Budget 2023 Expectations Highlights: Know what the AI platform ChatGPT, which is powered by data and information from the internet, thinks of likely budget announcements for the banking sector.
Moneycontrol's survey of 30 market experts, a large section of the participants said they will be satisfied if the nominal GDP growth is at 9-11 percent, while 72.4 percent would consider 11-13 percent nominal GDP growth rate as great.
Budget kicks off tomorrow with a Halwa ceremony that will be presided over by Finance minister Nirmala Sitharaman. According to another survey by marketing data and analytics company Kantar, 3 out of every four people are worried about inflation and want the government to introduce decisive measures to tackle it in Budget, . One in ever four Indians is concerned about job-losses.
This year's Budget comes before the 2024 general elections. India's middle-class, investors and businesses are expecting respite coming from a pandemic.
Here's what to expect
--- A wider base of Sukanya Samriddhi Scheme via a one-time window for those who may have missed out as a savings booster.
-- Special health cover for those without Ayushman Bharat Health insurance or private health policies. This may be implemented via PPP (Public-Private Partnership) mode
-- Extension to the subsidy on LPG cylinder for Ujjwala beneficiaries.
-- A hike in exemption limit for senior citizens' international income from Rs 50,000 to Rs 1 lakh.
-- Reduction in 30 percent and 25 percent tax rates under the new regime.
-- A hike in exemption limit allowed for long-term capital gains on equity investments
--- A hike in the limit of Rs. 1.5 lakhs for investment deductions under Section 80C, not been updated in over a decade, to allow for greater tax savings and increased investments.
-- An increase in the number of Vande Bharat trains, bring sleeper-class Vande Bharat trains and possibly India’s first hydrogen-powered Vande Metro.
-- Kisan Credit Card may get review to plug gaps and make it more effective in helping small and marginal farmers.
Budget 2023 expectations live: What AI chatbot expects for banking sector
What does the AI platform ChatGPT, which is powered by data and information from the internet, thinkof likely budget announcements for the banking sector?
Here is ChatGPT's response
Budget 2023 expectations live: Subsidies to agri, fertiliser sectors could see moderation
Incentives for development of infrastructure for storing and transporting agri products could become a game-changer. Also, programs to help increase crop yields and diversify income sources may get a leg up.
Read more here
Budget 2023 expectations live: Cattle insurance scheme likely to be announced
The Union budget for 2023-24 could come up with a cattle insurance scheme on the lines of the Pradhan Mantri Fasal Bima Yojana (PMFBY), the world’s largest crop insurance scheme in terms of farmer enrolment, according to official statements and statements by the agriculture minister in parliament.
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Budget 2023 expectations live: What the market thinks about Nominal GDP growth?
A large section of the surveyed participants will be satisfied if the nominal GDP growth is at 9-11 percent, while 72.4 percent would consider 11-13 percent nominal GDP growth rate as great.
The survey results here.
Budget 2023 expectations live: Porinju Veliyath says high tax rate on super-rich needs to be rationalised
The personal income tax slab of 42.7 percent for the super-rich in India is probably at a three or four-decade high and needs to be rationalised, Porinju Veliyath, founder of Equity Intelligence India, said.
He said because of high taxation, some high net worth individuals are opting to take their business and residence overseas.
Read here
Budget 2023 expectations live: Here is common man's wish list
Common man is worried about inflation because of a looming global economic slowdown and a potential resurgence of Covid-19. Layoffs and slowdown in US and Europe is keeping the mood of the nation cautiously optimistic. People expect a rise in the basic exemption limit in income tax.
Here are the common man's expectations from the Union Budget 2023-24.
Cattle cover in Budget 2023?
Budget may include a cattle insurance scheme on the lines of the Pradhan Mantri Fasal Bima Yojana (PMFBY). Cattle owners may be asked to pay a minimal premium, with the remaining amount being shared equally by the Central and state governments.
Budget 2023 expectations live: Defence boost
There may be an increase in the amount allocation to the sector by 10 to 15 percent — to boost domestic production of defence equipment.
Halwa ceremony tomorrow
The customary Halwa ceremony will be done tomorrow in the presence of Finance Minister Nirmala Sitharaman before the “lock-in” process of officials involved in union budget preparation. The ceremony marks the final stage of preparing the union budget
Budget 2023 live updates
Pre-budget rallies were seen in six out of the last 10 years, and post-budget, the market declined six times out of the past 10 years. Moreover, the National Stock Exchange's (NSE) benchmark index Nifty 50 has fallen seven times on Budget days.
Budget 2023 expectations from renewables
India is behind its first green goal of installing 175 GW of renewable capacity by 2022. Budget 2023 may have some announcements to underline India's plan to add 500 GW of non-fossil fuel capacity by 2030.
Budget 2023 expectations from stock market
Investors expect a balanced Budget with thrust on jobs, infra spending, a fix for deficit and tax rationalisation.
Budget 2023 tax expectations:
Within retail, tax benefits are extended to all investments in insurance and pension products, subject to the broad (Section 80C) and specific (Section 80 CCD) stipulations. However, MFs are bereft of tax benefit, except for the equity-linked savings scheme (ELSS) category.
A directionally similar taxation norms and regulations, experts feel, will enable passing on similar messages to investors, allowing them to make informed decisions, based on their risk-return profiles, instead of grappling with the complexities.
Budget 2023 expectations live udpates: 4-decade high tax rate on super-rich needs to be rationalized, says Porinju Veliyath
The investment guru feels personal income tax slab of 42.7% for super-rich class is making them take their business and residence out of the country. This class, he adds, controls significant portion of the economy and the budget should contribute positively towards this class of investors.
Budget 2023 expectations live updates:
With Centre's expenditure in 2023-24 expected to exceed its revenue by nearly Rs 18 lakh crore and bonds worth Rs 4.4 lakh crore maturing next year, it may peg its gross market borrowing at Rs 15.5 lakh crore, up from Rs 14.21 lakh crore this year. On a net basis, the market borrowing is seen at Rs 11.7 lakh crore.
Budget 2023 expectations live updates: A fiscal cheer, finally
India has created some fiscal space by ending its free foodgrain scheme, the Pradhan Mantri Grib Kalyan Anna Yojana, and instead providing the same under the National Food Security Act for the entirety of 2023. “The fiscal impact of this reorientation of the food subsidy program will be net positive compared to the 2022-23 math,” noted Radhika Rao, senior economist at DBS Bank.
Budget 2023 expectations live updates:
Finance Minister Nirmala Sitharaman is expected to announce a fiscal deficit target of 5.9 percent of GDP for 2023-24 on February 1 as part of the Union Budget. According to a Moneycontrol poll of 17 economists, the Centre will next year continue to move towards its medium-term target of 4.5 percent by 2025-26 in a gradual manner even as it ensures support for growth remains.
