UNION BUDGET 2023-24

Union Finance Minister Nirmala Sitharaman presented the Union Budget on 1st February 2023, the fifth budget of Modi 2.0. This is the last full-fledged budget before General Elections next year. Nirmala Sitharaman said that Indian economy is on the right path and is heading towards a bright future.

The Finance Minister of India called it the first Budget in Amrit Kaal. The vision for the Amrit Kaal is an empowered and inclusive economy that is technology-driven and knowledge-based with a robust financial sector.

A key theme of Union Budget 2023-24 is the focus on inclusive development 'Sabka Sath, Sabka Vikas' which specifically covers Farmers, Women, Youth, Scheduled Castes, Scheduled Tribes, Other Backward Classes (OBCs), Divyangjan (PwDs) and Economically Weaker Sections (EWS). Overall priority is for the underprivileged.

The budget identifies four transformative opportunities to be leveraged before reaching India@100. They are Economic Empowerment of Women through SHGS, PM Vishwakarma Kaushal Samman (PM VIKAS), Tourism promotion in Mission Mode and Green growth.

The seven priorities, termed Saptarishi, adopted in the Union Budget for FY 2023-24 to guide the country towards 'Amrit Kaal', thus providing a blueprint for an empowered and inclusive economy, are: Inclusive Development, Reaching the last mile, Infrastructure & Investment, Unleashing the potential, Green Growth, Youth Power and Financial Sector.

The Union Budget for FY 2023-24 this year aims to further strengthen India's economic status. In the 75th Year of India's Independence, the World has recognized the Indian Economy as a 'bright star' with its Economic Growth estimated at 7 per cent, which is the highest among all major economies. One of the major news that caught headlines around the country is the introduction of changes in tax slabs under the new tax regime and big hike in allocation for railways and capital expenditure.