Economic affairs expert CA Raju Sharma said that, the Finance Budget 2023 sets the bench mark for Inclusivity, Comprehensiveness, Digitalization and Transformation from Good Governance Model to Trust Based Governance Model which will pay way for Self-Reliant, Self Built, Technology Driven and knowledge based economy of India.
CA Raju Sharma informed that, Budget 2023 envisage to comprehensive economic development and at same time aims to deliver fruits of development to all the sections of the economy, right from the Farmer, Salaried Class, Women, MSME and Service Sector and Manufacturing Sectors through ‘Saptarishi’ guiding model. The 10 Lakhs Crores Capex provision for Infrastructure sector will work as economic multiplier andwill attract the global investments in India.
Reduction of Direct Tax Burden on Individuals and Surcharge reduction for Ultra High Earning Individual is most sought welcome step.
The Increase in presumptive tax turnover limits for MSME and Professional to 03 Crores & 75 Lakhs respectively, reduction in 39,000 compliances, decriminalization of 3,400 legal provisions, Further, the Vivad se Vishwas I & II scheme for refund of 95 per cent of the forfeited amount relating to bid or performance Security for MSMEs and Voluntary Settlement of dispute for Arbitration Awards under challenges, shows government efforts for Trust Based Governance and easy of doing business.
Setting up Agriculture Accelerator Fund and increase in Agriculture Credit target to 20 Lakhs Crores will provide innovative and affordable solutions for challenges faced by Farmers that willbring in modern technologies to transform agricultural practices, increase productivity &profitability and paves the way for Agritech Ecosystem in Agricultutal Sector. For last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors have been identified. They will be taken up on priority with investment of 75,000 crore, which will boost growth of Logistics Sector and Supply chain.
The Budget also aspire to setup National Digital Library to increase the literacy in rural area. First Time the Budget has included the poor prisoners for poor persons who are in prisons and unable to afford the penalty or the bail amount, a required financial support will be provided by the government, which shows the budget has envisage to reach to all the section.
