Rs 683 crores allocated for the Vizag Steel Plant in the new Union Budget 2023-24

Finance Minister Nirmala Sitharaman announced that Rs 683 crores will be allocated for the development of the Vizag Steel Plant this morning while presenting the Union Budget 2023-24. In what can be considered the last full-fledged budget by the Modi-led government before the Lok Sabha elections in 2024, many allocations have been provided to the state of Andhra Pradesh, leaving scope for some major developments.

After the state bifurcation, Andhra Pradesh has been continuously seeking a special status. Though this has not been granted, the central government has promised a myriad of development projects and schemes to benefit the Telugu people. Apart from the Vizag Steel Plant, several other institutions in the Telugu states have received significant grants in the Union Budget 2023-24.

With the main focus on the development of railways and establishing new railway lines this financial year, the new budget also lays emphasis on health, renewables and new reforms.

Here is a list of allocations mentioned in the Union Budget that will benefit the state of Andhra Pradesh and its residents in the upcoming year 2023-24

In the education sector,

• Rs. 47 crores have been allocated towards the development of AP Central University
• Rs. 168 crores have been allocated for the establishment of the AP Petroleum University.
• Rs. 300 crores have been allocated towards the development of the Indian Institute of Technology (IIT) in Hyderabad.
• Rs. 37 crores have been allocated for the establishment of tribal universities in both Telugu-speaking states.

In the health sector, Rs. 6,835 crores have been announced for the development of AIIMS Hospitals across the country.

On the development front,

• Rs. 683 crores have been allocated toward Vizag Steel Plant in the new budget, amidst the widespread protest against its privatisation.
• Rs. 1650 crores have been allocated towards the Singareni Coal Mines.
• Rs. 2.4 lakh crores have been announced for the development of railways across the country.
• 50 primary tourist spots will be selected and developed across the country
• 50 airports to be developed for better connectivity
• Government to invest Rs. 19,700 crores for National Hydrogen Mission
• Urban infrastructure development fund to be established in Tier II and Tier III cities for up to Rs 10,000 crores per annum.

On the Income Tax front, the Finance Minister announced new tax slabs. Citizens earning up to Rs 7 lakhs per annum will now be exempt from paying income tax. Those earning above Rs 7 lakhs, will have to follow the below slabs.

0-3 lakhs – nil

3-6 lakhs income – 5% tax rate

6-9 lakhs income – 10% tax rate

9-12 lakhs income – 15% tax rate

12-15 lakhs income – 20% tax rate

Above 15 lakhs – 30% tax rate

Excise duty has been increased on gold and silver, while Electric Vehicles will be made cheaper in India. The surcharge rate has been reduced from 37% to 25% in the new tax regime, making it a super-rich tax cut.

Various other schemes have been announced on the national front, which will benefit all the citizens of the country.

Stay tuned to Yo! Vizag for more updates.