RNS: The Union Budget 2023-24 has been praised by business groups and investors for being progressive and growth-oriented.
Since India is now the world’s fifth largest economy, FICCI President Subhrakant Panda argued that this year’s budget is important to the domestic audience and the global growth engine.
The budget is “growth-oriented,” according to CII president Sanjiv Bajaj. He said more jobs would be created if public spending on capital projects went up by 33%.
President of ASSOCHAM Sumant Sinha said that the budget announcement would help the micro, small, and medium-sized enterprise (MSME) sector and make it easier for businesses to operate.
Lawmakers have widely praised the tax cuts announced in the Union Budget.
MP Karti Chidambaram told the press outside parliament that any tax reduction would be appreciated.
Shashi Tharoor, a member of parliament from the same party, has also praised aspects of the Union Budget.
However, he claimed that MGNREGA, unemployment, and inflation were not addressed in the book.
In her annual Budget Speech to Parliament yesterday, Nirmala Sitharaman, suggested that citizens’ Permanent Account Numbers (PANs) be used as a unique identifier on all government websites and databases. The change will likely streamline the Know Your Customer (KYC) process and make it easier for the Income Tax Department and other government agencies to manage PAN cardholders’ supporting documentation.
The government has raised the budget for the Pradhan Mantri Awas Yojana by 66 per cent, bringing it to more than 79 thousand crore rupees.
The newly formed Infrastructure Finance Secretariat will help support infrastructure that is paid for by the government, such as railroads, highways, city streets, and power grids.
A committee of experts will look at the Harmonized Master List of Infrastructure and make suggestions for how Amrit Kaal should be categorized and paid for based on what they find.
With an increased budget of 1.3 lakh crore rupees, the government has decided to extend by a year the interest-free 50-year loan to state governments to encourage investment in infrastructure and motivate them to take complementary policy actions.