Union Budget 2023: Budget looking towards the future
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This is the last full budget of the second term of the current Modi government. Finance Minister Nirmala Sitharaman has been successful in trying to help the economy and all sections. This budget seems to be trying to increase development. Many provisions of the budget are going to give a boost to the economy. The budget is going to give relief to youth, women, senior citizens, middle class and tribals, every section. The government has increased the allocation of capital expenditure to Rs 13.7 lakh crore.
This also includes the assistance of Rs 1.3 lakh crore to be given to the state governments. This amount is 33 percent more than the previous budget and it is 3.3 percent of the total GDP, which is a very bold step in the current global circumstances. This amount will speed up the pace of development and create new employment opportunities, but there is also a challenge with it that the government will have to raise a huge amount of Rs 14.5 lakh crore to increase the pace of development.
The credit score of the Modi government is good, so it will raise it through long-term bonds and deposit schemes, but it will have to be bridged sooner or later. For this, the government will have to lay emphasis on financial discipline and cut unnecessary expenses, otherwise there will be a risk of getting trapped in a financial vicious circle. Our two neighbors Pakistan and Sri Lanka are stuck in a similar vicious cycle due to lack of financial discipline. Income tax relief has been given to the middle class who have adopted the new tax system.
The government has made it clear that it wants people to adopt the new tax regime and that is why announcements of relief have been made in it. It is argued in favor of the old system that even under the pressure of income tax, the savings that used to be made become the support of old age, its trend will end. To increase the tendency of investment in women, a new scheme has been announced at 7.5% interest rate. The increase in the limit of savings schemes for senior citizens is a welcome step. I am very pleased to announce the Digital Library for Children and Adolescents. It is a commendable initiative to pay attention to the education of children, even digitally.
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