First budget of 'amrit kaal' lays foundation for developed India, says PM Modi

India`s Prime Minister Narendra Modi. Pic/AFP

Prime Minister Narendra Modi on Wednesday said the first budget of the "amrit kaal" provides foundation to fulfil the resolve for a developed India while giving priority to deprived sections of the society as well.

In his first reaction to the Budget presented by Finance Minister Nirmala Sitharaman, PM Modi said it will fulfil dreams of the aspirational society, farmers and middle class.

The middle class is a big force to fulfil dreams of a prosperous and developed India and our government has taken many decisions to empower it, the prime minister said.

Touching on various aspects of the budget, he said success of digital payments has to be replicated in the agriculture sector and a scheme has been brought for laying down digital infrastructure for it. It will make cooperatives pivot of development of rural economy, he said. "An unprecedented investment of Rs 10 lakh crore in infrastructure will give speed and new energy to development," he said.

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The government has proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP, Union Finance Minister Nirmala Sitharaman said on Wednesday.

Sitharaman started her Budget speech at 11 am, the last full Budget of the Modi government in its second term. Like the previous two Union Budgets, Union Budget 2023-24 is also presented in paperless form.

This year's Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024.

(Compiled with inputs from news agencies -- PTI and ANI)