Union Budget 2023: Finance Minister Nirmala Sitharaman is all set to present her fifth budget in the Parliament on Wednesday (February 1). All eyes are on her budget speech in which she will reveal who will get what from the Union budget.
Politically, it is very crucial for the Modi government as it is the last full-fledged budget before the General Elections slated to be held in 2024.
Budget 2023 will be ray of hope for world, says PM Modi
Prime Minister Narendra Modi on Tuesday said amid global economic turmoil, India’s budget will attempt to meet the hopes and aspirations of common citizens and be a ray of hope for the world.
Addressing the media ahead of the Budget Session of Parliament, Modi said recognised voices in the world of economy were bringing positive messages from all sides.
The prime minister said the Budget will strive to fulfil people’s hopes, aspirations and also boost the hopes with which the world is looking at India.
Also Read: Economic Survey 2023 key highlights: Borrowing rate stays high, GDP to grow at 6-6.8%
“The ray of hope being seen by the world will glow brighter — for this, I firmly believe the finance minister will make all efforts to meet these aspirations,” Modi said.
He also noted that President Droupadi Murmu was delivering her maiden address to the joint sitting of Parliament at the start of the Budget Session.
The President’s speech is the pride of the Constitution of India, the pride of India’s parliamentary system, and also an opportunity to respect women and the great tribal traditions of the country, Modi said.
According to the parliamentary traditions evolved over the last six to seven decades, a parliamentarian speaking for the first time in the House, belonging to any political party, is extended respect and a conducive atmosphere is created to enhance his/her confidence, the prime minister said.
“This is a rich and best tradition. It is the responsibility of parliamentarians to ensure that this moment of the President’s first address to Parliament is full of enthusiasm, warmth and energy. I am sure our Parliamentarians will pass this test,” the prime minister said.
What India Inc expect from the Union Budget
The Economic Survey 2022-23 tabled in Parliament on Tuesday presents a realistic assessment of India’s economy, industry bodies said, while expressing hope for out-of-box measures to boost growth and consumption in the upcoming Union Budget. India’s economy is projected to slow to 6.5 per cent in the fiscal year starting April but will remain the fastest growing major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced, said the Survey. Chandrajit Banerjee, Director General, CII, said the Survey effectively analyses and captures the prevailing trends across all major sectors of the economy which could form a pivot for deliberations on the future course of the economy.
“CII hopes that some of the perceptions and ideas in the survey would find a place in the Union Budget to be presented tomorrow,” he added.
Subhrakant Panda, President, Ficci, said to ensure that the growth momentum continues, continuous support will be needed throughout the year from the government.
“We are hopeful that the Union Budget will continue to lay major thrust on capex including physical, digital as well as social infrastructure; this will help crowd-in private investments, which has already started to show an uptick,” he added.
Assocham Secretary General Deepak Sood said the Economic Survey is a realistic assessment of the Indian economy listing out challenges and opportunities in the context of a difficult global economy marked by high inflation, impact of Ukraine-Russia war and stringent monetary tightening by the major central banks.
Budget should focus on falling imports, slowdown: Ex-Finance Minister Chidambaram
Senior Congress leader and former Union finance minister P Chidambaram said that the BJP-led central government in its upcoming budget should focus on addressing issues like the impact of the global slowdown on economic growth, falling exports, increase in the current account deficit (CAD) and mounting total government debt.
He said that the Union Budget should also focus on the danger of falling consumption leading to lower standards of living due to high unemployment rate, layoffs and inflation.
“I have great expectations but, going by past experience with the NDA’s budgets, I am also prepared for great disappointment. Objectively, the budget for 2023-24 (the last full budget should address the current weaknesses of the economy. They are the impact of a global slowdown on economic growth in 2023-24; sluggish private investment; falling exports; increase in the current account deficit; mounting total government debt; and, above all, because of the high unemployment rate and layoffs and inflation, the danger of falling consumption leading to lower standards of living,” he added.
With PTI inuput)
Also Read: Union Budget 2023: When, where to watch Finance Minister Nirmala Sitharaman’s speech LIVE
