India’s latest budget was presented by Finance Minister Nirmala Sitharaman on 1st February 2023. This budget marks the first full budget of the new government, presenting its economic and financial priorities for the next fiscal year.
The budget focuses on strengthening the country’s infrastructure and boosting economic growth, with an emphasis on rural development, healthcare, and education. The government has allocated Rs. 16.97 lakh crore for infrastructure development, which includes Rs. 1.41 lakh crore for the National Highway Development Project, Rs. 1.10 lakh crore for the Pradhan Mantri Gram Sadak Yojana and Rs. 2.87 lakh crore for the Ministry of Road Transport and Highways.
In healthcare, the government has allocated Rs. 64,180 crore for Ayushman Bharat, the flagship health insurance scheme, and Rs. 35,000 crore for the COVID-19 vaccine, testing, and treatment. The education sector has received a boost, with Rs. 93,224 crore allocated for the National Education Policy and Rs. 3,000 crore for the National Recruitment Agency to conduct a common eligibility test for various government jobs.
The government has also announced measures to boost agriculture, with a focus on increasing farmers’ income and improving the agricultural marketing system. To achieve this, the budget has allocated Rs. 1.5 lakh crore for the Pradhan Mantri Fasal Bima Yojana and Rs. 20,000 crore for the Agriculture Infrastructure Fund.
The budget also highlights the government’s commitment to fiscal prudence, with the fiscal deficit target set at 4.5% of GDP. The government has also announced several measures to boost the manufacturing sector and make it easier for companies to do business in India, including the introduction of a production-linked incentive scheme for 10 key sectors.
In conclusion, the 2023 budget presents a comprehensive plan to boost economic growth and improve the standard of living for all citizens. The government’s focus on rural development, healthcare, education, and agriculture will provide a strong foundation for the country’s future economic growth