Union Budget 2023: While presenting the Union Budget 2023, Finance Minister Nirmala Sitharaman stated that the government is focusing on "green growth efforts" to reduce carbon intensity in the economy, reduce carbon impact, and create jobs.
Atma Nirbhar Clean Plant Programme
The government will invest Rs. 2,200 crores in the Atma Nirbhar Clean Plant Programme to increase the availability of disease-free quality planting material for high-value horticultural crops.
Green farming efforts should increase carbon credit accumulation. This could result in companies meeting a portion of their carbon offset programme, as well as farmers' livelihoods improving through the sale of credits.
Seven priorities
The finance minister has identified seven budget priorities: inclusive development, reaching the last mile, infrastructure development, unleashing potential, green growth, youth power, and the financial sector.
Sitharaman started the Budget speech by lauding the Indian economy as she said that the economy is on the right track despite challenges and the focus on wide-ranging reforms helped the Centre perform well in the trying times of economic instability. She went on to say that, in these times of global challenges, India's G20 presidency provides a once-in-a-lifetime opportunity to strengthen India's role in the global economic order.
Annual Financial Statement
The Union Budget of India, also known as the Annual Financial Statement in Article 112 of the Indian Constitution, is the Republic of India's annual budget. The government presents it on the first of February so that it can be implemented before the start of the new fiscal year in April.
The budget division of the finance ministry's department of economic affairs (DEA) is the nodal body in charge of producing the budget. It is presented through the Finance bill and the Appropriation bill, both of which must be passed by the Lok Sabha before it can take effect on 1 April, the start of India's fiscal year.
FAQs
Q1. Who is the current Finance Minister of India?
Nirmala Sitharaman is in charge of the Finance Ministry.
Q2. Which Constitutional Article governs the Union Budget?
Article 112 of the Indian Constitution governs the Union Budget
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