On February 1st, Finance Minister Nirmala Sitharaman delivered the Union Budget 2023, the fifth budget. According to the finance minister, the total development of the Indian economy from a global viewpoint was the goal of the Union Budget 2023–24. Additionally, she stated that the Budget recommendations for the 2023–24 fiscal year are based on the idea of a successful and inclusive India, in which all regions and people, particularly our youth, women, farmers, OBCs, Scheduled Castes, and Scheduled Tribes, share in the benefits of growth.

Overview of Budget 2023

• The entire expenditure in RE 2022-23 has been anticipated at 41,87,232 crore, which is 3,93,431 crore higher than the actuals in FY 2021-22. RE 2022-23’s total capital expenditure is anticipated to be 7,28,274 crore.
• BE 2023-24 overall spending is anticipated to be 45,03,097 crore, with a total capital expenditure of 10,00,961 crore. Budget 2023-24 highlights the Union Government’s continued strong commitment to boosting economic growth through infrastructure development, resulting in a 3per per cent increase in capital expenditure over RE 2022-23. Effective Capital Expenditure in BE 2023-24 is 13,70,949 crore, a 3per cent increase over RE 2022-23.
• Total resources allocated to the states in BE 2023-24, including devolution of state share, grants/loans, and releases under Centrally Sponsored Schemes, etc., are 17,97,537 crore, an increase of 1,43,056 crore above FY 2021-22 Actuals.

Budget 2023–2024 Priorities

The seven priorities included in the Budget Year 2023–24 are Inclusive Development, Reaching the Last Mile, Infrastructure and Investment, Unleashing the Potential, Green Growth, Youth Power, and Financial Sector.

“This Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. We envision a prosperous and inclusive India, in which the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes, and Scheduled Tribes,” said Finance Minister Nirmala Sitharaman.