Finance Minister Nirmala Sitharaman today presented a budget that brought cheer to the middle class, senior citizens and startups. While the government described the budget as futuristic, the opposition criticized it as disappointing. Non-BJP states accused the BJP of fraud and ignorance. However, amid these allegations and counter-allegations, External Affairs Minister S Jaishankar praised the budget of the world’s ‘5th largest economy’.
Jaishankar listed 10 reasons why the world should welcome India’s Budget 2023-24. There are 10 reasons:
1. India as a strong engine of global growth. Capital investment outlay increased by 33% to Rs 10 trillion (now 3.3% of GDP).
2. Increasing Ease of Doing Business. These include KYC process simplification, Greater GIFT IFSC activities and setting up of Exim Bank subsidiary for trade refinance, PAN as Common Business Identifier, Central Data Processing Centre, Indirect Tax Support for Manufacturing, Ease of Compliance and Income Tax for Startups Benefits included.
3. Better logistics and infrastructure. Highest ever railway outlay of Rs 240 billion, 100 critical transport infrastructure projects, 50 additional air connectivity projects and setting up of Urban Infrastructure Development Fund.
4. Digital for development. Promoting greater digital payments, National Data Governance Policy, setting up of Data Embassies, creating Entity DigiLocker, Center of Excellence for AI and National Digital Library for Children and Adolescents.
5. Strengthening global food security. Making India Global Hub for Shree Anna (Millets), setting up large scale decentralized storage capacity, promoting contribution of cooperatives, increasing agriculture and fisheries credit, setting up Agriculture Accelerator Fund and Digital Public Service for Agriculture Build infrastructure.
6. Ensuring global health security. Boosting pharma R&D, ensuring human resources for medical innovation and manufacturing, creating more medical research facilities and setting up 157 new nursing colleges.
7. Indian participation in the global workplace. Expanding opportunities through initiatives on skills and apprenticeships supported by the National Apprenticeship Policy, stipend support to 4.7 million youth, creating 30 Skill India International Centres.
Finance Minister @nsitharaman Ji presented the budget of the world’s 5th largest economy today.
10 reasons for the world to welcome it :- Dr. S Jaishankar (@DrSJaishankar) February 1, 2023
8. Focus on green growth and mobility. Investment in Energy Transition and Net Zero objectives, undertaking Green Hydrogen Mission, VGF support for Battery ESS and incentivizing Lifestyle for Environment (LIFE). Also tariff benefits for green mobility and renewable energy evacuation from Ladakh.
9. Strong gender development: The pro-women policy of the Modi government is committed to entrepreneurship and collective formation of 8.1 million self-help groups of rural women.
10. To prepare India for tourism. Focus on 50 destinations to be developed as complete packages with digital support.
Jaishankar said, “India’s aspirations and goals are on a scale that will impact the world. It is expected that these developments will figure prominently in global conversations, including at the G20.”
Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in the Lok Sabha today. This was the third time in a row that the government presented the budget in paperless form. The main features of the budget presented by the Union Finance Minister include big incentives under the new income tax regime. The Finance Minister said that in the new regime, the IT exemption limit has been increased from Rs 5 lakh to Rs 7 lakh and the new tax regime will be a default tax regime. The capital expenditure outlay has been increased by 33 per cent to Rs 10 lakh crore, which is 3.3 per cent of GDP.