Rising KashmirRising KashmirRising Kashmir
  • Home
  • Top Stories
  • News
    • Kashmir
    • City
    • Jammu
    • Politics
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Search

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022

Categories

  • Anchor
  • Breaking
  • Business
  • City
  • Developing Story
  • Editorial
  • Education
  • Features
  • Health
  • Interview
  • Jammu
  • Jammu and Kashmir News
  • Kashmir
  • Kashmir Tourism
  • Kath Bath
  • National
  • Opinion
  • Politics
  • Sports
  • Technology
  • Top Stories
  • Trending
  • Uncategorized
  • Video
  • Viewpoint
  • World
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: Budget 2023: Indian economy on accelerated growth
Share
Notification Show More
Font ResizerAa
Rising KashmirRising Kashmir
Font ResizerAa
  • Home
  • Top Stories
  • News
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Search
  • Home
  • Top Stories
  • News
    • Kashmir
    • City
    • Jammu
    • Politics
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Follow US
© 2024. All Rights Reserved.
Rising Kashmir > Blog > Opinion > Budget 2023: Indian economy on accelerated growth
Opinion

Budget 2023: Indian economy on accelerated growth

MOHAMMAD HANIEF
Last updated: January 29, 2023 11:14 pm
MOHAMMAD HANIEF
Published: January 29, 2023
Share
8 Min Read
SHARE

BUDGET

 

Nirmala Sitharaman, Finance Minister of India is scheduled to present the budget for the financial year 2023-23 on February 01, 2023 during the budget session of Parliament which is set to start on January 31, 2023 and will be full of business opportunities to boost the economy of India. Budget interests everyone, from the common man to big industry or small-medium business owners.   

 

President of India, Droupadi Murmu will address the joint session of Lok Sabha and Rajya Sabha in the Central Hall of Parliament to kick off the session and will make her first speech to the two Houses of Parliament since being elevated to the top position in July last year. The Economic Survey will also be presented to both Houses on the first day of the budget session.

 

On January 13, 2023, a pre-budget meeting was also held by Prime Minister of India, Narendra Modi with noted economists and sector experts at NITI Aayog, New Delhi and it was discussed that India can leverage several opportunities in areas of digitisation, energy, healthcare and agriculture even if there are risks due to the geopolitical situation.

 

The prime minister of India In his remarks noted that while there were risks, the emerging global environment offers new and diverse opportunities in areas such as digitization, energy, health care and agriculture. To seize these opportunities, public and private sector need to leverage synergies and think out of the box.

 

Prime Minister applauded the success of the India Digital story and the rapid adoption of fintech across the country, and the potential for inclusive growth and development it promises. He underscored Nari Shakti as a key driver of India’s growth and urged to continue making efforts to further enable and boost women’s participation in the workforce. In the ongoing International Year of Millets, Prime Minister highlighted the need to promote Millets in view of their potential to transform the rural and agri sector, with their attributes such as being carbon neutral, conducive to natural farming, and affordable source of nutrition.

 

During the pre budget meeting, the economists suggested ways in which India can sustain its development momentum. They also shared ideas on topics ranging from agriculture to manufacturing. Recognising that the underlying global headwinds are likely to continue, strategic recommendations were also shared for further strengthening India’s resilience.

 

The economy is facing several challenges, including persistently high inflation, a depreciating rupee, and subdued growth in exports. The ongoing Russia-Ukraine and disruptions in the global supply chains have adversely affected global economic growth.

 

There was agreement among the participants that India has emerged as a bright spot on the turbulent global stage due to its resilience and it was suggested that new growth impulses would need to build upon this foundation through holistic development across all sectors.

 

According to media reports, the budget is expected to focus on reviving the economy and unemployment, which has risen sharply due to the COVID-19 pandemic. The government is likely going to increase spending on healthcare and education, as well as to provide relief to small businesses and farmers.

 

The Union Budget is expected to put the economy on an accelerated growth path after the impact caused by the pandemic. Amendments in the tax law to bring about sustainable growth, infrastructure investment, focus on R&D spending, nurturing incentives to the core sectors including manufacturing and services, tapping the huge experience of running captive centres are some of the priority items on the agenda of the government as the preparation get underway to unveil the budget. Ease of tax compliances, simplification and digitisation are the cornerstones to enhance the ease of doing business in India, Deloitte a leading global provider of audit and assurance says in its pre budget report. It further says that amidst a possible global recession and international political instability, the economy has stood resilient and is well on its way to a growth rate of 7%.

