The Union Budget for 2023-24 is released on February 1 by Nirmala Sitharaman, the minister of finance for the Union. The final version of the budget for 2023 is almost ready.
This will be the last full budget of the current administration, so it will be interesting to see how the government handles expectations and the fiscal imbalance.
Read this article to find out what taxpayers can expect from the Union Budget 2023.
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Union Budget 2023
The Budget for the financial year 2022-2023 raised capital spending by 35.4% to Rs 7.5 lakh crore from Rs 5.5 lakh crore the year before. For capital spending in the financial year 2023-2024, the budget set aside 2.5 lakh crore. In a speech, Finance Minister Nirmala Sitharaman said that this budget would help India move forward and would be like Budget 2023.
But many organizations have lowered their estimates of India’s growth rate for 2022-2023, and the RBI has dropped the growth rate for this year to 6.8%. So, the budget needs to focus on ways to grow the economy by more than 8% to keep inflation and job growth going in the right direction.
| Current Financial Year | Union Budget 2023-24 |
| Presented by | Finance Minister Nirmala Sitharaman |
| Released by | Central Government |
| Assigned by | President of India |
| Presented on | Parliament |
| Budget 2023 Presentation Date | 1 February 2023 |
| Nodal Organization | Department of Economic Affairs |
| Official Website | https://www.india.gov.in/ |
Highlights of the Union Budget 2023
Expenditure:
In 2022-23, the government is expected to spend INR 39,44,909 crores. This is 4.6% more than the updated estimate for 2021-22.
GDP:
The government thinks that nominal GDP (GDP + inflation) will grow by 11.1% in 2022-23.
Receipts:
The government is expected to get INR 22,83,713 crores (other than the money it borrows) in 2022-23. This is 4.8% more than what was expected in the revised predictions for 2021-22.
Deficits:
In 2022-23, the revised estimate for the revenue shortfall is 3.8% of GDP. This is a small drop from the revised estimate of 4.7% in 2021-22. In 2022-23, the fiscal deficit is expected to be 6.4% of GDP, which is a little less than the 6.9% of GDP expected in 2021-22 (but a little more than the 6.8% budgeted). The amount of money coming in is expected to be INR 9,40,651 crore, which is 43% of the amount spent on interest.
Budgets for Ministries:
Among the 13 departments that got the most money, the Ministry of Communications got the most money (93% more), followed by the Ministry of Jal Shakti (25% more), and the Ministry of Road Transport and Highways (52% more).
EBR stands for “Extra Budgetary Resources.”
For the first time in many years, the budget doesn’t depend on EBR or loan money from the National Small Savings Fund.
Plans to spend money on infrastructure and social programs:
The budget for this year is also likely to raise spending on infrastructure. In the coming years, this will lead to the start of big building projects. Since this is the budget for the general elections in 2023, more money is likely to go to building projects and programs for social welfare.
The increased amount of home loan deductions:
Section 24(b) of the Income Tax Act says that people can write off the interest they pay on home loans. But these reductions can only be up to 2 lakhs per year. Due to the rise in home prices over the past few years, it is possible that the deduction limit will go up in the coming years.
What to Expect From the Union Budget 2023?
Based on what the Budget 2023 Highlights are likely to say, the government may come up with ways to help real estate companies get loans, which could speed up housing projects.
Also, experts in the real estate business think that the government may lower taxes in the next budget, which would help both buyers and real estate companies by making them more money.
Indian Union Budget 2023
You can make comments about the Union Budget for 2023 to the Ministry of Finance, which is part of the Department of Economic Affairs. Here’s how.
- Before you can send in your ideas, you must first make an account on mygov.in, the main website of the Government of India.
- Then you should sign in.
- You can also use your phone number or email address and OTP instead of the official website to log in.
- Or, according to the Indian Union Budget for 2023, you can sign in with your social media accounts.
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