Union Budget 2023 Key Highlights: Indian Economy now ranks 5th highest in world, says FM Nirmala Sitharaman

Union Budget 2023 key highlights: India's Finance Minister Nirmala Sitharaman has presented the 2023 Union Budget, the last full budget before the 2024 General Elections and state polls in states such as Karnataka, Rajasthan, Tripura, Nagaland and Meghalaya.

The budget aims to lower the fiscal deficit, boost investment and state spending to support the economy amid the global slowdown. The middle class is hoping for income tax benefits, while the government is expected to continue its policy of increasing capital spending, lower taxes and subsidies for poor households.

Key highlights of Budget:

“This is the first budget in Amrit Kaal. This budget hopes to build on foundations set in previous budgets. The world has recognised Indian economy as a bright star,” says Nirmala Sitharaman in Parliament.

The current year's growth is 7% and the economy is on track.

The Economic Survey forecasts 6-6.8% growth for the next fiscal year, while the IMF predicts 6.1% growth for 2023-24.

The Reserve Bank of India raised its policy rate to control inflation which surged to over 7 per cent after a rise in food and energy prices following the Russia-Ukraine war.

The government plans to reduce the fiscal deficit to 5.8-5.9% of GDP in 2023-24 from the 6.4 per cent of 2022-23.

The BJP will start a 12-day nationwide campaign to raise awareness of the "pro-people" measures in the budget.