Finance Minister Nirmala Sitharaman is presenting Union Budget 2023 in Parliament. “This is the first budget in Amrit Kaal, this budget hopes to build on the foundation laid in the previous budget and the blueprint laid for India at 100, we envision a prosperous and inclusive India in which the fruits of development reach all,” Sitharaman said. In her Budget speech, the FM highlighted that India is poised to grow at 7% in the financial year 2022-23, fastest among all major economies of the world. India has become the fifth-largest economy despite the global slowdown, high commodity price, and the Russia-Ukraine war. She further noted that the world has recognised the Indian economy as a bright star, and it is headed toward a bright future with its unique world-class digital infrastructure.
Indian economy has increased in size from being tenth to 5th largest in the world in the last 9 years, we have made significant progress in many SDGs, economy has become lot more formalized, efficient implementation of schemes has brought about inclusive development. Economic empowerment of women is one opportunity which can be transformative in achieving our vision by focusing on the above areas, said FM. She further added that the economic agenda for government’s vision focuses on facilitating opportunities for citizens, providing strong impetus to growth and job creeation, and strengthening macroeconomic stability.
G20 Presidency gives India a unique opportunity to strengthen its role in the world economic order. “We are steering an ambitious people-centric agenda to address global challenges and facilitate sustainable economic development,” Sitharaman said, adding that the Indian economy is on the right track, heading to a bright future. “Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments,” she said.
“Laying the foundation for the Amrit Kaal and acknowledging global challenges, the FM lays down that the Budget would focus on the three parameters – facilitating ample opportunities for citizens especially youth, providing strong impetus to growth and job creation, strengthening macroeconomic stability,” said Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP, adding that priorities for the budget that complement each other would include inclusive development, unleashing potential, infrastructure and investment, green growth, reaching the last mile, financial sector, youth power.
