The Finance Minister has presented a visionary budget with key priority on Infrastructure & Investment and Green Growth, and I will rate the budget as 9 on 10.
The vision for technology-driven and knowledge-based economy, with strong public finances and a robust financial sector in ‘Amrit Kaal’ is well thought out.
The focus on Capital outlay including the states is especially exemplary. The FM’s emphasis on Infrastructure development having a large multiplier impact on growth and employment is backed by increase in capital investment by 33% to Rs.10 lakh crore to 3.3% of GDP.
Reduction in customs duty on critical chemicals namely methanol, acetic acid and heavy feed stocks for petroleum refining being reduced is a double edged. It will help the downstream industries while also showing the path forward for investment in these as the duties can be changed later as domestic capacity catches up as in the case of sodium cyanide for which adequate domestic capacity exists.
Implementation of programmes for green fuel and energy will help in reducing carbon intensity of the economy. The19,700 crore outlay for National Green Hydrogen Mission along with 35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by Ministry of Petroleum & Natural Gas will be transformational.
I congratulate, Prime Minister Modi and the Finance Minister for this excellent budget 2023.
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