Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, while presenting the Union Budget 2023-24 in Parliament emphasized that Indian economy is on the right track, and despite a time of challenges, heading towards a bright future.
Smt. Sitharaman said that this Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100, which envisions a prosperous and inclusive India where the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes.
Budget Highlights
- Expenditure: The government proposes to spend Rs 45,03,097 crore in 2023-24,
- Which is an increase of 7.5% over the revised estimate of 2022-23.
- In 2022-23, total expenditure is estimated to be 6.1% higher than the budget estimate.
- Receipts: The receipts (other than borrowings) in 2023-24 are expected to be to Rs 27,16,281 crore.
- Which an increase of 11.7% over revised estimate of 2022-23.
- In 2022-23, total receipts (other than borrowings) are estimated to be 6.5% higher than the budget estimates.
- GDP: The government has estimated a nominal GDP growth rate of 10.5% in 2023-24 (i.e., real growth plus inflation).
Deficits: Revenue deficit in 2023-24 is targeted at 2.9% of GDP,
- Which is lower than the revised estimate of 4.1% in 2022-23.
- Fiscal deficit in 2023-24 is targeted at 5.9% of GDP, lower than the revised estimate of 6.4% of GDP in 2022- 23.
- The revised estimate as a percentage of GDP was the same as the budget estimate, in nominal terms, fiscal deficit was higher by Rs 94,123 crore (increase of 5.7%) in 2022-23.
- Interest expenditure at Rs 10,79,971 crore is estimated to be 41% of revenue receipts.
Ministry Allocations:
- Among the top 13 ministries with the highest allocations, in 2023-24, the highest percentage increase in allocation is observed in the Ministry of Railways (49%).
- It was followed by the Ministry of Jal Shakti (31%),
- Then stands the Ministry of Road Transport and Highways (25%).
