Budget 2023: Finance Minister Nirmala Sitharaman will on February 1 (Wednesday) present her fifth straight budget at a time when the economy is slowing due to global headwinds and specific sectors need attention.

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Sitharaman will have to do a tight-rope walk between staying fiscally prudent and general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy before general elections.

5-point guide before Nirmala Sitharaman presents Budget 2023

 

1) FM Sithraman will present a paperless budget for the third consecutive year. She will present the Union Budget at 11 am. Those who want to watch the session LIVE can visit the official  website indiabudget.gov.in.

2) The live telecast of the session will also be done on Sansad TV, Doordarshan, Zee Business and other channels. For live updates, one can also visit the YouTube channels of Sansad TV, Doordarshan and others. Press Information Bureau (PIB) will also live telecast the Union Budget 2023. Moreover, live telecasts will also be available on Twitter platforms.

3) The Union Budget for 2023-24 (April 2023 to March 2024) would be the first normal budget after the COVID-19 shock and amid global geopolitical developments. 

4) The pre-Budget Economic Survey on January 31 (Tuesday) projected the Indian economy slowing to 6-6.8 per cent in the fiscal year starting April - still remaining the fastest-growing major economy in the world - as extraordinary challenges facing the globe will likely hurt exports.

5) The projection of India's gross domestic product (GDP) growth is higher than the 6.1 per cent estimate of the International Monetary Fund (IMF) and compares with the survey's estimated 7 per cent expansion in the current fiscal year (April 2022 to March 2023) and 8.7 per cent in the previous year.

6) In the run-up to the Budget presentation, expectations are rife that she may tweak income-tax slabs to provide relief to the middle class and increase spending on the poor through programmes such as the rural job scheme while ramping up financial incentives for local manufacturing.

7) The priority for the Budget is expected to be to maintain a reasonably high but stable growth in the medium term. Alongside, to establish fiscal credibility with a suitable incremental reduction in the fiscal deficit to GDP ratio.

8) Despite this being the last Budget before general elections, big doles may not come on Wednesday as the government may choose to unveil them in the interim budget to be presented next year before the April/May general elections.

9) Sitharaman has in the past budget looked at public spending to boost an economy emerging out of the pandemic and her resolve to stay fiscally prudent will be tested on Wednesday.

10) India has outperformed its peers in restoring growth and containing inflation. Even though the majority of currencies depreciated against the US dollar in 2022, the depreciation of the rupee against the US dollar has been relatively lower than that of other major currencies.

 

Union Budget 2023 Live Updates: FM Nirmala Sitharaman to balance populist expectations along with fiscal prudence in speech at 11AM