04/02/2023
The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman, aims to spur growth in the Indian economy by investing in infrastructure, green growth, and tech-enabled projects. The budget lays emphasis on "Make in India" and "Aatmanirbhar Bharat" programs, offering substantial budget allocations for national green hydrogen mission and EV sector, hiking customs duty on toys, and incentivizing new manufacturing co-operative societies and start-ups. The budget also introduces measures to increase ease of doing business, such as a common identifier for government agencies and a unified filing process for submission of information.
Key Points:
1) Pro-growth agenda with capital outlay in infrastructure, green growth, and tech-enabled projects.
2) Boost to manufacturing, auto, and EV sectors.
3) Increase in capital spending by 33% to 10 trillion rupees ($122 Billion) for expansion of roads, ports, and airports.
4) Allocation of Rs 19,700 crores for the National Green Hydrogen Mission.
5) Extension of 15% corporate tax rate to new manufacturing co-operative societies.
6) Increase in carry forward and set off of losses for startups to 10 years.
7) Introduction of measures to increase ease of doing business, such as a common identifier and unified filing process.
Although the budget falls short in offering incentives for research and development and GST tribunals, it seems to be a step in the right direction for making India a manufacturing powerhouse in the world. With global economic uncertainties, India is poised to outshine other countries with this budget and further encourage "Make in India."
https://www.eiriindia.org/blog/the-2023-budget-accelerating-development-through-infrastructure-technology-and-manufacturing
The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman, reflects a pro-growth agenda with significant investments in infrastructure, green initiatives, and technology-driven projects. The budget places a strong emphasis on the
