The Union Budget 2023-24 is scheduled to be announced on February 1 by Union Finance Minister Nirmala Sitharaman. Almost the entire budget for the year 2023 has been completed. This will be the last full budget of the current administration, so it will be fascinating to see how the government manages expectations and targets the fiscal deficit. Learn about the expectations of income taxpayers and the complete overview of Union Budget 2023 in this article or have a glance at an official website. (www.indiabudget.gov.in)
Union Budget 2023
Budget 2023 increased the capital expenditure for the financial year 2022 2023 by 35.4% to Rs 7.5 lakh crore, when the previous year’s capital expenditure was Rs 5.5 lakh crore, that is, 2.5 lakh crore in Budget 2023 for this financial year 2023 2024.
In a statement, Nirmala Sitharaman stated that this budget would encourage me as it will move India forward and will resemble Budget 2023. Moreover, many institutions have reduced India’s growth rate estimate for 2022-2023, and the RBI has reduced the growth rate for this year to 6.8 percent.
As a result, in Budget 2023, there will have to be great attention paid to measures that will take the economy above 8% on milk, so that inflation and employment generation stay in a positive direction.
|Current financial year||Union Budget 2023-24|
|Presented by||Finance Minister Nirmala Sitharaman|
|Budget 2023 presentation date||1 February 2023|
|Released by||Central Government|
|Assigned by||President of India|
|Nodal Organization||Department of Economic Affairs|
Union Budget 2023 Highlights
Government expenditures in 2022-23 are projected to reach INR 39, 44,909 crores, a 4.6% increase from the revised estimate for 2021-22.
As of 2022-23, the government expects nominal GDP to grow at 11.1% (growth plus inflation).
In 2022-23, the government is estimated to receive INR 22, 83,713 crores (other than borrowings), an increase of 4.8% compared to revised estimates for 2021-22.
The revenue deficit in 2022-23 is forecast to be 3.8% of GDP, which is a modest decrease from the revised estimate of 4.7% in 2021-22. It is projected that the fiscal deficit will be 6.4% of GDP in 2022-23, slightly lower than the 6.9% of GDP estimated in 2021-22 (and marginally higher than the 6.8% estimated in the budget). Revenue receipts are estimated at INR 9,40,651 crore, representing 43% of interest expenditures.
According to the top 13 ministries with the highest allocations, the Ministry of Communications saw the greatest increase in allocation (93%), followed by the Ministry of Jal Shakti (25%) and the Ministry of Road Transport and Highways (52%).
Extra Budgetary Resources (EBR):
For the first time in many years, the budget does not rely on EBR or loan proceeds from the National Small Savings Fund.
Infrastructural and social spending schemes:
This year’s budget is also expected to increase infrastructure spending. This will lead to the launch of big infrastructure projects in the coming years. Due to the fact that this is the budget for the general elections in 2023, more funds are expected to be allocated to infrastructure projects and social welfare programs.
Improved home loan deduction limit:
According to section 24 (b) of the Income Tax Act, taxpayers may deduct interest paid on home loans. However, such deductions are limited to 2 lakhs per annum. It is likely that the deduction limit will rise in the coming years due to the increase in the price of properties over the past few years.
Expectations from Union Budget 2023:
It is expected that under Budget 2023 Highlights, the government will also take steps to make loans available for real estate companies. By taking such measures, the government will be able to accelerate housing projects.
According to real estate experts, the government may announce tax relief during the upcoming budget, which will boost customer and real estate company profits.
Union Budget 2023 of India
- You can make suggestions to the Ministry of Finance under the Department of Economic Affairs regarding the 2023 Union Budget, here’s
- You must first create an account on the official website of the Government of India, mygov.in, so that you can submit your suggestions.
- Then you need to log in.
- Alternatively, you can also log in using your phone number or email address via OTP rather than the official website.
- Or you can log in using your social media accounts as per the Indian Union Budget for 2023.