Union Budget 2023-24: Hits and Misses
The Finance Minister of India, Nirmala Sitharaman, unveiled the Indian Union Budget 2023–24 on February 1st, 2023, to mixed reviews from various economic sectors. While some of the budget’s statements have been hailed as successes, others have been criticized as failures. Here are some of the budget’s major successes and failures:
Hits:
Healthcare: The government has set aside Rs. 64,180 crore for this sector, a major increase over the amount set aside the year before. This will aid in enhancing the nation’s healthcare infrastructure and supplying the populace with improved healthcare facilities.
Infrastructure: The government has set aside Rs. 5.54 lakh crore for the construction of ports, bridges, and other forms of transportation infrastructure. This will enhance the infrastructure market and provide people with more employment options.
Education: The government has set aside Rs. 93,000 crores for the education sector, which will serve to raise the standard of instruction in the nation and give children better learning environments.
Agriculture Changes: The government has announced several reforms in the agricultural industry, including the implementation of a new infrastructure and development cess, which will assist industry growth and enhance the quality of life for farmers.
Misses:
Unemployment: Despite the country’s rising unemployment crisis, the administration did not make any big budgetary announcements to address the situation. Many people who expected the government to take decisive action to address the issue view this as a failure.
Income Tax Reforms: Although many people had hoped for a drop in tax rates, the administration has not made any substantial announcements about income tax reforms. The taxpayers, who anticipated some respite, view this as a miss.
Price of Fuel: Although rising fuel costs have been a major source of concern for many, the government has not made any announcements in this regard. Those who were looking for some financial relief have viewed this as a miss.
Environment: Many people had hoped for the administration to make some important environmental announcements to address the issues of pollution and climate change, but this has not happened.
In conclusion, different economic sectors have responded differently to the Indian Union Budget 2023–24. While some of the budget’s statements have been hailed as successes, others have been criticized as failures. The government’s emphasis on the healthcare, infrastructure, and educational sectors is welcomed, but there have been complaints about the lack of action on unemployment, income tax reform, gasoline costs, and environmental concerns.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
