10 Reasons Why the World Should Embrace the Indian Union Budget 2023
The Union Budget 2023 presented by Indian Finance Minister Nirmala Sitharaman has received support from Indian External Affairs Minister Dr S. Jaishankar. He has listed 10 reasons why the world should welcome this budget.
- India as a strong economy: The capital investment outlay has increased by 33% to Rs 10 trillion, now making up 3.3% of the Gross Domestic Product.
- Enhancing ease of doing business: This includes simplifying the KYC process, increasing activities at GIFT IFSC, establishing a subsidiary of the EXIM Bank for trade re-financing, using PAN as a common business identifier, creating a central data processing center, providing indirect tax support for manufacturing, and improving ease of compliance and income tax benefits for startups.
- Better logistics and infrastructure: There is a record-high railway outlay at Rs 240 billion, 100 critical transport infrastructure projects, 50 additional air connectivity projects, and the establishment of an Urban Infrastructure Development Fund.
- Digitization for development: The budget promotes greater digital payments, establishes a National Data Governance Policy, creates Data Embassies, sets up Entity DigiLocker, establishes Centers of Excellence for AI, and creates a National Digital Library for children and adolescents.
- Strengthening the global food sector: The budget focuses on making India a global hub for Shree Anna (Millets), establishes massive decentralized storage capacity, promotes the contribution of cooperatives, increases agriculture and fisheries credit, creates an Agriculture Accelerator Fund, and builds digital public infrastructure for agriculture.
- Ensuring global health security: The budget promotes pharma R&D, provides HR for medical innovation and manufacturing, creates more medical research facilities, and establishes 157 new nursing colleges.
- Focusing on global workforce: The budget expands opportunities through skills and apprenticeship initiatives backed by the National Apprenticeship Policy, provides stipend support to 4.7 million youth, and creates 30 Skill India International Centers.
- Focus on green growth: The budget invests in energy transition and net-zero objectives, creates a Green Hydrogen Mission, provides VGF support for Battery ESS, and encourages a lifestyle for the environment (LiFE). There are also duty benefits for green mobility and renewable energy evacuation from Ladakh.
- Strengthening the global security and defence sector: The budget includes the procurement of defence equipment, modernizing the defence industry, and creating a National Recruitment Agency for better defence recruitment.
- Focus on human and social development: The budget includes programs for education, health, women, children, and social justice, as well as financial assistance for the poor and marginalized sections of society.
Overall, the Union Budget 2023 presents a comprehensive approach to economic growth, social development, and global competitiveness.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of The Kootneeti Team