EGA India has developed an analysis of key highlights of the Union Budget 2023-24 presented by the Government of India in the Parliament on February 1, 2023. The Union Budget is the annual financial statement of the estimated receipts and expenditures of the Government for the year. Finance Minister Nirmala Sitharaman presented the last full Union Budget by Prime Minister Narendra Modi-led government with general elections due in May 2024.
With an intent to expand economic security and boost employment, the Finance Minister highlighted that the Budget’s focus this year is on enhancing inclusive development and outreach to the last mile while boosting infrastructure and investment with a focus on unlocking green growth. Notably, the Budget included several announcements towards achieving the green transition and net zero objectives, with a total allocation of INR 350 billion towards priority capital investments.
The Budget proposes an increase in capital expenditure by 33% to INR 10 trillion. Notable capital outlays were also announced for railways, at INR 2.4 trillion. In addition, infrastructure development measures announced in the Budget included the addition of 50 new airports, heliports, water aerodromes and advance landing grounds to improve regional air connectivity.
The Budget also announced measures in priority sectors such as technology, agriculture, education, and skill development, as well as to enhance ease of doing business. Our analysis of the Budget provides further details and highlights from key sectors.
