Nirmala Sitharaman Says India Fastest-Growing Major Economy, Budget Balances India’s Needs With Fiscal Prudence

Finance Minister Nirmala Sitharaman on Friday said India is still the fastest-growing major economy and will continue to be so. Speaking on the Budget 2023-24, she said it balances the requirement for India’s development imperatives within the limits of fiscal prudence.

“If I can put in a few words the essence of budget 2023-24, it balances the requirement for India’s development imperatives within the limits of fiscal prudence,” Finance Minister Nirmala Sitharaman said on Friday while speaking during general discussion on the Union Budget 2023-24 in the Lok Sabha.

The finance minister said India is still fastest growing major economy and will continue to be so.

In the Budget, Sitharaman said, the government chose the capex (capital expenditure) route to revive economy as it has a great multiplier effect. She added that fiscal prudence is maintained as announced in fiscal glide path in Budget.

On the Opposition’s allegations that food subsidy has been cut in the Budget 2023-24, the finance minister said it has been almost doubled to Rs 1.97 lakh crore.

She also said the new tax regime has been made very attractive.

Agriculture credit target for the financial year 2023-24 has been increased to Rs 20 lakh crore, Sitharaman said.

Stating that the government has insulated farmers from rising fertiliser prices in the international market, Sitharaman said fertiliser subsidy has increased to Rs 2.25 lakh crore for the current financial year, from Budget Estimate of Rs 1.05 lakh crore.

The Budget 2023-24 was presented by Finance Minister Nirmala Sitharaman in Parliament on Wednesday, February 1. The Budget provided ease in the income tax slabs and rates to individual taxpayers, apart from pushing capital expenditure while maintaining fiscal prudence.

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