On February 1, 2023, or Wednesday, Union Finance Minister Nirmala Sitharaman will deliver the Union Budget of India 2023–24 to the Indian Parliament. We all eagerly await the budget every year because it has an impact on every segment of society, from the working class to companies. Knowing the government's financial and policy goals for the upcoming fiscal year is helpful. Additionally, the budget provides funding for a number of ministries to carry out certain plans.
To find out when, where, and how to watch the live telecast of one of the largest events of the year while you wait for the budget 2023–2024, continue reading.
Date and time for the Union Budget for 2023–24
The 2023–24 Union Budget will be unveiled on February 1, 2023. The budget presentation normally starts at 11 AM, as in previous years. The presentation typically occurs right at the beginning of the legislative or budgetary session. Recent sources, however, state that this year's Parliamentary session will take place on January 31, 2023, while the budget presentation will take place on February 1 of that same year.
Union Budget 2023–2024: The Finance Minister's Position
The Budget 2023–24 will be presented by Finance Minister Nirmala Sitharaman, as was already indicated. According to recent media sources, she will also present the Economic Survey of India on January 31.
Additionally, the Union Finance Minister tweeted a link to a news release on the "mygov.in" website and requested public input for the yearly exercise. The goal of the effort was to increase participation and inclusivity in the budget-making process. The window was open till December 10, 2022
What to Expect from the Union Budget for 2023–24?
While we must wait for the budget to be released in its entirety before determining its effects on us, there are some expectations and suppositions in place.
It's anticipated that the government may increase the exemption or rebate limitations in order to provide relief to specific taxpayers. A recent PTI article claims that the commerce ministry has also asked for a reduction in the import tax on gold in an effort to boost exports and the production of gems and jewellery.
Additionally, India may increase rural investment by 50% to Rs 2 lakh crore in the upcoming fiscal year, according to a Reuters report.
We must wait until February 1, 2023 to receive confirmation of these information. Until then, we must wait to see how this year's budget will affect our financial situation.
Jai Jaiswal
Wednesday 11 January 2023
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