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Economic Survey expects India’s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24

Economic Survey 2023: Inflation, Borrowing Cost, CAD Key Concerns

Economic Survey expects India&rsquo;s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24

The Economic Survey expects India&rsquo;s GDP growth to slow from 7 percent in the current fiscal (2022-23) to 6.5 per cent in 2023-24. While doing so, it outlines the key challenges to growth. The survey says that borrowing cost may remain 'higher for longer', and an entrenched inflation may prolong the interest rate tightening cycle. It also expects the challenge of rupee depreciation to persist with the likelihood of further interest rate hikes by the US Federal Reserve. India&rsquo;s widening current account deficit or CAD is another key concern highlighted in the Survey. It says that CAD may continue to widen as global commodity prices remain elevated. However, the survey adds that the overall external situation remains manageable as India has sufficient forex reserves to finance CAD and intervene in forex market to manage rupee volatility.

As few hours are left for the Budget 2023, Editorji brings you the intresting facts about the Indian Budget

Budget 2023: Interesting facts about Indian Budget 

Budget 2023: Did you know these interesting facts about Indian Budget?

As few hours are left for the Budget 2023, Editorji brings you the intresting facts about the Indian Budget

With only few hours left for the Budget 2023, Editorji brings you some interesting facts about the Indian Budget.
<h3> BUDGET 2023: Facts </h3>
 1st woman to present Budget Former Prime Minister Indira Gandhi was the first woman to deliver the Union Budget. She presented the budget in 1970. In 2019, Nirmala Sitharaman became the second woman and the first full-time female FM to present the Union Budget. The Shortest Budget Speech In 1977, former Finance Minister Hirubhai Muljibhai Patel presented the country's smallest budget. That was the interim budget. It was introduced on March 28, 1977. The budget speech that year consisted of 800 words.&nbsp; The Longest Budget Speech FM Nirmala Sitharaman holds the record for giving the longest budget speech. She spoke continuously for 2.42 hours while presenting the Union Budget 2020. With two pages not read, she had to cut her speech short as she felt unwell. Finance Ministers with most budgets Former Prime Minister Morarji Desai holds the record of presenting the highest number of budgets in history. During his tenure as FM, he presented 10 budgets, followed by P Chidambaram, who presented 9 budgets, Pranab Mukherjee 8, Yashwant Sinha 8 and Manmohan Singh 6 respectively. Railway Budget &amp; Union Budget&nbsp;
In 1924, the British began the practice of the Railway Budget in addition to the Union Budget. The Railway Budget and the Union Budget were presented separately from that point on until 2016. Former Finance Minister Arun Jaitley brought forward the idea of clubbing the Union Budget with the Railway Budget and delivered a combined Union Budget in 2017. Style of preseting the budget The budget was previously carried in a budget briefcase, but in 2019, FM Nirmala Sitharaman replaced it with a bahi khata that had the national emblem etched on it. In 2021, the budget became paperless, with the FM presenting and reading it out from a tablet.

Already struggling with the higher cost of living, lack of affordable housing and healthcare, the country's middle class' foremost demand is calling for tax relief to support their economic well-being

Budget 2023: Middle class expectations from FM Nirmala Sitharaman

Budget 2023: Middle class expectations

Already struggling with the higher cost of living, lack of affordable housing and healthcare, the country's middle class' foremost demand is calling for tax relief to support their economic well-being&nbsp;

Already struggling with the higher cost of living, the country's middle class, which is defined as those earning between Rs. 2.5 lakh and Rs. 20 lakh per annum is calling for tax relief to support their economic well-being.&nbsp;
The tax rate for individuals has not been changed since&nbsp; FY2017-18 and the &lsquo;New Tax Regime&rsquo; announced in 2020. Therefore, middle-class want Budget 2023 to make changes to the slab rates for individuals to reduce the tax burden.&nbsp;
Another demand of the middle class is to move tuition fees of children to a separate provision from the Section 80C deductions, which already covers a lot of other investments/expenses and has a limit of just Rs. 1.5 Lakhs.
Along with this, there is also a long-standing demand to increase the deduction for Health Insurance under section 80D from Rs 25,000 to Rs 50,000.
Given that the Indian economy is slowly recovering from impact of the Covid-19 pandemic, which also led to wide-spread job losses, the middle class is calling for job creation measures to also be a key focus of the Union Budget.&nbsp;

