Budget 2023: An overview on how to stimulate Manufacturing, Digital & Innovation Economy

The fifth budget of Modi 2.0 announced on 1st February is a big booster for taxpayers, railways, job creation and capex. Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023 as the last full-fledged Budget before the next general election in 2024. Sitharama during the Budget session stated that the Indian economy is on the right path and heading towards a bright future, calling this year’s Budget as the first budget of the Amrit Kaal.

In this session, Sitharaman announced major tax slab changes under the new tax regime along with big hike allocation for Railways and Capital Expenditure.

The Indian government increased its capital spending by 33% to 10 trillion rupees ($122 Billion) to enable the country to expand its network of roads, ports and airports making it an attractive destination for investors.


Taking note of the recessionary fears, the Ukraine war, global food and energy crisis, monetary tightening, tension over Taiwan, disrupted & shifting supply chains, pandemic recovery etc. have startled the global economy in FY23 and left governments all over the world grappling with economic consequences.

Ahead of Finance Minister Nirmala Sitharaman’s announcement of the Union Budget 2023-24, Sachchidanand Shukla, Chief Economist at Mahindra & Mahindra, and E.N. Dwaraknath, Partner at Price Waterhouse Co. LLP, share their expectations from Budget 2023.