The preparation of budget 2023-24 has started. A week-long pre-budget consultation meetings chaired by Union Finance and Corporate Affairs Minister Nirmala Sitharaman were concluded on Monday, 28 November.
In total, eight meetings were held in virtual mode between November 21 and 28. According to the Ministry of Finance, more than 110 invitees representing seven stakeholders participated in the meetings scheduled during these periods.
These seven stakeholder groups include the agriculture and agro-processing industry, infrastructure and climate change, financial sector and capital markets, services and trade, social sector, trade union and labour organisations and economics.
The Finance Minister attended all eight meetings and concluded the session on Monday. The budget for 2023-24 would be tabled in Parliament on February 1, 2024.
Expectation From Budget 2023-24
What does India expect from the upcoming budget, find it in the following section.
- The State Finance Ministers stepped up their budget demands for more budgets.
- Tamil Nadu state demand higher flexibility in implementing CSS.
- Exports want a stronger rupee against the US dollar.
- In addition to this, they want employment incentives units to boost.
- 20% tax deduction on the expenditure made by exporters for overseas marketing.
- Farmer organisations have asked to lift the export ban on items like wheat and restrict the import of products that cost below the Minimum Support Price (MSP).
- Farmers also want the government to focus on increasing the domestic output of local oilseeds such as soybean, mustard, groundnut and sunflower.
- India Inc. also wants increased focus on jobs, boosting domestic growth and consumption.
- India Inc. also demanded to stick to fiscal discipline amid an uncertain global situation and high inflammation.
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Most importantly, everybody has an eagle eye on the government’s decision on whether they will roll out any income tax cuts or not. However, it won’t be an easy decision for the government.
What are your expectations from the upcoming budget? Comment in the below section.