                     BUDGET AT A GLANCE
Defence allocation jumps 13% to Rs 5.94 lakh crore
The Union Budget 2023-24 allocated Rs 5.94 lakh crore for the defence sector, marking a hike of 13 per cent over previous year’s layout of Rs 5.25 lakh crore.
The Union Budget 2023-24 envisaged a total outlay of Rs 45,03,097 crore. Of this, the Ministry of Defence has been allocated a total budget of Rs 5,93,537.64 crore, which is 13.18 per cent of the total Budget.
This includes an amount of Rs 1,38,205 crore for defence pensions.
Rs 44,095 Cr for higher education
The Education Ministry has been allocated the highest ever Rs 112899.47 crore in the budget.
Due to this rise the budgetary allocation for higher education has also gone up at Rs 44,094.62 crore compared to Rs 40,828.35 crore in 2022-23. One hundred labs for developing apps using 5G services will be set up in HEIs, to realize a new range of opportunities, business models and employment potential. The labs will cover among others, apps like Smart Classrooms and Healthcare.
Small saving scheme for women, senior citizen deposit limit hiked
Finance Minister Nirmala Sitharaman announced a one-time new small savings scheme – Mahila Samman Savings Certificate – would be made available for a two-year period up to March 2025.
This would offer deposit facility upto Rs 2 lakh in the name of women or girls for a tenure of two years at fixed interest rate of 7.5 percent with a partial withdrawal option.
For empowerment of senior citizens, the Finance Minister said: “The maximum deposit limit for senior citizen savings scheme will be enhanced from Rs 15 lakh to Rs 30 lakh. ”
