 Namaste, friends. Welcome to another session, which is in the continuation of the Economic Survey. So, this session is all about the Union Budget. You already know that Honourable Finance Minister Nirmala Sitaraman has declared or has put a historic budget. Why historic? Because you already know that our Prime Minister Modi has been constantly focusing on the next 25 years. Why? Because in this next 25 years, India is going to enter into its Amritkar, where India has taken a pledge that we are going to move towards a developed economy. So, in this context, we will try to analyse what is the vision for Amritkar in which this budget has been put for. So, first let's try to do some basics. What is budget all about? First, in the constitution, budget as a word is nowhere mentioned. In the article 112, it has been mentioned as the annual financial statement. It is not budget. It has been written as annual financial statement. So, what includes or what is there in the budget? So, first you know that budget basically tells how much the government is getting the money and where the government has to spend the money. So, basically there are two broad parts of the budget. One is the revenue aspect of it that from where the government is going to get the money. And then the second part deals with the expenditure aspect of the budget that where the government is going to spend that money. Apart from these revenue expenditure thing, the budget also gives you the broad overview of what is the state of Indian economy. Although in the economic survey, the entire thing about Indian economy has already been discussed. But the budget also tries to give a brief understanding about where India stands in the global picture. So, officially called as annual financial statement and it has been constitutionally mandated to put forward this document under article 112. Who prepares it? It is prepared by the budget division in the Department of Economic Affairs in the Ministry of Finance. And this is what the budget deals about. The budget deals with the revenue aspect, the budget deals with the expenditure aspect and the budget deals that what is the state of Indian economy. So, first we will understand the part A. So, in the part A, basically the budget deals with where the government is going to spend the money. And in the part B of the budget, the government tells from where it is going to get the money. So, first of all, we will try to understand the expenditure aspect of the budget. So, before the budget, before the government basically dealing about where it is going to spend its money. First of all, the budget tries to tell what is the vision of this budget. You know that everything is a vision and without a vision, no one can succeed. No one can understand how this person or how the country will be in the future. So, in that context, the budget first of all tries to give a overall vision that in which context India has prepared this budget and how India looks forward in the future. So, first you can see that this economic survey has also discussed that despite all the odds, despite all the uncertainties, uncertainties such as geopolitical uncertainties such as Russia, Ukraine, geopolitical uncertainty, you know that most of the developed economies are heading towards a slowdown or heading towards a recession. In this context, our Indian economy has been highly resilient. It has been very much resilient. You can see that our economy contracted during the pandemic. But just after the pandemic, our economy has recovered back whatever it lost during the pandemic. And now you can see in the FY23, India is growing in a very strong manner. So, as survey has also discussed that our economy has underwent all the recovery that whatever was lost during the pandemic, now with the government's effort, now with the government spending, now with the public consumption coming up, the economy which has lost everything, now everything what we lost has came back. Secondly, you can see that urban employment rate, you know that employment was a big issue during the pandemic. Many people were thrown out of their jobs. Their salary was not increasing. And you might be seeing in the news a lot of people migrated back to their cities or to the villages. But now you can see the urban employment rate is at its four year low. So, you can see that 7.2, it was 20.9 in September 20, but now it has reached to 7.2. So, basically the budget tries to tell that overall the economy is resilient and the growth which contracted during the pandemic, now that has been recovered. Now, G20 Presidency, you already know that India is the president of G20. In this context, it is very important to ensure which India has always been a rule taker. Now India will be a rule maker. You know that India after getting independent, we were a very small nation, we had a lot of internal problems. So, we were trying to develop our basic fundamentals, but just imagine India. India today is the world's third largest economy in terms of purchasing power parity. So, in this context, we can't simply sit or sit on the fence. We have to take the decisions. We have to set the rules of the game. And that's what the budget is all about. That budget wants to say that now India will no longer be a rule taker, but we will be a rule maker. But how India will make a rule? What is the principle that India will follow before taking or before setting the rule? So, the budget says that we will follow the principle of Vasudev Kutumbakam. So, Vasudev Kutumbakam is basically about one earth, one family, and one future. So, India is on the right track. India will be growing. But when India will grow, it will be ensuring that India does not grow alone. Rather, India takes every country along with it. So, in this context, the budget says that G20 Presidency will play a huge role in projecting India as a world power, not in terms of materialistic power, but India will act as a model voice. Then, this is what I was talking about. You