EAM Jaishankar gives 10 reasons why Budget 2023 should be welcomed

New Delhi [India], February 1 (ANI): External Affairs Minister S Jaishankar on Wednesday put forward ten points to explain why the Union Budget 2023 should be welcomed.

"Finance Minister @nsitharaman ji presented the Budget of the 5th largest economy of the world today. 10 reasons why the world should welcome it," Jaishankar tweeted.

The EAM said that the budget for the new year will enhance the ease of doing business as it includes KYC process simplification, Greater GIFT IFSC activities and establishing an EXIM Bank subsidiary for trade re-financing.

Indirect Tax support for manufacturing, with a stronger Ease of Compliance and Income Tax benefit for Startups, would further help in the growth of businesses.

In a tweet, Jaishankar wrote, "Capital investment outlay increased by 33% to Rs 10 trillion (Now 3.3% of GDP)," describing India as a ‘stronger engine of global growth’.

Budget 2023 will strengthen global food security by making India a Global Hub for Shree Anna (Millets), establishing massive decentralized storage capacity, and promoting the contribution of Cooperatives.

Taking to Twitter, Jaishankar wrote, "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," as he noted Budget 2023’s overall impact.

The Budget presented by FM Sitharam also outlines 100 critical transport infrastructure projects, 50 additional air connectivity projects, the highest-ever railways’ outlay that stands at Rs 240 billion and establishing Urban Infrastructure development Fund.

It also ensures the promotion of creating more medical research facilities and establishing 157 new nursing colleges, as well as India’s participation in the global workspace.

"Ensuring Global Health Security.Promoting Pharma RD, ensuring HR for medical innovationmanufacturing, creating more medical research facilities and establishing 157 new nursing colleges," Jaishankar said in a tweet.

"Expand opportunities through initiatives on skillsapprenticeship backed by National Apprenticeship Policy, stipend support to 4.7 million youth, creating 30 Skill India International Centres," the tweet added further, as Jaishankar underscored Indian participation in the global workspace.

Jaishankar stated that the Union Budget 2023-24 will also call for stronger gender empowerment. Writing on Twitter, he said, "Modi Government’s pro-women policy commits to taking 8.1 million Self-Help Groups of rural women to become enterprises and collectives."Budget 2023 also focuses on Green growth and Mobility. Moreover, the focus also lies on investing in energy transition and net zero goals, launching the Green Hydrogen Mission, providing VGF assistance for the battery ESS, and promoting an environmentally friendly way of life (LiFE), as well as duty advantages for Ladakh evacuation using renewable energy and green transportation.

"Focus on 50 destinations to be developed as a complete package with digital support. 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," Jaishankar wrote on Twitter.

This year’s Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024.

Sitharaman started her Budget speech at 11 am, the last full Budget of the Modi government in its second term. Like the previous two Union Budgets, Union Budget 2023-24 is also presented in paperless form.

The budget session of the Parliament began on Tuesday with President’s address, subsequently tabling the Economic Survey for 2022-23. The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10.

The Economic Survey, tabled in the Parliament on Tuesday, noted India’s GDP is expected to grow in the range of 6 to 6.8 per cent in the coming financial year 2023-24. This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22. (ANI)