Sitharaman, presenting perhaps her last budget before the 2024 general elections, announced that the government will increase the capital expenditure outlay by 33 percent.
Nirmala Sitharaman announced in her budget speech that all states will be encouraged to construct a unity mall in their state capitals. The malls can be set up either in their state capitals or major tourism and economic centres. The main purpose behind setting up the Unity Mall will be to promote their ODOPs (one district, one product). These products can be characterised as having the Geographical Indication tag. Other handicraft products will also be sold in these malls. The Centre will also request the states to sell such products from other states as well.
Sitharaman, presenting perhaps her last budget before the 2024 general elections, announced that the government will increase the capital expenditure outlay by 33 percent to Rs 10 lakh this financial year, which will be 3.3 percent of the GDP. This highlights the government's focus on infrastructure development.
The Finance Minister also gave the middle-class much-needed respite by increasing income tax rebates in the new regime. "Tax for income of Rs 0-Rs 3 lakh is nil, for income above Rs 3 lakh and up to Rs 5 lakh will be taxed at 5 per cent, for income of above Rs 6 lakh and up to Rs 9 lakh will be taxed at 10 per cent and for income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20 per cent and above 15 lakhs at Rs 30 per cent," she announced.
What are Unity Malls?
In the budget speech, she didn't elaborate on the broad contours of the Unity Malls. She, however, said these will promote one district, one product regime and GI products. They will also provide space for such products of other states. She didn't specify the funding plan and ownership of these malls. However, since she said the centre will encourage states to build these malls, it will be safe to assume she wants states to bear the expenses.
These Unity Malls are likely to be modelled around the Ekta Mall near the Statue of Unity in Gujarat. This mall sells handicraft items from different states. The Mall is spread over 35000 square feet area and has two floors, reported The Indian Express. However, there is no official confirmation as to what the Unity Malls will entail.
What are ODOP and GI tags?
One District One Product is a Central government's initiative aimed at promoting district-wise specialities. The government supports those who make them by providing capital and making their products more accessible to the people of other cities. The state identifies such products. These products range from agricultural produce to fruits, poultry, vegetables etc.
GI tags are normally accorded to famous products originating from a particular area. These products include agricultural products, manufactured goods or even food items including prepared dishes. Basically it is like branding a particular product's origin. For instance, the GI tag for the Darjeeling Tea has been given to Darjeeling.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Budget 2023, Unity Malls: One District One Product is a Central government's initiative aimed at promoting district-wise special")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}