January 3, 2023
2 mins read

Union Budget to be growth oriented with eye on job creation

Prime Minister Modi has been stressing the need to amplify the Aatmanirbhar Bharat programme by providing a push to the Indian manufacturing sector…writes Mahua Venkatesh

Expect this year’s Union Budget — to be presented by Finance Minister Nirmala Sitharaman in less than a month — to be a growth oriented one with a focus on boosting infrastructure through the PM Gati Shakti programme besides key sectors such as manufacturing, micro small and medium sector and startups with an eye on employment generation. This year’s budget will also deal with the rising supply chain challenges from the ongoing geopolitical uncertainties driven by the Russia-Ukraine war.

A highly placed source told India Narrative that the government would look at addressing the issue of inverted duty structure to further strengthen the Make in India programme and draw foreign direct investment into India.

Inverted duty structure refers to higher taxes for inputs or raw materials compared to built-in products or finished products. Manufacturers in the country have been complaining of the inverted duty structure, which has increased overall costs.

“The issue of higher raw material costs has come up. The government is keen to resolve the issue as supply chain will be critical for the industry but a final decision is yet to be taken on the matter,” the source said, adding that there are a few groups which are also opposed to the proposal.

Prime Minister Modi has been stressing the need to amplify the Aatmanirbhar Bharat programme by providing a push to the Indian manufacturing sector.

Last year, Sitharaman’s Budget laid the ground and gave a blueprint to drive the economy over the “Amrit Kaal” of the next 25 years – from India at 75 to India at 100.

“The Amrit Kaal plank is also expected to be further enhanced especially aiming to uplift several segments including the all important rural sector,” the source noted.

At a time when the headwinds are increasingly posing challenges for the global economy, India’s Union Budget will be scrutinised with a fine tooth comb. This will also be an important year for India, which assumed the G-20 presidency last month. India will also mark this year as the International Year of Millets, in order to promote the consumption of these coarse cereals to boost global food and economic security.

ALSO READ: Cloud will help India’s digital journey, says Nadella

Previous Story

Death of 3 Russians puts Odisha under global spotlight

Next Story

Rajnath dedicates 28 infra projects in Arunachal

Latest from India News

‘Op Sindoor’ Team Wraps Up Saudi Visit

The visit reaffirmed the shared commitment of India and Saudi Arabia in the fight against terrorism….reports Asian Lite News Riyadh, May 30 (IANS) The Indian all-party delegation, led by BJP MP Baijayant

Visa Interview Pause Nearing End, Says US

India is the source country for the largest group of international students in the US and Bruce’s comments will be closely followed there….reports Asian Lite News The United States said the pause

No Talks Till Terror Ends: India to Pakistan

The MEA’s strong response came at a time when Pakistan, pushed on the backfoot by India’s decisive Operation Sindoor, has suddenly started talking about its intent on having peace talks with India….reports

Accel Puts India’s AI Power in the Spotlight

Under the theme “Engineering India’s AI Advantage,” the exclusive, invite-only event will bring together leading AI founders, researchers, tech CXOs, policymakers, and global investors….reports Asian Lite News Global venture capital firm Accel

Rain Rules Roads

People walk with umbrellas, and vehicles move slowly as rain lashes Mumbai, Wednesday, May 28, 2025. (Photos from IANS and ANI)
Go toTop

Don't Miss

Inflationary concerns to maintain pressure on Indian Rupee

“Rising inflation is a concern across the globe and does

April Series Closure Signals Market Volatility Ahead

Friday was the complete opposite, where markets lost through the