.jpg "Budget 2023: Fulfilling Prime Minister Narendra Modi's Vision Of Amrit Kaal.")
Last updated on February 11th, 2023 at 01:36 pm
Estimated reading time: 3 minutes
The budget 2023, tabled in Parliament on Wednesday, is a reflection of Prime Minister Narendra Modi’s vision of making India a global superpower. The budget reaffirms the government’s commitment to making India self-reliant, as it allocated ₹10 lakh crore for major capital investments, an increase of 33%. This is in line with the Atmanirbhar Bharat push, which helped India emerge as a bright spot in the global economy during the pandemic.
India, today, finds itself as the fifth largest economy in the world, with a growth trajectory that is set to take it to third place by 2035. The country’s per capita income and the size of its economy have almost doubled in the last nine years. The IMF has marked India as a bright spot and has penciled in its FY23 growth at more than 6%.
The government’s efforts to tackle corruption, improve the banking sector, promote accountability and transparency, and create a conducive business ecosystem have paid off in the post-pandemic era. The buoyant tax collection and the influx of foreign capital into the Indian stock markets are testaments to the resilience of the economy. India has also surpassed many nations in global rankings, clocking more than 70 billion digital payments, the highest in the world, and emerging as the world’s third-largest aviation industry.
The budget’s capital allocation for transport infrastructure, including Bharatmala, Gati Shakti, Parvatmala, and Sagarmala, and the highest ever capital outlay of ₹2.4 lakh crore for railways will help increase connectivity to remote areas. The proposed revamping of 50 airports and advanced landing grounds will further enhance air connectivity, making business more accessible and attracting more investments.
The budget 2023 is a continuation of the previous budgets aimed at making India an economic superpower. The government’s resolve to make India self-reliant and its focus on infrastructure development, combined with its efforts to create a conducive business environment, are sure to make India a major player in the global economy.
The Budget 2023, tabled by the Modi government in Parliament, has marked a major milestone in the journey of India’s growth story. With a vision to see India as a global superpower, the budget has taken a disruptive turn in ushering in an initiative of green growth. This move stands true to the Modi government’s principle of growth with responsibility and is aimed at boosting the economy while taking care of the environment.
The budget proposes incentivization of alternative fertilizers, the establishment of 500 new waste-to-wealth plants, mangrove plantations along the coastline, and the promotion of battery storage systems.
An outlay of ₹35,000 crores has been provided for energy transition and net-zero objectives, making it one of the seven priorities of the government. Mission Green Hydrogen, a game-changing initiative, gets an allocation of ₹19,700 crore, leading to a further boost to the economy and generating employment opportunities.
In keeping with the pace that India has already gained in the digital economy, the budget also pushes for the new economy by way of building digital public infrastructure for farmers, reducing customs duties on the import of lithium-ion batteries, commodities except for textiles and agriculture, and certain inputs for mobile phones.
These moves are expected to add a multiplier effect on the gains already acquired in the new economy. The reduction of import duty on lab-grown diamonds opens up new doors of opportunities for India by creating jobs and capital. The extension of tax benefits to startups till 2024 is expected to be a turning point for India’s innovation ecosystem.
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