Finance Minister Nirmala Sitaraman will deliver the union budget on February 1 to the Parliament. The final comprehensive budget presented by Finance Minister before the elections in 2024 will place a strong emphasis on Capex, manufacturing and the rural economy. The budget may offer some relief to India’s middle class, farmers and investors.
With a break in between, the entire session is anticipated to start on January 31 and end on April 6.
Here are some points for the latest Budget 2023 expectations from different sectors:
- Individual taxpayers, who make up a significant portion of direct tax receipts, have higher expectations for the budget this year in terms of offering more tax benefits. One of these hopes is to raise the standard deduction cap from 50,000 to 1lakh.
- According to reports, the 2019 fiscal year's Budget may include measures that are centred on the needs of the people, in line with FM Sitharaman's declaration that it will "set the template" for the next 25 years.
- In the Union Budget 2023, FM Nirmala Sitharaman is anticipated to keep promoting GDP growth through policy measures while also keeping an eye on a road toward genuine fiscal consolidation.
- Every year, the average person has one main expectation from the budget: a reduction in the burden of paying income taxes. The majority of salaried taxpayers are hoping that FM Nirmala Sitharaman will alter the income tax slabs in order to lessen the pandemic's effects.
- A cattle insurance programme similar to the Pradhan Mantri Fasal Bima Yojana may be included in the budget (PMFBY). Owners of cattle might be required to pay a small premium, with the central and state governments splitting the remaining sum evenly.
- To promote local production of defence equipment, the sector's funding may be increased by 10 to 15 per cent.
- Through skillfully managing the end of the free foodgrain programme from the epidemic era, the government has laid the groundwork for reducing its food subsidy expenditure in the upcoming fiscal year.
- To encourage job creation in smaller cities, major cities in India are reaching their situation limits an hence there is a need to encourage companies to invest in small cities.
- Every individual is subjected to the same income tax slab rates. The differential tax slabs would be applicable only with the age aspect. According to experts, women should have distinct income tax slabs and exemption privileges.
- The new Vande Bharat Express trains are intended to progressively replace the Shatabdi and Rajdhani Express trains. In FM Sitharaman's Budget 2023 speech, the new trains are likely to be mentioned, along with potential rollout dates for 400 Vande Bharat trains.
