Key takeaways from Union Budget 2023-24 in charts
The Hindu
Finance Minister Nirmala Sitharaman presented her fifth Budget speech in Parliament on Wednesday
The government will focus on economic growth and job creation and cut down the fiscal deficit, Union Finance Minister Nirmala Sitharaman said on Wednesday, presenting its last full budget in Parliament before the 2024 election.
Here are the charts that show major aspects of Union Budget 2023:
The Narendra Modi government focused on a slew of measures that expanded Capital Expenditure spending and tied in various priorities including Green Growth, Youth Power, and Inclusive Development.
Fiscal deficit would be brought down to below 4.5% by 2025-26, Finance Minister Nirmala Sitharaman said. She also said that tax receipts for the next fiscal are budgeted at ₹23.3 lakh crore and States would be allowed 3.5% of GDP as fiscal deficit.
The government plans to borrow a record ₹15.4 lakh crore from dated securities in FY24 to meet its expenditure requirement to prop up the economy. This is higher than the total borrowing of ₹14.21 lakh crore for the current financial year ending March 31, 2023.
Borrowings and other liabilities account for the largest avenue from where the Budget money comes.
With 20% of its budget going into interest payments, the State’s share of taxes and duties and the Central sector scheme assume two major areas of spending for the government.