Union Budget – Continued Focus on Infrastructure and Sustainability
On February 1, 2023, the Hon’ble Minister for Finance, Ms. Nirmala Sitaram, presented the Union Budget for FY 2023-24 (“Budget”) to the Parliament of India. While India’s economy has rebounded from the pandemic-related downturn, new headwinds are on the horizon in the form of inflation, slowing global growth and the war in Ukraine. Nevertheless, India’s economy has proved remarkably resilient to the ongoing impacts of the deteriorating external environment and is projected to be one of the fastest growing major economies in the world, a state of affairs which the Budget attributes to focus on wide-ranging reforms and sound policies targeted support to those in need.
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