Union Budget 2023-24: Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on Wednesday (February 1). Union Finance Minister Nirmala Sitharaman announced on Wednesday that the government intends to increase capital expenditure by 33% to Rs 10 lakh crore in 2023-24, representing 3.3 percent of GDP.
Budget: Govt raises capital expenditure outlay by 33 pc to Rs 10 lakh crore
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“(This expenditure) would be 3.3% of GDP, nearly three times the amount spent in 2019-20. With a significant increase, it is central to the government’s efforts to boost growth potential and job creation, attract private investment, and provide a buffer against global headwinds “Sitharaman stated this today during her Budget speech in Parliament. Furthermore, Sitharaman stated that the government intends to increase the agricultural credit target to Rs 20 lakh crore, with a focus on animal husbandry, dairy, and fisheries. The country’s agriculture sector has grown at a steady rate.
In the last six years, the country’s agriculture sector has grown at a 4.6 percent annual rate on average.
She also stated that the government will launch a sub-scheme of the existing PM Matsya scheme to improve value chain efficiencies.
At 11 a.m., Sitharaman began her Budget speech, the last full Budget of the Modi government’s second term. Union Budget 2023-24, like the previous two Union Budgets, is presented in paperless form.
This year’s Budget is significant because the country’s next Lok Sabha election is scheduled for April-May 2024.
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