Union Budget 2023: Stock market investors celebrate, Sensex up over 1000 points post-budget
Barring the Nifty oil and gas index, all other indices traded in the green, National Stock Exchange data showed. Nifty bank, financial services, and private bank rose the most
Indian stock markets reacted positively to the Union Budget for 2023-24 with benchmark indices rising over 1,000 points to breach the 60,000 mark.
Barring the Nifty oil and gas index, all other indices traded in the green, National Stock Exchange data showed. Nifty bank, financial services, and private bank rose the most.
With general elections set for the following year, this year's budget is notable as the final comprehensive budget of the second term of the PM Narendra Modi government.
Budget effect
In her Budget statement before Parliament on Wednesday, the Union Finance Minister stated that the government intends to boost capital investment outlay by 33% to Rs 10 lakh crore in 2023–24, which would equal 3.3% of the GDP.
"(This overall outlay) would be 3.3 per cent of GDP, almost three times the outlay made in 2019-20. With the substantial increase, it is central to the government's efforts to enhance growth potential and job creation, the crowd in private investments and provides a cushion against global headwinds," Sitharaman said in her Budget speech.
PM Awas Yojana
Prime Minister Awas Yojana (PMAY) spending has increased by 66% to more than Rs 79,000 crore.
The government also suggested a capital expenditure for the Indian Railways of roughly Rs 2.40 lakh crore. According to Sitharaman, this budgeted spending on the railways is the greatest amount ever and is nine times higher than it was in 2013.
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The government proposes to increase the agricultural credit target to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries, Sitharaman told Parliament. The agriculture sector of the country has been growing at an average annual growth rate of 4.6 per cent in the last six years.
The Economic Survey, tabled in the Parliament on Tuesday, noted India's GDP is expected to grow in the range of 6 to 6.8 per cent in the coming financial year 2023-24.
This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22.
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