EAM S Jaishankar Shares 10 Reasons why World Should Welcome India's Budget 2023-24

Finance Minister Nirmala Sitharaman today presented a budget that brought cheers to the middle-class, senior citizens and startups. While the government hailed the budget as forward-looking, the opposition has criticised it by terming it disappointing. Non-BJP states accused the BJP of cheating and ignorance. However, amid these allegations and counter allegations, External Affairs Minister S Jaishankar hailed the Budget of the world's '5th largest economy'.

Jaishankar listed out 10 reasons why the world should welcome India's Budget 2023-24. The 10 reasons are:

1. India as stronger engine of global growth. Capital investment outlay increased by 33% to Rs 10 trillion (Now 3.3% of GDP).

2. Enhancing Ease of Doing Business. Includes KYC process simplification, Greater GIFT IFSC activities and establishing an EXIM Bank subsidiary for trade re-financing, PAN as Common Business Identifier, Central Data Processing Centre, Indirect Tax support for manufacturing, stronger Ease of Compliance and Income Tax benefit for Startups.

3. Better Logistics and Infrastructure. Highest ever railways outlay at Rs 240 billion, 100 critical transport infrastructure projects, 50 additional air connectivity projects and establishing Urban Infrastructure Development Fund.

4. Digital for Development. Promoting greater digital payments, National Data Governance Policy, establishing Data Embassies, creating Entity DigiLocker, Centers of Excellence for AI and National Digital Library for children and adolescents.

5. Strengthening Global Food Security. Making India Global Hub for Shree Anna (Millets), establishing massive decentralized storage capacity, promoting contribution of Cooperatives, increasing agriculture and fisheries credit, establishing Agriculture Accelerator Fund and building digital public infrastructure for agriculture.

6. Ensuring Global Health Security. Promoting Pharma R&D, ensuring HR for medical innovation & manufacturing, creating more medical research facilities and establishing 157 new nursing colleges.

7. Indian Participation in the Global Workplace. Expand opportunities through initiatives on skills & apprenticeship backed by National Apprenticeship Policy, stipend support to 4.7 million youth, creating 30 Skill India International Centres.

Finance Minister @nsitharaman ji presented the Budget of the 5th largest economy of the world today.

10 reasons why the world should welcome it: — Dr. S. Jaishankar (@DrSJaishankar) February 1, 2023

8. Focus on Green Growth and Mobility. Investing in Energy Transition and Net Zero objectives, undertaking Green Hydrogen Mission,VGF support for Battery ESS and encouraging Lifestyle for Environment (LiFE). Also duty benefits for green mobility and renewable energy evacuation from Ladakh.

9. Stronger Gender Development: Modi Government’s pro-women policy commits to taking 8.1 million Self-Help Groups of rural women to become enterprises and collectives.

10. Making India Tourism-ready. Focus on 50 destinations to be developed as complete package with digital support.

Jaishankar said, "India’s aspirations and targets are on a scale that will impact the world. Expect these developments to feature prominently in global conversations, including at G20."

Finance Minister Nirmala Sitharaman presented the Union Budget 2023 today in Lok Sabha. This was the third time in a row that the government presented the budget in a paperless form. Highlights of the budget presented by the Union Finance Minister included big incentives under the new income tax regime. The IT rebate limit in the new regime has been increased fromRs 5 lakh to Rs 7 lakh and the new tax regime will be the default tax regime, the Finance Minister said. Capital expenditure outlay has been increased by 33 per cent to Rs 10 lakh crore, accounting for 3.3 per cent of the GDP.