Budget 2023 tried to balance growth, economic revival: FM

Mumbai: Union Finance Minister Nirmala Sitharaman on Monday said the Union Budget 2023 has tried to balance growth and sustained recovery at a time when the economy is coming out of the pandemic.

Laying emphasis on asset creation, the Budget has proposed an increase in capital expenditure by 35.4 per cent to Rs 7.5 lakh crore for FY2023 as against the outlay of Rs 5.54 lakh crore for FY2022.

“This budget has been made for the time when the economy is coming out of the pandemic. A sustained and strong recovery is something that is what all of us would want,” Sitharaman said while addressing a post-Budget stakeholder interaction with the Maharashtra industry here.

She said the Budget has been made with a focus on keeping the growth revival and sustainability as a priority and has a message of predictable tax regime.

On the government’s decision to invest on infrastructure building, the minister said, “Spending on infrastructure was chosen as a favourable route because it ensures a greater multiplier effect. And with a greater multiplier, we hope that assets can be created which can last for decades.”

She further said that the Budget is the blueprint for the Amritkaal of India, for the next 25 years, leading towards India@100.

“We are not just talking about today’s strengths and challenges, but we are also looking at future India which will have a greater technological influence in policy making. Technology which is so required to keep pace with all that is happening,” the minister said.

Sitharaman also emphasised on the focus on empowering the startups in India, noting that they bring in innovation.

“The blueprint for the next 25 years has a priority on growth, not letting go of the digital advantage that India has had. We want to build on the strength of innovation and capacity to innovate by our youth. The support that has been extended in the last few years to startups will continue,” she said.

The minister further said having seen what the startups can do, in the last few years, we want to build on that strength and the innovation that they bring and we want to cash on that as well. (UNI)

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