know that last year, when India got its 75th year of independence, so till 2047, this whole period is known as Amritka. So, what is the vision of Amritka? This budget has categorically put forward in three themes. First, opportunities for citizens with focus on youth. You know that India is going through a demographic transition where most of the people are in the young age population. So, in India, the current focus is on how to unleash that potential of our growing youth population. So, in this context, the budget puts the first major priority or the first major vision for Amritka as opportunities for citizens with focus on youth. Then, the budget talks about the second vision that is the growth and job creation. You know that India is entering into a demographic transition or India is already in a demographic transition. Demographic transition means when our population is moving towards a younger age population and whenever a country moves towards that younger age population, the employment, the growth and the market also grows. But you know that if that young population is coming into the marketplace, if they are not being provided jobs, they are not being provided employment, then that demographic transition which would have yielded as dividend that will be a nightmare for India. If we don't generate jobs, then the same people who is going to an asset for India will become a liability for India and that will be a huge challenge for the overall security, overall internal stability of India. That is why the vision, second vision basically talks about job creation. And the third, it says that strong and stable macroeconomic environment. What do you mean by macroeconomic? Macroeconomic is basically about GDP, the inflation, the forex reserves. So, all those fundamentals is very strong for any economy to grow. Hence, the budget basically puts the third vision as that India will have a very much strong and stable macroeconomic environment. So, this is the three vision which the budget has categorically put at the starting so that if someone tries to understand budget, then they have to understand in this particular context. So, with this general overview of what is the state of the economy? What is our vision or how we are going to move towards in the future? Then the budget comes to the real part of the story that the budget now talks about where the government is going to put its money, where the government is spending. And in this context, the budget tries to basically puts down Saptarishi course. Saptarishi basically, it's about the seven priorities which the budget has said that in these seven priority areas, we will be trying to improve or we will be trying to spend or put our most of the energy. So, the first priority, you can see that this is the Amrit Kal. So, these are the seven priorities you can see. Now, what we will do is we will try to get a brief overview of what are the different priorities. The first priority is inclusive development. You know that when Prime Minister Modi came to power in 2014, he gave a slogan that Saptasad Saptavishwas. So, in this context, the first priority is inclusive development that if we don't include everyone in our economic development, you know that India is trying to get moved towards a $5 trillion economy. So, that is the size of the Indian economy. But what about the shape? The shape of Indian economy can only improve if that growth is equitable, if that growth includes everyone. Otherwise, if the economy grows and one section of the population is left behind, then that growth is meaningless. And in that context, you can never achieve Gandhi's vision of Sauraj. When Gandhi wants Sauraj means economic freedom, political freedom, social freedom, not for some people, but for every people. So, in this context, the first priority discusses about the inclusive development. So, you can see that in inclusive development, the budget basically focuses on providing basic amenities to every people. What are the basic amenities? Water, health, education. So, all these things will be provided to every people. So, you can see that 9 crore drinking water connection to the rural houses. You know that already the government is running a scheme that is known as Gel Given Mission. So, in Gel Given Mission, basically the government wants to provide a functioning tap water connection to every house. So, in this context, it is said that 9 crore drinking water connections will be provided to the rural house. Second, the budget says 11.7 crore household toilets will be constructed under the Swach Bharat Mission. You know that Prime Minister Modi is very much supportive of cleanliness about these things and that is why major bulk has again been put forward to Swach Bharat Mission. Then you know that Ujwala, Ujwala has been a game changer because you know that most of the rural area, most of the women are dependent upon the cow dung or other materials for energy. In this context, the government has launched the PM Ujwala under which the government has been providing free gas connection to every household. So, the scope that 9.6 crore extra LPG connections will be given under the Ujwala scheme. Then you can see that 220 crore COVID vaccinations of 102 crore persons. You can see that the world has been completely shocked by seeing at what pace the government of India has been able to successfully vaccinate a lot of people. Then PM Jandhan Bank accounts, you know that PM Jandhan Bank accounts was the major flagship scheme by the government to ensure financial inclusion and you know that in the earlier days, whenever a benefit was being transferred to any person, the middlemen used to exploit those monies and at the end, the money which was to be sent to the beneficiary, rather the money was being collected by the middlemen. But now by Jandhan Bank accounts, directly the government is able to send the money into the beneficiary's account. So, you know that the latest report said that 2 lakh crore of corruption has been eliminated because of this direct benefit transfer mechanism. So, in that context, it is said that 47.8 crore to the Hanwantri Jandhan Bank accounts have been added. Then insurance cover, you know that in India most of the people are uninsured. In this context, it is saying that Pradhan Mantri Suraksha Bhima Yojana and Pradhan Mantri Jeevan Jyoti Bhima Yojana. So, under this, the coverage has been significant. 