The Indian Budget 2023 was presented by the Finance Minister on February 1st, 2023, in Parliament. This budget was one of the most anticipated events of the year, as it was expected to lay the foundation for India’s growth in the years to come. The budget has been formulated keeping in mind the long-term goals of the government and aims to accelerate India’s economic growth.
Introduction
The Finance Minister started her budget speech by highlighting the achievements of the government in the past year. She mentioned that the government had taken various measures to revive the economy, such as implementing the National Infrastructure Pipeline (NIP), launching the Production-Linked Incentive (PLI) scheme, and introducing the Atmanirbhar Bharat Abhiyan.
Fiscal Deficit
The Finance Minister announced that the fiscal deficit for the current financial year is expected to be 5.5% of GDP, which is lower than the revised estimate of 6.8% for the previous year. The fiscal deficit for the next financial year is projected to be 4.5% of GDP.
Taxation
The budget proposed various measures to simplify the tax structure and reduce the tax burden on individuals and businesses. The standard deduction for salaried individuals has been increased from Rs. 50,000 to Rs. 75,000, and the tax exemption limit for senior citizens has been raised to Rs. 5 lacks.
Agriculture
The budget allocated a significant amount of funds towards the agriculture sector. The government announced the launch of the Agriculture Infrastructure Fund with a corpus of Rs. 1 lakh crore to provide farmers with better infrastructure facilities. The budget also proposed to expand the Pradhan Mantri Fasal Bima Yojana to cover all crops and to increase the coverage of the National Agriculture Market (e-NAM) to 1,000 mandis.
Health
The budget allocated a significant amount of funds toward the health sector. The government announced the launch of the Ayushman Bharat 2.0 scheme, which aims to provide health insurance to all citizens. The budget also proposed to increase the allocation towards the National Health Mission and to set up a new National Centre for Disease Control.
Education
The budget proposed several measures to improve the education sector. The government announced the launch of the National Education Policy (NEP) 2023, which aims to transform the education system in India. The budget also proposed setting up a new National Research Foundation to promote research and innovation in the country.
Infrastructure
The budget allocated a significant amount of funds toward infrastructure development. The government announced the launch of the National Infrastructure Pipeline 2.0, with a total investment of Rs. 111 lakh crore. The budget also proposed setting up a Development Financial Institution (DFI) to provide long-term funding for infrastructure projects.
Conclusion
The Indian Budget 2023 has been formulated to accelerate India’s economic growth and lay the foundation for a better future. The budget has proposed several measures to boost various sectors of the economy, such as agriculture, health, education, and infrastructure. It remains to be seen how these measures will be implemented and how they will impact India’s growth in the years to come.
