'First Budget in Amrit Kaal': Indian economy on the right track with GDP growth at 7%

Indian Finance Minister Nirmala Sitharaman said that this is the first Budget in 'Amrit Kaal' (75 years of Independence) while presenting the Union Budget 2023-24 in the Parliament on Wednesday (February 1).In her opening remarks, Sitharaman said that the Indian economy is on the right track and heading towards a bright future. She noted that the government's focus is on wide-ranging policies.The finance ministersaid, “Our current year's economic growth is seven per cent, which is the highest among all major economies.”

She said that the government efforts since 2014 have ensured a better quality of life and a life of dignity for all citizens. The per capita income has more than doubled to Rs 1.97 lakh. In these years, the Indian economy has increased in size from being 10th to the 5th largest in the world.

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Ahead of the budget presentation, a Union Cabinet meeting chaired by Indian Prime Minister Narendra Modi was held in Parliament.

Sitharaman along with ministers of state Pankaj Chaudhary and Bhagwat Karad and Finance Secretary TV Somanathan called on President Droupadi Murmu.

The finance minister met the President at the Rashtrapati Bhawan before heading to Parliament to present the Union Budget. This was the fifth budget presentation by Sitharaman since 2019.

The budget session of the Parliament had begun on Tuesday with the President's address, followed by the tabling of the Economic Survey for 2022-23.

The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10. The Economic Survey said India's GDP is expected to grow in the range of 6 to 6.8 per cent in the coming financial year 2023-24. This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22.

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