45 crore persons are now insured under this. And then finally, you know that under PM Kisan, what is PM Kisan? PM Kisan is basically a scheme by the government of India where the government transfers 6000 rupees to every farmers in one year. So, in that context, it's said that as of now 2.2 lakh crore has been transferred to 11.4 crore farmers. You know that the 6000 is very instrumental because a farmer is highly, the income of the farmer is not growing as expected. And hence in that context, even the small help of 6000 helps to elevate the farmers out of poverty. Now, agriculture, you know that agriculture is one of the very strongest sector or agriculture is the backbone of any economy and hence in this context, the budget has focused very much on agriculture. So, the first very important scheme which government has brought is that digital public infrastructure for agriculture. You know that current world is a world of technology and without technology, you cannot ensure any meaningful change. So, hence in this context, what the government is trying that how we can use the digital infrastructure, digital technology to help the farmers. So, this is basically the creation of such infrastructure. Let me give you an example. One of the scheme has been launched by the government of India is AgriStack. What is AgriStack? AgriStack is basically a stack. You know that a stack or you can consider any set of records. So, AgriStack is one of the scheme under which the government is trying to prepare a database and in that database, every farmer detail will be there. For example, if I am a farmer, which crop I am cultivating, how much land I have, how much loans I have taken, what is the state of my land. So, every farmer in India has a seed in the part of that stack and by that the government can send the benefit in a targeted manner. So, this is about the digital public infrastructure. Second is the agriculture accelerated fund. What is accelerator fund? Accelerator fund is basically a fund which boosts the startup, which provides the guidance, which provides the mentorship and which provides the financial help to the startups. So, now the government wants to promote agricultural related startups because the government wants to ensure that startups does not remain related to services sector, but there also should be agricultural-based startups and hence in that context, a special fund will be created which will try to boost agri-based startups. Then global hub for millets. You know that millets is one of the thing which is highly nutritious. It has also ecological benefits. Millets, for example, Jawa, Bajra, Ragi, so all those are millets. They are also known as coarse grates, right? And you know that India has been facing a huge problem that is of malnutrition, that although people are saying, but the nutritional requirement of every person is not that up to mark. And in this context, the government has been focusing from past two to three years on millets. And that's why the significance of millets is so much that the government is calling millets at Sri An. It is out of respect for millets. That millet is such a nutritious food that everyone should eat. And then agriculture credit target will be increased to 20 lakh crore. That means the budget for agriculture is to 20 lakh crore. Finally, cooperative-based economic development will be promoted. You know that in agriculture there's one very big problem that most of the lands has been fragmented. So in general, Lakhbak 86 point farmers are small and marginal. That means they have less than 1 hectare or 2 hectare of land. So in this context the farmers are not able to reap the economics of scale. And hence the government is trying to promote cooperative-based farming model so that the farmers can come together and then their bargaining power will increase. Then you can see this figure. So you can see that there's a significant increase in the budget of agriculture. It was initially 158 lakh crore and now it has reached to 186 lakh crore. So there's a huge increment in terms of agricultural budget. And similarly, India has seen a record food grain production. So at one point of time, India was import dependent. And now India has a major export destination for the entire world. Then came the second focus area under the inclusive development is health. Health is the very important critical sector for any economy or for the social well-being of the people. And hence you can see the budget has to the health sector has increased from 1.4% of the GDP to 2.1% of GDP. Similarly, in that context 157 new nursing colleges will be established. You know that during the pandemic the importance of having a robust nursing infrastructure or nursing related paramedical staff was felt. And in this context, new nursing colleges will be set up. Similarly, sickle cell anemia will be eliminated by 2047. What is sickle cell anemia? Basically, you know, our blood is composed of four things RBC, WBC, platelets and plasma. So RBC is a very important component. What does RBC do? RBC carries oxygen from the heart of the body, which we call as hemoglobin. So RBCs are generally round in shape. RBCs are generally circular in shape. So when they are in circular in the shape, they can flow easily. But in this sickle cell anemia the shape of the RBC that is the red blood cells the shape of those red blood cells turns from circular to sickle shape that means a moon shape. And in that context, it is not able to flow easily. So in that context, it clocks, it gets accumulated at one point and because