Union Finance Minister Nirmala Sitharaman emphasised on the technology-driven and knowledge-based economy with strong public finances, and a robust financial sector while presenting the Budget 2023.

The Union Budget 2023-24, presented by Finance Minister Nirmala Sitharaman, proposed to further solidify the financial sector.

Digital payments

In view of the rising acceptance of digital payments across sectors of the economy, as well as sections of society, Sitharaman announced that financial support for this digital public infrastructure will continue in 2023-24.

Over the past years, digital payment transactions have witnessed tremendous growth. During the Covid-19 crisis, digital payments facilitated functioning of businesses, including small merchants, and helped in maintaining social distancing. UPI has achieved a record of 782.9 crore digital payment transactions with a value of Rs12.82 lakh crore in the month of December 2022.

Data embassy

For countries looking for digital continuity solutions, facilitation of setting up of their Data Embassies in GIFT IFSC will be done, announced the finance minister during her budget 2023 speech in the Parliament.

Mahila Samman Savings Certificate

In addition to focusing on digital payments, FM also announced measures for the economic empowerment of women. Commemorating Azadi Ka Amrit Mahotsav, the Finance Minister stated that a one-time new small savings scheme, Mahila Samman Savings Certificate, will 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 tenure of two years at a fixed interest rate of 7.5% with a partial withdrawal option.