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Budget Schemes – Economy

By February 14, 2023May 22nd, 2023Announcement, Current Affairs, Economy, GS 3

Budget Schemes


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What is a Budget?

Budget is an annual financial statement of a govemment’s income (revenue) and expenditure – even companies, organisations, etc. have such documents. The word ‘budget’ has its origin in the British parliamentary exercise of preparing such a statement way back in the mid-18th century from the French word ‘Bugeut’, meaning a leather bag out of which the financial statement was brought out and presented in the Parliament. Today, this word is used to mean the annual statement in all economies around the world.

The constitution of India has a provision (Art. 112) for such a document called Annual Financial Statement to be presented in the Parliament before the commencement of every new fiscal year- popular as the Union Budget. Same provision is there for the states, too.

What are Government Schemes?


The basic purpose of development is to enlarge ‘people’s choices’. In principle, these choices be infinite and can change over time. People often value achievements that do not show up at all, not immediately, in income or growth figures-greater access to knowledge, better nutrition and lth services, more secure livelihoods, security against crime and physical violence, satisfying sure hours, political and cultural freedoms and sense of participation in community activities. The objective of development is to create an enabling environment for people to enjoy long, healthy and creative lives.”

Areas of Focus

  1. Conscious Public Policy – Economic growth still remains the immediate focus of the world economies. But, Income enhancement can only bring the desired development in the country once it is supported by a conscious public policy aimed at it. 
  2. Good Governance – the presence of ‘good governance’ in the policy framework can hardly be missed. After the increased acceptance of welfare economics, the standard of life of the masses has emerged as the most popular tool to measure developmental achievements of the economies.
  3. Social Welfare – The Gol has been conscious about the development of the social sector which includes areas, like health, education, shelter, social welfare, social security, etc. 

But India is faced with a variety of interconnected and interdependent issues and challenges in the areas, such as inclusion, expansion, implementation, accountability, governance, decentralisation, etc.”



  1. Infrastructural Growth- Better modes of Connectivity.
  2. Accessibilty- To Education, Health Sevices etc.
  3. Security- Social Welfare plans to combat emergency situations


  1. Economic Development
  2. Innovation
  3. Increased Public Participation
  4. Better Performance Internationally (Various Index and Reports Published time to time)


1. Atmanirbhar Horticulture Clean Plant Programme

  • The Atmanirbhar Clean Plant Programme will be launched to boost the availability of quality and disease-free planting material for high-value horticultural crops at an outlay of Rs.2,200 crore. 
  • Agriculture Accelerator Fund will be set-up to encourage agri-startups by young entrepreneurs in rural areas. The Fund will aim at bringing innovative and affordable solutions for challenges faced by farmers, and will also bring in modern technologies to transform agricultural practices, increase productivity and profitability.
  • A new sub-scheme of PM Matsya Sampada Yojana will also be launched with a targeted investment of Rs. 6,000 crore to improve the activities of fishermen, fish vendors, and micro & small enterprises, and expand the market.
  • India is the largest producer and second largest exporter of ‘Shree Anna’(Millets) in the world, and that several types of millets such as jowarragibajrakutturamdanakangnikutkikodocheena, and sama are grown in the country. These have a number of health benefits, and have been an integral part of India’s food for centuries.

2. PM Vishwakarma Kaushal Samman (PM VIKAS) 

  • Artisans are provided financial assistance under the PM VIshwakarma KAushal Samman scheme. The new scheme will enable artisans to improve their products’ scale, quality and reach, integrating them with the MSMEs value chain.
  • “For centuries, traditional artisans and craftspeople who worked with their hands using tools have brought renown to India, highlighting that they are generally referred to as ‘Vishwakarma’.
  • The scheme aims to benefit women and people belonging to the weaker sections of society, including Scheduled Castes, Scheduled Tribes, and Other Backward Castes.

