Budget 2023: Finance Minister Nirmala Sitharaman to present Union Budget 2023; here's what to expect
Budget 2023: Finance Minister Nirmala Sitharaman is anticipated to announce a $544 billion spending plan for the fiscal year beginning April 1 at 11:00 am in Parliament to boost employment, fund social welfare, and provide incentives for manufacturing. Here's what to expect
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FollowFinance Minister Nirmala Sitharaman will present Union Budget 2023 before Prime Minister Narendra Modi's NDA government on Wednesday, February 1, 2023. This year's Budget is significant because it's the final Budget before the 2024 general elections. Since 2019, this is FM Nirmala Sitharaman's fifth Budget presentation.
The Finance Minister is anticipated to announce a $544 billion spending plan for the fiscal year beginning April 1 at 11:00 am in Parliament to boost employment, fund social welfare, and provide incentives for manufacturing.
According to reports, Sitharaman may modify income-tax slabs to help the middle class and increase spending on the poor through programmes like rural jobs. The Union Budget 2023 may also prioritise financial incentives for local manufacturing. Similarly to the previous two Union budgets, the finance minister will deliver this budget in paperless form.
Budget 2023: What to expect
1) The Budget 2023 is a highly anticipated event in India's real estate sector. Industry experts and stakeholders expect the government to implement numerous reforms and initiatives that will help boost the real estate market and encourage investment in the industry.
2) There are expectations that Sitharaman will put money back into taxpayers' pockets. She also plans to raise import duties on private jets, helicopters, high-end electronics, and jewellery to encourage domestic manufacturing.
3) Production-linked incentives may be extended to shipping containers and toy sectors in the upcoming Budget 2023.
4) India's unemployment rate last month reached a 16-month high of 8.3 per cent. According to DBS Group economist Radhika Rao, spending on rural job guarantees will exceed this year's allocation of Rs 730 billion ($9 billion), with crop insurance, rural road infrastructure, and low-cost housing also getting attention.
5) It also aims to expand the number of nursing and medical colleges, introduce the HPV vaccine into the National Immunization Program, and expand Pradhanmantri Jan Arogya Yojana (PMJAY) coverage. According to reports, the health ministry has proposed many other requirements, some of which are expected to be included in Budget 2023-2024.
6) According to reports, the government may provide record budgetary support to strengthen Indian railway infrastructure as well. The gross budgetary support for railways this year is expected to increase by 29 per cent to 1.8 trillion beginning April 1 from Rs 1.4 trillion.
The Parliament's budget session commenced on Tuesday, January 31, 2023, with the President's address. This year's budget session will have 27 sittings until April 6, 2023, with a month-long recess to review the budget papers. The first section of the session will end on February 13, 2023. The second part of the Budget Session will begin on March 12, 2023, and conclude on April 6, 2023.
India's economic recovery from the Covid pandemic is complete, and the economy is expected to grow from 6 per cent to 6.8 per cent in the fiscal year 2023-24, according to the Economic Survey. This compares to 7 per cent this fiscal year and 8.7 per cent in 2021-22.
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