Union Finance Minister Nirmala Sitharaman on Wednesday tabled the annual Budget for the fiscal year 2023-24. This was the final full Budget of the Modi government before the general elections scheduled for next year, 2024. Nirmala Sitharaman said, “This is the first Budget in Amrit Kaal.”
She said that the Indian economy is on the right track, and heading toward a bright future. Nirmala Sitharaman said, “Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this ‘janbhagidari’ through ‘sabka saath, sabka prayaas’ is essential.”
Sitharaman said, “During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months.” In these times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order, FM said.
The government’s efforts since 2014 have ensured for all citizens, a better quality of life and a life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world, Sitharaman said
Nirmala Sitharaman said, “The world has recognized India as a bright star, our growth for the current year is estimated at 7.0 per cent, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war.”
Earlier, the Union Cabinet meeting chaired by PM Modi approved the Union Budget. From major industries to MSMEs, salaried classes to farmers, and education to healthcare, everyone was eyeing some relief from this Budget.
Meanwhile, the opposition forecasting a gloomy Budget for 2023-24. K Suresh, Congress’ Lok Sabha Chief Whip, “We don’t think this Govt is giving any concession to salaried people. They are announcing the budget only for eyewash schemes. They did the same in previous budgets. This time, focussing on 2024 elections, some schemes & reliefs may be announced.”
We expect that this budget will ideate 2024 General Elections, for advantage in 2024 elections & some state elections. Last 3 budgets focussed on corporate & upper-class. Middle class & common people were totally ignored: K Suresh, Congress’ LS Chief Whip
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.”