Union Budget 2023

India gears up for Union Budget 2023, and the Budget Session of Parliament will start from January 31st till April 6th. It will have 27 sittings spread over 66 days with usual recess. Let’s wait and watch how our expectations are fulfilled from the Union Budget in terms of income tax slabs, Railway budget, subsidy, LPG gas and more.

The finance minister has held several rounds of discussions with various stakeholders, and final touches are being given to the Union Budget for 2023-24 which will be unveiled in the Lok Sabha on February 1.

Expectations are running high as our finance minister Nirmala Sitharaman gears up to present her 5th Budget. The budget session for 2023 will start with an address by President Droupadi Murmu to the joint sitting of the Lok Sabha and Rajya Sabha in the Central Hall of Parliament. This will be President Murmu’s first address since her elevation to the nation's top post last year.

The financial Gurus predict that with the Union Budget 2023 around the corner, the government may introduce conducive measures to provide relief to borrowers. Hopefully, the government will consider the long-pending demand to enhance the deduction limit against home loan interest from Rs 2 lakh to Rs 3 lakh.

The most important is, India's GDP growth in the current fiscal is estimated to decline to 7% from 8.7% in the previous year, requiring the government to take action to boost the economy amid ongoing geopolitical tensions.

Meanwhile, the electronics components makers body ELCINA has requested the government to allocate $10 billion (about Rs 80,000 crore) for eight years to boost the manufacturing of electronic components and key modules other than semiconductors.

It has sought a four-year extension to the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), with an increased outlay of Rs 16,000 crore in the Union Budget for 2023-24.

At the same time, the startup segment too has high hopes from the Budget. The union government will need to address various demands that will aid the growth of the world’s third-largest startup ecosystem.