Finance Minister Nirmala Sitharaman will be presenting the Union budget for the financial year 2023-24 on February 1. The Economic Survey for the year 2023-24 was released ahead of budget today. This is going to be the 4th budget of Narendra Modi-led NDA governments second term, starting from 2020. Ahead of union budget 2023, expectations are running high across the country. Some of the expectations of common man are revolving around changes in tax slabs, relaxation in capital gains. Meanwhile, the defence, agriculture and manufacturing sectors all have high hopes from the Finance Minister. But Sitharaman faces a stern test this time, and she needs to maintain a perfect balance between expenditure priorities and the need for this fiscal.According to the Economic Survey, India is expected to grow in a broad range of 6-6.8 per cent in financial year 2023-24, which was tabled in the Parliament today. The Surveys baseline forecast for GDP growth is 6.5 per cent. The survey had expected the Indian economy to grow at around 7 per cent in the ongoing financial year 2023-24.It is expected that the tax will be decreased and people have to pay normal income tax return. Consumer and retail both sectors are expecting major changes. In the wake of global economical crisis, rising inflation and slower GDP growth, experts expect the government to announce some measures that can help consumer and retailers.Apart from this, the government can make a big announcement in the budget regarding PM Kisan Yojna. Experts believe that its installment can be increased, so that farmers can buy more quantity of seeds, fertilizers and pesticides.Like Kisan Yojana, the government is implementing several schemes like Pradhan Mantri Fasal Bima Yojna, Soil Health Card and Kisan Credit Card to empower small farmers, which have been extended to fishermen and animal husbandry. Along with these sectors, educationist are also expecting funds from government to boost the education standards, which will give the opportunity to consider the growth in scholarships, digital learning, remedial classes and physical education to the large segment of out society. This will help the nation to be on the right track to transform into global knowledge. Many economists, experts and educationist looking forward to the Union Budget.Considering the extension of housing schemes which has done well post covid-19, along with Pradhanmantri Awas Yojna. To provide relief on the account of the inflation, an exclusive doorway of INR 3 lakhs instead of Rs.1.5 lakhs should be provided for repayment of principal on housing loan.Auto industry is optimistically expecting growth- oriented budget with a focus on infrastucture and e-mobility. According to luxury brand car owners India will see 25 per cent of sales from EVs in next 4 years.Some experts expect the government to enhance the tax slab which is not changed from past one decade. The 20 percent and 30 percent slabs were last updated in year 2013 and moved to Rs.5 lakh and Rs.10 lakh, respectively.Exports also play the important role in economic growth. Economists say that the budget should create a favourful atmosphere that promotes the import of raw goods instead of the finished ones.According to Ashok Babu Kunjukkannan, Co-Founder & President of e-con Systems said, “The IOT, 5G and Robotics emerging together, the AI on the edge and cloud will significantly push the frontiers further in all areas of industry, agriculture. We hope that some new schemes will come that will encourage industries to invest in core R&D on AI and Robotics that will unleash Indias technology potential.”
