Budget 2023: It's truly a Budget for new India, will boost infrastructure investment, says Rajeev Chandrasekhar
Terming Union Budget 2023-24 as the budget of "new India", Union Minister of State for Electronics and IT Rajeev Chandrasekhar on Wednesday said that it will take India into 'Amrit Kaal as a modern infrastructure ready nation.
Terming Union Budget 2023-24 as the budget of "new India", Union Minister of State for Electronics and IT Rajeev Chandrasekhar on Wednesday said that it will take India into 'Amrit Kaal as a modern infrastructure ready nation. Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on Wednesday, unveiling one of its biggest jumps in capital spending in the past decade and said the fiscal deficit would fall next year.
During her nearly one-and-a-half-hour-long speech, the Finance Minister announced that the government proposes to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 per cent of the GDP. Speaking to ANI, MoS Chandrasekhar said, "My comment on Budget 2023- 2024 is exactly the comment of crores of Indian citizens all over the country. They are very-very thankful to Finance Minister Nirmala Sitharaman and to Prime Minister Narendra Modi for having navigated India during these very-very difficult times of the COVID pandemic and even when the world many countries are still struggling with their economies, here the Indian economy is the fastest-growing economy in the world."
He further said that the Budget is Rs 45 lakh crore of spending of which Rs 13.3 lakh crore is an investment into infrastructure. "Finance Minister today unveiled a budget that is truly a budget for 'Amrit Kaal'. It is Rs 45 lakh crore of spending of which Rs 13.3 lakh crore is an investment into infrastructure that is bound to take India into 'Amrit Kaal as a modern infrastructure-ready nation," he said.
He further said, "There are many-many aspects of this budget from the sustainability point of view, from agriculture, from increased credit to MSME sectors, for skills for the youth of 16000 crore from the PMKVY. So this is really a budget for youth, women empowerment and for really taking new India into the 'Amrit Kaal' with a great deal of momentum and confidence with reimagined ambitions." The Union Minister said that there are many-many things that the government addresses today to ease of living, to improve citizen trust
"There are many-many things that the government addresses today to ease of living, to improve citizen trust and experience with the government be it KYC regulation to be made simpler. The fact if there are many companies that have done MSME and not delivered their contract with the government during COVID, the guarantees and liquidities liabilities have been refunded," said Chandrasekhar. Chandrasekhar further said that the Indian economy will soon be in the top three in the next few years.
"So many small and big ideas that span the entire spectrum India today is looking as we enter to the 'Amrit Kaal' and to build the new India for young Indian and the new India for the coming generation that Prime Minister repetitively said a fully develop nation and we have come from tenth largest economy to the fifth largest economy under the Prime Minister and soon will be in the top three in the next few years," he said. On middle-class budget and tax exemption, the Union Minister said that the budget of Rs 45 lakh crores it is truly unprecedented and is truly a budget of new India for the 'Amrit Kaal'.
"We are one of the stories in the world that the world is admiring today even as they struggle with the economy. Our nation is coming to a situation where we are staying one of the fastest and highest investments in infrastructure and the same time we are giving a middle-class, not just modern world-class infrastructure we are also giving tax rebates. It tells the strength of our economy and it tells the story of nine years of work the Prime Minister has put into making our economy so strong that it could weather the COVID and European war and bring us to this stage and the budget of Rs 45 lakh crores it is truly unprecedented and its truly a budget of new India for the 'Amrit Kaal'," he added. Highlights of the budget presented by the Union Finance Minister included big incentives under the new income tax regime. The IT rebate limit in the new regime has been increased from
Rs 5 lakh to Rs 7 lakh and the new tax regime will be the default tax regime, the Finance Minister said. Capital expenditure outlay has been increased by 33 per cent to Rs 10 lakh crore, accounting for 3.3 per cent of the GDP. Meanwhile, Prime Minister Narendra Modi hailed the "first budget of Amrit Kaal" and said that it would lay a strong foundation for building a developed India.
The Prime Minister said that the budget gives priority to the deprived and will fulfill the dreams of the aspirational society, the farmers and the middle class. (ANI)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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