“Capex is the primary theme of the budget. While the government has threaded the needle on fiscal consolidation, the crux of the policy announcements are in line with the larger economic and reformist agendas of the government.”
“Sound and balanced budget, keeping in mind all strata of society. Fiscal deficit and net borrowing targets are a big positive keeping in mind the growth story of India.”
“Budget is meeting the agendas of the government and is very productive in nature. Fiscal deficit estimates and the trajectory towards normalisation is in line with market expectations.”
“Budget has focus on four key areas - a continued push towards better quality capital spending, promoting make in India, reiterating the path of fiscal consolidation (albeit in a measured manner), and an effort towards streamlining the individual direct tax regime.”
“The budget is an extension of the key agendas driven by the Government over the last 8 years and numerous developmental projects aimed at making India the 5th largest economy.”
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The 1950-51 budget announced a cut in the super-rich tax rate, so as to push savings. Gift Tax was introduced to India in 1958-59 by Jawaharlal Nehru.
In 1965, the import duty on cars was raised from 60 to 100%. The 1978-79 budget was presented barely a month after demonetisation.
1991 was a landmark budget with Dr. Manmohan Singh heralding the economic reforms. In 1994-95, the budget introduced Service Tax.
In the 2005-06 budget, schemes like National Rural Health Mission, Gender Budget and NREGA were announced.
Also in 2017, the government said the budget will be presented on 1 February of every year.
Finance Minister Nirmala Sitharaman will present the Union Budget 2023 in the Parliament on February 1.
The Union Budget is an annual financial statement of the government. Every year, the government presents to the country the details of its revenues and expenditure of the previous year and its plans for the upcoming year. Presented on February 1 by the finance minister of the country, the Union Budget also lays down policy changes that it intends to implement during the year such as changes in taxation policy, which usually come into effect from April 1.
The finance minister presents the Union budget on February 1. Also known as the annual financial statement of the government, the Budget is prepared by the Finance Ministry’s Department of Economic Affairs in consultation with other ministries, NITI Aayog, and other stakeholders. Before the Budget, the finance ministry also holds meetings with industry leaders, economists, farmers, among others, to seek their views.
The Indian Union Budget consists of the government’s annual financial statement, which gives details of its revenues, expenditure, fiscal deficit, and borrowing. It also consists of the government’s plan to spend on the country’s development and infrastructure through capital expenditure and expenditure on various schemes. Read more here...
The government mainly generates revenues from different types of taxes such as income tax, corporate tax, goods and services tax, excise and custom duties. It can also generate money from market borrowing and disinvestment of public sector units. Out of that revenue, the government spends on the country’s infrastructure such as roads, railways, health, education, defence, and key government schemes. Read more...
Union Budget 2023 is important as it is the last full-year budget before the General Elections in 2024. Since the Budget contains key announcements for an entire year, it becomes important from the political point of view of the government, which will seek to come to power again next year. Before the elections, the government will get to present another Budget in February 2024, but it will be an interim one.
For a few years now, the biggest highlight of the government has been its push for growth through big capital expenditure. In 2022-23, the government announced a record capital expenditure of Rs 7.5 trillion in a bid to support the economy coming out of the pandemic-led slowdown. In the upcoming Budget, the government is expected to continue with big capital expenditure. However, the announcement needs to be read with a pinch of salt. Here’s why:
The government has been supporting the rural economy through various schemes such as Mahatma Gandhi National Rural Employment Guarantee Scheme. In the past few years, the government has been forced to spend more than budgeted due to the distress in the rural economy. Since this year, the rural economy has suffered from high inflation and negative real wage growth, all eyes would be on Budget announcements for rural India. Read more...
The government did not announce any changes in income tax slab in 2022. However, it introduced changes to make Income Tax Returns filing easier by allowing a one-time window to correct omissions and the tax deduction limit for state government employees contribution to NPS raised to 14% from 10%. Read more...