Budget 2026: Union Budget 2023 explained - What stood out, 'Saptarishi' priorities, focus on infra and jobs boost and more

The Union Budget 2023-24, presented by Finance Minister Nirmala Sitharaman in Parliament on February 1, 2023, was one of the most forward-looking Budgets in recent years, blending growth impetus with inclusive development priorities. Its focus spanned economic revival, employment, infrastructure, social welfare and digital transformation.

Economy on the move

Budget 2023 highlighted India’s economic achievements to date. Per capita income had more than doubled to ₹1.97 lakh in nine years, and the economy had risen from the 10th to the 5th largest in the world. Membership in the Employees’ Provident Fund Organisation (EPFO) more than doubled to 27 crore workers, reflecting expansion in formal employment. Digital payments worth ₹126 lakh crore were made through UPI in 2022, showcasing India’s digital economy strength.

Seven priorities (Saptarishi)

The Budget outlined seven core priorities. These were inclusive development, reaching the last mile, infrastructure & investment, unleashing potential, green growth, youth power and the financial sector. It showcased its vision for growth and opportunity.

Infrastructure and jobs boost

Public investment was a cornerstone of the 2023 Budget. Capital expenditure was sharply increased, with a ₹10 lakh crore outlay to spur growth, create jobs, and crowd in private investment. Outlays included ₹2.40 lakh crore for Railways.

This allocation was the highest ever and nearly nine times the 2013-14 level, and a new Urban Infrastructure Development Fund was established to support city-level projects.

Social and human development

The government enhanced allocations for education, health, housing and skill development. The outlay for the Pradhan Mantri Awas Yojana was increased by 66% to over ₹79,000 crore. Plans were made to establish 157 new nursing colleges and recruit nearly 39,000 teachers and support staff for tribal schools.

Agriculture, technology and clean growth

Several initiatives supported agriculture and sustainability, including the Atmanirbhar Clean Plant Programme, an Agriculture Accelerator Fund for rural innovation, and bio-input centres for quality fertilisers. The Budget also proposed expansion of 5G labs and digital infrastructure, reflecting a push toward technology-driven growth.

Tax and business measures

Budget 2023 maintained a stable fiscal framework while aiming to reduce compliance burden and promote ease of doing business. New tax proposals focused on simplification and incentives for taxpayers and businesses.