The Union Budget 2023 as the first Budget of “Amrit Kaal” by Finance Minister of India
February 1, 2023 India’s Finance Minister Nirmala Sitharaman presented her fifth and final Union Budget of the Modi 2.0 Era in Parliament.
Sitharaman claimed that the Indian economy is expanding at the fastest rate of all major economies, describing the Union Budget 2023 as the first Budget of “Amrit Kaal.”
The Union Budget of 2023 aims for the rapid growth and boost of country which was impacted by the global COVID-19 lockdown, initiated apathetic in various sectors.
In her speech, the finance minister said that even though the COVID-19 pandemic and the Russia-Ukraine war have caused a huge slowdown all over the world, India’s economy is on the right track and heading in the right direction. Read More Business News on our website.
Highlights of the first budget of “Amrit Kaal” :
Increased capital expenditures totaling Rs 10 lakh crore, or 3.3% of GDP, have been allocated for infrastructure development.
The PM Awaz Yojana expenditures will rise by 66% to more than Rs 79,000 crore.
Sitharaman claims that implementing a risk-based system will streamline the KYC procedure.
The government will hire 38,800 teachers and support staff in the next three years for 740 Eklavya model schools that support tribal students.
Mahila Savings Certificate for two years up to March 2025 is a new small savings plan for women.
Sitharaman asserts that India’s per capita income has increased to Rs 1.97 lakh crore.
States will be allowed a fiscal deficit of 3.5% of GSDP, with power sector reforms accounting for 0.5%.
According to the Finance Minister, the economy has become significantly more formalized, as evidenced by the doubling of EPF membership to 27 million and the Rs 7,400 million in digital payments totals Rs 126 million in 2022 through UPI.
The government will establish a digital library for children and adolescents to facilitate access to high-quality books.
According to Sitharaman, the agriculture credit target will be increased to Rs 20 lakh crore, with an emphasis on animal husbandry, dairy, and fisheries.
India’s goal for “Amrit Kaal” is a knowledge-based and technology-driven economy informs Sitharaman.
Facilitating opportunities, giving a strong push to job creation, and improving macroeconomic stability were the primary goals of the Centre’s economic agenda.
Sitharaman asserts that improvements in citizens’ quality of life have been made possible by government efforts since 2014.
Efforts to reduce carbon intensity through green growth; make green jobs available.
According to Nirmala Sitharaman, despite the massive global slowdown brought on by the Covid-19 pandemic and the war between Russia and Ukraine, India’s economy will expand by 7%, making it the largest of all major economies.
In the 75th year of Independence, world has recognised India as a bright star, says Sitharaman.
The Union Cabinet leaded by Prime Minister Narendra Modi approved the Budget for the fiscal year 2023-24 before it was presented.
Before going to the Parliament to present the budget, finance minister Nirmala Sitharaman met President Droupadi Murmu at the Rashtrapati Bhawan.
Before going to the Parliament to present the budget, finance minister Nirmala Sitharaman met President Droupadi Murmu at the Rashtrapati Bhawan. For the Budget presentation, Sitharaman once more selected a digital tablet enclosed in a conventional “bahi-khata” pouch.
Inside a red cover with an embossed golden national emblem, the tablet was kept carefully.