 

To support India’s US$5 trillion economy ambition, the industry holds high expectations from the Budget 2023-24 especially promoting ease of doing business through tax reforms and continued CAPEX with a focus on infrastructure. Business leaders in India are confident that Budget 2023-24 will help fuel economic growth across sectors and industries, amidst a potential global slowdown and geopolitical instability.

 

About 60 percent of India Inc. surveyed is optimistic about India posting above 6.5 percent growth during this period. Amongst industry sectors, chemicals (72 percent), capital goods (70 percent), and energy (67 percent) expressed confidence in growth being high, and felt that government initiatives, such as Atmanirbhar Bharat, PLI, and favourable monetary policies by RBI (to moderate retail inflation and maintain significant forex), increased spending on infrastructure, and research and innovation, will further this momentum, the report says.

 

The last two years have been difficult for the world economy on account of the COVID-19 pandemic. Repeated waves of infection, supply-chain disruptions and, more recently, inflation have created particularly challenging times for policy-making. Faced with these challenges, the government of India’s immediate response was a bouquet of safety-nets to cushion the impact on vulnerable sections of society and the business sector.

 

It next pushed through a significant increase in capital expenditure on infrastructure to build back medium-term demand as well as aggressively implemented supply-side measures to prepare the economy for a sustained long-term expansion. This chapter explains how this flexible and multi-layered approach is partly based on an “Agile” framework that uses feedback-loops, and the monitoring of real-time data.

 

The financial system is always a possible area of stress during turbulent times. However, India’s capital markets, like many global markets, have done exceptionally well and have allowed record mobilization of risk capital for Indian companies. More significantly, the banking system is well capitalized and the overhang of Non-Performing Assets seem to have structurally declined even allowing for some lagged impact of the pandemic.

 

(The author is a regular columnist and can be mailed at [email protected])

The Creator Economy: Disrupting Traditional Career Paths
Dhol Wael: Our Traditional Drummers
Jealousy: A toxic emotion and a prevalent potent poison
Teaching Discipline to Students: An endless endeavour
Critical Issues Impacting Educators’

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Whatsapp Whatsapp Copy Link Print
Previous Article Can Ageing be Accelerated or Reversed?
Next Article Team selected for 44th Senior National Softball Championship
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

1MFollowersLike
262kFollowersFollow
InstagramFollow
234kSubscribersSubscribe
Google NewsFollow

Latest News

Tourism comes to grind halt in Sonamarg after Pahalgam terror attack
Kashmir
May 29, 2025
SKUAST-K to establish advanced reproductive biotechnology centre to enhance animal breeding
Kashmir
May 29, 2025
DC calls for intensified action against drug abuse at NCORD review in Gbl
Kashmir
May 29, 2025
Shikara operators continue to ignore mandatory safety protocols
City
May 29, 2025

Recent Posts

  • Tourism comes to grind halt in Sonamarg after Pahalgam terror attack
  • SKUAST-K to establish advanced reproductive biotechnology centre to enhance animal breeding
  • DC calls for intensified action against drug abuse at NCORD review in Gbl
  • Shikara operators continue to ignore mandatory safety protocols
  • IUST partners with government for building safer J&K

Recent Comments

  1. BASHIR AHMAD BHAT on Poor hotel accommodation, lack of medical facilities irk Kashmiri pilgrims in Saudi Arabia, video goes viral
  2. sree vishnu movies on Pahalgam attack shatters Kashmir’s film tourism revival
  3. SavePlus on AI and Behavioural Analytics in Gaming: Making the World of Gaming Better
  4. Parul on Govt acknowledges faulty streetlights on Narbal-Tangmarg road
  5. dr gora on Women Veterinarians and the Goal of Viksit Bharat

Contact Us

Flat No 7,Press Enclave, Srinagar, 190001
0194 2477887
9971795706
[email protected]
[email protected]

Quick Link

  • E-Paper
  • About Us
  • Contact Us

Top Categories

Stay Connected

1.06MLike
262.5kFollow
InstagramFollow
234.3kSubscribe
WhatsAppFollow
Rising KashmirRising Kashmir
Follow US
© 2025. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?