Pradhan Mantri PVTG (Particularly Vulnerable Tribal Groups) Development Mission: Finance Minister Nirmala Sitharaman announced the launch of a new scheme called the Pradhan Mantri PVTG Development Mission as part of the Union Budget 2023-24. This mission aims to provide basic necessities such as housing, water, roads, telecom, education, and health in areas inhabited by PVTGs, who are the most vulnerable and backward tribes among the Scheduled Tribes. It will be implemented over the next three years.
Particularly Vulnerable Tribal Groups: The PVTGs are a group of tribal community people in need of greater support and development. Out of the 705 Scheduled Tribes in India, 75 have been identified as PVTGs with the most numbered in the state of Odisha.They are spread across 17 states and one Union Territory.
Government of India follows the following criteria for identification of PVTGs:
– Pre-agricultural level of technology
– Low level of literacy
– Economic backwardness
– A declining or stagnant population.
Income Tax structure in Budget 2023-24: The Budget reveals major announcements in personal income tax that substantially benefit the middle class.Persons with income upto ₹ 7 lakh will not pay income tax in new tax regime.Tax exemption limit has been increased to 3 lakhs.
Change in tax structure: Number of slabs has been reduced to five.
The new tax rates are:
|Total income (Rs.)||Rate (per cent)|
|Upto 0-3 lakh||Nil|
|From 3-6 lakh||5%|
|From 6-9 lakh||10%|
|From 9-12 lakh||15%|
|From 12-15 lakh||20%|
|Above 15 lakh||30%|
Urban Infrastructure Development Fund (UIDF): The Union Budget announces establishment of Urban Infrastructure Development Fund through use of priority sector lending shortfall. This will be managed by the National Housing Bank, and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities. States will be encouraged to leverage resources from the grants of the 15th Finance Commission, as well as existing schemes, to adopt appropriate user charges while accessing the UIDF.
It will be established on the lines of the Rural Infrastructure Development Fund (RIDF).