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Ten Reasons Why World Should Welcome Budget 2023, Says S Jaishankar Jaishankar said that the budget for the new year will enhance the ease of doing business as it includes KYC process simplification, greater GIFT IFSC activities and establishing an EXIM Bank subsidiary for trade re-financing

By Teena Jose

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Dr S Jaishankar Twitter handle

External affairs minister Dr. S Jaishankar, on Wednesday, pointed out ten significant points to explain why the Union Budget 2023 should be accepted.

"Finance minister Nirmala Sitharaman presented the Budget of the 5th largest economy of the world today. 10 reasons why the world should welcome it," Jaishankar expressed his view points in his Twitter handle.

Jaishankar said that the budget for the new year will enhance the ease of doing business as it includes KYC process simplification, Greater GIFT IFSC activities and establishing an EXIM Bank subsidiary for trade re-financing. While pointing out the fact that the increase of capital investment outlay by 33% to INR 10 trillion, he sees India as a stronger engine of global growth.

According to him, Indirect Tax support for manufacturing, with a stronger ease of compliance and Income Tax benefit for startups, would further help in the growth of businesses.

Focusing more on the better infrastructure and logistics, Jaishankar stated the Budget's consideration in highest ever railway outlay at INR 240 billion, 100 critical transport infrastructure projects, 50 additional air connectivity projects and establishing urban infrastructure development fund.

He also said that Budget 2023 will strengthen global food security by making India a Global Hub for Shree Anna (Millets), establishing massive decentralized storage capacity, and promoting the contribution of cooperatives.

Picking up the Budget allocation in the pharma, health, medical innovation and manufacturing sector, Jaishankar opined that this Budget will ensure global health security. Also, he mentioned the Indian participation in the global workspace by backing up with the expanded opportunities through initiatives on skills and apprenticeship, stipend support to youth and so on.

Jaishankar further added the Budget's focus on green growth and mobility signifying the duty benefits for green mobility and renewable energy evacuation from Ladakh.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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