“The Union Budget 2023-2024, the first of the Amrit Kaal, strikes a good balance between the country’s growth ambitions and need for fiscal prudence. The sharp increase in capital spending combined with a focus on reining in the fiscal deficit, will not only spur infrastructure development and job creation for our country’s youth, but do so responsibly. Capital expenditure will further increase the growth of the economy and even if the deficit rises debt to GDP will fall.
At the same time, the budget’s commitment to sustainability must be commended. It successfully combines conservation principles by way of the MISHTI mangrove plantation scheme with steps to speed up the transition to clean energy, underscored by a Rs. 35,000 crore high-priority capital outlay aimed at helping the country meet its 2070 net-zero goal. At the same time, reduced compliance red tape and loosened regulations promise to further fuel our nation’s start-up culture. Lastly, I agree with the Finance Minister that India will be in a unique position to improve its standing in the global economic system while leading the G-20.” It is a wonderful opportunity for India to spread the message of sustainability and inclusive growth.”