Budget 2023 Expectations Highlights: Budget 2023-2024 is scheduled to be presented before the Indian Parliament by Finance Minister Nirmala Sitharaman on February 1, 2023. Experts opine that this Union Budget is likely to take a “balanced approach” towards fiscal consolidation and economic growth. They also expect more focus on capital expenditure towards infrastructure such as railways, roads and defence projects and the expansion of the Centre’s production-linked incentives scheme to more sectors. Besides this, boosting rural demand and lowering divestment targets and increasing tax exemptions are other key expectations. Further, tweaks to capital gains tax or its tenure structure would also be keenly watched by the Street. Notably, this will be the finance ministers fifth full Budget speech and the third to be delivered in paperless format. This is also the last full Indian Budget ahead of the General Elections in 2024.
With the national elections scheduled to be held next year, the last full budget of Prime Minister Narendra Modi government is expected to increase welfare spending with a special focus on rural and infra capex, a report by the Swiss brokerage UBS stated.
When most of the country’s workforce is back in office, experts feel it is important to keep a tab on our mental well-being.While presenting the Union Budget 2022, Finance Minister Nirmala Sitharaman acknowledged the increase in mental-health problems in people across age groups in the wake of COVID-19 pandemic. To address the concerns, the Union minister announced 23 tele-mental health centres to be launched with the National Institute of Mental Health and Neuro Sciences (NIMHANS) as the nodal centre. Experts are hopeful that Sitharamanwould keep mental health insurance and affordable healthcare in focus while rolling out the Union Budget 2023. Read full report
The PM Modi government will present its last full Budget on February 1 amid global and domestic headwinds.
This is the last full Budget of Prime Minister Narendra Modi's government before the 2024 national elections and the union government is expected to boost welfare spending with a focus on rural and infra capex in this year’s Budget.
India’s economic recovery is not broad-based yet as only creamier sections are consuming currently, India Ratings and Research (Ind-Ra) said, adding that the upcoming Budget is thus expected to continue with the social sector spending.
Foreign investors have pulled out a net of over Rs 17,000 crore in January as it has adopted a cautious stance ahead of the Union Budget 2023-24, among other reasons.
-A bunch of homemakers in Patna, Bihar stated that the constantly rising rates of LPG gascylindersis is leaving an impact on the massesbelongingto the middle class a lot. They have urged the government to provide some relief from the same.
Under the laws of income tax, gains arising on capital assets, both movable as well as immovable are charged under the category of 'Capital Gains'. The tax rate varies for different asset classes.
Equity investors are watching out for the Union Budget for 2023-24 this week along with domestic macroeconomic data announcements, which could influence trading in the market, analysts said.
“With the Union Budget scheduled to be unveiled on February 1st, the week will be jam-packed with activity,” said Apurva Sheth, Head of Market Perspectives & Research, SAMCO Securities.
-The expectation from the Union Budget is to bring in a rather simpler tax return form for assesses having solely capital gains or dividend or interest income, along with simplifying capital gains tax regime, as stated by experts.
-Expected to conclude in the evening, the discussion includes working of several ministers and policy initiatives being taken by the Modi government, as per sources.
The Finance Ministry will proceed with the planned privatisation that has already been announced. The chances of the new addition to that list of CPSEs in the Budget for 2023-24 is unlikely, sources said.
The disinvestment target outlined in the Budget for the next fiscal is likely to be a scaled-down and realistic one, as the budgeted PSU sell-off target is going to be missed for the fourth year in a row this fiscal.
