The Union Budget for 2023 was presents by Finance Minister Nirmala Sitharaman in the Parliament on February 1, 2023
The budget has placed a strong emphasis on infrastructure development, with a 33% increase in capital expenditure compared to the previous year. This allocation will be used to fund various projects aimed at improving transport facilities, providing affordable housing, and creating new job opportunities.
The budget also highlights the government’s focus on digital transformation and the development of the agriculture and livestock sector. The government has announced plans to establish a National Recruitment Agency, a National Digital Educational Architecture, and a National Technical Textiles Mission, among other initiatives.
To tackle the issue of black money and increase transparency in financial transactions, the government has proposed a new law. The budget also includes several tax reforms aimed at simplifying the tax system and reducing the burden on taxpayers.
The healthcare sector has also received significant attention in the budget, with the allocation of funds for the development of hospital beds, healthcare facilities in rural areas, and medical colleges and nursing schools.
The budget has fixed the fiscal deficit target at 5.9% of the Gross Domestic Product (GDP), which reflects the government’s commitment to maintaining financial stability and boosting economic growth.