of that the blood flow stops. So that is a life-threatening disease and there is no effective treatment also for sickle cell anemia, right? So now the government is trying to eliminate that disease by 2047. You know that maximum as per the government data mostly the sickle cell anemia is found in the tribal population out of 90 tribal children one children is being affected by sickle cell anemia. So it's a life-threatening disease. So for that the government tries to do screening you know prevention and other things like that. And then new program to promote research in pharmaceuticals. You know that world is also going to face in future a very big problem that is of antimicrobial resistance. So whatever antibiotics we are consuming to fight against the bacterial infections, most of the bacteria have become resistant to those antibiotics. Most of the bacteria have become resistant to those antibiotics and hence very much problematic. So we need to develop new antibiotics. So that's why the government has said that there will be new program to promote research in the pharmaceutical sector. That education and skilling is another focus area under the inclusive development. You can see that again our education budget is 2.9% of GDP. Although it is less you know that what is our target? Our target as per the national education policy 2020 is that India's education budget should be 6% of GDP but approximately it is half of that. Then revamp teachers training via district institutes education on training. You know that under the right to education the quantity of students who have enrolled in the schooling have increased but the quality of education is still lacking. And when you want to improve the quality of education then the only thing which you need to improve is the quality of teachers. So in that context the government has lately realized that we just don't want the students to enroll but we also want better teachers because if the quality of teachers increases then automatically the children are able to understand much more easily and hence because of that children are more attractive towards education. The national digital library. So what is national digital library? It will be a library where any children can access to any book. Then states will be encouraged to set up physical libraries. You know that during the pandemic a lot of children were left behind. You know a lot of children were not having that facility to study from the home because they did not have laptops. They did not have internet connections. So in that context the government tries to incentivize the states to set up physical libraries at the panchayat level. Then finally Pradhan Mantri Kaushal Vikas Yojana 4.0 is launched. You know that Pradhan Mantri Kaushal Vikas Yojana 2 and then 3 and then 4. Now the Pradhan Mantri Kaushal Vikas Yojana is basically a scheme under which the government does the skill training of the youth. So what are the skills? The skills are basically the digital skills. Let it be AI, ML, robotics, drones. So all this technologies as a skill will be provided under Pradhan Mantri Kaushal Vikas Yojana. Now comes the second priority. So in the second priority the budget focuses that how we can reach the last mind. means that means the development should be reaching to the last people who has been left. So in that context the priority number 2 basically is an attempt that how we can reach to those people who have been completely at the marginalized level who has been at the completely bottom section. So in the priority number 2 the first focus is on the primitive tribal groups PBTGs. So primitive vulnerable tribal groups is those scheduled tribes which are the most extremely backward. So in India approximately you have 700 scheduled tribes and out of that 700 scheduled tribes approximately 50 or 60 are those tribes which are at the most backward sections and those tribes are known as primitive vulnerable tribal groups. So these people generally do not have any education these people do not have any health infrastructure these people do not have any sustainable livelihood opportunities. So now the government tries to basically focus on these tribal populations and you know that under this it has been said that a club where model residential schools will be promoted. So what a club where model residential schools these are the schools basically which are designed to cater the education for the tribal people for the tribal people. So approximately 5 lakh tribal children study under these schools so these schools will be promoted the quality of teacher and other infrastructure will be promoted under in this school. Then finally it says that Bharat Shri that is shared repository inscription to be set up for digitization of ancient inscriptions. What are inscriptions? Inscriptions are basically a piece of or something which is written on a rock and you know that India is a civilizational state India has a rich past so there are many inscriptions which were written in ancient period which were written in medieval period gradually those inscriptions are fading away. So how we can store those inscriptions in digital format so that is the attempt under the fourth point that Bharat Shri will be set up for digitization of ancient inscriptions you can see that these are the inscriptions. Finally it also says that in Karnataka micro irrigation micro irrigation means sprinkler irrigation drip irrigation because you know that water efficiency in such irrigation is more than 90 percent and India is facing a huge water scarcity so in that context the government says that we will be focusing on micro irrigation. Now the third priority which is the very very important priority again it talks about infrastructure and investment. So you know that already in earlier time the spending by the government was mostly in the form of subsidies was mostly in the form of freebies but since this government has come to power and in the recent two to three years there