Exclusive insights into our expectations from the Union Budget 2023
During the effects of the pandemic, the Union Budget is expected to improve the growth of the economy. As the government gets ready to release the budget, some of the top priorities on its agenda include changes to the tax code to promote sustainable growth, infrastructure investment, a focus on R&D spending, nurturing incentives to the core sectors, including manufacturing and services, and utilising the vast experience of running captive centres. The keys to improving the ease of doing business in India are tax compliance ease, simplicity, and digitization.
The middle-class population, which comprises a large portion of the country, are sitting back with high expectations from Budget 2023, likely to be announced in the first week of February. In between speculation and estimations, finance minister Nirmala Sitharaman has clarified that government will continue to focus on the middle class. As she gears up to present the budget in the parliament, she mentions that she also belongs to a middle-class family and understands their pressure and challenges. She added that Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) has not imposed any new tax on the middle class so far, hinting that there are no new taxes this time.
While commenting on the 2023 budget and its role in middle-class families, she said, "I belong to the middle class and identify myself as a middle class so I can understand them. The Modi govt has not levied any new tax on the middle class in any budget so far. No taxes are levied on people who earn a salary up to Rs five lakh."