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Updated February 1st, 2024 at 07:56 IST

What were the key focus areas in Budget 2023?

According to Sitharaman, investment in capital expenditure has a large multiplier effect on growth and also leads to crowding in of private investment.

Reported by: Business Desk
Union Budget vs Interim Budget
Union Budget vs Interim Budget | Image:Republic
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Budget highlights 2023: Finance Minister Nirmala Sitharaman will present the interim budget on Feb 1. All sectors are expecting sops and a raft of relaxations on various fronts. But as FM already clarified that this time the budget would just be a ‘Vote-on-Account’ which simply means that no big bang announcements are expected from the budget. In the last budget, some big announcements pushed the paddle on India’s growth story.

Massive Capex Push
The government in Budget 2023 tried to push the levers of growth by allocating Rs 10 lakh crore for capital expenditure, which is 33 per cent higher than the budget estimate of Rs 7.5 lakh crore for 2022-2023.

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According to Sitharaman, investment in capital expenditure has a large multiplier effect on growth, and also leads to crowding in of private investment. 

Pushing Eneterprenurial Spirit

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In the budget of 2023, the government proposed various measures to give a push to entrepreneurship.  The announcements included tax incentives for start-ups and increased access to financing. 

Healthcare

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Going by the demand of experts to improve allocation to healthcare as a share of GDP, the government allocated Rs 64,180 crores for healthcare, with a focus on increasing the availability of affordable healthcare facilities, especially in rural areas.

Digitization Drive

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To boost the digital ecosystem in the nation the government allocated Rs 3,000 crore for promoting digitization. The government has proposed to set up a new institution to provide digital infrastructure and services, and to increase the use of digital payments by providing incentives to merchants.

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Published January 28th, 2024 at 16:30 IST

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