Union Budget 2023-24: Outlay pruned, agriculture gets raw deal

Tribune News Service

Karam Prakash

New Delhi, February 1

The government on Wednesday announced plans to make India the global hub of millets, push digital infrastructure in the farm sector and create decentralised capacities at the panchayat level, even as the allocation for the key sector has been reduced by Rs 9,000 crore.

6.8% decline

Rs 1.15 lakh crore Budget estimate for 2023-24

Rs 1.24 lakh crore Budget estimate for 2022-23

Rs 6,000 cr PM Matsya Sampada Yojana

Rs 20 lakh crore credit target

Farmers abandoned: Kisan Morcha

The Samyukt Kisan Morcha expressed shock at the Budget saying, “It’s the most anti-farmer Budget in the history of India because the allocation for agriculture and allied sectors has been reduced. The government must stop fooling farmers.”

FM announces Agriculture Accelerator Fund to encourage youth entrepreneurs to set up startups in rural areas; stress also on massive decentralised storage capacity & coop-based economic development model to boost agri sector

To encourage agricultural startups in rural areas by young entrepreneurs, a new Agriculture Accelerator Fund has been announced to bring innovative and affordable solutions for challenges faced by farmers.

Marginalised growers to benefit

Small farmers across the country will benefit from the Budget. The emphasis has been laid on promoting modern agricultural technologies. Narendra Singh Tomar, Union Agriculture Minister

Taking forward the cooperative-based economic development model to help small and marginal farmers, Union Finance Minister Nirmala Sitharaman announced plans to set up a massive decentralised storage capacity for farmers.

“This will help farmers store their produce and get remunerative prices in time. The government will facilitate setting up of several multipurpose cooperative societies, primary fishery and dairy cooperative societies in villages in the next five years,” she said, listing the goal of helping 1 crore farmers over the next three years to adopt natural farming through newly announced Bharatiya Prakritik Kheti Bio-Input Resource Centres.

Several new schemes, including the Rs 6,000 crore Pradhan Mantri Matsya Sampada Yojana, to further enable the activities of fishermen, fish vendors, and micro and small enterprises, notwithstanding, representatives of farmer unions who led a nearly year-long agitation against farm laws did not appear impressed with the Budget saying sector allocationd was cut by Rs 9,000 crore.

The Budget estimate for 2023-24 is a substantial Rs 1.15 lakh crore, though it is down from over Rs 1.24 lakh crore allocation in 2022-23, a reduction of 6.8 per cent.

The allocation under the Pradhan Mantri Fasal Bima Yojana has been cut from Rs 15,500 crore in 2022-23 to Rs 13,625 crore in 2023-24 Budget estimates (12 per cent reduction). The budget for the PM Kisan Samman Nidhi scheme, which offers an annual direct financial assistance of Rs 6,000 to farmers, has been pruned from Rs 68,000 crore in 2022-23 to Rs 60,000 crore in 2023-24, a decline of 12 per cent.

Customs duty on silver hiked to 15%

Customs duty on silver has been hiked from about 10.75% to 15% to bring it on a par with duty on gold. Despite that, domestic silver prices saw an increase of only 1.5-2%, reflecting lower domestic demand.

Deposit limit for senior citizens up

Deposit limit for Senior Citizen Savings Scheme up from Rs 15 lakh to Rs 30 lakh. Monthly Income Account Scheme limit up from Rs 4.5 lakh to Rs 9 lakh for single a/c, Rs 9 lakh to Rs 15 lakh for joint a/c.

Rs 15 lakh previous limit

Rs 30 lakh revised limit

Rs 52,937 cr push for BSNL revival

To provide high-speed internet in farthest corners of the country, the Union Government has allocated Rs 52,937 crore for Bharat Sanchar Nigam Limited (BSNL), the state-run telecom carrier. This is primarily for 4G spectrum, technology upgrading and restructuring of the company. In July 2022, the Centre had announced a Rs 1.64 lakh crore revival package for the BSNL.

New one-time scheme for women

One-time deposit scheme Mahila Samman Savings Certificate announced for a two-year period up to March 2025; Rs 2 lakh can be deposited at fixed rate of 7.5% with partial withdrawal option.

Rs 2 lakh max deposit limit

7.5% fixed interest (2 yrs)

LEADER SPEAK

It’s all-inclusive & visionary

The Budget is all-inclusive and visionary. It will give further impetus to the resolve of the Narendra Modi government for building a self-reliant India, taking every section along.

— Amit Shah, Union Home Minister

‘Over Promise, Under Deliver’ strategy

The actual expenditure has been substantially lower than budgeted in current fiscal.

This is Modi’s ‘OPUD’ strategy of headline management — ‘Over Promise, Under Deliver’.

— Jairam Ramesh, Congress General Secretary

Right steps towards $5 tn economy

Positive changes that will lead the people towards achieving the goal of becoming a $5 tn economy... India on way to be among the ‘top three’ global economies in next few years.

— Rajnath Singh, Union Defence Minister

Education, health infra ignored

Allocations inadequate for education and health infra... Maharashtra spinal cord of the national economy and Mumbai growth engine of the economy but no allocations for both.

— Priyanka Chaturvedi, Shiv Sena (Uddhav) MP

Budget disappointing, Bihar neglected

Bihar has been once again neglected and our demand for special status has been ignored. Inclusive growth will remain a distant dream unless poor states are developed. Every year, priorities are changed and these remain unfulfilled because of lack of funds.

— Nitish Kumar, Bihar CM & JD(U) leader

QUICK NOTES

BharatSHRI museum to come up in Hyderabad

The outlay for Ministry of Culture has been enhanced to Rs 3,399.65 crore from Rs 3,009.05 crore in the previous Budget. The FM announced setting up of Bharat Shared Repository of Inscriptions (BharatSHRI), a digital epigraphy museum, with the digitisation of one lakh ancient inscriptions in the first stage. BharatSHRI will be set up by the ASI in Hyderabad. There is an increase of 2.08% of provisioned outlay for ASI (Rs 1,102.83 crore) compared to Rs 1,080.34 crore last time.

50 tourist destinations to get mega overhaul

At least 50 travel destinations would be developed as “complete package” and states would be encouraged to set up a “unity mall” for the sale of their products, Finance Minister Nirmala Sitharaman said. Asserting that the promotion of tourism would be taken up on a “mission mode”, she said with integrated and innovative approach, at least 50 destinations would be selected through “challenge mode”, and all places would be “developed as a complete package”.

Rs 832 cr for Council of Ministers

A sum of Rs 1,258.68 crore has been allocated for various heads of expenditure of the Union Cabinet, including salaries, sumptuary and travel by ministers and entertainment of state guests. The bulk (Rs 832.81 crore) has been earmarked for the Council of Ministers — expenditure on salaries, sumptuary and other allowances and travel by Cabinet Ministers, MoS and former PMs. This also includes a provision for special extra-session flight operations for VVIPs.

Rs 185.7 cr for National Security Council Sectt

Rs 96.93 cr for office of Principal Scientific Adviser

Rs 71.91 cr for Cabinet Sectt

Rs 6.88 cr for hospitality & entertainment expenses

Rs 62.65 cr for Prime Minister’s Office

Rs 1.8 cr for secretariat assistance to ex-Governors

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