Union Budget 23-24: Finance Minister Nirmala Sitharaman will bring the Union Budget 2023-24 on coming Wednesday. It is her fifth and the government’s last full Budget before the general elections of 2024. Besides the demands of commoners for tax exemptions, various other sectors have so many expectations with current budget. Here are the important factors to check out in the upcoming Budget: (Union Budget 23-24)
The fiscal deficit is an essential measure for markets and policymakers to monitor. It demonstrates the state of the government’s finances and its reliance on borrowing. According to the most recent figures, India’s budget deficit from April to November 2022 was Rs 9.78 lakh crore, or 58.9 percent of the full-financial-year projection. In the same period last year, the deficit was 46.2 percent of the full-year FY22 objective. The fiscal deficit is the gap between the government’s expenditure and revenue.
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Income Tax related decisions
A decision about income tax is one of the most closely watched items in the Budget, as it has a huge impact on both people and the government’s coffers. Individual taxpayers are expecting the government to provide aid by raising tax exemption or refund limits. There are also calls to increase the deductions limit under Section 80C to Rs 1.5 lakh in the Union Budget 2023-23.
Capital spending was increased in the previous Budget 2022 to help the pandemic-affected economy. According to rumours, Finance Minister Nirmala Sitharaman may reveal large spending plans for crowding in private investment for the fiscal year 2023-24. The administration is expected to stick to its objective to increase capital investment in the next Budget 2023-24, with a particular emphasis on public spending on capital assets.
The current fiscal year 2022-23 has fixed its disinvestment target to Rs 65,000 crore. So far, the government has raised approximately Rs 31,000 crore through divesting its stakes in core public sector businesses. The government has repeatedly failed the budgetary objective during the last four years. Finance Minister Nirmala Sitharaman had initially set the divestiture objective at Rs 1.75 lakh crore in the Union Budget 2021-22, which was later reduced to Rs 78,000 crore. However, the total amount collected in 2021-22 was only Rs 13,531 crore.
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The current fiscal year saw India’s largest IPO, the LIC IPO. Two state-owned banks and one general insurance firm are about to be privatised.
Offer for cereals
As India prepares to guide the celebration of International Millet Year 2023 and encourage the cultivation and consumption of nutri-cereals, the Union Budget may offer a special fund or a scheme for millets. The government proposed the International Year of Millets (IYM) 2023, which the United Nations General Assembly approved (UNGA).
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