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The Union Budget for 2023-24 (April 2023 to March 2024) is the first normal budget after the COVID-19 shock and amid global geopolitical developments.
An expert committee will also be set up to make infrastructure classification and financing framework suitable for Amrit Kaal, said Nirmala Sitharaman.
Presenting the Budget for 2023-24, Finance Minister Nirmala Sitharaman added that an expert committee will also be set up to make infrastructure classification and financing framework suitable for Amrit Kaal.
She also said that tax receipts for the next fiscal are budgeted at Rs 23.3 lakh crore and states would be allowed 3.5 per cent of GDP as fiscal deficit.
She also said the enhanced capex of Rs 10 lakh crore for infrastructure development is at 3.3 per cent of the GDP.
The annual Economic survey for 2022-23 has also found that the country’s Gross Domestic Product (GDP) growth is projected to slip to 7 percent in the current fiscal ending March from 8.7 percent in 2021-22.
Nirmala Sitharaman is widely expected to announce 10% to 12% increase in budget allocations for health, education and rural projects.
Sitharaman will present her fifth straight budget at a time when the economy is slowing due to global headwinds and specific sectors need attention.
Going by the capex multiplier estimated for the country, the economic output of the country is set to increase by at least four times the amount of the capex, the Survey said.
The Economic Survey is the government's review of how the economy fared in the past year.