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Expectations from India's Budget 2023

As FM Nirmala Sitharaman unveils the Budget 2023 on February 1st, citizens are anxious to know if it will benefit us. Early predictions suggest that the budget is likely to be growth-oriented with a focus on capex, manufacturing, infrastruc
The Budget Session of Parliament will begin on January 31st and extend till April 6, 2023.
What are Budget 2023 Important Dates?
Since India is at the crux of a phenomenal growth towards sustainability and resilience, it is important for the govt. to encourage Public Private Partnerships (PPP) for improved R&D in the agricultural sector.
Budget 2023: Agriculture
Usually ignored, Education needs a big boost from Budget 2023, which will help improve academic support like scholarships, training, digital learning modules, remedial classes & infrastructure.
Budget 2023: Education
Policy measures need to be taken to necessitate higher capital expenditure to address post-Covid supply chain disruptions & improve long-term supply chain efficiencies in the hinterland markets.
Budget 2023: FMCG
In light of the impending recession, consumption expenditure in the larger domestic economy needs to be stimulated. Predictability & stability in the raw materials of FMCG (input cost) needs to be factored in.
Budget 2023: FMCG part 2
India should lower the 1% TDS on cryptocurrency trade as the high rate has resulted in flight of capital and users to platforms in foreign jurisdictions and the grey market. Customer due diligence can help uncover potential future risk.
Budget 2023: Finance
Tax-relief for e-commerce & quick commerce should be addressed in Budget 2023. Further, tax impact on sales return, double logistic costs like tax, bleeding cost & cash flows should be discussed for the benefit of suppliers & brand owners.
Budget 2023: Finance part 2
Budget should revise IT slabs for the common man’s relief. For eg. 30% of the highest tax slab should be effective at an income of Rs. 20L, instead of the current Rs. 10L.
Budget 2023: Income Tax Expectations
Basic tax exemption limit should be hiked to Rs. 5L, instead of the current Rs. 2.5L. Besides this, Income Tax slabs should also be revised.
Budget 2023: Income Tax Expectations part 2
Focus on fiscal consolidation should continue so that capital expenditure goes up versus revenue as a percentage of GDP.
Budget 2023: Capex & Fiscal Deficit Target
The pharmaceutical sector may grow 3X to reach up to US$130b by 2030. Since India is the largest producer of generic drugs globally, due to its low-cost & high quality medicines, focus on R&D incentives and innovation is very important.
Budget 2023: Health