Nirmala Sitharaman Says India Fastest-Growing Major Economy, Budget Balances India’s Needs With Fiscal Prudence

Finance Minister Nirmala Sitharaman said on Friday India It is still the fastest growing major economy and will remain so. Speaking on the Budget 2023-24, he said it balances the need for India’s development imperatives within the limits of fiscal prudence.

Finance Minister Nirmala Sitharaman during the general discussion on the Union Budget 2023 on Friday said, “If I can sum up the Budget 2023-24 in a few words, it is about balancing the need for India’s growth imperatives within the limits of fiscal prudence.” does.” -24 in Lok Sabha.

The Finance Minister said that India is still the fastest growing major economy and will continue to be so.

In the budget, Sitharaman said, the government chose the capex (capital expenditure) route to revive the economy as it has a huge multiplier effect. He said that fiscal prudence has been maintained as per the fiscal glide path announced in the budget.

On the opposition’s allegations of reduction in food subsidy in the budget 2023-24, the Finance Minister said that it has been almost doubled to Rs 1.97 lakh crore.

He also said that the new tax regime has been made very attractive.

Sitharaman said that the agricultural credit target has been increased to Rs 20 lakh crore for the financial year 2023-24.

Asserting that the government has protected farmers from rising fertilizer prices in the international market, Sitharaman said the fertilizer subsidy for the current financial year has been increased to Rs 2.25 lakh crore from the budget estimate of Rs 1.05 lakh crore.

Finance Minister Nirmala Sitharaman presented the Budget 2023-24 in Parliament on Wednesday, 1 February. The budget eased income tax slabs and rates to individual taxpayers, besides stepping up capital expenditure while maintaining fiscal prudence.

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