- Vision for the Amrit Kaal includes technology-driven and knowledge-based economy with strong public finances, and a robust financial sector.
- Jan Bhagidari through Sabka Saath Sabka Prayas is essential.
- Seven priorities which complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal – Inclusive Development, Reaching the Last Mile, Infrastructure and Investment, Unleashing the Potential, Green Growth, Youth Power, Financial Sector.
- Assistance to all stakeholders for more private investment in infrastructure, including railways, roads, urban infrastructure and power, which are predominantly dependent on public resources through the newly established Infrastructure Finance Secretariat.
- One hundred critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors have been identified.
- Relief to MSMEs – In cases of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security, will be returned to them by government and government undertakings.
- To settle contractual disputes of government and government undertakings, wherein arbitral award is under challenge in a court, a voluntary settlement scheme with standardized terms will be introduced.
- For efficient administration of justice, Phase-3 of the E-Courts project will be launched with an outlay of 7,000 crore.
- Credit Guarantee MSMEs- Revamped scheme will take effect from 1st April 2023 through infusion of 9,000 crore in the corpus. This will enable additional collateral-free guaranteed credit of 2 lakh crore.
- To improve bank governance and enhance investors’ protection, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed.
- A Central Processing Centre will be setup for faster response to companies through centralized handling of various forms filed with field offices under the Companies Act.
- For investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease, an integrated IT portal will be established.
- To unleash innovation and research by start-ups and academia, a National Data Governance Policy will be brought out.
Union Budget 2023-24 Highlights: – Vision for Amrit Kal
