Budget 2023 is for Sustainable Inclusive Growth – Capital Expenditure and Infrastructure are Key
I congratulate Finance Minister Nirmala Sitharaman on being the Union Budget 2023 had been introduced by her as per the vision of the Honourable Prime Minister Narendra Modi for the Sustainable Inclusive Growth of all sections of the people across the country a mid of Global uncertainty in their Economy and Finances due to Russia war with Ukraine causes supply – chain disruption after came out form Covid19 Lock down. As far as Growth rate is concerned anticipated at 6.5% for the year 2023 – 24 as against to the revised estimation at 7% for the current financial year for 2022 – 23, this growth is much better than all the advanced countries.
Key point of the Budget 2023 – 24 is allocations for Capital Expenditure and Infrastructure are sound light as continuing the previous year priority to build the capacity for the utilisation of it to yield recurring benefits for the multiple impact in the GDP and Employment growth rate simultaneously. In this Budget 2023 – 24, Union Finance Minister had allocated Rs. 10.01 Lakh Crore for Capital Expenditure directly and Rs. 3.69 Lakh Crores for Grant in aids for the creation of Capital assets together of these Effective Capital Expenditure allocated as per the Budget for Rs. 13.70 Lakh Crores to create the future revenue generating productive assets to the Nation. As per the Revised estimations of the Budget 2022 – 23, Capital expenditure was incurred for Rs. 7.29 Lakh Crores as against the Budgeted figure for Rs. 7.50 Lakh Crores and Grant in aids for the creation of Capital assets was incurred for Rs. 3.26 Lakh Crores as against the Budgeted figure for Rs. 3.18 Lakh Crores. Hence, Union Government has been committed for the not only allocation of funds in the Budget and also more committed to incurring the actual expenditure under this head.
Union Finance Minister has been allocated in the Budget 2023 -24 for Rs. 1.30 Lakh Crores for the Interest free Incentivised 50 Years Long Term Loans to the States for encourage them to incur actual Capital expenditure as allocated in their respective State Budget. But, as per the Revised estimation of the Budget 2022 -23 that Union Government disbursed the Incentivised Loans for their Capital expenditure was Rs. 76,000 Crores only as against to the Budgeted figure for Rs.1 Lakh Crore since the States like Andhra pradesh have not reached the guidelines on incurring the Capital Expenditure as per their respective Budget estimations. Apart from this, Union Finance Minister has allocated in the Budget 2023 – 24 for Infrastructure overwhelmingly, Railways for Rs. 2.41 Lakh Crores ( 1.40 Lakh Crore in the Previous Budget ), Highways and Roads for Rs. 2.70 Lakh Crores ( 1.99 Lakh Crore in the Previous Budget and revised it for Rs. 2.17 Lakh Crores ), allocations for Gree Energy for Rs. 35000 Crores, for Urban Infrastructure 10,000 Cr for two and three tier cities, for Housing for poor under PMAY 79,000 Crores ( Rs. 48,000 Crores in the previous Budget ) are significantly improve the transport and ease of living infrastructure to benefit the all sections of the people.
If we observe the Manhole to Machine Hole concept in the current Budget, 100% ODF under Swacha Bharat has been driven in to next phase to ensure the safety and security of our scavengers from their existing manual operations at the mud drains and it shows the continuity of the operations to the next level.
After examination of the results percolating on the ground for last years of the Narendra Modi led Union Government has been replicating on the Inclusive growth in the economy though the global economy pace registering sluggish. As per the experts opinion, Capital Expenditure and Expenditure on Investments always will have multiplier impact on economy like, employment opportunities will be generated from this outflows, Value of the project contributes in the GDP and Tax collections for the Nation, Salaries and Wages from the generated new employment will be translated in to consumption, then it will have value addition for GDP and Tax Collections, Once the Infrastructure facility gets in to working condition after completion of the project, then revenue generating setups depending on this Infrastructure will contribute the GDP and Tax collection and this cycle continues till it reaches the final user on the particular Infrastructure facility. Hence, One rupee investment on the infrastructure facility will benefit for more than Three rupees in the future of the Nation.
