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The National Infrastructure Pipeline (NIP) is a group of social and economic infrastructure projects in India over a period of five years with an initial sanctioned amount of ₹ 102 lakh crore (equivalent to ₹ 120 trillion or US$1.4 trillion in 2023).
Finance Minister Nirmala Sitharaman presented the Union Budget in the Lok Sabha on 1 February 2024 following the necessary approval from the President of India. During this presentation, the Finance Minister highlighted the crucial aspects of the document and justified the underlying thought process behind the proposed initiatives.
The objective of this project is to help job-seekers land up at the job they deserve. Under this scheme, an online job-portal named as National Career Service portal has been launched which acts as a common platform for job-seekers, employers, skill providers, government departments, placement organisations and counsellors. [85] [86]
The 2023 Union Budget of India was presented by the Minister of Finance of India on February 1, 2023. This was the fourth budget of Narendra Modi-led NDA government's second term, starting from 2020. The Economic Survey for 2022–2023 was released on January 31, 2023 before the budget.
The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. [3] The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. [4]
The Union Budget of India, also referred to as the Annual Financial Statement in Article 112 of the Constitution of India is the annual budget of the Republic of India set by Ministry of Finance for the following financial year, with the revenues to be gathered by Department of Revenue to identify planned government spending and expected government revenue and the expenditures gathered by ...
Additionally, India was going through large-scale socio-political turmoil due to the government's reservations for backward classes and communal violence. All of these factors contributed to a balance of payments issue and provided stronger justification for broader liberalisation measures, which had already begun in the 1980s.
Over the first four years of Modi's premiership, India's GDP grew at an average rate of 7.23%, higher than the rate of 6.39% under the previous government. [16] The level of income inequality increased, [17] while an internal government report said that in 2017, unemployment had increased to its highest level in 45 years. [18]