Expectation from Union Budget - 2023

India is due for election next year. This will be last full-fledged budget for this term of government and Finance Minister (FM). Hence our intelligent FM may not want to lose the opportunity to present populist budget next month.

While honorable minister will take care of other expectations from all stakeholders to ensure that vote bank remains intact, here are my five ‘S’ factors which requires due attention:

1.???Social Security: Our attention to social security is relatively low. As our population become aged, this can be bigger problem and it is right time to focus on this. Various product like National Pension Scheme (NPS), healthcare etc. needs to be duly incentivised and promoted. Higher limit for tax deduction, simple regulation, ensuring strong products will be welcome move. While being a person closely working in this industry I may look biased, but government of a day should work strongly on this.

2.???Start up: India has turned itself hub of startup and entrepreneurship. Thanks to all young blood of this country who is equally focusing on providing the employment and not just getting employed! I equally thank to government for its various policies. It is time that government take next step in this so that there is no unmatchable competition.

3.???Savings: Time and again, request is done to FM to ensure and maintain for strong culture of saving in India. The very fact that various taxable limits for investments are not relaxed from long time is disappointing. May I request for some increased allowance here from our learned minister?

?4.???Self-reliant: Country wants to become ‘self-reliant’ (Atamnirbhar). The aspiration of $ 5 TN economy needs to be achieved. This will be only possible with strong support from all facets of economy. While promotion of investment, industries etc. is required, we should equally focus on uplifting the poorest section. We need to work on minimizing the gap between poor and rich. Various avenues like increased minimum wage guarantee, universal income, increased employment opportunity are available options.

?5.???Simplicity: Close to two decades back, the talk for ‘Direct Tax Code – DTC’ were popular. The so called DTC was supposed to be simplified version of current income tax laws has not seen its final version. The current provisions of capital gains, double taxation, transfer pricing etc. are really too complex. It is request to FM to make life simpler for tax payer, professional and tax authorities as well.

?As I present my expectation for this year’s Union Budget to honorable FM, I do remember the line which my colleague told about budget “Poor gets subsidy and rich gets rebate, a middle man gets debate from budget”.

I am confident that this time our FM will ensure that the expectation from all section of society are met and present another splendid budget this time.

Note : Views are personal