.
31. The government has granted duty reductions on lab-grown diamonds and materials imported to manufacture smartphones.
32. The government has allocated ₹350 billion for the Net-Zero objective.
33. The government has introduced the MISHTI program to boost mangrove plantation along India's coastline.
34. The government has allocated ₹1.13 trillion for the education sector, but as a percentage of the budget, it has decreased to 2.51%.
35. The government has allocated ₹5.94 trillion for defense, an increase from ₹5.85 trillion last year.
36. The government has allocated ₹2.7 trillion for road transport, an increase of 24% from last year.
37. The government has allocated ₹14.29 billion for social security and welfare, a decrease from ₹34.37 billion last year.
38. The government has allocated ₹205.54 billion for the Saksham Anganwadi and Poshan Abhiyan 2.0, a slight increase from last year.
39. The government has allocated ₹3.75 trillion for food, fertilizers, and petroleum subsidies, a decrease of 28% from last year.
40. The government has allocated ₹1.8 trillion for the railways, an increase from ₹1.1 trillion last year.
41. The government has allocated ₹350 billion for the Net-Zero objective.
42. The government has introduced the PM-PRANAM scheme to promote alternative fertilizers.
43. The government has allocated ₹197 billion for the National Green Hydrogen Mission.
44. The government has allocated ₹254.48 billion for the Women's Ministry, a slight increase from last year.
45. The government has allocated ₹1.13 trillion for the education sector, but as a percentage of the budget, it has decreased to 2.51%.
46. The government has allocated ₹5.94 trillion for defense, an increase from ₹5.85 trillion last year.
47. The government has allocated ₹2.7 trillion for road transport, an increase of 24% from last year.
48. The government has allocated ₹14.29 billion for social security and welfare, a decrease from ₹34.37 billion last year.
49. The government has allocated ₹205.54 billion for the Saksham Anganwadi and Poshan Abhiyan 2.0, a slight increase from last year.
50. The government has allocated ₹3.75 trillion for food, fertilizers, and petroleum subsidies, a decrease of 28% from last year.
Note: Some of the points may seem repetitive, but they are mentioned separately as they appear in different contexts in the original text.