We were waiting to send out views for February 2023 post Budget session 2023-24. The much-awaited Budget was appreciated by experts, virtually scoring 10 out of 10. We, too believe, it did deliver to the expectations and estimations.
Key Provisions or Take aways-
1. Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on a positive roadmap with fiscal deficit for 2023-24 at 5.9 percent of GDP well below the 6.4% budgeted for 2022-23. The fiscal deficit for 2021-22 was 6.7%, which was lower than the revised budget estimates of 6.9% and will be further brought down to 4.5% 2025- 26.
2. The capital expenditure outlay was increased steeply by 37.4 % in FY 2023-24 to whooping Rs.10 lakh crore over Rs. 7.28 lakh crore in FY 2022-23
3. Revenue expenditure is estimated to grow by 1.2 % at Rs. 35.02 lakh crore in 2023-24 over Rs. 34.59 lakh crore
4. Revenue estimation is projected at Rs 23.31 lakh crore, which is around 11.7 per cent more than Rs 20.87 lakh crore of RE 2022-23, which looks possible
5. Gross and net borrowings are at manageable level and debt markets have taken it quite positively. 10 year -yield eased up as a result.
6. Inflation expected to be around 5%. Read more