has been a qualitative shift in where the government is spending. So earlier the government was used to spending on freebies but now the government is focusing on capital infrastructure. Capital infrastructure is basically the creation of road, railway, hospitals, you know transportation infrastructure ports because these have a huge multiplier effect. Multiplier effect means if you spend 1 rupee on freebie you don't add any productivity to the economy but if you invest the same 1 rupee to infrastructure creation then it adds double to the economy. So you can just imagine if you create a road and you can spend the same money on the freebies so which is more beneficial. Obviously the capital infrastructure has is much more beneficial so now you can see that government has increased the capital investment outlay by 33.4% to 10 lakh crore. So 10 lakh crore we will see is a huge number. So this trend has been followed since past two to three years where government is spending more on the capital infrastructure part and then similarly you know that during the pandemic most of the states are generally involved in distributing freebies. So government of India brought a scheme that okay I will be giving you loan. So government of India said to the states that if you want money I am ready to give you money but there is one condition that you have to invest those money in infrastructure creation and not in giving subsidies. So this was a scheme which was brought in the pandemic under which the center gave some amount of money to the states for 50 years. For 50 years the center gave some money to the states and that was also interest free that means state did not have to give freebies but you have to spend on capital infrastructure. So that scheme has been continued. That scheme has been continued and see that 50 year interest free loan. It is absolutely interest free but there is only one condition that if you want money take the money but you cannot spend that money on freebies. The third highest ever capital outlay for the railway. So railway has got its highest ever budget allocation. You know that you have to invest in the sector for Indian mobility. So maximum people use railways and you know that the railway has always underperformed. So now by this budget the maximum allocation might unleash a multiplier development in terms of railway. Then similarly other transportation infrastructure projects will be created and similarly there is also creation of urban infrastructure development fund. You already know that India is highly being urbanized. Most of the people from the urban areas because there you have jobs, there you have education, there you have other amenities but as more and more people are coming to urban cities. So urban cities are not you know are able to cater to that demand and that's where you see always the water from sewer is leaking, you have air pollution, you don't have the basic infrastructure be it proper buses, you don't have safety for women and other things. So in this context a special fund will be created which will try to develop the urban infrastructure in tier two and tier three and now Banaras, Patna and other cities. Then now come the priority four that means unleash the potential unleash the potential and this is all about how the government can ensure that people trust them. You know that if in any country if there's a lack of trust that country cannot progress. People should trust people, the government should trust people and also the people should trust government. So in that context how are governments which is based on trust because if the people trust the government then it is easy for the country to grow at a much more faster pace. So in that context the first focus is how you're going to make artificial intelligence in India. You know that artificial intelligence is what artificial intelligence is nothing. It is the replica of human intelligence for example if we study then we get intelligent similarly if you create a machine based algorithm where you put data and then that algorithm learns from the data and then it makes a decision. So data is very important for developing that algorithm. So now what happens is that most of our data be it Amazon, Facebook or any other technological related companies they take our data to America and there they analyze those data, they create a AI based model and then they sell it to India. So we are the data generators but we are lacking in developing that algorithm. So now the government has said that now we will use our own data and we will create our own artificial intelligence based algorithms because you know that AI has huge potential. You know AI can be used to detect cancer. AI can be used to detect whether you would be having a heart attack or not. So in that context the government tries to develop some AI based special centers, special center of excellence which will have good academia which will have industry linkages. So in the top institutes like this AI based centers will be created. Then the second thing is national data governance policy. So that is what I was talking for example in the 20th century the focus was on oil and 21st century what was the data, what was the oil now the same oil is the data. So data is that much significant in current times and hence the government has a huge amount of data. The government of India has huge amount of data of the public. So how the government sends those data to the startup so that they can analyze those data and create AI based algorithms. So that is why the government has said that now anonymized data will be sent anonymized data will be given to the startups so that they can promote artificial intelligence. So anonymized means that all the data will be mixed together so that someone's identity is not revealed. So the data will be taken by 100 people and then it will be given to the company is given those data so that company cannot understand whose data it is. So that is about anonymization of