Global supply chains have been disrupted, there are shortages of certain commodities, and prices have increased as a result of geopolitical tensions, particularly those caused by the conflict between Russia and Ukraine. It has led to a significant shortage of essential raw materials for Indian industry, which has forced input costs to soar.
source: money controlThe future structure of the Union budget should be heavily influenced by this economic environment. The proposed budget year 2023u201324 should, in general, address short-term drawbacks while setting the groundwork for a medium-term gain. If done, this would function as a ladder in the economic game.
The government’s recent emphasis on capital spending has ensured our growth momentum and helped us recover from the pandemic quickly. Budget 2023 should maintain its emphasis on public capital expenditures in light of the recent changes in global geopolitics and related challenges (on physical, social, and digital infrastructure). Additionally, this will encourage private investment. Attracting global supply chains that are looking to leave China is another objective that India must concentrate on with laser-sharp intensity. Through encouraging policies, the government has already established a favourable climate to strengthen India’s status as a major hub for manufacturing.Share your thoughts below regarding Budget this year.
