India remains steadfast on its course for progress. Despite the global geo-political and economic crises, India’s economic growth for the current year is estimated at 7%, the highest among major economies. With the world at the precipice of a recession and amidst rising inflation, Hon’ble Finance Minister (FM) Nirmala Sitharam presented Union Budget 2023-24, the first one in the Amrit Kaal (period from 75-100 years of Independence). She envisions a technology-driven and knowledge-based economy with strong public finances and a robust financial sector for Amrit Kaal. The Budget adopts seven priorities or ‘Saptarishi’ guiding us through the Amrit Kaal, driving sustainable growth and inclusive development.
Echoing a theme of an empowered and inclusive economy, the Union Budget 2023-24 intends to build on the blueprint for India@100, laid in the previous Budget, steering an ambitious, people-centric agenda to address challenges and facilitate sustainable economic development. Continuing on the path of fiscal consolidation, the FM re-iterated the goal of reaching a fiscal deficit below 4.5% by 2025-26, evidenced by the fairly steady decline in recent times.