Finance Minister Nirmala Sitharaman to present Budget 2023, these could be big announcements IG News

The final full budget of the Modi 2.0 government will be presented on February 1, 2023. Finance Minister Nirmala Sitharaman will face the biggest challenges in this comprehensive budget to address every section of the society and every need.

Income Tax Exemption Limit…

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, Income tax payers are expected to get relief in this year’s budget. In 2014, the basic exemption limit was Rs. 2.5 lakh was fixed and now needs revision. This exemption limit is likely to be increased to 4 lakh rupees. This relief is likely to be given in ‘No Exemption Regime’.

He added that another expectation is to rationalize the capital gains tax system. The current system is complicated with different tax rates and holding periods for different investments, which needs to be simplified.

Budget 2023: Jan Dhan 2.0…

The financial sector has high hopes from the Union Budget 2023-24. Financial inclusion, one of the Modi government’s top priorities, needs new fuel in this budget. Our flagship model of Innovation-Infrastructure-Inclusion is envisaged at the heart of this budget. We hope that the new phase of Pradhan Mantri Jan Dhan Yojana (PMJDY) will be announced.

Real Estate Hopes…

Central Park CMD Amarjit Bakshi said, “In Budget 2023, the government has increased the limit of tax deduction for interest on housing loans to Rs 2 lakh per annum for all home buyers from the current limit of Rs. 5 lakh should be considered.

Cooperation with energy sector…

Gautam Mohanka, managing director of Gautam Solar, said that the entire renewable energy sector was a step towards the country’s effort to promote clean energy and reduce its overall carbon footprint during Budget 2022, and now he hopes for more in Budget 2023. A PLI scheme is awaited to include the MSME sector in particular.
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Helping startups in a murky environment…

Budget 2023 should emphasize and promote fin-tech start-ups that can help PE and VC funds invest as well as exit their investments.

Broaden the base of MNREGA…

To provide 100 days of work to every family registered under the government’s flagship scheme Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS), the government in the next budget will spend about Rs. 1.8 lakh crore will have to be spent. The government thus has to support rural employment by increasing the base coverage of MGNREGA.

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Pharma needs a booster dose

Ahead of the Union Budget 2023-24, the pharmaceutical sector has emphasized the need for a comprehensive research and development policy. R&D in healthcare has called for significant investment over a long period of time. The government hopes to help the pharma sector in R&D with ‘Discover and Make in India’.

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Tags: Budget 2023, Budget News, FM Nirmala Sitharaman