data. Then MSMEs are also given some incentives that MSME is the backbone of Indian economy it contributes one third of the GDP and during the pandemic MSME was under huge stress so now MSMEs has been given some favor and then similarly settlement scheme and then e-codes e-codes dispute resolution is a very big problem in India you just go to the court it's 10 year case pendency right different different cases are being are having pendency for past 5 to 7 years right so in that context the government focuses on launching e-codes. Then now come the another priority that is green growth you know that India is a developing country the contribution of India in this whole climate catastrophe is although very less but that does not mean that India will simply tell me that okay fine I have not contributed to climate change so I will not contribute anything rather it is the opposite India has actively promoted the cause of climate activism and India has been in fact one of those country which is at the top in terms of implementing the Paris Agreement right so in this context the budget tries to put some focus on the green growth also so you can see that 500 ways to wealth plans will be set up for example gober into a wealth similarly PM Pranam in this you know that Indian agriculture we always hear that people are using more and more chemicals into agriculture because the soil does not have that nutrient so how we can promote different fertilizers how we can promote organic fertilizers so in that context PM Pranam has been launched that how we can promote the usage of alternative fertilizers and not the chemical based fertilizers which are used now then similarly green trade program is to bring a behavioral change so in this for example if I am living a sustainable lifestyle so government will track it and then government will incentivize me so all those company all those people who are having a sustainable lifestyle they will be incentivized under green trade program similarly Mishthi so Mishthi is for basically mangrove plantation for the coastline so in that mangrove will be you know for a stated under the coastline areas you know that mangrove is very important because mangrove has a rich source of biodiversity mangrove is very important to stop coastal erosions mangrove also is very important to sequester the carbon so in that context the budget focuses that how we can plant mangroves along the coastline similarly the budget talks about how we can use the wetlands similarly natural farming is being promoted what is natural farming so natural farming is a farming which is done on very natural principles so for example you already must be knowing that there is zero budget natural farming so under zero budget natural farming we don't use any fertilizers rather we use cow dung we use cow urine so all those natural farming practices will be incentivized and the coming years the budget says that approximately 1 crore farmers will be brought under the natural farming then similarly the budget talks about battery energy storage systems here and promote electric vehicles then the budget also talks about that we will be scrapping the old polluting vehicles you know that last to last year the government has brought a scrappage policy under which the government intends to scrap all those old vehicles because you know that old vehicles when it gets older it starts to emit more and more pollution so now the government will scrap all those government vehicles which are quite older let us take those vehicles which are much more older than 10 years so those vehicles will be scrapped similarly the priority 6 now priority 6 is about how you can use the power of youth how you can empower the youth because youth are those section of the society or those people who are going to be the change who are going to bring the change in India so in this context the budget tries to talk about Pradhar Mantri Kaushal because Yojana 4.2 under which skills will be empowered to the Indian youth similarly there has been a creation of digital platform under which people will be skilled and then national apprenticeship promotion scheme under which internship opportunities will be provided to the students then tourism as a sector will be very important because you know that tourism was brought under complete shutdown during the pandemic and tourism is one of the sector which contributes a lot towards GDP so in that context tourism will be promoted and then unity malls will be promoted what are the unity malls so unity mall will be a mall in every state which will have product right all those traditional products which you cannot find anywhere outside India which are very authentic which are very indigenous in nature so all those goods will be sold in these unity malls you can see that one product geographical identification based products and handicraft products will be sold over there so the next or the last priority is the financial priority and in the financial sector basically you can see the first focus is how to digitize all those financial information so for that purpose there is a special registry which is known as national financial information registry where all the financial information will be available to the public right and then similarly there is a credit guarantee for MSMEs you know that again the budget focus on MSMEs why because MSME is one sector which contributes approximately one third towards Indian GDP and also it is the one of the most important sector that does the maximum employment generation so that is why whenever the MSME sector grows the whole economy grows and hence the budget has quite put more effort towards the MSME sector so in this MSME will provide it collateral free loan and hence for that purpose 9000 crore fund has been infused similarly Mahila Samman Bachat Patras you know that this government has been very much focusing on how you can ensure women empowerment so on this line only the government has set up these kind of small