Budget 2023 will be presented in the Parliament.

The Union Budget 2023 may be presented ahead of the 2024 general elections amid hopes of tax cuts, a comprehensive social security system and a further boost to production.

According to economists and reports in the local media, Finance Minister Nirmala Sitharaman is likely to revise income tax slabs to provide relief to the country's vast middle class and increase spending on the poor through programs like rural jobs. 

Fair allocation is expected in social welfare programs as the gap between the haves and the have-nots has widened.

This was said by India Ratings and Research economist Devendra Kumar Pant.

He believes that inflation has eroded spending power and that tax relief "could provide a much-needed boost to consumption demand".

This will be the last full budget of Prime Minister Narendra Modi's government before the 2024 elections, which is coming amid rising interest rates and slower global growth, in such a situation, he can refrain from making a more populist budget.

Economists in a Bloomberg survey see the fiscal deficit being limited to 5.9% of GDP.

Earlier it was 6.4%.

It is believed that this next year will also be full of record borrowing requirement.

Markets will closely watch the budget speech at 11 am to see what Asia's third largest economy has in store for investors.

What will be special to see in the budget:

tax changes possible

Sitharaman's recent comments on knowing the "pressures of the middle class" have fueled speculation.

It is believed that she will put some money in the pocket of the taxpayers.

But there will not be free revelries.

Economists at Yes Bank, led by Indranil Pan, have projected a 15% growth in tax receipts next year, saying "any tinkering with rates in the lower income group will be compensated by raising the cess/surcharge for the upper income group." Will go."

According to The Economic Times, she can also increase import duty on things like private jets, helicopters, high-end electronic items and jewelry to promote domestic manufacturing.

social sector

India's unemployment rate hit a 16-month high of 8.3% last month, underscoring the challenge of creating jobs for the world's largest population.

DBS Group economist Radhika Rao believes spending on rural job guarantees could top this year's allocation of 730 billion rupees ($9 billion), along with crop insurance, rural road infrastructure and low-cost Housing can also be taken into consideration.

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