New Delhi: FM Nirmala Sitharaman said that this Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100, which envisions a prosperous and inclusive India, where the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes.
Resilience amidst multiple crises
The Finance Minister said that India’s rising global profile is due to several accomplishments like unique World Class Digital Public Infrastructure namely, Aadhaar, Co-Win and UPI; COVID-19 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.
She said that during the Covid-19 pandemic, Government ensured that no one goes to bed hungry, with a scheme to supply free food grains to over 80 Crore persons for 28 months.
The Minister added that continuing with Centre’s commitment to ensure food and nutritional security, Government is 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 Rs 2 lakh crore will be borne by the Central Government.
G20 Presidency: Steering the global agenda through challenges
The Finance Minister pointed out that in these times of global challenges; the G20 Presidency gives India 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 to facilitate sustainable economic development, she added.
Achievements since 2014: Leaving no one behind
Smt. Sitharaman said that the government’s efforts since 2014 have ensured for all citizens a better quality of living and a life of dignity and the per capita income has more than doubled to Rs 1.97 lakh. She said that in these nine 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world. Moreover, the economy has become a lot more formalized as reflected in the EPFO membership, more than doubling to 27 crore, and 7,400 crore digital payments of Rs 126 lakh crore through UPI in 2022.
5 biggest things of the budget
For middle class: No income tax on income up to 7 lakhs.
For the lower class: Free food grains will be available for one more year in Garib Kalyan Anna Yojana.
For youth: Startup fund, and allowance will be given for 3 years, International Skill India Centers will be set up.
For tribal areas: 38 thousand 800 teachers will be appointed for Eklavya schools. 15 thousand crores for the development of tribal villages.
Expensive-cheap: LED TV-mobiles will be cheaper. Tax on cigarettes was increased by 16%. Now it will be expensive.
Sensex welcomes Budget
Sensex up over 1000 points, currently trading at 60,678; Nifty at 17,939.
From the Sensex pack, ICICI Bank, Tech Mahindra, Asian Paints, Tata Steel, Kotak Mahindra Bank, HDFC, HDFC Bank, Titan and NTPC were among the major winners in early trade. ITC, Mahindra & Mahindra, UltraTech Cement and Larsen & Toubro were the laggards. Elsewhere in Asia, equity markets in Seoul, Tokyo, Shanghai and Hong Kong were trading higher.
This was Sitharaman's 5th budget and the country's 75th budget. She took less time this time than before. This time the speech was just 1 hour 27 minutes.
This year there is election in 9 states and next year the country has elections. Its effect was visible in the budget speech. Sitharaman said that when the whole world is on the path of recession due to Corona and war, India's growth is stronger than other countries.
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