Union budget

Union budget - Key highlights

Finance Minister Nirmala Sitharaman presents the last full Budget of the government before General Elections 2024. Finance Minister lists seven priorities of Budget, including infra, green growth, financial sector, youth power. Four transformative opportunities can be used be in Amrit Kaal for enhancing economic empowerment.

Economy

• In 75th year of Independence, world has recognised India as a bright star
• Indian economy has increased in size from being 10th to 5th largest in last nine years
• Per capita income has increased to Rs 1.97 lakh

Agriculture

• Cash transfer of Rs 2.2 trn under PM-KISAN
• Agriculture credit target increased to Rs 20 trillion for FY'24, with focus on animal husbandry, dairy and fisheries
• Digital public infrastructure for agriculture will be built as open source, open standard and interoperable public good

Union budget 2023-24 – What’s in store for you?

Union budget impact

Buoyant Tax collections aiding increased revenue

• Growth for the current year expected to be at 7%
• Total Receipts (net of borrowing) for FY2023 RE stood at INR 24.3 trn, versus BE of INR 22.8 trn
• Higher tax collections helped in off-setting increased subsidy and other expenditures

Subsidies majorly accounting for rise in expenditure

• Total expenditure increased to INR 41.9 trn in FY2023 versus a budget estimate of INR 39.4 trn
• Subsidy expenditure overshot the Budget estimate by almost INR 2 trn
• Capital expenditure for FY2023 RE stood at INR 7.3 trn, slightly lower than BE of INR 7.5 trn

Full impact assessment