As the Centre presented its "first Budget of Amrit Kaal", RP-Sanjiv Goenka Group Chairman Sanjiv Goenka has said Union Budget 2023-24 reflects the "vision" of Prime Minister Narendra Modi, who has a firm "resolve and determination to transform India into a vibrant economy".
Goenka says Finance Minister Nirmala Sitharaman's focus on enhancing the capital investment to ₹10 lakh crore, 3.3 % of GDP, will spur growth in the economy. "Trust-based governance, simplification of laws and a thrust on green energy is laudable," says the tycoon.
Notably, in her Budget FY23-24 speech, the finance minister said the substantial increase in CAPEX in recent years is "central to the government’s efforts to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds".
According to Sanjiv Goenka, the country's fiscal deficit is estimated to go down to 4.5% of GDP, which he said was a "welcome move". "Kudos to the finance minister for an outstanding budget with a focus on encouraging entrepreneurship. This will propel investment by the private sector," he added.
In her Budget speech, the FM outlined the Centre's vision for "Amrit Kaal", under which a major focus will be given on three key parameters -- opportunities for citizens, with a focus on youth; growth & job creation; and a strong and stable macro-economic environment.
The FM announced seven priorities to accelerate growth across all sectors. She said these will act as “Saptarishi” and will drive India throughout the “Amrit Kaal”, which refers to the next 25 years of independent India as it achieves 100 years of freedom by 2047. PM Modi has said the country will strive towards making India a “developed nation” in the ‘Amrit Kaal’ period.
Sitharaman says this year’s Budget priorities are: inclusive development, reaching the last mile, infrastructure and development, unleashing the potential, green growth, youth power, and the financial sector.