To boost job creation, CII suggested that an employment linked incentive scheme be introduced and the government could consider an urban employment guarantee scheme and initiate a pilot in metro cities first in this Budget

Budget 2023: India Inc expects this from FM Nirmala Sitharaman

To boost job creation, CII suggested that an employment linked incentive scheme be introduced and the government could consider an urban employment guarantee scheme and initiate a pilot in metro cities first in this Budget

In a few months from now, the Modi government will announce its last full Budget before the 2024 general elections an all eyes will on finance minister Nirmala Sitharaman as she unveils the fiscal plan for a year.&nbsp;
As all industry experts will have some expections from the budget, Industry body CII president Sanjiv Bajaj has pitched in for the expectations. The Budget should focus on measures to accelerate job creation and broaden the tax base by rationalising GST and personal income tax slabs to boost consumption, industry bodies said in their pre-Budget meeting with finance minister Nirmala Sitharaman.&nbsp;
Also read/watch: <a title="Budget 2023: FM Sitharaman to begin pre-budget consultations" href="https://www.editorji.com/business-news/budget-2023-fm-sitharaman-to-begin-pre-budget-consultations-1669012016206">Budget 2023: FM Sitharaman to begin pre-budget consultations</a>
It suggested a five-pronged strategy to revitalise the private investments through measures to enhance consumption, increase capacity utilisation in factories, boost job creation, improve quality of social infrastructure, and accelerate India's economic growth.
To boost job creation, CII suggested that an employment linked incentive scheme be introduced and the government could consider an urban employment guarantee scheme and initiate a pilot in metro cities first in this Budget.

The sector also hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India

Budget 2023: Crypto industry expectations from FM Nirmala Sitharaman

The industry hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India

Crypto trading volumes in India took a big hit, crashing as much as 90% after the introduction of 30% crypto tax in the last budget. In this scenario, the industry has listed a slew of expectations from the union budget.&nbsp;
The crypto industry is hoping that FM Sitharaman announces a proper regulatory framework for homegrown crypto exchanges. Also on the wishlist is more clarity on the impending Crypto Bill, as well as some relief on crypto taxation (which stands at 30 per cent currently).&nbsp; Tarusha Mittal, Co-founder and COO, UniFarm and Dapps, says, &ldquo;the government should frame strong regulations for the sector in light of the FTX crisis [which wiped out billions of dollars in global investor money] especially for centralized bodies dealing with crypto.&rdquo;
The sector also hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India. Crypto bosses further expect the TDS exemption limit to be raised &ldquo;to a reasonable level&rdquo;.

The forthcoming budget will be the last full budget of the present government ahead of the general elections to be held in mid-2024 

Budget 2023: Will this govt's last full budget be for rural India? 

Budget 2023: Is last full budget of present govt going to be for rural India?

Budget 2023: Is it going to be for rural India?

The forthcoming budget will be the last full budget of the present government ahead of the general elections to be held in mid-2024&nbsp;

Budget 2023, will be the last full budget of the present government ahead of the general elections to be held in mid-2024. UBS India believes that this budget is likely to be be rural and infrastructure focussed.&nbsp;
UBS India economist Tanvee Gupta Jain, says the upcoming budget is likely to boost rural/agriculture spending by 10 billion US dollar -- a growth of 15 per cent from the last budget and maintain double-digit 20 per cent growth in public capex over the current fiscal, given that the nation will be going to polls in mid-2024.&nbsp;
However, she noted that the government is unlikely to go beyond fiscal boundaries with its election-oriented budget and also expects the subsidy burden to ease significantly in FY24, creating more fiscal space to reallocate money towards existing rural schemes, including the rural jobs scheme MGNREGA, rural housing and roads, amongst others.
She also expects the economy to moderate further and pencils a GDP growth of 5.5 per cent for next fiscal, much lower than the consensus 6 per cent, saying the slowing global growth and delayed impact of monetary tightening, coupled with the spillover effect of an expected global slowdown in this year.
However, she also said the country's structural growth story remained intact and therefore continued to expect the domestic economy to be able to maintain potential growth of 5.75-6.25 per cent in the medium term, as she sees the government to continue with its push on capex, manufacturing and digitalisation.

