A budget towards Rupees Seven Trillion Economy
The recently presented Union Budget 2023 (which some called it is a pre-election budget) is actually a well-balanced budget for giving a big infrapush in India & to make India a Rs. 7 Trillion Economy by 2030. Let us all hope that the thrust and flow of funds will continue in the coming years to realize these cherished objectives.
Capital expenditure, 33% up, amounting to Rs.10 Lakh Crores has been earmarked for boosting demand for steel, nonferrous metals, cement etc. Highways will receive Rs.2.7 Lakh Crores, 25% more. For modernization & upgradation, Railways has been allocated Rs.2.4 Lakh Crores. Transition to Green Energy gets Rs.5000 Crores. For telecom expansion, Rs.1.2 Lakh Crores has been allocated. Housing for poor, Awas Yojana, will receive Rs.79000 Crores, 66% up. Drinking water for all, Jal Jeevan Mission, has been allocated Rs.70000 Crores. Rs.16000 Crores for Urban Rejuvenation Mission. Natural farming will benefit from Green Hydrogen. Surprisingly funds for Rural employment, MGNRES, slashed by 33% to Rs.6000 Crores. Disinvestment target Rs.51000 Crores . For better Regional Connectivity, 50 additional airports and heliports will be created. A fund for Credit Guarantee for MSMEs has been created. It is likely that cars and EVs will get a demand boost. For FAME II scheme, there is a higher allocation of funds. Duty free Lithium cells has been announced. For 5G services, 100 Labs will be established. To guide investors in infrastructure, an Infra Finance Secretariat will be established. The Budget has also announced schemes for tax payers, senior citizens, women etc.
On the whole it is a well-conceived budget and one only hopes that it will propel India to the next level of excellence.
– L.Pugazhenthy, Executive Director, Indian Lead Zinc Development Association (ILZDA). Past President, The Indian Institute of Metals