Budget 2023: Here's The Full Budget Speech By The Finance Minister
"In the 75th year of Independence, (the) world has recognised Indian economy as bright star," the Finance Minister said.
Finance Minister Nirmala Sitharaman presented the fifth Union Budget 2023 on Feb. 1 in Lok Sabha. She presented the paperless budget today for the third time. This is the last full-fledged budget of the Modi government before the 2024 elections.
Budget 2023 is presented against the backdrop of renewed uncertainties around global and domestic growth and tighter financial conditions.
The annual budget comes amid macroeconomic convulsions stemming from a prolonged war in Europe and supply chain disruptions triggered by China's Zero Covid policy. India, however, has emerged as a bright spot in the global scheme of things.
"This is the first budget in the Amrit Kaal," Finance Minister Nirmala Sitharaman said in the Lok Sabha. "In the 75th year of Independence, world has recognised Indian economy as bright star."
The aim of Budget 2023 includes facilitating ample opportunities for citizens, especially youth, providing a strong impetus to growth and job creation, and strengthening macroeconomic stability.
"The priorities of Budget 2023 are inclusive of development, reaching the last mile, agriculture and investment, unleashing potential, green growth, youth power, and the financial sector," Sitharaman said.
Budget 2023 launched the PM Primitive Vulnerable Tribal Groups Mission, aiming to improve the socio-economic conditions of vulnerable tribal groups. Rs 15,000 crore is to be made available over three years under the PM Primitive Vulnerable Tribal Groups Mission.
"Capital outlay of Rs 2.40 lakh crore will be provided for railways in FY24," the Finance Minister said.
The government has raised its capital investment outlay by 33% to Rs 10 lakh crore, Sitharaman said. That translates to 3.3% of India's gross domestic product. As a consequence, effective capital expenditure of the central government will increase to Rs 13.7 lakh crore in FY24.
The overall expenditure outlay for the Pradhan Mantri Awas Yojana, or the mission of "housing for all", has been increased by 66% for fiscal 2024.
"The government has increased the expenditure for the financial year 2023–24 to over Rs 79,000 crore," the Finance Minister said.
To enhance the ease of doing business, more than 39,000 compliances have been reduced, and more than 3,400 legal provisions have been decriminalised.
The "National Hydrogen Mission" will have an outlay of Rs 19,700 crore and aims to reach a hydrogen production capacity of 5 mmt by 2030, the Finance Minister said.
Budget 2023 provided Rs 35,000 crore for priority capital investment towards energy transition, net zero objectives, and energy security.
The government will set up 30 Skill India International centres in multiple states, Sitharaman said in the budget speech. "The government will also provide stipend support to 47 lakh youths. A direct benefit transfer programme will also be rolled out."
The government has proposed customs duty exemptions on the import of capital goods and machinery required for lithium-ion batteries, the Finance Minister said.
Read the Finance Minister's Budget 2023 speech here:
