Finance Minister Nirmala Sitharaman said that the Government's efforts since 2014 have ensured for all citizens, a better quality of life and life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world.
During the pandemic, we ensured that no one goes to bed hungry with a scheme to supply free foodgrains. Indian economy has become a lot more formalized with EPFO membership doubling.
The Union Budget 2023 might not offer any major relief to households due to fiscal restraints. It would focus on long-term growth instead. Finance Minister Nirmala Sitharaman is expected to announce increase in budget allocations for health, education and rural projects, helped by a pick up in tax collections. She might tweak tax rules including an alteration to the structure of capital gains tax, which would encourage investments.