(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
- Conservative assumption
- 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.
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