At a time when the country’s economy faces challenges from a host of global factors, a steep rise in inflation, and a possible GDP growth slowdown in FY24, the Hon’ble Finance Minister Ms. Nirmala Sitharaman presented the last full budget of the Modi 2.0 government, ahead of the next year’s parliamentary elections.
With a focus on widening the scope of economic growth, the budgetary announcements ticked all the boxes, balancing the wider expectations of tax relief to individuals with sufficient resources for various government schemes, and boosting key areas like infrastructure, manufacturing and job creation.
Readying to become a USD 5tn economy, Union Budget 2023 is the first budget in Amrit Kaal (25 years in the run-up to 2047 when Independent India turns 100) and builds on the foundation laid by the previous budget, and the blueprint drawn for India at 100. The proposed policies outline 7 priorities of the Budget - Inclusive development, Reaching the last mile, Infrastructure and investment, Unleashing the potential, Green growth, Youth power and the Financial sector.
Largely appreciated as a progressive Budget in contrast to the general populous expectations, this year’s Budget has defined the country’s economic, social and sustainability pathway for the future. If executed well, India is set for significant growth and stability, with benefits for all.
With due clarifications, the implementation remains to be seen as the country emerges as the fastest-growing major economy in the world.
Watch BDO India’s Partners decode the Union Budget 2023, in a 10-min Budget Special video #BudgetwithBDO
We are pleased to share BDO India’s analysis of the Budget 2023-24, in our proprietary Annual initiative INDIA UNION BUDGET 2023 - 2024, An Overview.