Home / Brand Stories / Invest right and be a part of India’s growth story in this Amrit Kaal

Securing India on the path to growth, Budget 2023-24 has set up the building blocks for long-term economic development and created a roadmap for nation-building by keeping the focus on capex and inclusion.

India's economic growth for the current year stood at about 7 per cent, which is the highest amongst all the major economies. This growth comes in spite of the massive slowdown brought about by the Covid-19 pandemic and other geopolitical factors like the Russia-Ukraine war.

In what was called the first budget of Amrit Kaal, seven key priority areas have been adopted to guide India on the path to becoming a modern nation. These include inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power, and the financial sector.

This budget has something for everyone. While the government has kept the focus on augmenting infrastructure across the country and adding an element of sustainability to its initiatives, the budget has also brought out policies to ensure that welfare schemes reach the last mile to benefit the part of the population they are aiming for. Digital also continues to be an underlying theme of power growth. For a simplified Budget 2023 overview - Click here.

The Capital investment outlay has been increased to a staggering 10 lakh crore, an increase of 33 per cent — which is remarkable. This will be almost three times the outlay that was in 2019-20 and about 3.3 per cent of the Gross Domestic Product (GDP). The total expenditure has also been increased to 45 lakh crore.

The budget will also boost infrastructural development which, in turn, will act as a driver for productivity and generate employment in the nation. Towards this, there has been an announcement for a 50-year interest-free loan which the States can avail to boost capital expenditure and initiate reforms.

Another major area of focus for the government will be agriculture for which multiple schemes and incentives have been planned. For the middle class, the personal tax regime has been simplified with reduced tax rates and a transition to a five slab structure.

In a nutshell, Budget 2023-24 is expected to offer an impetus to the growth of the nation. To start your investment journey and become a part of India’s growth story in this Amrit Kaal, click here.

Disclaimer: This article has been produced on behalf of Axis MF by HT Brand Studio.

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