Nirmala Sitharaman's 2023 Budget Speech's Key Announcements

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Nirmala Sitharaman's 2023 Budget Speech's Key Announcements
01 Feb 2023
5 min read

News Synopsis

In response to concerns about how the global economic slowdown may affect the Indian economy, the Indian government on Wednesday released the Union budget for the fiscal year 2023–2024, which intends to stimulate growth.

The government's growth predictions for the current fiscal year have been reduced from prior projections of 8–8.5% to 7%. The annual economic survey report, which was presented to parliament on Tuesday, projects a growth rate of 6 to 6.8% for the coming financial year.

The budget's highlights are listed below:

The economy is expanding the fastest among major economies, according to Finance Minister Nirmala Sitharaman, who also says that in the past nine years, India's economy has grown to become the fifth-largest in the world. According to Nirmala Sitharaman, the number of EPFO members has doubled, reflecting the economy's increased formulation.

Nirmala Sitharaman, the union's finance minister, will present the 2023–24 budget to lawmakers today in New Delhi. Due to the upcoming Lok Sabha elections in 2024, this is the last full budget of the Narendra Modi government during this term. It is Sitharaman's fifth time presenting the budget.

Before it was presented to parliament, the Union cabinet gave the budget its approval.

In the financial year beginning on April 1, according to the Economic Survey released on Tuesday, India's economy will develop by 6% to 6.8%, down from the 7% predicted for the current year, as a global slowdown is likely to damage exports.

According to the survey, inflation is neither too high to discourage private consumption nor too low to impair incentives for investing. Despite inflation being above the central bank's goal range of 2% to 6% in 2022–2023, the survey claimed as much. The day before the budget was announced, Prime Minister Narendra Modi made a pledge regarding it: '. India's budget will not only try to fulfill the hopes and dreams of the common man of India but the ray of hope which the world is seeing should be seen more brightly,' 

The address opened with the finance minister announcing what she referred to as the  'first budget of Amrit kaal'. and applauding the government's "successes" during the previous fiscal years, including its G20 presidency and the PMGKAY scheme for free food grains.

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