The Union Budget in India 2023

Prime Minister Narendra Modi initially mentioned Amrit Kaal during the 75th Independence Day festivities in 2021 stating that the major goal of Amrit Kaal is to minimize economic inequities among Indian residents, bridging the development gap between villages and cities, make India more technically adaptable, and lessen reliance on the government.

The Union Budget for Fiscal Year 2023-24 articulates the following vision for 'Amrit Kaal':

• Opportunities for Citizens, with a Special Focus on Youth; 

• Growth and Job Creation; and 

• A Strong and Stable Macroeconomic Environment

Under the Amrit Kaal narrative, there would be infrastructural, manufacturing, digital, and social progress, which will place India amongst the world’s most developed economies, putting it in third place internationally.   (India is set to overtake Japan and Germany in the GDP world rankings).  

The Saptarishi

Saptarishi in Hinduism culture are the seven sages who guide humanity after a destruction level event called “Pralaya”. In this circumstance, Saptarishi are intended as “priorities” to follow to direct the country to prosperity.

The seven Saptarishi adopted in the Union Budget for 2023-24 to guide the country towards 'Amrit Kaal,' thus providing a blueprint for an empowered and inclusive economy, are as follows: 

  • Inclusive Development: The government strives to ensure that everyone in society benefits equitably from the nation's growth and prosperity; promote equitable growth, reduce inequities, and establish a more inclusive society.

  • “Reaching the last mile”: Focus on ensuring that its policies and programs reach the most marginalized and underserved segments of society (via the use of technology and innovative ways).

  • Infrastructure & Investment: Considered a priority and urges the development of better infrastructure for the country.

  • Unleashing the potential: Removing impediments to economic progress and advancement (with the implementation of reforms in critical areas such as labor, land, and education).

  • Green Growth: The government will promote ecologically friendly and sustainable growth (investments in renewable energy, environmental protection, and minimizing the consequences of climate change).

  • Youth Power: Investing in education and skill development, creating job opportunities, and encouraging entrepreneurship will all contribute to this target.

  • Financial Sector: The establishment with a more stable financial sector and to expand national credit availability.

Directions and Goals

This year, the government's main goal is to attract multinational corporations from outside of India, with this Union Budget likely to favor the technology industry.  

Many new provisions have been included, for example, incentives for MSMEs (Micro, Small, and Medium Enterprises) considered the core of the Indian economy, or discouraging foreign investments with new taxation placed on any outward remittance: under the Liberalised Remittance Scheme (LRS), the Bank of India is required to collect TCS (Tax Collected at Source) at the rate of 5% for any transfer abroad for purposes other than education or medical treatment, from June 2023 it will instead be levied at 20% of the total amount.  

This year's Union Budget seeks to improve India's economic standing even more. With its economic growth projected at 7%, which is the highest among all major economies, India's economy has been hailed as a "bright star" by the international community in the 75th year of its independence.

At PHC Advisory we are firmly convinced that this beautiful Asian country’s great potential will be unleashed in the near future and there will be many investment possibilities in the region. If you are interested in knowing more about our professional services, do not hesitate to contact us at