Budget 2024: 'Saptarishi' priorities unveiled in Budget 2023; Know what they are

FM Nirmala Sitharaman

During the presentation of the Union Budget 2023-24 on February 1, 2023, Union Finance Minister Nirmala Sitharaman unveiled a fiscal strategy rooted in seven interconnected priorities, collectively referred to as the 'Saptarishi'.

The priorities included - Inclusive Development (focusing on equitable growth); Reaching the Last Mile (extending essential services to remote areas); Infrastructure and investment (driving economic growth); Unleashing the potential (removing barriers to individual and collective progress); Green growth (promoting sustainability); Youth power (harnessing the energy of the youth); and Financial sector (ensuring stability).

Let's explore each of these priorities in more detail:

1) Inclusive development

The budget underscored the government's dedication to inclusive development, outlining key initiatives in agriculture, health, education, and skilling. Proposed measures included the establishment of Digital Public Infrastructure for agriculture, an Agriculture Accelerator Fund, and initiatives to improve cotton productivity. The Atmanirbhar Horticulture Clean Plant Programme aimed to enhance the availability of disease-free planting material, while emphasizing India's role as a global millets hub.

In health and education, the budget outlined plans for 157 new nursing colleges, a mission to eradicate Sickle Cell Anaemia, and the promotion of pharmaceutical research. Additionally, highlights included teachers' training and the establishment of a National Digital Library for Children.

2) Reaching the last mile

The Finance Minister emphasized the government's commitment to extending services to the remotest areas through the establishment of ministries such as AYUSH, Fisheries, Animal Husbandry and Dairying, Skill Development, Jal Shakti, and Cooperation.

The FM introduced the Aspirational Blocks Programme as an extension of the successful Aspirational Districts Programme, with the goal to provide essential services across various domains to 500 blocks. Additionally, the Pradhan Mantri PVTG Development Mission will concentrate on enhancing conditions for particularly vulnerable tribal groups, with an allocation of Rs 15,000 crore for the next three years.

The plan also included the recruitment of 38,800 teachers for Eklavya Model Residential Schools catering to tribal students. To address water scarcity, Rs 5,300 crore was designated for the Upper Bhadra Project in the drought-prone central region of Karnataka. Furthermore, the outlay for the PM Awas Yojana was increased by 66% to over Rs 79,000 crore.

Establishment of the 'Bharat Shared Repository of Inscriptions,' a digital epigraphy museum aiming to digitize one lakh ancient inscriptions in the initial stage, was also announced.

3) Infrastructure and investment

Sitharaman underscored the crucial role of infrastructure investments for economic growth, allocated a significant 33 percent increase for the third consecutive year, which reached Rs 10 lakh crore (3.3 percent of GDP).

The 'Effective Capital Expenditure' was set at Rs 13.7 lakh crore (4.5 percent of GDP). To support state governments, a 50-year interest-free loan was extended for another year, amounting to Rs 1.3 lakh crore.

The Railways sector received a capital outlay of Rs 2.40 lakh crore, and 100 critical transport infrastructure projects were identified with a focus on last and first-mile connectivity, including an investment of Rs 75,000 crore. The revival of 50 airports, heliports, water aerodromes, and landing grounds was planned for improved regional air connectivity. A new Urban Infrastructure Development Fund (UIDF) was also announced, and Rs 10,000 crore annually was committed to creating urban infrastructure in Tier 2 and Tier 3 cities.

4) Unleashing the potential

The Finance Minister emphasized ease of doing business, highlighting reductions in over 39,000 compliances and the decriminalization of 3,400 legal provisions.

Vision for "Make AI in India" included establishing three Centers of Excellence for Artificial Intelligence in collaboration with industry leaders. National Data Governance Policy to facilitate innovation with access to anonymized data was also announced. Entity DigiLocker for secure document storage and sharing for MSMEs, large businesses, and charitable trusts was introduced. Focus on 5G services involved setting up 100 labs in engineering institutions to develop applications in areas like smart classrooms, precision farming, transport systems, and healthcare.

5) Green growth

Nirmala Sitharaman emphasized government commitment to environmentally conscious living with "LiFE" vision. The Budget prioritized green growth with the National Green Hydrogen Mission, allocating Rs 19,700 crore for 5 MMT annual production by 2030. Rs 35,000 crore was designated for capital investments in energy transition and net zero objectives.

Support was given for Battery Energy Storage Systems with 4,000 MWH capacity and Rs 20,700 crore for inter-state transmission of 13 GW renewable energy from Ladakh. GOBARdhan scheme was announced to establish 500 'waste to wealth' plants, including 200 CBG plants, with Rs 10,000 crore investment.

Adequate funds allocated for vehicle scrapping policy, focusing on replacing old government vehicles and ambulances.

6) Youth power

Sitharaman highlighted the government's commitment to empowering the youth, emphasizing the National Education Policy, job creation policies, and business support. The Pradhan Mantri Kaushal Vikas Yojana 4.0 was launched, focusing on skill development for Industry 4.0, including coding, AI, robotics, and more.

Additionally, 30 Skill India International Centres were announced for international opportunities. A National Apprenticeship Promotion Scheme offered stipend support to 47 lakh youth. States were encouraged to establish Unity Malls for promoting and selling their ODOPs, GI products, and handicrafts, fostering economic growth and showcasing regional specialties.

Also Read: Budget 2024: Millets likely to be in focus; here's what PM Modi has been saying on 'Shree Anna' throughout the year

7) Financial sector

The Finance Minister also announced key measures for economic development, including the infusion of Rs 9,000 crore in the revamped credit guarantee scheme for MSMEs. This move, effective from April 1, 2023, was intended to provide an additional collateral-free guaranteed credit of Rs 2 lakh crore with a 1 percent reduction in credit costs.

For the Azadi Ka Amrit Mahotsav, a special small savings scheme, Mahila Samman Savings Certificate, was introduced. Increase in deposit limit for Senior citizen savings schemes was also announced.