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Budget 2023 Latest Update: As Finance Minister Nirmala Sitharaman is getting ready to present the Budget 2023 on February 1, various key sectors are looking for big announcements from the Centre, apart from demand from individuals for tax relief. Check some of the key things to watch out for in Budget 2023:
Announcements on income tax relief is one of the foremost things that individual taxpayers are looking for from FM Sitharaman. The taxpayers are expecting that the Centre might give relief by raising tax exemption or rebate limits. There are also demands of raising the deductions limit under Section 80C in the Union Budget 2023-23, compared with Rs 1.5 lakh currently.
In the last budget, the capital expenditure got a boost to support the pandemic-hit economy in the country. This time, FM Sitharaman might unveil big spending plans for crowding in private investment for the financial year 2023-24. The Centre might continue with its plan to ramp up capital expenditure in the upcoming Budget 2023-24 with a special focus on states’ spending on capital assets.
It is one of the important metrics among markets and policy makers to follow. As per the latest data available, India’s fiscal deficit during April-November 2022 stood at Rs 9.78 lakh crore, or 58.9 per cent of the full-financial year target. Last year, the deficit stood at 46.2 per cent of the full-FY22 target.
The disinvestment target in this financial year 2022-23 is Rs 65,000 crore and the Centre so far has raised around Rs 31,000 crore from divesting its equities in the central public sector enterprises. FM Sitharaman had earlier pegged the divestment target at Rs 1.75 lakh crore, which was revised later to Rs 78,000 crore. This financial year saw India’s mega IPO, LIC IPO. Now, there is a pending privatisation of two state-owned banks and one general insurance company.
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