Budget 2023: FM Sitharaman to begin pre-budget consultations

The participants will give suggestions on the 2023-24 Budget which will be presented in Parliament by the Finance Minister on February 1

As the budget 2023 is almost two months away now, Finance Minister Nirmala Sitharaman has begin her pre-budget meetings starting with industry leaders and experts in infrastructure and climate change.
The meetings will be held virtually by Sitharaman seeking suggestions for the 2023-24 budget-making from stakeholders.
Also read/watch: <a title="Budget 2023: India Inc expects this from FM Nirmala Sitharaman" href="https://www.editorji.com/business-news/budget-2023-india-inc-expects-this-from-fm-nirmala-sitharaman-1669028672010">Budget 2023: India Inc expects this from FM Nirmala Sitharaman</a>
On November 22, the minister will meet agriculture and agro-processing industry, representatives from the financial sector and capital market.
She will also be meeting the representatives of services sector and trade bodies, besides experts from social sector, including health, education, water and sanitation, on November 24.
The pre-budget meetings with the trade union representatives and economists are scheduled for November 28.
The participants will give suggestions on the 2023-24 Budget which will be presented in Parliament by the Finance Minister on February 1.

As the budget 2022 is around the corner, tax experts suggest Finance Ministry should consider tax relief measures for salaried employees who work from home owing to increased employment related-costs.Why standard deduction may be increasedThe demand for a higher standard deduction limit comes at a time when household expenses have gone up as a result of inflation.
From electricity to medical expenses and more, taxpayers have seen a sharp jump in expenses.
Many experts agree that the government should look at increasing 30-35% standard deduction limit due to rising inflation and increased expenses due to Covid-19.
However, the standard deduction limit will only be applicable to eligible taxpayers who opt for the old income tax structure. The limit is not applicable in the case of the new tax regime.What is standard deduction?
As the name suggests, standard deduction allows deducting a certain amount from the gross salary such that the total taxable income comes down.
At present, Rs 50,000 standard deduction is allowed to these categories of taxpayers.
A standard deduction of Rs 40,000 was introduced in 2018 and was later enhanced to Rs 50,000 by Piyush Goyal in the interim budget in 2019.
 

Budget 2022: Standard Deduction may be doubled, here is what is expected

With less than a month to go for Budget 2022-23, salaried employees expect a hike in the standard deduction limit

Check how much they want: 

With less than a month to go for Budget 2022-23,&nbsp;salaried employees expect a hike in the standard deduction limit.
In view of the growing demand for changes in income tax, many industry bodies have already appealed to the government to provide some relief to taxpayers.
As taxpayers remain hopeful about some announcements in the upcoming budget, it has come to light that the government is holding discussions to increase the limit of standard deduction from the existing Rs 50,000.
According to reports, standard deduction limit available to salaried taxpayers and pensioners may be increased by 30-35 per cent in the upcoming budget
At present, Rs 50,000 standard deduction is allowed to these categories of taxpayers.
A standard deduction of Rs 40,000 was introduced in 2018 and was later enhanced to Rs 50,000 by Piyush Goyal in the interim budget in 2019.

Many experts agree that the government should look at increasing the standard deduction limit due to rising inflation and increased expenses due to Covid-19.

As the budget 2022 is&nbsp;around the corner, tax experts suggest Finance Ministry should consider tax relief measures for salaried employees who work from home owing to increased employment related-costs.
Deloitte&nbsp;India, in its Pre-Budget Expectations 2022,&nbsp;recommended an additional &lsquo;work from home&rsquo; standard deduction of Rs 50,0000 for salaried employees.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/budget-2022-tax-slabs-and-rate-will-there-be-a-relief-1641969627694" target="_blank">Budget 2022: Tax slabs and rate, will there be a relief?</a> Why standard deduction may be increased The demand for a higher standard deduction limit comes at a time when household expenses have gone up as a result of inflation.
Taxpayers have seen a sharp jump in expenses related to electricity, work from home furniture, internet, additional&nbsp;medical expenses, and more.
Many experts agree that the government should look at increasing at least 30-35% standard deduction limit due to rising inflation and increased expenses due to Covid-19.
However, the standard deduction limit will only be applicable to eligible taxpayers who opt for the old income tax structure. The limit is not applicable in the case of the new tax regime. What is&nbsp;standard deduction?
As the name suggests, standard deduction allows deducting a certain amount from the gross salary such that the total taxable income comes down.
At present, Rs 50,000 standard deduction is allowed to these categories of taxpayers.
A standard deduction of Rs 40,000 was introduced in 2018 and was later enhanced to Rs 50,000 by Piyush Goyal in the interim budget in 2019.
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nirmala sitharaman budget

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