The Budget 2023 retained its focus on growth through investment in the infrastructure sector in the next fiscal as well. Finance minister Nirmala Sitharaman said that the capital investment outlay is being increased by 33 per cent to Rs 10 lakh crores, which would be 3.3 per cent of GDP.
Newly established infrastructure finance secretariat to assist all stakeholders in more private investment. Expert committee to be set up to make infrastructure classification and financing framework suitable for Amrit Kaal, she added. FM said states and cities will be encouraged to take up urban planning.
Capital outlay of Rs 2.4 lakh cr provided for Railways, highest-ever allocation since 2013-14, FM said. Capital outlay of Rs 2.40 lakh crore for railways fixed for 2023-24.
Finance Minister Nirmala Sitharaman has tabled the annual Budget for the fiscal year 2023-24. Around 8,964 projects with a total investment of more than Rs 108 lakh crore are at different stages of implementation under the National Infrastructure Pipeline (NIP), according the Economic Survey 2023.
This was a crucial Budget being the last full Budget of the Modi Government before the 2024 general elections. From major industries to MSMEs, salaried classes to farmers, and education to healthcare, everyone was eyeing some relief from this Budget.
To make people aware of the pro-people measured announced in the Budget, the BJP will start a 12-day nationwide campaign on Wednesday.
India’s budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world even as the world is going through a global economic turmoil, Prime Minister Modi said.
Addressing the media ahead of the Budget Session of Parliament, Modi said recognised voices in the world of the economy were bringing positive messages from all sides.
On Tuesday, Union Finance Minister Nirmala Sitharaman tabled the Economic Survey (2022-23) in Parliament. The Economic Survey 2022-23 has forecast India’s GDP growth for the next fiscal 2023-24 in a broad range of 6-6.8 per cent. Its baseline forecast for real GDP growth is 6.5 per cent.
According to the Economic Survey 2022-23, the Indian economy is “staging a broad-based recovery across sectors”, positioning itself to “ascend to the pre-pandemic growth path in FY23.”