On February 1, 2023, the budget for the financial year will be presented by Union finance minister Nirmala Sithraman. Well, it is expected that the minister will announce relief to the middle class and different sectors of the economy. As India’s impact has been on the global economy and the nature of globalized trade, the Budget 2023 speech of the minister will not only be watched in India but across the world too. Without any further ado, let us find out what can we expect from the upcoming budget and whether it will provide low-income group relief or not.
As per reports, the Budget 2023 presentation speech will commence in the Parliament at 11 AM on February 1. The Budget wishlist from tax-payers, middle-class, corporates, and other sectors of the economy have suggested initiatives and has urged the government to announce incentives to boost consumption to accelerate growth. Let us add that ahead of the 2024 general election, it would be the last full-fledged budget of the Modi government. Due to these reasons, everyone has high expectations from the budget and it has become the most-discussed topic on the internet.
Budget 2023 Expectations
Chairman and MD, Inventys Research Company, Deepak Birewar said that they expect positive momentum towards the formulation of the PLI scheme for the chemical sector to encourage domestic manufacturing. With exports of chemical and petroleum products to more than 175 countries standing at a staggering $8.24 billion, they expect the government to implement export benefits for specialty chemicals to aid the overall economy. On another hand, Akshay Munjal, founder and CEO of Hero Vired said that while the government has been supporting the Edtech sector with National Education Policy (NEP), further encourages growth and innovation in the sector and said that he is hopeful that the government will take steps to support the growth and development of the Edtech sector in India.
Talking about the same, Prime Minister Narendra Modi said that India’s Budget will attempt to meet the hopes and aspirations of the common citizens amid the unstable global economic situation. PM Modi further said that the finance minister will present one more Budget before the country tomorrow. In today’s global circumstances, not only India but the entire world is looking at India’s budget. Well, it is no doubt to say that everyone was keenly waiting for the budget for a very long time. Stay connected with Social Telecast for more updates.