Union Budget 2023: these major things expect from Nirmala Sitharaman Budget

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. Union Budget 2023: these major things expect from Nirmala Sitharaman Budget.

This is the Finance Minister’s fifth Budget presentation since 2019. There are expectations that Sitharaman would put some money in the pockets of taxpayers. She is also likely to raise import duties on items such as private jets, helicopters, high-end electronic items and jewellery to encourage domestic manufacturing.

 India’s jobless rate jumped to a 16-month high of 8.3 per cent last month. DBS Group economist Radhika Rao told Bloomberg that the spending on rural job guarantees to top this year’s allocation of Rs 730 billion ($9 billion), with crop insurance, rural road infrastructure and low-cost housing also getting attention.

The Budget 2023 is a much-anticipated event for the real estate sector in India. Industry experts and stakeholders have high expectations from the government as they hope to see a number of reforms and initiatives that can help boost the real estate market and encourage investment in the sector.

– The budget may see production-linked incentives getting extended to sectors such as shipping containers and toys.

– The focus is expected to be on increasing the number of nursing and medical colleges, introducing HPV vaccine in the National Immunisation Program and enhancement of Pradhanmantri Jan Arogya Yojana (PMJAY) coverage. Reports indicate that the health ministry has proposed the inclusion of many other requirements and its expected that some of them will be included in Budget 2023-2024.

– The budget session of the Parliament began on Tuesday with President’s address. This year’s budget session is going to have 27 sittings till April 6 with a month-long recess to examine the budget papers. The first part of the session will conclude on February 13.

– Parliament will reconvene on March 12 for the second part of the Budget Session and conclude on April 6. Sitharaman on Tuesday tabled the Economic Survey for the Financial Year 2022-23.

– The Economic Survey said 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.