Budget 2023: Nirmala Sitharaman says FY23 growth seen at 7%
1 min read . Updated: 01 Feb 2023, 02:04 PM IST
PremiumBudget 2023: Sitharaman is presenting her fifth full Budget after she took over as Finance Minister in July 2019
Finance Minister Nirmala Sitharaman today said the Budget for 2023-24 hopes to build on the foundation of the previous budget and blue print for India@100.
This is the last full Budget of the second term of the BJP-led NDA government ahead of the general elections in 2024.
Sitharaman is presenting her fifth full Budget after she took over as Finance Minister in July 2019.
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Sitharaman said the world has recognized India as a bright star and growth for current year is estimated at 7.0%.
"The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war," she said while presenting Budget 2023.
"The Indian economy is on the right track, heading to a bright future. Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments".
Madhavi Arora, Lead Economist - Emkay Global Financial Services said “The budget has ensured, the fiscal impulse is maximized to improve potential growth, while signalling adherence to medium-term fiscal sustainability. This requires continued financial sector reforms, better resource allocation. Expenditure focus has been on rural, welfare, infrastructure, PLIs, and energy transition. Capex spend has picked up significantly to 3.3% of GDP and is almost double of Pre-Pandemic prints. This especially implies larger fiscal multiplier on employment and growth and will support crowding in of still-lacking private capex.
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"Indian economy has increased in size from being tenth to 5th largest in the world in the last 9 years, we have made significant progress in many SDGs, economy has become lot more formalized, efficient implementation of schemes has brought about inclusive development," she added.