Some of the key components of the new scheme. These include:

  • Financial support
  • Access to advanced skill training
  • Knowledge of modern digital techniques and efficient green technologies
  • Brand promotion
  • Linkage with local and global markets
  • Digital payments
  • Social security

3. Pradhan Mantri PVTG Development Mission 

    • PRADHAN MANTRI PVTG DEVELOPMENT MISSION to be launched at an outlay of Rs15000 Crores.
    • To improve socio-economic conditions of the particularly vulnerable tribal groups (PVTGs), the Finance Minister stated that the Pradhan Mantri PVTG Development Mission will be launched. It aims to saturate PVTG families and habitations with basic facilities such as safe housing, clean drinking water and sanitation, improved access to education, health and nutrition, road and telecom connectivity, and sustainable livelihood opportunities.
    • Mission will be implemented the in the next three years under the Development Action Plan for the Scheduled Tribes.
    • 38800 teachers and support staff to be recruited for 740 EKLAVYA MODEL RESIDENTIAL SCHOOLS.

4. Aspirational Districts and Blocks Programme

  • It will cover 500 blocks for saturation of essential government services across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure.
  • CENTRAL ASSISTANCE of Rs.5300 CRORE to provide sustainable micro-irrigation and filling up of surface tanks for drinking water in Karnataka supporting Upper Bhadra Project
  • Outlay for PM AWAS YOJANA proposed to be enhanced by 66 percent.
  • BHARAT SHARED REPOSITORY OF INSCRIPTIONS will be setup in a digital EPIGRAPHY MUSEUM- Digitalisation of One Lakh Ancient Inscriptions in the First Stage.
  • Financial Support to be provided to poor prisoners.

5. Green Credit Programme

  • GREEN CREDIT PROGRAMME to be noted for incentivising Environmentally Sustainable and responsive Actions. Green Credit Programme, notified Under the Environment (Protection) Act, for encouraging behavioural change by incentivizing environmentally sustainable and responsive actions by companies, individuals and local bodies. 
  • PM-PRANAM “PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” to be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced used of fertilizers.


  • Establishment of 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme have been proposed for promoting circular economy. These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of  10,000 crore.
  • Bhartiya Prakritik Kheti Bio-Input Resource Centres– The government will set-up 10,000 Bio-Input Resource Centres, thereby creating a national-level distributed micro-fertilizer and pesticide manufacturing network.


To promote values of Local Communities in Conserving Wetland Ecosystem. It will promote their unique conservation values. 

  • This scheme will be implemented over the next three years to encourage optimal use of wetlands, and enhance bio-diversity, carbon stockeco-tourism opportunities and income generation for local communities.
  • ‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes’ will be taken up for mangrove plantation along the coastline and on salt pan lands, wherever feasible, through convergence between MGNREGS, CAMPA Fund and other sources.


To facilitate transition towards a low carbon economy. It will enable the transition of the economy to a low carbon intensity & reduce dependence on fossil fuel imports. 

  • India’s target to reach an annual production of 5 MMT by 2030.
  • Energy transition and storage projects– Allocation of  35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by Ministry of Petroleum & Natural Gas.
  • Battery Energy Storage Systems with capacity of 4,000 MWH will be supported with Viability Gap Funding.
  • Renewable Energy Evacuation– The Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh has been proposed with an investment of  20,700 crore including central support of  8,300 crore.

9. Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra

  • For commemorating Azadi Ka Amrit Mahotsav, the Govt. launched a one-time new small savings scheme, Mahila Samman Savings Certificate, to be made available for a two-year period up to March 2025. 
  • This will offer deposit facility upto Rs.2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with a partial withdrawal option.
  • The Change in the interest rate of any small scale investment will not effect the rate interest of Mahila Samman Bachat Patra.

10. Pharma Innovation Programme

  • The Government proposed to launch a new programme to promote innovation and research in pharmaceuticals, which will be taken up through centres of excellence. 
  • promote private funding through alternate investment funds (AIFs) or venture capitalists (VCs) with an aim to encourage startups to venture into the pharma sector 
  • the research labs of Indian Council for Medical Research (ICMR) will be made available to private colleges.
  • dedicated multi-disciplinary courses for medical devices will be supported in existing institutions to ensure availability of skilled manpower for futuristic medical technologies, high-end manufacturing and research.
  • The Ayushman Bharat Digital Mission seeks to provide the framework required to sustain the nation’s integrated digital health infrastructure as well. The digitalisation, innovation and Research & Development in the pharma sector will help India maintain its leading role globally.
  • government has also announced on building 157 nursing colleges in co-location with government medical colleges.

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