The first budget of the ‘Amrit Kaal’ has reiterated the resolve of the nation to fulfil its aspirations for a developed and prosperous India in the next 25 years. As Budget 2023-24 lays the foundation for a glorious future, its inclusive approach to empowering and strengthening the poor, the deprived, farmers, laborers, the middle class, SC, ST, OBC, women, and youth has been widely appreciated and acknowledged. The Budget envisions a one-of-a-kind vision in which seven priorities are identified as “Saptarishi,” with the goal of powering every sector of society and bringing the fruits of development to one and all. In prioritising inclusive development with the aim of reaching the last mile, boosting infrastructure and investment, unleashing the potential, and focusing on green growth, youth power, and the financial sector, the budget is set to facilitate ample opportunities for its citizens. The strong impetus on growth and job creation to fulfil the aspirations of the youth on the basis of strengthening macro-economic stability may lead to the desired growth in the economy. The budget aims to build an ‘Aatmnirbhar economy’ which is technology driven, knowledge-based, backed by strong public finances, and futuristic in its vision.
Under the dynamic and visionary leadership of Prime Minister Shri Narendra Modi, the Indian economy has seen a turnaround, creating innumerable records on various fronts. The economy, which was suffering from double digit inflation, policy
As Budget 2023-24 lays the foundation for a glorious future, its inclusive approach to empowering and strengthening the poor, the deprived, farmers, laborers, the middle class, SC, ST, OBC, women, and youth has been widely appreciated and acknowledged
paralysis, and a receding rate of growth under the Congress led UPA regime, has now become a bright spot in the world. While the world today presents a gloomy picture as an aftermath of the COVID-19 pandemic and the Russia-Ukraine conflict, India has not only recovered quickly but also registered the highest rate of economic growth among the major economies of the world. As the per capita income has doubled in the last nine years, India has also become the fifth largest economy in the world, up from the 10th position it held during the Congress led UPA regime. Not only this, even in the face of the COVID-19 pandemic and Russia-Ukraine conflict, India has been able to reduce extreme poverty below 1% and lift more than 41.5 crore people out of poverty in the last one and a half decades, as per a UNDP report. The expenditure in the social sector has more than doubled to Rs. 21.3 lakh crore, and the DBT has ensured that more than Rs. 27 lakh crore reach beneficiaries directly, eliminating the middlemen in the process. As the Indian economy underwent many structural and governance related reforms, its impact can be felt in various sectors, which are performing miraculously and enhancing the overall efficiency of the economy.
While the fundamentals of the economy are strong, the provisions of Budget 2023–24 promise to elevate the economic condition of the people further through various initiatives. As the middle class gets huge relief in income tax, the 33% hike in CAPEX is set to take the economy to a new level. The establishment of 157 new nursing colleges, an increase in the outlay of PM Awas Yojana by 66% to over Rs. 79,000 crore; 500 new ‘waste to wealth’ plants under the Gobardhan scheme; facilitating one crore farmers to adopt natural farming in the next three years; establishing 30 Skill India International Centres; the highest ever capital outlay of Rs. 2.40 lakh crore for railways; setting up the Agriculture Accelerator Fund; and enabling all cities and towns to undertake 100% mechanical de-sludging of septic tanks and sewers, a revamped credit guarantee scheme for MSMEs, a target of producing 5 MMT of Green Hydrogen annually by 2030, and fifty year interest free loans to states are some of the provisions that take the economy forward with a futuristic vision. As India marches ahead under the strong and charismatic leadership of Prime Minister Shri Narendra Modi, the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, should be congratulated for presenting such an all-inclusive, futuristic, and development oriented budget.