Upcoming Union Budget 2023-24

Upcoming Union Budget for 2023-24 All About 

The upcoming budget 2023 is about to come, you should know your benefits and losses, The Union Budget for the year 2023-24 will be presented in the Lok Sabha on February 1, 2023.

Upcoming Budget 2023-2024

The government proposes to spend Rs 39,44,909 crore in 2022-23, which is an increase of 4.6% over the revised estimate of 2021-22. In 2021-22, total expenditure is estimated to be 8.2% higher than budget estimate. The Union Budget for FY 2022-23 this year aims to strengthen the infrastructure with its focus on.

What can happen in this budget

It is known through news sources that in this 2023 budget infrastructure, finance, Midcap, and some other sectors will be under the government's eye. Fixed deposit, PPF, EPF  interest rate is also a matter to be seen, what the financial minister says about the growth of the GDP also has to be seen, this 2023 budget will full fill whose hopes, this budget will have an impact on the upcoming Lok Sabha election 2024. , so the government will want to think about the people's side once. Will tax slab change or not in 2023, rising inflation, and sluggish growth.

What plans can the government have?

Calculative actions to strengthen the domestic sources of growth are essential to maintain the current trajectory of steady economic growth in the country. And the Central government continues to remain committed to introducing and implementing reforms leading to ‘Ease of Doing Business,’ focusing on encouraging investment for making India ‘Atmanirbhar’ by promoting ‘Make in India’ initiatives aggressively.

As the next steps towards indigenization of components of Ref, RAC, and LCD/LED TVs, under the Phased Manufacturing Program (PMP) scheme, we would expect the administration to simultaneously increase import duties on the components (Back Cover Sheet, Bezel, Refrigerator Motor, Room AC (FG), etc.) over the period of time to provide an incentive for local manufacturing units. For instance, increase basic customs duty (BCD) on Refrigerator Motors to up to 22 per cent (over a period of 4 years) from the current 10% BCD. 

The new tax system can be made attractive

The government is considering major changes in its rules to increase acceptance of the new tax system among taxpayers. In the new income tax system, certain tax exemptions can be granted subject to certain conditions. But it doesn't seem that way, because this year's tax system has already been decided, so taxpayers can choose this option. It is assumed that the finance minister can make this announcement in his budget. Tax rates may be lower in the new income tax regime For assessment year 2021-22, 5.89 crore taxpayers have filed returns, but less than 5 percent of this number of taxpayers have filed income tax returns under the new income tax regime. In such a situation, announcements are likely to make the new system attractive.

Government should think about India's growth and consumption

Public Poll (What should the government do?) Phase 1

While other countries have seen a substantial increase in research expenditure in line with their economic growth, India has reduced its research and development expenditure (World Bank 2018 Report), which is quite alarming and a matter of concern. Now is the time India should increase its total expenditure on research and development (GERD) to a realistic target of 1 percent of GDP from the current value of around 0.7%, which is much lower than the global average of 2 percent of GDP like other countries. China (2.14%). In the last two decades, to become a developed nation by our centenary, we need not only 'Made in India' but also 'Innovate in India', which requires a significant increase in R&D expenditure not only in applied sciences but also in basic sciences. Financial assistance provided in CFTIs should be provided only to those who are economically disadvantaged without any other form of discrimination, and expenditure on PhD/postdoc salaries should be increased to develop skilled scientific talent in the country.

Public Poll (What should the government do?) Phase 2

Western countries are in deep trouble, because money printing is not linked to gold reserves. Governments should survey citizen perceptions of governance, including the rule of law and the administration of justice. Laws should be amended to implement National Judicial Commission for District Judiciary as well as High Courts. India should link rupee print with gold reserves. Contempt of court provisions should be limited or removed in accordance with UK law. We cannot selectively implement Western ideas such as decriminalizing adultery, but refrain from implementing provisions such as removing contempt of court laws or following the procedures adopted by the UK, US governments in appointing judges. Adequate budgets need to be allowed for complete reforms and transformation of the justice delivery system. Necessary legislation like the NJAC meeting examination of the provisions of the constitution needs to be made.

Budget Planning

The government has invited suggestions for the Union Budget 2023-24.Online games should be audited: Funds and enforcement should be created to audit and regulate online games.Today's generation of kids are more used to playing online. The government should think about this, checking the game factors like violence, crime, ethics, anti-national etc. potential threats.

With plans underway for the 2023-2024 Annual Budget, it may seem like we just asked you this, so why are we already asking again? That's why we want to hear from you from the beginning of the planning process. These issues will affect how we balance our budget and develop the 2023-2024 budget. Like any other organisation, councils can be affected by a wide range of economic factors such as rate-capping, high inflation and the impact of COVID-19. Throughout the budget planning process, we will then let you know how our feedback from these discussions has been taken into account.

An audit system should be put in place to check the gravity of such vulnerabilities before they enter our country. The government should be strict in this regard.

Look at all these our thoughts, we have to see what the government is doing, what things will increase in price and what things will decrease in price, we have to see what the government says, there are many questions among the common people, we have discussed a lot, let the budget come after that and see what happens or not. Then I will discuss in detail.

What will be in this budget, what will happen after the budget will be discussed in detail and I will tell you what is your gain and loss in this 2023 budget.