Union Budget 2023-24: Everything Explained In Details

Finance Minister Nirmala Sitharaman is all set to launch Budget 2023-24 on February 1. There are lots of expectations from the Budget 2023, as always. Now it is to see what the government will bring for the citizens and industries. 

According to the experts, the government’s plan may see a rise in customs duty and exemption in personal or educational interest. The government has reportedly prepared a budget that is soon to be launched. Here are a few key points of Budget 2023. 

  • According to the government official, some of the items like private jets, helicopters, high-end electric items, plastic goods, jewellery, high-gloss paper, and vitamins are being considered for custom duty. 
  • The government also said that the move to hike customs duty is to reduce imports and boost local manufacturing. 
  • Custom duty on non-essential items may also be reduced. 
  • As per DSB Bank’s Chief economist Taimur Baig, the government will target reducing the budget deficit ahead of the upcoming general election in 2024 without losing focus on long-term economic growth. 
  • Following the spirit of the earlier budget, Sitharaman will continue to push the growth on the back of public spending. 
  • The finance minister unveiled a massive public spending programme to support the economy emerging out of the COVID-19 pandemic. 
  • Under this budget, there shall be an exemption on the interest paid on personal and educational loans. 
  • Sitharaman may also announce some tax breaks for retirement plans in mutual funds under Section 80C and may also simplify section 68 for hassle-free borrowing in the country, according to Mahesh Shukla, Founder & CEO, PayMe, a leading digital lending platform. 
  • According to the experts, the government may also consider providing flat deductions. 
  • It is also expected that the government will take some steps to encourage partnerships between banks and gold loan companies to make gold loans available to underdeveloped communities in India. 

The parliament budget session is likely to commence on January 31, and finance minister Nirmala Sitharaman to present the Union Budget on February 1. The session is expected to conclude on April 6. 

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