From PM-PRANAM To GOBARdhan: Here's A Quick Guide To Acronyms Used By Sitharaman In Her Speech

Nirmala Sitharaman's fifth Budget speech, which lasted for more than an hour, was filled with notable acronyms. Check them out.

Sitharaman called the Budget 2023 a "blueprint for a prosperous India".

Finance Minister Nirmala Sitharaman on Wednesday presented the last full Budget of the Modi 2.0 government ahead of the next Lok Sabha elections in April-May 2024. From doubling the deposit limits for senior citizens to new saving schemes for women and income tax relief for salaried individuals to pushing economic growth, this year's Budget tried to address concerns across sectors. 

Sitharaman called the Budget 2023 a "blueprint for a prosperous India" that covers youth, women, farmers, and backward castes. 

"Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this 'janbhagidari' through 'sabka saath, sabka prayaas' is essential," the Minister said in her speech.

This year too, the Union Minister announced several new initiatives in her fifth Budget speech which lasted for more than an hour. The Budget speech was not devoid of acronyms and that's why we bring to you some of the acronyms used in the Budget speech 2023 and what it means.

PM-PRANAM

PM-PRANAM stands for Prime Minister Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth. "The initiative will be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers," Sitharaman announced.

GOBARdhan

Sitharaman announced the 500 new ‘waste to wealth’ plants under GOBARdhan scheme. GOBARdhan stands for Galvanizing Organic Bio-Agro Resources Dhan. "It will be established for promoting circular economy. These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of Rs 10,000 crore. In due course, a 5 per cent CBG mandate will be introduced for all organizations marketing natural and biogas. For a collection of bio-mass and distribution of bio-manure, appropriate fiscal support will be provided,” the Minister said.

Bharat Shared Repository of Inscriptions (Bharat SHRI)

‘Bharat Shared Repository of Inscriptions’ will be set up in a digital epigraphy museum, with the digitization of one lakh ancient inscriptions in the first stage,” the FM noted.

Urban Infrastructure Development Fund (UIDF)

Sitharaman said an Urban Infrastructure Development Fund (UIDF) will be established through the use of priority sector lending shortfall. It will be similar to the Rural Infrastructure Development Fund (RIDF). UDIF 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. We expect to make available Rs 10,000 crore per annum for this purpose,” the Minister noted in her speech.

Besides the acronyms mentioned above, Sitharaman also used several terms in Hindi that defined the Union Budget 2023:

The Budget speech this year saw Sitharaman referring to "Saptarishi" (seven priorities) which complement each other and act as the ‘Saptarishi’ (seven sages) guiding us through the Amrit Kaal. They include Inclusive Development, Reaching the Last Mile, Infrastructure and Investment, Unleashing the Potential, Green Growth, Youth Power, and Financial Sector. 

The speech also mentioned "Shree Anna", where the Minister said, “We are the largest producer and second largest exporter of ‘Shree Anna’ in the world. We grow several types of 'Shree Anna' such as jowar, ragi, bajra, kuttu, ramdana, kangni, kutki, kodo, cheena, and sama. These have a number of health benefits, and have been an integral part of our food for centuries. I acknowledge with pride the huge service done by small farmers in contributing to the health of fellow citizens by growing these ‘Shree Anna’.

Announcing measures for farmers, especially small and marginal farmers, and other marginalised sections, the government is promoting a cooperative-based economic development model. Sitharaman announced a new Ministry of Cooperation with a mandate to realise the vision of ‘Sahakar Se Samriddhi’.