savings scheme so in this you know what you can do is that you can go to the bank and you can get a saving accounts open that will be in the name of women and in that account you can deposit up to the 2 lakhs for 2 years and in that account you will be given 7.5% interest rate right so this is again you know a very important step in terms of women empowerment and similarly some benefits has been given for senior citizens that senior citizens saving scheme under which whichever the senior citizens give money they are given tax exemption so now that limit has increased from 15 lakh to 30 lakh and then similarly gift that is known as international financial service centre this will also be promoted you know that what is IFSE IFSE for example you already might have heard about special economic zone so special economic zones are created for manufacturing sector and when you create such special economic zone for the services sector or the financial sector that is known as IFSE so for example if you want to invest in a company like apple how can you go and buy the share of apple and go to the US and you have to get yourself registered but now the same company like apple they can get their share listed in such international financial services centre so these are the special centres you know which are considered as not the domestic areas because they are given huge relaxations so that the companies outside India they can come and they can give the financial services to Indian people then now comes another important point the budget basically talks about the same thing 50 year interest free loans to the state and the fiscal deficit for the states is kept at 3.5% of the gross state domestic product so this is an average figure that every state will have to you know keep its fiscal deficit close to 3.5% and for the centre the target is 6.4% for this financial year for the next financial it is 5.9% and you know that the government is trying to consolidate its fiscal deficit to a level of 4.5% by 2025 to 2026 and then it gives some estimate about how much the government is spending the money and how much the government is getting the money so how much the government is getting the money total receives that is how much the government gets it is approximately 27.2 lakh crore and how much the government spends it is 45 lakh crore you know that this is the mismatch and that is why the government has to borrow the money which is called as fiscal deficit now these are the some charts which the budget also has given so you can see the fiscal deficit so fiscal deficit in FY 2021 was at 9.2% of our GDP and then since it has been on declining trend so this is a very important indicator whenever the fiscal deficit grows beyond the limit it starts to disturb the macro economic fundamental and hence the government is trying to consolidate its fiscal deficit to a level of 4.5% by 2025 to 2026 similarly the GST you know that has been a game changer revolution or reformation in terms of indirect tax now GST has also become a very stable tax and the amount of collection which you are seeing in GST is approximately 1.5 lakh crore so that is a very good you know development in terms of GST and similarly you can see in terms of capital expenditure I have already discussed that government has made a qualitative shift where it is going to spend so earlier the government was spending on subsidies but now the government is focusing on capital infrastructure creation and hence you can see then FY 2016 the government was spending 2.5 lakh crore on capital infrastructure and now this number has multiplied by 4 times it has reached 10 lakh crore right so this has been a constant trend which has been seen so the government is focusing more and you already know that government has launched many schemes like national infrastructure pipeline kathishakti so all those schemes are basically about capital infrastructure creation and similarly you can see that now the banks you know that at one point of time the banks were in a complete mess but now the situation of banks is on a constant improve and because of that the NPA that is a non performing assets in the bank has reached to its lowest level so in current times the Indian banks are very much strong and because of this we were able to pass by the pandemic but not much difficulty then the budget also gives the figure on the forex reserve so you can see that India has a good forex reserve as of now and hence there is no problem with respect to forex and then similarly our inflation although our inflation has been more than 6 percent you know that the target for RBI is to keep the inflation from 2 to 6 percent but in India the inflation was above 6 percent and similarly the WPI was also at a very high level but now by December 2022 the CPI as well as WPI both have reached to its lowest level so that's a good thing which is happening in an economy now comes the part B so this is all about part A so part A basically told the where government is going to spend the money now in part B we will see from where government is going to get the money so this is the revenue aspect of the government so in the first this part B we are going to discuss about the personal income tax so you can see that the rebate level rebate level has been increased from 5 lakh to 7 lakh so now if any Indian is earning 7 lakh rupees then that person does not need to pay any tax they will pay the tax but those tax will be rebated back to the taxpayer right so now if you are earning 7 lakhs that means effectively you don't have to pay any tax and once you start to earn more than 7 lakh then these laps are there so for example if one person is earning 9 lakh so if one person is earning 9 lakh then for the first 3 lakh it has to pay nil and then for the remaining 3 lakh it has to 5% and he is earning 7 lakhs so now for the 1 lakh he has to give 10% but let us take example that if person is earning 6 lakh 90,000 so if a person is earning 6 lakh 90,000 then that