Home English Articles Swadeshi Jagaran Manch Press Note on Union Budget 2023-24

Swadeshi Jagaran Manch Press Note on Union Budget 2023-24


Swadeshi Jagaran Manch wholeheartedly welcomes Union Budget 2023-24 presented by Smt. Nirmala Sitaraman, Finance Minister in Parliament on 1st February 2023 with more than Rs. 45 lakh crores amount described as ‘prosperous and sustainable’.
As the India’s Economic growth is estimated to be 6.8% in 2023-24 financial year, being the highest among all major economies irrespective of the global slowdown due to covid pandemic and the Russia-Ukraine war. The Union budget 2023-24 is built on the outline drawn for India@100. As “Amrit kaal’s” goal was to improve the quality of life of Indians with inclusive growth and development, in which the prosperous outcome of development reach all, especially focusing on the youth and ignored sections of the society.
The SJM accepts this budget as balanced, constructive, inclusive and futuristic. The proposed budget aimed at creation of jobs and economic growth by keeping strong and stable macro-economic fundamentals, tapping youth potentiality in the Amrit Kaal time period.

The budget has rightly emphasised on seven priorities described as ‘Saptarishi’ to reach the last person at the bottom line of economy (Reaching the last mile) as part of Anthyodaya to reach primitive vulnerable tribal groups (PMTG) in Scheduled Tribe communities and also emphasised on PM Viswakarma, and targeting the ‘youth power’ to make knowledge society.

The Union Budget has also specifically focused on Green Growth to meet the net zero carbon emissions and to promote environment friendly economic growth which is the part and parcel of Indians day to day economic activity (live and let live).
This Budget has talked about ‘Primitive Vulnerable Tribal Groups’ for the first time to include the nomadic tribes who have spread across the country into the mainstream economic system by allocating Rs. 15,000 Cr.

UNO has declared 2023 year as Millets year. India is the hub of millets for the globe by having largest producer and second largest exporter. Union Budget has specifically mentioned about millets promotion by referring ‘Shri Anna’. With this, all the farmers across the country particularly who are producing millets are going to be benefitted. And also the food consumption pattern of the people is going to be changed gradually by consuming millets which are highly nutritious.

The Budget has emphasised on Green Growth to boost up national green hydrogen mission, energy transitions, PM PRANAMs to incentivise the State Governments towards green growth and also to facilitate 1 crore farmers to adopt natural farming to mitigate pesticide induced diseases and to improve the productivity of the land.

Budget has targeted the MSME growth by introducing Vivad se Vishwas-I which would relief for MSMEs and Vivad se Vishwas-II to settling the contractual disputes in the country. Focused on Start-ups and claimed India as third largest eco-system for Start-Ups in the Globe. The budget outlay for MSME has been improved and MSME performance is in optimistic due to production linked incentive scheme. PLI budget outlay also increased predominantly.

SJM welcomes the personal income tax exemption from Rs. 5 lakh to Rs. 7 lakh per annum which will relief large chunk of middle-income group and salaried class of the country. This will turn into the improvement of quality of life and living styles.

SJM highly appreciates the CAPEX (Capital Expenditure) increment upto 13.7 lakh crores which comprises 4.5 percent of the GDP. This will result in multiplier effect in near future for the younger generation economic benefits through creation of infrastructure, ports, airports, roads, etc.

With the above discussion, SJM once again welcomes the Union Budget 2023-24 as inclusive, constructive and futuristic.

Jai Swadeshi