Budget 2023: Date & Time, Expectations, Income Tax, New Schemes

For any economic growth and development, proper planning should be made, especially concerning budgets. A budget lays out the expenses of a country for a specific year. With the help of a budget, the citizens of the country can plan their expenses accordingly. Smt. Nirmala Sitaraman, who is the finance minister of the country, will propose the Union Budget for the financial year 2023-24 which will bring some beneficial and favourable changes or adjustments to help the citizens of the nation. Let us explore the Union budget 2023 in this article

Budget 2023: Date and time

The presentation of the Union budget for 2023 is considered one of the most anticipated events nationwide under the present Modi government, as the threat of recession and several global uncertainties shape ahead.

The union budget 2023 shall be presented on February 1st, 2023, Wednesday, around 11 AM. The budget session of the parliament will commence on January 31st. A day before this, finance minister Nirmala Sitamaran shall present the data from the economic survey of India in the parliament, which will reveal the performance of each sector and the required action or changes to be made if any. Due to the economic recessions faced by several countries, India’s exports appear to have taken a hit. The budget is finally set to conclude on 8th April, as per the media reports.

Budget 2023: session and phases

The budget session will be inaugurated in the parliament on 31st January 2023. Our honorable president, Droupadi Murmu, will address the houses of parliament: The Lok Sabha and the Rajya Sabha sitting in the central hall. The economic survey shall be placed before both houses of parliament.

After this, there shall be a motion of thanks, to Madame President, which will lead to a discussion on the Budget. After which, our honorable PM Narendra Modi, shall address the debate raised during the discussion. The second phase shall solely focus on Demand OD grants. The bill/budget will be passed then.

Phase 1: January 31st to February 11th

Phase 2: Mid-march to April

Both these phases are essential for people to know. Many changes in the economy shall be implemented based on the decisions of the Union budget 2023.

Budget 2023: Expectations

This year’s budget is much forecasted by the working and business classes due to the looming threat of recession and other international happenings. Concessions and relaxations are much expected especially after the pandemic. The finance minister shall be sharing the budget before the 2024 general elections. The union budget will be prepared by the department of economic affairs after getting inputs from several departments.

The budget is likely to provide benefits to the health sector. Although Covid is no longer active in the country, the threat of new variants from several other nations continues to be of concern. The health sector is likely to be prioritized in the upcoming budget session. MGNREGA and others are likely to get more funds to uplift rural people.

The main focus of Budget 2023 is maintaining the nation’s fiscal deficit for the new financial year. Economic growth and development is the main priority for the Finance ministers during this financial year. Total expenditure in the year 2022-23 was Rs. 39,44,909 crores which were 46% more than that of 2021-2022. It is expected that taxes on capital and operational costs will be considered for 2023-2024.

With the rest of the world moving forward concerning technological advancements, education, and a good system of healthcare. India is catching up, with increased technological advancements, a better system of healthcare, and a plethora of start-ups in major cities. This will require operational costs, due to which the expectations for the Union budget 2023 are greater than that of previous years.

Budget 2023: Income tax

Income tax is an essential component that runs the economy but solely for the welfare of the citizens. There will be quite a few income tax changes this year but none for individuals or corporations. It is predicted that the Covid-19 pandemic affected the tax-paying power of individuals and corporations. Therefore, the main focus is shifted to improving the taxes this year.

6.4% of GDP is expected to increase and the overall budget shall be increased by more than 4 lakh crores this year. India is gradually maintaining its economic growth, thus, there will be several significant changes that the people of the Nation will be going to experience.