The Print – Online

The Union Budget for 2023-24 came in the wake of a mixed economic backdrop. On one hand, a spectre of worrying factors such as the slowdown in global growth, the fading impact of pent-up domestic demand, and ongoing monetary tightening were widely expected to moderate India’s growth momentum. On the other hand, after witnessing wild swings in GDP growth drivers on account of the Covid-19 pandemic, stability near trend levels were expected to be achieved in Financial Year 2024, which implies the return of normalcy in the business cycle, aided by a supportive policy backdrop. While the former necessitated the continuation of fiscal support for growth, the latter required broadening the post-pandemic exit for budgetary ...

Hindustan Times – Online

Farmers on Thursday expressed disappointment over the Union Budget 2023-24, saying the government skipped a widely anticipated increase in income support under the PM-Kisan programme — a proposal that had figured in discussions during the Budget’s preparations. Several farm activists HT spoke to said the government largely focused on agri-tech, while the pressing issue for farmers was lack of profitable prices for their produce. They also questioned cuts in overall spending for a sector that has held steady, propping up the wider economy despite shocks from the pandemic.

The Economic Times – Online

Small and marginal farmers in Maharashtra, Rajasthan, Tamil Nadu, Andhra Pradesh and Karnataka are expected to benefit from the finance minister’s proposal to popularise millets, but those from states like Punjab where rice and wheat are the main crops said they did not see much for them in the union budget. The increase in agri credit by 11.11% to Rs 20 lakh crore for the next fiscal year will help reduce dependence of farmers on local moneylenders who often charge usurious interest rates, as they could take credit from the formal banking channels. Experts also see the proposal on the Agriculture Accelerator Fund for supporting startups in the agriculture sector as a positive.

Krishi Jagran – Online

Nirmala Sitharaman, the Union Finance Minister, delivered her final full budget before the 2024 Lok Sabha elections on Wednesday in Parliament. Budget 2023 placed a strong emphasis on increasing government capital expenditure, fiscal stability, and attractive incentives and rebates under the new income tax regime. The Union Budget 2023 received mixed reactions from the members of Parliament with several opposition parties arguing that the budget has given no relief to the poor, has not offered much for the electorally key middle-class barring the “minor” tax relief, and has no concrete proposals for employment generation and to tackle price rise.