The government recommended a capital spend of almost Rs 2.40 lakh crore for railroads, according to Union Finance Minister Nirmala Sitharaman, who presented the Union Budget 2023-24 in Lok Sabha on Monday. This budgeted spending for railways, according to Sitharaman, is the greatest ever and nine times that of 2013. Overall, the government suggested increasing capital investment outlay by 33% to Rs 10 lakh crore in 2023-24, or 3.3% of GDP, according to Union Finance Minister Nirmala Sitharaman.
“(This overall outlay) would be 3.3 per cent of GDP, almost three times the outlay made in 2019-20. With the substantial increase, it is central to government’s efforts to enhance growth potential and job creation, the crowd in private investments and provides a cushion against global headwinds,” Sitharaman said in her Budget speech.
Furthermore, Sitharaman informed Parliament that the government intends to expand the agricultural credit objective to Rs 20 lakh crore, with a focus on animal husbandry, dairy, and fisheries. In the last six years, the country’s agriculture industry has grown at a 4.6 percent yearly rate on average.
She also stated that the government will develop a sub-scheme of the existing PM Matsya plan to increase value chain efficiencies.
At 11 a.m., Sitharaman began her Budget speech, the last full Budget of the Modi government’s second term. Union Budget 2023-24, like the previous two Union Budgets, is presented in paperless form.
This year’s Budget is significant since the country’s next Lok Sabha election is expected for April-May 2024.
As is customary, Finance Minister Nirmala Sitharaman, state ministers Pankaj Chaudhary and Bhagwat Karad, and Finance Secretary T V Somanathan paid a visit to President Droupadi Murmu.
Sitharaman is presenting her sixth budget. The budget session of the Parliament opened on Tuesday with the President’s address, after which the Economic Survey for 2022-23 was tabled. On October 10, the formal process of preparing the annual Budget for the next fiscal year (2023-24) began.
The Economic Survey, which was tabled in Parliament on Tuesday, stated that India’s GDP is likely to increase at a rate of 6 to 6.8 percent in the fiscal year 2023-24. This compares to a projected 7.7 percent this fiscal year and 8.7 percent in 2021-22.
