Introduction
1. This Budget hopes to build on the foundation laid in the previous
Budget, and the blueprint drawn for India@100. We envision a prosperous
and inclusive India, in which the fruits of development reach all regions and
citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and
Scheduled Tribes.
2. In the 75th year of our Independence, the world has recognised the
Indian economy as a ‘bright star’. Our current year’s economic growth is
estimated to be at 7 per cent. It is notable that this is the highest among all
the major economies. This is in spite of the massive slowdown globally
caused by Covid-19 and a war. The Indian economy is therefore on the right
track, and despite a time of challenges, heading towards a bright future.
3. Today as Indians stands with their head held high, and the world
appreciates India’s achievements and successes, we are sure that elders
who had fought for India’s independence, will with joy, bless us our
endeavors going forward.
Resilience amidst multiple crises
4. Our focus on wide-ranging reforms and sound policies, implemented
through Sabka Prayas resulting in Jan Bhagidari and targeted support to
those in need, helped us perform well in trying times. India’s rising global profile is because of several accomplishments: unique world class digital
public infrastructure, e.g., Aadhaar, Co-Win and UPI; Covid vaccination drive
in unparalleled scale and speed; proactive role in frontier areas such as
achieving the climate related goals, mission LiFE, and National Hydrogen
Mission.
5. During the Covid-19 pandemic, we ensured that no one goes to bed
hungry, with a scheme to supply free food grains to over 80 crore persons
for 28 months. Continuing our commitment to ensure food and nutritional
security, we are implementing, from 1st January 2023, a scheme to supply
free food grain to all Antyodaya and priority households for the next one
year, under PM Garib Kalyan Anna Yojana (PMGKAY). The entire
expenditure of about ` 2 lakh crore will be borne by the Central
Government.
G20 Presidency: Steering the global agenda through challenges
6. In these times of global challenges, the G20 Presidency gives us a
unique opportunity to strengthen India’s role in the world economic order.
With the theme of ‘Vasudhaiva Kutumbakam’, we are steering an
ambitious, people-centric agenda to address global challenges, and to
facilitate sustainable economic development.
Achievements since 2014: Leaving no one behind
7. The government’s efforts since 2014 have ensured for all citizens a
better quality of living and a life of dignity. The per capita income has more
than doubled to ` 1.97 lakh.
8. In these nine years, the Indian economy has increased in size from
being 10th to 5th largest in the world. We have significantly improved our
position as a well-governed and innovative country with a conducive
environment for business as reflected in several global indices. We have
made significant progress in many Sustainable Development Goals.
9. The economy has become a lot more formalised as reflected in the
EPFO membership more than doubling to 27 crore, and 7,400 crore digital
payments of ` 126 lakh crore through UPI in 2022.
10. The efficient implementation of many schemes, with
universalisation of targeted benefits, has resulted in inclusive development.
Some of the schemes are:
i. 11.7 crore household toilets under Swachh Bharat Mission,
ii. 9.6 crore LPG connections under Ujjawala,
iii. 220 crore Covid vaccination of 102 crore persons,
iv. 47.8 crore PM Jan Dhan bank accounts,
v. Insurance cover for 44.6 crore persons under PM Suraksha
Bima and PM Jeevan Jyoti Yojana, and
vi. Cash transfer of ` 2.2 lakh crore to over 11.4 crore farmers
under PM Kisan Samman Nidhi.
Vision for Amrit Kaal – an empowered and inclusive economy
11. Our vision for the Amrit Kaal includes technology-driven and
knowledge-based economy with strong public finances, and a robust
financial sector. To achieve this, Jan Bhagidari through Sabka Saath Sabka
Prayas is essential.
12. The economic agenda for achieving this vision focuses on three
things: first, facilitating ample opportunities for citizens, especially the
youth, to fulfil their aspirations; second, providing strong impetus to growth
and job creation; and third, strengthening macro-economic stability.
13. To service these focus areas in our journey to India@100, we believe
that the following four opportunities can be transformative during Amrit
Kaal.
1) Economic Empowerment of Women: Deendayal Antyodaya Yojana
National Rural Livelihood Mission has achieved remarkable success
by mobilizing rural women into 81 lakh Self Help Groups. We will
enable these groups to reach the next stage of economic
empowerment through formation of large producer enterprises or
collectives with each having several thousand members and
managed professionally. They will be helped with supply of raw
materials and for better design, quality, branding and marketing of
their products. Through supporting policies, they will be enabled to
scale up their operations to serve the large consumer markets, as
has been the case with several start-ups growing into ‘Unicorns’.
2) PM VIshwakarma KAushal Samman (PM VIKAS): For centuries,
traditional artisans and craftspeople, who work with their hands
using tools, have brought renown for India. They are generally
referred to as Vishwakarma. The art and handicraft created by them
represents the true spirit of Atmanirbhar Bharat. For the first time, a
package of assistance for them has been conceptualized. The new
scheme will enable them to improve the quality, scale and reach of
their products, integrating them with the MSME value chain. The
components of the scheme will include not only financial support
but also access to advanced skill training, knowledge of modern
digital techniques and efficient green technologies, brand
promotion, linkage with local and global markets, digital payments,
and social security. This will greatly benefit the Scheduled Castes,
Scheduled Tribes, OBCs, women and people belonging to the weaker
sections.
3) Tourism: The country offers immense attraction for domestic as well
as foreign tourists. There is a large potential to be tapped in tourism.
The sector holds huge opportunities for jobs and entrepreneurship
for youth in particular. Promotion of tourism will be taken up on
mission mode, with active participation of states, convergence of
government programmes and public-private partnerships.
4) Green Growth: We are implementing many programmes for green
fuel, green energy, green farming, green mobility, green buildings,
and green equipment, and policies for efficient use of energy across
various economic sectors. These green growth efforts help in
reducing carbon intensity of the economy and provides for large-
scale green job opportunities.
Priorities of this Budget
14. The Budget adopts the following seven priorities. They complement
each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal.
1) Inclusive Development
2) Reaching the Last Mile
3) Infrastructure and Investment
4) Unleashing the Potential
5) Green Growth
6) Youth Power
7) Financial Sector
