Union Budget 2023 is scheduled to be presented on February 1st, 2023. This budget is highly anticipated as it is the first budget of the new government after the general elections of 2023. The budget will be presented by the Finance Minister of India and will outline the government’s plans and proposals for the upcoming financial year.
There are high expectations from the Union Budget 2023 as the country is facing an economic slowdown due to the COVID-19 pandemic. The government is expected to announce measures to revive the economy, create jobs and boost the country’s growth. The budget is also expected to focus on the agriculture sector, which has been hit hard by the pandemic, as well as the healthcare and education sectors.
One of the most anticipated announcements in the budget is the changes in the income tax rates. The government may announce changes in the income tax slabs and rates, which could provide relief to the taxpayers. The government may also announce measures to increase the tax base and curb tax evasion.
Another area of focus in the budget is the infrastructure sector. The government is expected to announce measures to boost infrastructure development, including investments in roads, railways, airports and ports. The government may also announce measures to attract foreign investment in the country.
The government is also expected to announce measures to support small and medium enterprises (SMEs), which have been hit hard by the pandemic. The government may announce measures to provide financial assistance and tax benefits to SMEs.
According to India Ratings and Research, the economic recovery has not yet spread and proved durable since only the upper crust of society is consuming. It also said that social sector spending is expected to continue in the FY24 budget. The Union Budget 2023 for the fiscal year 2023-24 will be submitted to parliament on February 1. Nirmala Sitharaman will prioritise infrastructure and manufacturing capital expenditures, productivity growth through skill development, fiscal consolidation, and addressing climate change in her final Union budget (Union Budget 2023) as finance minister.