Union Budget 2023 is to be Presented on Feb 1; THESE Key Points Should be Watched Upon

The presentation of Union Budget 2023 is just a day after tomorrow. There are many wishlists of different sectors and classes of people. Scroll the gallery to the ahead to find out the key factors you should watch out in the forthcoming Budget of Modi's government

Markets and policymakers must keep track of the budget deficit in order to make informed decisions. It shows how bad the government's finances are and how dependent it is on borrowing. The most recent data indicates that India's budget deficit for the period of April to November 2022 was Rs 9.78 lakh crore or 58.9 percent of the forecasted deficit for the entire financial year. The shortfall during the same time period last year was 46.2 percent of the full-year FY22 goal. The difference between government spending and revenue is known as the fiscal deficit.

A decision on income tax is one of the Budget's items that is most widely followed since it has a significant effect on both the general public and the government's finances. Individual taxpayers anticipate assistance from the government in the form of increased tax exemption or refund thresholds. Additionally, there are suggestions for raising the Section 80C deduction cap to Rs. 1.5 lakh in the Union Budget for 2023–23.

A decision on income tax is one of the Budget's items that is most widely followed since it has a significant effect on both the general public and the government's finances. Individual taxpayers anticipate assistance from the government in the form of increased tax exemption or refund thresholds. Additionally, there are suggestions for raising the Section 80C deduction cap to Rs. 1.5 lakh in the Union Budget for 2023–23.

To deal with covid-19 affected economy, Finance Minister Nirmala Sitharaman increased capital spending in the previous budget. As expected, FM may increase capital spending in the forthcoming Budget

The disinvestment goal for the current fiscal year 2022–2023 is set at Rs 65,000 crore. The government has raised almost Rs 31,000 crore so far by selling its holdings in essential public sector companies. Over the past four years, the government has frequently fallen short of its fiscal goal. The divestment goal was originally set by Finance Minister Nirmala Sitharaman at Rs 1.75 lakh crore in the Union Budget 2021–22, however, it was eventually decreased to Rs 78,000 crore. However, only Rs 13,531 crore was received overall in 2021–22.

After getting approval from the United Nations General Assembly to celebrate 2023 as the International UYear of Millets, India is all set to celebrate the year. The government is also taking this as an opportunity to increase the production and consumption of nutri-cereals. It is anticipated to launch special provisions to go ahead with their wants.