means he is earning less than 7 lakh then that case the person does not have to pay any tax but whenever that income increases from 7% then he has to pay the tax as per these tax slabs the indirect tax reforms has also been made indirect tax includes GST custom duty, excise duty so all those are part of the indirect tax now one very interesting thing you know that India has again actively moving towards becoming apnirva so in this context indirect tax proposals has been made so you can see that how this has been done for example let us take the case of electrical so in electrical the custom duty on electric kitchen chimney has been increased from 7.5 to 15% that means the chimney if you bring or if you get the things imported a finished goods as a finished goods the custom duty will be higher but when you get the raw materials imported then the custom duty will be lower so government is doing what government is trying to promote domestic manufacturing and hence government has raised the custom duty on the finished goods and government has lowered the custom duty on the raw materials so in the entire these reforms the government has been doing the same thing that increase the custom duty on the finished goods to dis-incentivise those imported goods and then incentivise those people who are getting the raw materials as input because in that case the domestic manufacturing will increase so hence in this entire game of picture the government has been focusing on lowering the custom duty on the raw materials then revenue expenditure profiling so this is also you know that this is the whole profile which is being created that from where the government gets and where the government spends so let us see so you can see that from where the government gets money so 34% of the money comes from borrowing and liability and then you can see that from GST so if government is getting 100 rupees then 34 rupees is coming from borrowings 17 rupees is coming from GST 15 rupees is coming from corporation tax 7 from excise duty and 15% from income tax that means one third of what the government is getting the money it is getting because of borrowing it is getting because of borrowing so this is not the good thing that you are getting one third of the money not by earning but by borrowing the money because you are borrowing so next day you have to pay that so this is the problem then where the rupee is spent again there is a problem 20% that is one fifth of what we spend we have to spend on payment of the interest that means for the loan which we have already taken so 20 rupees we are spending on the interest payment and then other things like 9% for centrally sponsored scheme center sector scheme 17% and other things but one very important thing is that one third of money we get by borrowing and one fifth of the money we are spending in the form of interest payment so this is the problem of taking more and more loans that is why government wants to keep a limit on the fiscal deficit because if you take more and more loan then anyways you are going to pay back in the coming future and because of that the future development will stop if you take more loan in the present times and then this is the last thing which budget gives is that where the government is spending so you can see that ministry of defence gets the maximum budget allocation around 6 lakh crore and then ministry of road transport and highways getting 2.7 lakh crore that is a very good thing because again it gives to capital infrastructure it leads to capital infrastructure creation we have already discussed that railway has got the highest ever budget allocation of 2.4 lakh crore so similarly ministry of consumer affairs and food, public distribution 2 lakh crore home affairs 2 lakh crore, ministry of chemical and fertilizers 1.7 8 lakh crore finally the budget concludes in a highly optimistic note the budget says that this is the right time for India to lake and leave forward if we do not take the right steps now then the future will be problematic and in this context the budget sets out all those priorities so that our vision for Amritkal is ensured and in this context Nirmala Sitaraman our honourable finance minister says that all those people who have fought for Indian independence all those people who have sacrificed their life for Indian independence they will be proud when they will see what is the outcome of Amritkal so as the survey also have discussed the same thing that India will be the voice of the world India will be the leader, India will be the major voice of the world in the coming one decade so in that context the budget also says that this is the right time when we break all the shackles and unleash the animal spirit in the economy and for that you don't need the contribution from the government only but you need a Jan Bhagidari where people like you and me along with the government co-operates together and acts in a united manner so that what development we had lost because of colonialism what development we have lost because of poor developmental story what development we have lost because of misguided economic policies but now we are not going to do any mistake now we are going to work together in a united manner and ensure that India achieves the right place which it has been denied in all those years so with this I conclude the brief introduction on budget I will come back again to you with a much more detailed analysis not only on budget but also on the economic survey so this is a whole series which is going to come to you it's just right on your way please be patient everything will be covered from the prelims, mains, interview perspective and also the Q&A will be conducted so that there is no problem for you to understand any of the things because these documents are very very important for your exam perspective so I thank you all for listening please watch this channel please continue following us we will help you in the best manner which is possible thanks