India economy size increases to 5th largest from 10th largest: FM Sitharaman
1 min read . Updated: 01 Feb 2023, 11:43 AM IST
Premium. Per capita income has increased to ₹1.97 lakh, said FM Nirmala Sitharaman
Indian economy has increased in size from being tenth position to fifth largest in last nine years, said Finance Minister Nirmala Sitharaman in her Budget speech.
Finance Minister Nirmala Sitharaman on Wednesday said the Budget for 2023-24 hopes to build on the foundation of the previous budget and blue print for India@100.
“The world has recognized India as a bright star, our growth for the current year is estimated at 7.0 per cent, this is the highest among all major economies," said Finance Minister Sitharaman.
She said that the per capita income has increased to ₹1.97 lakh.
The Centre will spend ₹2lakh crore on free food grains for all priority households under PM Garib Kalyan Yojana, FM announced in the Budget speech.
She said, “During the Covid-19 pandemic, we ensured that no one goes to bed hungry with a scheme to supply free food grains to over 80 crore persons for 28 months."
Further, she added, “continuing our commitment to ensure food and nutritional security, we are implementing from 1st January 2023, a scheme to supply free food grains to all ANTYODAYA and households for the next 1 year under Pradhan Mantri Garib Kalyan Anna Yojana."
She said that the government's effort since 2014 have ensured better quality of life. We have made a significant progress in many development goals.
FM has proposed to increase capital expenditure by 33 percent to ₹10 lakh crore, which would be 3.3 percent of the GDP.
