Budget 2023-24 Highlights: Government Increases Capital Expenditure To Rs 10 Lakh Crore

Union Budget for 2023-24 will focus on economic growth and job creation, Finance Minister Nirmala Sitharaman  said on Wednesday while presenting budget ahead general elections next year.

Here are the highlights from Nirmala Sitharaman’s Budget 2023-24 speech:

• Government to provide R&D grant to one of the IITs to encourage indigenous production of lab-grown diamonds in a bid to reduce imports
• 100 labs for developing applications for 5G services will be set up in engineering institutions

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• Government to bring another dispute resolution scheme under Vivad Se Vishwas-2 to settle commercial disputes
• One stop solution for reconciliation and updating of identity of individuals be established
• PAN will be used for common identifier for all digital systems of specified government agencies
• National Data Governance Policy will enable anonymised data; KYC process will be simplified by adopting risk-based system
• Government to create Urban Infrastructure Development Fund on lines of Rural Infrastructure Development Fund; to be managed by NHB
• All cities and towns will be enabled for 100% transition of sewers and septic tanks from manhole to machine hole mode
• Capital outlay of Rs 2.4 lakh cr provided for Railways; highest-ever allocation since 2013-14
• Centre to continue 50-year interest-free loans to state governments for one more year
• PM Awas Yojana outlay hiked by 66% to Rs 79,000 crore

(With PTI inputs)