Union Budget 2023: PMGKAY Free Food Scheme Extended; Expenditure Of ₹2 Lakh Crore To Borne By Government

by Tooba Shaikh
Union Budget 2023: PMGKAY Free Food Scheme Extended; Expenditure Of ₹2 Lakh Crore To Borne By Government

Unless you live under a rock, you know that the Union Budget 2023 was announced today. This article is the annual financial statement which announces the yearly budget, and other economic, financial, and commercial information regarding the country’s economy. Hence, each year, the country awaits the announcement of the yearly budget. During the announcement this year, the Finance Minister of India Nirmala Sitharaman announced that the PMGKAY free food scheme is extended for another year.

Union Budget 2023: PMGKAY Extended For Another Year

The Pradhan Mantri Garib Kalyan Yojana was first announced back in 2020 to provide aid to the poor who were suffering during the COVID-19 pandemic. It has now been renamed to Pradhan Mantri Garib Kalyan Anna Yojana or PMGKAY. Today, while announcing the yearly budget, Finance Minister Nirmala Sitharaman also announced that this scheme will be extended for another year.

This extension of the scheme will cost around ₹2 lakh crore or 2 trillion rupees. The entire cost of the scheme will be borne by the Indian Government. This scheme is said to benefit over 80 crore poor people. Under this scheme, each person who is eligible to avail of this scheme will receive 5 kgs of food grains for free. The implementation of the same began on the 1st of January, said the finance minister.

Also Read: Union Budget 2023: All Tourism Related Updates You Need To Know

budget 2023
Credits: Wikimedia Commons

Other Details About The Union Budget

Another important detail to note about this year’s budget is that rate of inflation in food prices has decreased. In the financial years 2020 and 2021, the inflation in food prices was 6.71 per cent and 7.69 per cent. However, for the financial year 2022, the inflation rate is only 3.5 per cent.

One of the major reasons why the announcement of the yearly budget is much anticipated is because it also announces the tax slabs. This year, the budget announcement is important for one other reason. Since the independence of the country, this is the first time when the budget is being announced by a female.

Nirmala Sitharaman is the second female Finance Minister of the country after Indira Gandhi. She is also the first full-time female minister to hold this portfolio.

Also Read: Union Budget 2023-24. Govt Holds Mandatory Halwa Ceremony, Here’s What You Need To Know

What important budget-related information are you keeping your eyes peeled for? Let us know in the comments section.

Cover Image Credits: Wikimedia Commons