(GIST OF YOJANA) Laying the foundations of India’s Amrit Kaal : MARCH-2023
(GIST OF YOJANA) Laying the foundations of India’s Amrit Kaal
Laying the foundations of India’s Amrit Kaal
The Union Budget is a key policy document that outlines the priorities of the Government, for the immediate and the long term, in tandem with domestic and global economic realities.
India celebrated its 75th anniversary and its elevation as the world’s 5th largest economy.
With a rising profile on the global stage and India assuming the G20 Presidency, the country is set to embark on its journey into the ‘Amrit Kaal’ – the 25 years of achieving our developmental potential.
Focus of the Budget:
The Budget for 2023-24 focuses on capital expenditure, inclusive growth, green economy, ease of living, and ease of doing business, especially for small enterprises.
Notwithstanding the pandemic shock, the uncertainties triggered by a geo-political conflict, and the evolving context of global economic stress, Budget 2023-24 has displayed deft fiscal management and reiterated its commitment to fiscal prudence and responsibility while not losing sight of medium-term growth. This has been the signature approach of the Finance Minister throughout her Budgets since 2019, incorporating the following elements:
Commitment to fiscal prudence
Commitment to capital expenditure
Incremental and steady reforms with an eye on the medium-term growth
Guided by these principles, Budget 2023-24 adopted the ‘Saptarishi’ priorities to create world-class infrastructure, strengthen a trust-based governance framework and provide an impetus to micro, small and medium enterprises (MSME).
The Budget also promotes green growth and gives thrust to skill creation for the youth in line with modern themes such as Al and Robotics.