Union Budget

Union Budget 2023-24: India’s Resilience Amidst Challenges

In the 75th year of India’s Independence, the world recognizes the Indian economy as a bright star. Despite the massive global slowdown caused by COVID-19 and the Russia-Ukraine War, India’s economic growth is estimated at 7%, the highest among all major economies. Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, presented the Union Budget 2023-24 in Parliament. Thus, emphasizing that India is on the right track and heading towards a bright future.

Building on the Foundation

This Union budget aims to build on the foundation laid in the previous year, aligning with the blueprint drawn for India@100. Furthermore, the vision is an inclusive India where development reaches all regions and citizens.

Resilience Amidst Crises

India’s rising global profile owes much to its accomplishments:

• Digital Infrastructure: Unique world-class digital public infrastructure, including Aadhaar, Co-Win, and UPI.
• Vaccination Drive: Unparalleled scale and speed in the COVID-19 vaccination drive.
• Climate Goals: Proactive role in achieving climate-related goals, mission LiFE, and the National Hydrogen Mission.

During the pandemic, the government ensured that no one went to bed hungry with its Union Budget. A scheme also provided free food grains to over 80 crore people for 28 months. Continuing this commitment, the government now supplies free food grain to all Antyodaya and priority households under the PM Garib Kalyan Anna Yojana.

G20 Presidency: A Global Opportunity

India’s G20 Presidency presents a unique opportunity to strengthen its role in the world economic order. With the theme of “Vasudhaiva Kutumbakam”, India is steering an ambitious, people-centric agenda to address global challenges and facilitate sustainable economic development.

Achievements Since 2014

Efforts since 2014 have transformed India’s Union Budget:

• Per Capita Income: More than doubled to Rs 1.97 lakh.
• Economic Size: Moved from 10th to 5th largest economy globally.
• Formalization: EPFO membership doubled to 27 crore, and digital payments surged through UPI.

Inclusive development is evident through schemes under Union Budget like:

• Swachh Bharat Mission: 11.7 crore household toilets built.
• Ujjawala: 9.6 crore LPG connections provided.
• COVID Vaccinations: 220 crore doses administered.
• PM Jan Dhan Bank Accounts: 47.8 crore accounts opened.
• PM Suraksha Bima and Jeevan Jyoti Yojana: Insurance cover for 44.6 crore individuals.
• PM Kisan Samman Nidhi: Cash transfer of Rs 2.2 lakh crore to over 11.4 crore farmers.

India’s journey continues, fueled by resilience, vision, and unwavering commitment to progress. Furthermore, the Union Budget 2023-24 sets the course for an India that thrives, uplifts, and leads on the global stage.