Union Budget 2023 | Expectations
The dates for the Parliament's 2023 Budget Session were confirmed by Union minister Pralhad Joshi on 13 January 2023.
The session will begin on 31 January and end on 6 April. It will include 27 sittings spread over 66 days with the traditional recess period in-between. The Union Budget is expected to be presented on 1 February. Read more on this here.
As the Budget approaches, Editorji breaks down the what, why, and when of the budget presentation.
Mutual fund industry body, AMFI (Association of Mutual Funds of India), has released a wishlist of what the industry wants from Budget 2023.?
The industry wants uniform capital gains taxation with unit-linked insurance policies, a long-standing demand of the industry.?
Crypto trading volumes in India took a big hit, crashing as much as 90% after the introduction of 30% crypto tax in the last budget. In this scenario, the industry has listed a slew of expectations from the union budget.?
Already struggling with the higher cost of living, the country's middle class, which is defined as those earning between Rs. 2.5 lakh and Rs. 20 lakh per annum, is calling for tax relief to support their economic well-being.?
The tax rate for individuals has not been changed since?FY2017-18 and the ‘New Tax Regime’ was announced in 2020. Therefore, the middle class want Budget 2023 to make changes to the slab rates for individuals.
The salaried class is also keenly awaiting this year's budget announcement. After being left disappointed last year, with not too much being announced by way of tax relief, the salaried class has high hopes from the Finance Minister, this year.?
The impact of inflation and medical issues arising due to covid has taken a toll, especially on senior citizens. With budget 2023 around the corner, senior citizens have a slew of expectations from Finance Minister Sitharaman.
Ahead of the Budget, MTaI (Medical Technology Association of India) has urged the government to reduce customs duties and the removal of health cess on imported medical devices.
They appreciated the various reforms undertaken during the previous year, but said that more was needed to be done as 80% of the medical devices used are imported.
The real estate industry saw a promising 2022. A research report by ANAROCK consultants says that residential property sales grew by 50% last year as compared to 2021.
The industry and homebuyers alike are hoping that the upcoming budget will have measures to incentivise homebuyers and boost the sector.?
The education sector has seen a significant transformation in the last few years however, experts say that India needs further substantial reforms and support from the Budget to bridge the gap between education and employment.?
India currently spends 3% of its GDP on education, now the education industry wants to increase spending to 6% of GDP.
In order to boost local manufacturing and spur research and development, the space industry wants the upcoming budget to announce a production-linked incentive (PLI) scheme and provide incentives to entities engaged in the sector.??
After a tough 2022 due to a funding crunch and macroeconomic uncertainty, Indian startups have high hopes from the upcoming Union Budget.
Amid the wave of layoffs in the sector, startups have a list of demands from budget 2023 to provide a boost to both employment and funding.?
Insurance penetration is extremely low in India. To address this, the insurance industry has a slew of expectations from the budget. Some of which, have been long-standing demands, which the industry is hoping will get addressed this time.?
The Agro Chem Federation of India is an industry body representing manufacturers/ importers of technical and formulation of pesticides at the pan-India level.
The ACFI has demanded that the government should cut import duty on crop protection chemicals in the upcoming budget and also provide fiscal incentives to private players for undertaking research. Here is their full wishlist...
After facing rough waters in the last two years due to the covid pandemic, the tourism and hospitality industry experts feel that the sector needs some relief from the upcoming budget in order to expand various segments of the industry.
The forthcoming budget will be the last full budget of the present government ahead of the general elections to be held in mid-2024.
This and much more is covered in our extensive Union Budget 2023 coverage. Read, watch or listen, as per your convenience, to the exclusive Budget playlist on our app here.
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