India Budget 2023: Budget beautifully balanced; India set to be $5 trillion economy: Nirmala Sitharaman

Terming the budget ‘beautifully balanced’, finance minister Nirmala Sitharaman said India is all set to become a $5 trillion economy. In her post-budget media interaction, she said the Centre has respected the fiscal glide path. Edited excerpts:

Fiscal Consolidation
This budget is beautifully balanced. There has been a very robust management of macroeconomics. We have worked together in such a way that we are taking steps to bring more people into the tax net and towards prudent expenditure. The budget has attended to fiscal consolidation. We are respecting the glide path on the fiscal deficit set earlier.

Focus on Capex
The budget gives a big leg-up to capital investment, looks at MSMEs as they are the engine of growth, sustains capital investment and also gives a push to the private sector while giving tax reliefs to individuals and the middle class.
Four Emphasis Points
We have emphasised on empowering women, tourism and Vishwakarmas (artisans) who create the soft power of India through their craftsmanship, and on green growth.

NEW INCOME-Tax ReGime

We have brought fresh changes to the new taxation regime. We have simplified it and nicely broken down the tax slabs. Therefore, the new taxation regime that we brought in some years ago for direct taxation has now got greater incentives. People can unhesitatingly move from the old to the new. We are not compelling anyone. But the new one is now attractive as it gives greater rebates.Industrial Revolution 4.0
We are looking at a futuristic fintech sector. People will be trained through Industrial Revolution 4.0 and we are trying to unleash the digital economy in various walks of life.

Inflation
You have seen inflation come down – both the Consumer Price Index and Wholesale Price Index. We take inflation-related steps when things develop on the ground and that has borne results. The government has decided to release wheat into the market due to which the price will come down. Before the budget, we had already taken action to ease wheat prices.

Agriculture Credit
There’s a substantial increase in agricultural credit availability. Around ₹20 lakh crore is being made available for agriculture credit. Also, a sub-scheme under Pradhan Mantri Matsya Sampada Yojana makes sure that people living in coastal areas are going to benefit from it.