Budget 2023: This budget of Modi government will bring prosperity for many years… Birla enumerated these bumper benefits of the budget

Sluggish growth will gain momentum

Focusing on investment in public infrastructure, Finance Minister Nirmala Sitharaman has not only taken the initiative to boost the sluggish demand in the midst of slowing global growth, but has also shown the way through which India will become a developed economy. The budget proposals show that the government’s focus will continue to be on infrastructure development, which will create an environment for increased investment from the private sector.

Capital investment increased by 33 percent

The government has proposed to increase capital investment by 33 per cent to Rs 10 lakh crore in the next financial year, while the total capital expenditure will be Rs 13.7 lakh crore. This is expected to increase consumption and increase investment from the private sector. Increasing investment on such a large scale by the government will create more employment opportunities.

Will help in reducing interest rates

Keep in mind that despite the huge increase in capital expenditure, it will help to keep the fiscal deficit and interest rates low as the revenue expenditure has been proposed to increase by only 1.2 per cent. Right now interest rates are at a high level, so this is a very important thing. This will benefit the economy at many levels.

Investment opportunities for the private sector

In addition, MSMEs have also been given relief with investment opportunities for the private sector in infrastructure. Along with this, steps have also been taken to reduce the cost of compliance for the companies. PM Modi has given a vision of ‘LiFE’ i.e. Lifestyle for Environment. This will give a boost to the agenda of green growth. Under this, the government has said to give Rs 19,700 crore to the National Green Hydrogen Mission. This will reduce the dependence on fuel like petrol and diesel and the import of crude oil is also expected to decrease. Another Rs 35,000 crore has been proposed in the budget to adopt green energy and achieve the goal of net zero carbon emission.

priority to inclusive growth

In the budget, inclusive development means that inclusive development has been kept very high in priority. It focuses on farmers, women, youth and socially and regionally backward areas. Keeping in mind the future technological changes and to make India a major power of the world, it has been said to create three Centers of Excellence for Artificial Intelligence. For this partnership will be done with top educational institutions and big companies. It has also been said that they will be given access to data under the National Data Governance Policy to promote research and innovation in startups and academia.

struck the right balance

The right balance has been struck in this budget keeping in mind the long and short term goals. At the same time, along with growth, an attempt is being made to take its benefits to everyone. There is also an effort to boost investment and consumption. This budget will not only accelerate the rate of economic growth, but will bring prosperity not only in the financial year 2023 but also in the coming years.

(Author: Kumar Mangalam Birla, Chairman, Aditya Birla Group)