Union Budget 2023-24 Analysis
Here are the points of the analysis of the Union Budget 2023-24:
- Expenditure: The government intends to allocate Rs 45,03,097 crore in the fiscal year 2023-24 which reflects a 7.5% growth compared to the revised figures from 2022-23. The anticipated total expenditure for 2022-23 is projected to surpass the initial budget estimate by 6.1%
- Receipts: In the fiscal year 2023-24 the receipts (excluding borrowings) are anticipated to reach Rs 27,16,281 crore. It reflects an 11.7% surge compared to the revised estimate of 2022-23. The total receipts for 2022-23 are projected to be 6.5% higher than the initial budget estimates
- Gross Domestic Product (GDP): The government has set an expectation for a nominal GDP growth rate of 10.5% in 2023-24
- Deficits: The targeted revenue deficit for 2023-24 is 2.9% of GDP, a reduction from the revised estimate of 4.1% in 2022-23. Additionally, the fiscal deficit for 2023-24 is aimed at 5.9% of GDP which is lower than the revised estimate of 6.4% in 2022-23.
Union Budget 2023-24 : Highlights & Analysis
Union Budget 2023-24: The Union Budget is the annual budget of the Indian Union. It is presented every year in February by the Union Finance Minister. It focuses on development that is inclusive of all. It includes people from certain groups and a few regions under Sabka Sath, and Sabka Vikas. It includes Scheduled Castes, Scheduled Tribes, OBCs, farmers, women, EWS and PwDs.
The main goals include boosting farmers’ income and generating job opportunities in rural regions. Additionally, the government plans to allocate Rs. 2 lakh crore for providing free food grains to all priority households as part of the PM scheme. The budget also focuses on the Northeast Region (NER), UTs of J&K and Ladakh. The act also aims to incentivize the private sector. It will help to create jobs and push growth. To increase the capex and raise more revenues via disinvestment, the Government is focusing on ‘Minimum Government, Maximum Governance’.
Table of Content
- Union Budget 2023
- Highlights of Union Budget 2023-24?
- Union Budget 2023-24 Analysis
- Key Takeaways of the Union Budget
- Sources of Receipt for the Government
- Important Schemes and Budgetary Allocations