Finance Minister Nirmala Sitharaman presented her fifth straight budget today. This was also last the full budget of Modi 2.0 govt before the next parliamentary elections in 2024.
Key points of the Budget:
~ FY-2024 fiscal deficit target at 5.9% of GDP
~ Outlay for capital spending increased 33% to 10 trillion rupees in 2023/24
~ Cigarettes to get costlier as Budget proposes 16% hike in duty
~ To set up agriculture accelerator fund
~ Increases budget allocations to 790 bln rupees for affordable housing in 2023/24
~ Finance Minister says increase in public capex key to crowding in private investments
~ Indian economy has become the fifth-largest economy in the world in last nine years
~ Budget adopts seven priorities including inclusive, green growth
~ Agricultural credit target raised to 20 trillion rupees ($244.42 billion) for 2023/24
~ Sitharaman says the economy is growing the fastest among major economies
FM Nirmala Sitharaman outlined seven priorities for the 'first Budget in Amrit Kaal':
~ Inclusive development
~ Reaching the last mile
~ Infra & investment
~ Unleashing the potential
~ Green growth
~ Youth power
~ Financial sector
Here's the full speech text of Nirmala Sitharaman:
