Budget 2023: President’s Household Expenditure Cut By Rs 10 crore; Financial Assistance For Foreign Countries Too Down
Finance minister Nirmala Sitharaman has presented the budget allocation. According to the document, the government has allocated 36.22 crores INR for the President’s household expenditure. The allocation would include the salaries provided to the staff in the Union Budget for 2023-24. Furthermore, the allocation for President’s household expenditures has resulted in a massive decline from 10 crores INR in the revised estimates of the current financial year.
The Budget document by Nirmala Sitharaman has shown that 90.14 crores INR has been allocated for the President’s office and other expenditures. The budget has been increased by 5.34 crore from 84.8 crores INR in the previous budget.
The document has shared that 60 lakhs INR has been allocated for the President’s salary and allowances out of the total allocation. In the given allocation, 5332 crores have been earmarked for the President’s Secretariat salary, and about 36.22 crores INR has been kept for the expenditure of the President, which includes staff salaries, discretionary grants of the President, and the other miscellaneous housing expenditures.
The last budget has displayed a valuation of 41.68 crore INR to be reserved for household expenditures, the allocations have been increased to 46.27 crores INR.
The document shown on Wednesday has discussed the allocation under the President for the next fiscal year has been reduced by 27 percent accounting for 36.22 crores in 2022-23.
The document has shared that the allocation for the President’s Secretariat has risen from 15.39 crores INR to 37.93 crores INR. The value accounts for 53.32 crores INR. It has been shown by the document.
Integral features of the Budget 2023-24:
The three main aims taken over by the Indian government for the allocation of Budget 2023 are:
The creation of opportunities for citizens to focus on their youth
Growth and creation of job opportunities
Maintaining a strong and stable macroeconomy.
The Modi-led government has emphasized women’s economic growth by establishing self-help groups. The policy has allowed the groups to reach the stages of economic empowerment, and they will be helped by the supply of raw materials and ensure better quality, marketing, and sale of their products.
The Indian government has realized that India is immersed with high prospects for tourism and an untapped potential. Keeping this in mind, they will initiate the promotion of tourism and create entrepreneurship opportunities with the active participation of different states, the collision of government programs, and the collaboration of public-private relationships.
The government has clearly emphasized green growth through the implementation of budget 2023. Various programs such as green fuel, green energy, green farming, and policies for efficient use of energy will be considered.
Budget allocation to help foreign countries sees a decline:
Furthermore, Nirmala Sitharam has declared that the Union would reduce the aid packages to foreign countries, reducing quotas like Bangladesh, Nepal, and Sri Lanka. In the Union Budget allocation, the financial aid to the nations has been brought down to 5408.37 crore INR compared to 6292.30 INR in the previous year.
The Budget allocation has been reduced for the following countries.
|Countries||Previous year allocation (in crores)||Present year allocation (in Crores)|
|Bhutan||Rs 2400.58||Rs. 2266.24|
|Bangladesh||Rs 300||Rs 200|
|Nepal||Rs 750||Rs 550|
|Myanmar||Rs 600||Rs 400|
|Mongolia||Rs 12||Rs 7|
On the other hand, the budget for some countries like Afghanistan, Africa, and other developing countries has stayed within the same quota with Rs 200 Crore, Rs 250 Crore, and Rs 150 Crore, respectively. At the same time, the budget has increased for Bhutan, Maldives, and Latin American countries. The Union has managed to allocate a budget for the Chabahar Port in Iran at the same valuation of 100 crores INR as last year.
The Union Budget has highlighted the highest allocation was given to Bhutan, accounting for Rs 2266.24 crore, while the lowest allocation was for Mongolia at 7 crores INR.
In an attempt o expand the growth that had been halted due to the covid-19 crisis, the central government has planned to spend Rs 10 lakh crore on the longer capital expenditure for 2023-24.