Budget Session 2023: The budget session of the Parliament is going to start today at 11 am. After the customary address of President Draupadi Murmu’s, Finance Minister Nirmala Sitharaman will also table the Economic Survey in Parliament.
After this, tomorrow i.e. on February 1, the central government will present the budget in the Parliament. This will be the last full budget of the second term of the current Modi government before the general election of 2024. Every sections of the nation have pinned hope on the current budget.
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Assembly elections will be held in 9 states this year in 2023, which is being considered as the semi-final before the 2024 general elections. It is obvious that government would surely try to woo people through this full budget for keeping eye on general election of 2024.
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In fact, there is challange on the central government to further strengthen its image from middle class to farmers, laborers, youth, students, elders and middle class. In such a situation, speculations are being made that the central government can make many populist announcements in this budget to please all sections. Along with this, the country can also increase the capital expenditure substantially to accelerate the pace of economic development. However, during this period there will be fiscal pressure on the government as to where the money will come from to fulfill the promises made in the budget. Along with this, the challenge will be to reduce the fiscal deficit on the government.
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Equally, there will be a challenge for the government to control the rising inflation during the budget. In fact, the general public is very worried about inflation. In the last one year, inflation has troubled all sections, from common to special. From petrol-diesel to CNG-PNG, edible oil, flour-rice, the prices of all are on the seventh sky.
After the increase in GST on packed food items, inflation has broken the right back of the common people. To keep inflation under control, the Reserve Bank of India made loans costlier. Due to which the EMI of the home loan became expensive. This has a direct impact on the savings of the common people. Therefore, there is the biggest pressure on the Modi government to provide relief to the middle class through the budget.
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