10 Reasons why the world should welcome Budget 2023, Jaishankar explains
Budget 2023 is politically crucial as it is the last full-fledged budget of Narendra Modi government ahead of Lok Sabha elections due in 2024.
New Delhi, Feb 01: External Affairs Minister S Jaishankar on Wednesday listed out ten major points to explain why the Union Budget 2023 should be welcomed.
"Finance Minister Nirmala Sitharaman presented the Budget of the 5th largest economy of the world today. 10 reasons why the world should welcome it," Jaishankar tweeted. Let us take a look.
๐๐ง๐๐ข๐ ๐๐ฌ ๐ ๐ฌ๐ญ๐ซ๐จ๐ง๐ ๐๐ซ ๐๐ง๐ ๐ข๐ง๐ ๐จ๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก: Capital investment outlay increased by 33% to Rs 10 trillion (Now 3.3% of GDP).
๐๐ง๐ก๐๐ง๐๐ข๐ง๐ ๐๐๐ฌ๐ ๐จ๐ ๐๐จ๐ข๐ง๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ: Includes KYC process simplification, Greater GIFT IFSC activities and establishing an EXIM Bank subsidiary for trade re-financing, PAN as Common Business Identifier, Central Data Processing Centre.
Finance Minister @nsitharaman ji presented the Budget of the 5th largest economy of the world today.
โ Dr. S. Jaishankar (@DrSJaishankar) February 1, 2023
10 reasons why the world should welcome it:
Indirect Tax support for manufacturing, stronger Ease of Compliance and Income Tax benefit for Startups.
๐๐๐ญ๐ญ๐๐ซ ๐๐จ๐ ๐ข๐ฌ๐ญ๐ข๐๐ฌ ๐๐ง๐ ๐๐ง๐๐ซ๐๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ฎ๐ซ๐: Highest ever railways outlay at Rs 240 billion, 100 critical transport infrastructure projects, 50 additional air connectivity projects and establishing Urban Infrastructure Development Fund.
๐๐ข๐ ๐ข๐ญ๐๐ฅ ๐๐จ๐ซ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ: Promoting greater digital payments, National Data Governance Policy, establishing Data Embassies, creating Entity DigiLocker, Centers of Excellence for AI and National Digital Library for children and adolescents.
๐๐ญ๐ซ๐๐ง๐ ๐ญ๐ก๐๐ง๐ข๐ง๐ ๐๐ฅ๐จ๐๐๐ฅ ๐ ๐จ๐จ๐ ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ: Making India Global Hub for Shree Anna (Millets), establishing massive decentralized storage capacity, promoting contribution of Cooperatives, increasing agriculture and fisheries credit establishing Agriculture Accelerator Fund and building digital public infrastructure for agriculture.
๐๐ง๐ฌ๐ฎ๐ซ๐ข๐ง๐ ๐๐ฅ๐จ๐๐๐ฅ ๐๐๐๐ฅ๐ญ๐ก ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ: Promoting Pharma R&D, ensuring HR for medical innovation & manufacturing, creating more medical research facilities and establishing 157 new nursing colleges.
๐๐ง๐๐ข๐๐ง ๐ฉ๐๐ซ๐ญ๐ข๐๐ข๐ฉ๐๐ญ๐ข๐จ๐ง ๐ข๐ง ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐ฐ๐จ๐ซ๐ค๐ฉ๐ฅ๐๐๐: Expand opportunities through initiatives on skills and apprenticeship backed by National Apprenticeship Policy, stipend support to 4.7 million youth, creating 30 Skill India International Centres.
๐ ๐จ๐๐ฎ๐ฌ ๐จ๐ง ๐๐ซ๐๐๐ง ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ง๐ ๐๐จ๐๐ข๐ฅ๐ข๐ญ๐ฒ: Investing in Energy Transition and Net Zero objectives, undertaking Green Hydrogen Mission,VGF support for Battery ESS and encouraging Lifestyle for Environment (LiFE).
Also, duty benefits for green mobility and renewable energy evacuation from Ladakh.
๐๐ญ๐ซ๐จ๐ง๐ ๐๐ซ ๐๐๐ง๐๐๐ซ ๐๐ฆ๐ฉ๐จ๐ฐ๐๐ซ๐ฆ๐๐ง๐ญ: Modi Government's pro-women policy commits to taking 8.1 million Self-Help Groups of rural women to become enterprises and collectives.
๐๐๐ค๐ข๐ง๐ ๐๐ง๐๐ข๐ ๐๐จ๐ฎ๐ซ๐ข๐ฌ๐ฆ-๐ซ๐๐๐๐ฒ: Focus on 50 destinations to be developed as complete package with digital support. India's aspirations and targets are on a scale that will impact the world. Expect these developments to feature prominently in global conversations, including at G20.