Union Budget 2023 will be presented by Finance Minister Nirmala Sitharaman today. This year’s Budget holds much significance as this will be the last full Budget before the 2024 general elections. This is the Finance Minister’s fifth Budget presentation since 2019.
Since taking charge in 2014, Prime Minister Narendra Modi has ramped up capital spending including on roads and energy, while attracting investors through lower tax rates and labour reforms, and offering subsidies to poor households to clinch their political support.
Nirmala Sitharaman on Tuesday tabled the Economic Survey for this financial year. It said that India’s economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22.
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The BJP will start a 12-day nationwide campaign on Wednesday to make people aware of the “pro-people” measures announced in the Union Budget, party leaders said.
The campaign that will begin the day the budget is presented in Parliament will be coordinated by senior BJP leader Sushil Modi and it will conclude on February 12, they said.
BJP president JP Nadda has formed a task-force comprising nine members, including party general secretary Sunil Bansal and heads of its farmer and youth wings, to organise discussions, press conferences or seminars on the Union Budget in all districts of the country, they said.
Nirmala Sitharaman’s press conference on Budget at 3.30 pm
Finance Minister Nirmala Sitharaman to address press conference at 3.30 pm after presentation of Union Budget 2023-24 in Parliament.
Ahead of the presentation of the Union Budget for fiscal 2023-24, on Wednesday, Chattisgarh Chief Minister Bhupesh Baghel said locals have put forward a demand for new trains in Jagadalpur and Surguja areas.
Chief Minister Baghel further demanded that GST and central excise dues to the state be released at the earliest.
“People have demanded new trains in Jagadalpur and Surguja areas. Earlier, there used to be a separate Railway Budget. But now, such announcements are not made separately. We also demand that our share of GST and central excise dues be released at the earliest,” said Mr Baghel.
Prime Minister Narendra Modi on Tuesday said amid global economic turmoil, the budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world.
Addressing the media ahead of the Budget Session of Parliament, PM Modi said recognised voices in the world of economy were bringing positive messages from all sides.
The Prime Minister said the Budget, to be presented by Finance Minister Nirmala Sitharaman on Wednesday, will strive to fulfil people’s hopes, aspirations and also boost the hopes with which the world is looking at India.
“The ray of hope being seen by the world will glow brighter — for this, I firmly believe the finance minister will make all efforts to meet these aspirations,” PM Modi said.
Budget likely to push spending to support growth
Presenting its annual budget to parliament today, India’s government will seek to lower its fiscal deficit while offering incentives for investment and stepping up state spending to support an economy that is caught in the global slowdown.
GDP Growth To Slow Down To 6-6.8%, Forecasts Economic Survey
India’s economic growth is forecast to be 6.5 per cent in fiscal 2024 compared to 7 per cent in the current fiscal, according to the Economic Survey released by the government a day ahead of the Union Budget presentation.
Indian economy is poised to do better and is expected to grow 6.5-7 per cent in the remainder of the decade, Chief Economic Adviser (CEA) V Anantha Nageswaran said on Tuesday.
Addressing reporters here after the tabling of the Economic Survey in Parliament by Finance Minister Nirmala Sitharaman, Nageswaran said that by and large, inflation is likely to be “well behaved” in FY2023-24 barring headwinds.
Amid expectations of tax relief for middle class in the Budget, Economic Survey on Tuesday suggested that the government should follow the path of fiscal prudence as it will benefit all sections of society by keeping interest rates low.
The Survey, authored by a team led by Chief Economic Advisor V Anantha Nageswaran, argued that fiscal discipline will ensure significant fiscal space for policy action in uncertain times.
Budget speech to begin at 11 am
The markets in India – Asia’s third-biggest economy – will be closely watched when Ms Sitharaman begins her Budget speech at 11 am. Adani group companies led most of the fluctuations last week, but on Tuesday its Rs 20,000 crore follow-on share sale sailed through, bringing relief to the group that’s facing allegations of fraud made by US-based short-seller Hindenburg.
Middle class looking for income-tax relief
Predictably, India’s middle class is looking for some form of income-tax relief. Though the tax slab wasn’t changed and no new deduction was announced last year, inflation has eaten into people’s earnings. They haven’t seen a change in tax rate since 2017-18 and in tax slab since July 2014.
Nirmala Sitharaman to present Budget 2023 today
he Union Budget for fiscal 2024, to be presented by Finance Minister Nirmala Sitharaman, will set the foundation for taking India’s economic growth to the forecast rate of 6.8 per cent.
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