GOBARdhan, MISHTI and other acronyms in Union Budget 2023-24

BySaptarshi Das
Feb 02, 2023 01:01 PM IST

Union finance minister Nirmala Sitharaman on Wednesday kept up with the Prime Minister Narendra Modi government’s style of using interesting acronyms for introducing schemes

In her fifth budget speech which lasted around 87 minutes, Union finance minister Nirmala Sitharaman on Wednesday kept up with the Prime Minister Narendra Modi government’s style of using interesting acronyms for introducing schemes while launching schemes such as the PM PRANAM, GOBARdhan, and the MISHTI among others.

Union finance minister Nirmala Sitharaman presented the Union Budget 2023-24 on Wednesday. (ANI) PREMIUM
Union finance minister Nirmala Sitharaman presented the Union Budget 2023-24 on Wednesday. (ANI)

The PM PRANAM scheme, which translates to ‘Pradhan Mantri Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth’, was launched to incentivise states and Union territories to promote alternative fertilisers and reduce the use of chemical fertilisers in agriculture.

The GOBARdhan scheme, which is the acronym for Galvanizing Organic Bio-Agro Resources Dhan, will see the establishment of 500 new ‘waste to wealth’ plants staked at 10,000 crore and will strive to promote a circular economy.

Sitharaman said, “Over the next 3 years, we will facilitate 1 crore farmers to adopt natural farming. For this, 10,000 Bio-Input Resource Centres will be set-up, creating a national-level distributed micro-fertiliser and pesticide manufacturing network.”

Another interesting one is the MISHTI scheme, an acronym for Mangrove Initiative for Shoreline Habitats and Tangible Income, under which the government plans to take up mangrove plantations along the coastline and on saltpan lands.

Sitharaman proposed the Mahila Samman Saving Certificate (MSSC) for a 2-year period, which will offer a deposit facility of 2 lakh at 7.5% interest for two years with a partial withdrawal facility to women.

To provide stipend to 47 lakh youth in 3 years, direct benefits transfer (DBT) pan-India National Apprenticeship Promotion Scheme will be rolled out, she announced.

Also Read | Budget 2023: FM Sitharaman delivers her shortest budget speech today at 87 minutes

Allocations of 5,172 crore will also be made under the FAME (Faster Adoption and Manufacturing of EV’s) scheme under which subsidies on Electric Vehicle batteries will be extended for 1 more year, hence making EVs cheaper in India. FAME is an incentive scheme that encourages the adoption of electric and hybrid vehicles which is a part of the National Electric Mobility Mission Plan, launched by the Ministry of Heavy Industries and Public Enterprises.

The finance minister during her speech stressed that the government will facilitate setting up data embassies in the International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (GIFT City) in a bid to enhance business activities there.

To promote and sell the state’s own One District, One Product (ODOPs), Geographical Indication (GI) and other handicraft products, the finance minister had said, “States would be encouraged to set up such Unity Mall in the capital city or most prominent tourism centre or the financial capital and also provide space for ODOPs and GI products of other states as well.” These will be made with a focus on the development of tourism in the states.

The central government will set up a Rs10000 crore per year Urban Infrastructure Development Fund (UIDF) which will be managed by the National Housing Bank and will be used by public agencies for creating infrastructure in Tier-2 and Tier-3 cities across the country.

An iGOT Karmayogi which is the acronym for ‘Integrated Online Training Platform’ will be launched by the government and while announcing the same, Sitharaman specified that it will provide continuous learning opportunities for lakhs of government employees to upgrade their skills and facilitate a people-centric approach. Under Mission Karmayogi, Centre, states and Union territories plan to make and implement capacity-building plans for civil servants.

Sitharaman also announced that a research grant will be provided to one of the IITs for five years to encourage the indigenous production of lab-grown diamonds (LDG). LDG’s are diamonds that are produced using specific technology which mimics the geological processes that grow natural diamonds and according to the finance minister, this sector has a high employment potential.

‘Bharat Shared Repository of Inscriptions’ or Bharat SHRI will be set up in a digital epigraphy museum, with the digitisation of one lakh ancient inscriptions in the first stage.

While presenting the Union Budget 2023-24 in Parliament, Sitharaman said it focuses on seven priorities, which she called the “Saptrishis guiding us through Amrit Kaal”. These were inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector”. Major announcements for taxpayers were also made in the Budget when the finance minister announced no income tax for those with an annual income of up to 7 lakh under the new tax regime but made no changes for those who continue in the old regime that provides for tax exemptions and deductions on investments and expenses such as HRA.

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