India's economy on right track, focus on reforms: FM

New Delhi, Feb 1: While presenting the Union Budget 2023-24 at the Lok Sabha, Union Finance Minister Nirmala Sitharaman on Wednesday said the Indian economy is on a "right track and heading towards a bright future" and the current focus is on reforms as sound policies resulting in public participation have helped in increasing the country's global profile.

"Our focus on reforms and sound policies resulting in Jan Bhagidari helped us in trying times, our rising global profile is due to several accomplishments," she said.

Sitharaman further said that the entire expenditure of about Rs 2 lakh crore under the PM Garib Kalyan Anna Yojana is being borne by the Central government, for supplying free foodgrains for a year to all Antyodaya and priority households.

She said that the Indian economy has increased in size from being the 10th to the fifth largest in the world in the last nine years.

"We have made significant progress in many SDGs, economy has become lot more formalized, efficient implementation of schemes has brought about inclusive development.

"Economic agenda for our vision focuses on facilitating opportunities for citizens; providing strong impetus to growth and job creation; and strengthening macroeconomic stability," the Finance Minister added.

Sitharaman went on to say that the seven priority areas of the Union Budget are inclusive development; reaching the last mile; infrastructure and investment; unleashing the potential; green growth; youth; and the financial sector

"Cooperative base model has been adopted to support the small and marginalised farmers and a national cooperative database is being prepared."

The Minister also informed that the Centre will build 157 new nursing colleges to boost the healthcare sector while the an Agriculture Accelerator Fund for agri startups will be set up.

"The agricultural credit target will be increased to Rs 20 lakh crore rupees with a focus on animal husbandry, dairy and fisheries," she added.