Guwahati: The final comprehensive budget of the Modi administration’s second term will be presented to Parliament on Wednesday, February 1 by Union Finance Minister Nirmala Sitharaman.
The budget for this year is of great importance because the country’s next Lok Sabha election is set for April or May of 2024.
The President’s address on Tuesday marked the start of the Parliament’s budget session. The budget session for this year will consist of 27 sittings through April 6, with a month-long break to review the budget documents. On February 13, the session’s first segment will come to an end. The second round of the budget session will begin in parliament on March 12 and end on April 6.
The Economic Survey for the Financial Year 2022–2023 was presented on Tuesday by Nirmala Sitharaman, Minister of Finance for the Union.
According to the Economic Survey, India’s economy has fully recovered from the Covid epidemic and in the upcoming fiscal year 2023–2024, growth is anticipated to range between 6% and 6.8%. This contrasts with 7.0% for the current fiscal year and 8.7% for 2021–22.
The Union Budget for 2023–24 will likewise be delivered paperless much like the previous two budgets.
Top business figures in the nation have also sent their recommendations to Nirmala Sitharaman, the union finance minister in light of the rising public expectations surrounding the Union Budget 2023.
According to reports, Ashok Chhajer, CMD of Arihant Infrastructures recommended that the government concentrate on lowering house loan interest rates.
“The government should reduce home loan rates. The affordable housing segment, which is capped at Rs 45 lakh, should be changed to Rs 60-75 lakh which is the average cost of a house in Metro cities and 2-tier cities,” said Chhajer.