The Indian government presented its Union Budget for the fiscal year 2023–24 on Thursday, February 23. The budget was presented by the Finance Minister, Nirmala Sitharaman, and focused on several key sectors aimed at boosting economic growth and development across the country.
The total budget for the fiscal year 2023–24 has been set at Rs. 35.36 lakh crore, with a focus on several key sectors such as agriculture, healthcare, education, infrastructure, and MSMEs.
Agriculture, which is the backbone of India’s economy, received a major boost with an allocation of Rs. 2.5 lakh crore. This allocation is aimed at providing significant support to the farming community, promoting the adoption of new technology, improving productivity, increasing income, and enhancing the overall rural economy.
The healthcare sector was given a significant boost with an allocation of Rs. 1.18 lakh crore, aimed at improving the quality of healthcare services, infrastructure, and facilities across the country. Additionally, the education sector received a boost with an allocation of Rs. 1.02 lakh crore, aimed at improving the quality of education and infrastructure in schools and colleges across the country.
The government also announced a major push towards infrastructure development, with an allocation of Rs. 5.54 lakh crore for the construction of new highways, bridges, and other transport infrastructure across the country. This is expected to provide a major boost to the country’s economy, create job opportunities, and improve connectivity.
The MSME sector, which is a key driver of the Indian economy, was given significant support with an allocation of Rs. 2.5 lakh crore. This allocation is aimed at providing support to small and medium-sized businesses, promoting entrepreneurship, and creating job opportunities.
Speaking about the budget, Finance Minister Nirmala Sitharaman said, “The Union Budget for the fiscal year 2023–24 is aimed at providing significant support to key sectors such as agriculture, healthcare, education, infrastructure, and MSMEs.” “We are committed to ensuring that every section of society benefits from this budget, and we will continue to work towards the overall development of the country.”
Overall, the Union Budget for the fiscal year 2023–24 was a balanced one, with a focus on providing support to key sectors and promoting economic growth and development across the country. The budget is expected to provide significant benefits to the people of India and help achieve the country’s overall development goals.