BANKING AFFAIRS

Detailed explanation-1: -Budgetary allocation of Rs 3, 073 crore (US$ 483.09 million) for the Digital India programme is made for 2018-19. A national program will be initiated by NITI Aayog to increase efforts in the area of artificial intelligence.

Detailed explanation-2: -Digital Economy The Budget doubled the allocation on Digital India programme to Rs 3073 crore in 2018-19.

Detailed explanation-3: -In 2018-19, the Department of School Education and Literacy has been allocated Rs 50, 000 crore, a 6.4% increase over the revised estimates of 2017-18. In 2017-18, the Department spent Rs 650 crore over the budgeted amount (Rs 46, 356 crore).

Detailed explanation-4: -The Union Budget has estimated gross tax revenue to grow by 16.7 per cent in 2018-19 to 12.1 per cent of GDP (Annex IV). Net of devolution of tax revenues to States, net tax revenue is budgeted to grow by 16.6 per cent to 7.9 per cent of GDP.

Detailed explanation-5: -Union Finance Minister Nirmala Sitharaman on Sunday announced an outlay of Rs 4, 795.24 crore for the Digital India Programme as part of the Budget 2023-24 on Wednesday.