India Budget 2023

published on 3 February 2023

Being the last full budget before the election year, there were huge expectation from the Union Budget 2023 presented by the Honorable Finance Minister on 1 February 2023. The budget was presented in the backdrop of the impact on the world economy due to the Russia Ukraine war, global recession and need for job creation. India has been considered as the bright spot with estimated nominal GDP growth of 7 percent, which is the highest amongst major economies of the world. According to the projections of the World Economic Outlook, India’s GDP is expected to grow to USD 5.4 Trillion by 2027 making it the third largest economy of the world.

With the above targets in mind, the finance minister stuck to the principles of fiscal discipline by announcing that the targeted fiscal deficit for FY24 is 5.9 percent and reaffirmed that the same will be brought down to under 4.5 percent by FY26.

The Finance Bill outlines its seven priorities based on which the proposals have been made which includes inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential of India’s technology, green growth, youth power and promoting the financial sector.

Click here to read the full budget »