Foreign Minister Jaishankar Lists 10 Reasons Why World Should Celebrate India's Budget
Budget 2023: The budget of the fifth largest economy in the world was presented by Finance Minister.
New Delhi: External Affairs Minister S Jaishankar on Wednesday listed ten reasons why the world should be happy about the Budget 2023–24 on Wednesday. The EAM stated that India's goals and aspirations are global in scope and that these developments are anticipated to feature prominently in global discussions, including at the G20.
The budget of the fifth largest economy in the world was presented by Finance Minister.
Here Are 10 Reasons Why The World Should Welcome This Budget:
1. India as a Stronger Engine of Global Growth
Jaishankar said that capital investment outlay increased by 33% to Rs 10 trillion (Now 3.3% of GDP).
2. Enhancing Ease of Doing Business
Jaishankar said KYC process simplification, Greater GIFT IFSC activities and establishing an EXIM Bank subsidiary for trade re-financing, PAN as a Common Business Identifier, Central Data Processing Centre, Indirect Tax support for manufacturing, stronger Ease of Compliance and Income Tax benefit for Startups would enhance ease of doing business.
3. Better Logistics and Infrastructure
The EAM pointed out that the budget provided the highest ever railways outlay at Rs 240 billion, 100 critical transport infrastructure projects, 50 additional air connectivity projects and the establishment of the Urban Infrastructure Development Fund.
4. Digital for Development
Using the slogan “Digital for Development”, Jaishankar said the budget emphasized promoting greater digital payments, National Data Governance Policy, establishing Data Embassies, creating Entity DigiLocker, Centers of Excellence for AI and a National Digital Library for children and adolescents.
5. Strengthening Global Food Security
The EAM said the budget strengthens global food security by making India a global hub for Shree Anna (Millets), establishing massive decentralized storage capacity, promoting the contribution of Cooperatives, increasing agriculture and fisheries credit, establishing the Agriculture Accelerator Fund and building digital public infrastructure for agriculture.
6. Ensuring Global Health Security
Jaishankar said that the budget also ensures global health security by promoting Pharma R&D, ensuring HR for medical innovation & manufacturing, creating more medical research facilities and establishing 157 new nursing colleges.
7. Indian Participation in Global Workplace
Jaishankar said that the budget talked about creating 30 Skill India International Centres which would ensure India’s participation in the global workplace.
8. Focus on Green Growth and Mobility
The EAM said that the budget focus on investing in Energy Transition and Net Zero objectives, undertaking Green Hydrogen Mission, VGF support for Battery ESS and encouraging Lifestyle for Environment (LiFE). It also duty benefits for green mobility and renewable energy evacuation from Ladakh.
9. Stronger Gender Empowerment
He said the Modi government’s pro-women policy commits to taking 8.1 million Self-Help Groups of rural women to become enterprises and collectives.
10. Making India Tourism-ready
The EAM said there will be a focus on 50 destinations to be developed as a complete package with digital support.
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