Budget 2023: Govt has announced a targeted Amritkaal Budget for Amritpidi
A reflection of enhanced focus with the in-depth fixing of governance issues has been a key driver of the finance minister’s Budget speech
Akshat Khetan Last Updated:February 01, 2023 14:41:25 IST
Finance Minister Nirmala Sitharaman. PTI.
Budget 2023 proposals are thematic, thoughtful, thorough, and therapeutic. While it strengthens the fundamentals, it also empowers the peripherals to such a foundation. Adhering to the ‘Amritkaal’– the unique theme of this Union Budget visualises a new dream for India @100.
The capital investment outlay is up by 33 percent and the new reformist schemes for the agro and pharma sector are a much-welcome move. The focus on Availability with Affordability and Infrastructure with Incentives with a Rs 10 lakh crore bonanza will fasten the pace of inclusive growth. A reflection of enhanced focus with the in-depth fixing of governance issues has been a key driver of the finance minister’s Budget speech.
The visionary significance of prognosis, data embassies, and research centres coupled with ease of doing business and a centralised and unification was also much visible.
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Relief for MSMEs
The quantifiable relief for the failure of the Micro, Small, and Medium Enterprises (MSMEs) during COVID and voluntarily settlements schemes of arbitrable disputes is a laudable move. The government, with digital progression, is aiming to follow the survival of the fittest approach.
Boost to education
The Budget also pipelines a huge mix of research support to National Institutes with a revamp in National Education policy and green growth in the economic development of with an aim to increase literacy. This is a new-age move to curb future issues of unemployment.
Promoting natural farming
Prime Minister Pranam Yojna for alternative fertiliser and balanced use of chemical fertilisers partnered with the Go-BARdhan Scheme is a huge greeting. The promotion of natural farming will fulfill the dream of a New India.
Boost to Make in India initiative
The setting up of Unity Malls in States for promoting One District One Product will upgrade Make In India initiative. Reduction in cost of credit with revamped credit guarantee scheme from 1st April 2023 and setting up credit public infrastructure in consultation of RBI will boast credit off-take.
Fiscal deficit remains a concern
However, Fiscal deficit of 6.4 percent of GDP still remains a concern. Indirect tax proposals to boost exports and green energy with a voluminous and amplified reduction in customs duty and its exemptions are a much-appreciated move that will help balance expenditure-linked investment.
I-T slab reduction for middle-class disappointing
The introduction of Presumptive Taxation in the Direct tax code will help and support MSMEs to improve their cash flows. The rebate increase to Rs 7.00 lakh is an exceptional move in the new tax regime. However, slab reduction for middle-class individuals is a bit disappointing.
The Budget promotes healthcare, education, and manufacturing and reiterates India as an advanced agrarian economy leading from the front.
The writer is a corporate and legal advisor; and an expert in M&A and Corporate Restructuring and Turn Around Specialist. He tweets @akshat_khetan Views expressed are personal