Budget 2023: 10 Reasons Why the World Should Welcome the Budget, Jaishankar Explains

External Affairs Minister S Jaishankar on Wednesday hailed the Budget 2023-24 and explained ten reasons why the world should welcome it.

The EAM said India’s aspirations and targets are on a scale that will impact the world and said these developments are expected to feature prominently in global conversations, including at G20.

ALSO READ: Budget 2023 LIVE News Updates: PM Modi Hails ‘Historic’ Budget; Income Tax Relief Star of Sitharaman’s Speech

Finance Minister Nirmala Sitharaman presented her fifth consecutive Budget speech today.

Following are the ten reasons highlighted by EAM why the world should welcome the budget of the fifth largest economy of the world:

1. India as a Stronger Engine of Global GrowthJaishankar said that capital investment outlay increased by 33% to Rs 10 trillion (Now 3.3% of GDP).
2. Enhancing Ease of Doing BusinessJaishankar said KYC process simplification, Greater GIFT IFSC activities and establishing an EXIM Bank subsidiary for trade re-financing, PAN as a Common Business Identifier, Central Data Processing Centre, Indirect Tax support for manufacturing, stronger Ease of Compliance and Income Tax benefit for Startups would enhance ease of doing business.
3. Better Logistics and InfrastructureThe EAM pointed out that the budget provided the highest ever railways outlay at Rs 240 billion, 100 critical transport infrastructure projects, 50 additional air connectivity projects and the establishment of the Urban Infrastructure Development Fund.
4. Digital for DevelopmentUsing the slogan “Digital for Development”, Jaishankar said the budget emphasized promoting greater digital payments, National Data Governance Policy, establishing Data Embassies, creating Entity DigiLocker, Centers of Excellence for AI and a National Digital Library for children and adolescents.
5. Strengthening Global Food SecurityThe EAM said the budget strengthens global food security by making India a global hub for Shree Anna (Millets), establishing massive decentralized storage capacity, promoting the contribution of Cooperatives, increasing agriculture and fisheries credit, establishing the Agriculture Accelerator Fund and building digital public infrastructure for agriculture.
6. Ensuring Global Health SecurityJaishankar said that the budget also ensures global health security by promoting Pharma R&D, ensuring HR for medical innovation & manufacturing, creating more medical research facilities and establishing 157 new nursing colleges.
7. Indian Participation in Global WorkplaceJaishankar said that the budget talked about creating 30 Skill India International Centres which would ensure India’s participation in the global workplace.
8. Focus on Green Growth and MobilityThe EAM said that the budget focus on investing in Energy Transition and Net Zero objectives, undertaking Green Hydrogen Mission, VGF support for Battery ESS and encouraging Lifestyle for Environment (LiFE). It also duty benefits for green mobility and renewable energy evacuation from Ladakh.
9. Stronger Gender EmpowermentHe said the Modi government’s pro-women policy commits to taking 8.1 million Self-Help Groups of rural women to become enterprises and collectives.
10. Making India Tourism-readyThe EAM said there will be a focus on 50 destinations to be developed as a complete package with digital support.

Read all the Latest Business News and Budget Live Updates here