Announcing its last complete Budget before the 2024 Lok Sabha elections, the BJP-led NDA government concentrated on a slew of measures that expanded Capital Expenditure spending tied to various priorities such as Youth Power, Green Growth, and Inclusive Development. And it was a much-needed step for the Indian economy facing the post-COVID headwinds, and it desperately needs expanded Capital Expenditure spending.
₹2 lakh crore were announced to provide free food grain to all BPL Ration card holders, Poorest families (Antyodaya), and priority households for the next year, got effected from January 1, 2023, under PM Garib Kalyan Anna Yojana (PMGKAY). It was FM Nirmala Sitharamans's shortest Budget speech till now, lasting only 87 minutes.
According to budget estimates for 2023-24, the total expenditure incurred will be ₹45.03 lakh crore. Out of which ₹6,000 crores would be spent to launch a new sub-scheme of Pradhan Mantri Matsya Sampada Yojana (PMMSY) to enable further activities of fish vendors, fishermen, and micro & small enterprises (MSEs), improve value chain efficiencies and expand the market.
38,800 teachers and support staff will be recruited for the 740 Eklavya Model Residential Schools that are supposed to serve 3.5 lakh tribal students. ₹79,000 crores are sanctioned for the PM Awas Yojana as it has been enhanced by 66 percent.
Thus, the Budget came up with a relief for the working class, and the revised amounts have been rolled out for the betterment and upliftment of the Tribal population, Middle Class, and Small Businesses owners. Indeed, this Budget is a crucial one as Modi Government saw this Budget to woo the voters to get some electoral gains in the upcoming 9 states assembly and 2024 general election. The time would determine the fate of the Modi Govt. in the times come, but the current wave seems to be a favorable one for PM Narendra Modi, BJP, and RSS.
