Union Budget 2023: All eyes on Nirmala Sitharaman - What Industries Expect From Modi Govt 2.0's Last Full Budget
With the Lok Sabha elections scheduled for April-May 2024, this Budget holds special significance. Union Finance Minister Nirmala Sitharaman will present the Union Budget 2023-24 in Parliament today which will be the last full Budget of the Modi government in its second term.
- The real estate sector hopes to see a number of reforms and initiatives that can help boost the real estate market and encourage investment in the sector
- A key expectation of the healthcare sector from the upcoming Budget 2023 is an increase in expenditure on healthcare infrastructure
- The stakeholders in the tourism business in Himachal Pradesh are expecting special provisions for the state in the Union Budget
Union Budget 2023-24 will be presented today in Parliament by Union Finance Minister Nirmala Sitharaman. With the Lok Sabha polls scheduled to take place in April-May 2024, this Budget holds special significance. On Tuesday (January 31), the budget session of the Parliament began with President's address and Sitharaman then tabled the Economic Survey for the Financial Year 2022-23. This year's budget session is going to have 27 sittings till April 6 with a month-long recess to examine the budget papers. The first part of the session will conclude on February 13. Parliament will reconvene on March 12 for the second part of the Budget Session and conclude on April 6.
Union Budget 2023: Industry experts to homemakers, what people want from this year's Budget - key points
Here are some key points from Union Budget 2023-2024 and expectations:
The Economic Survey said that India's economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22. Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form.
Top business leaders of the country have put forward their suggestions for Union Finance Minister Nirmala Sitharaman. Arihant Infrastructures, CMD, Ashok Chhajer told ANI that the government should focus on reducing home loan rates. Hiranandani Group MD, Niranjan Hiranandani said the Budget should focus on further investments in roads, railways, ports, airports, and highways, as well as slum rehabilitation schemes. He added that if multimodal transport becomes successful in the next 2-3 years, the logistics cost can be reduced by 3-4 per cent for every item in the country.
A key expectation of the healthcare sector from the upcoming Budget 2023 is an increase in expenditure on healthcare infrastructure, said experts in this field. Keeping the Covid-19 pandemic in view, the Budget 2021-2022 and 2022-2023 focused on the country's healthcare sector. According to Dr Ashutosh Raghuvanshi, Senior Vice President, NATHEALTH and MD and CEO, Fortis Healthcare, "Increased policy support is required to encourage, facilitate medical value travel to India, develop MVT (Medical Value Travel) as an organized sector." He added that India needs to urgently address the shortage of healthcare professionals - "by identifying doctors, nurses and technical staff willing to work in Tier 2/3 cities and looking at non-traditional ways to double the number of doctors."
Dr Shravan Subramanyam, Managing Director, Wipro GE Healthcare Pvt Ltd said, "From the coming budget, we expect the further strengthening of Ayushman Bharat Digital Mission (ABDM) along with the implementation of cybersecurity and data protection policies in consultation with industry. Against the backdrop of India's nationwide 5G rollout in 2022, key announcements on allocations and policies that can influence 5G deployment for faster and safer healthcare delivery are awaited." He said that it's important to strengthen infrastructure and bridge human resource and skill deficiencies for care area deliveries across Tier 2- Tier3 cities.
The Indian Medical Association(IMA) has recently submitted 12 suggestions to the government of India for the Budget, as per reports. Universal access to Health including safe water, sanitation, nutrition, primary education as well as eradication of poverty is a cornerstone in the path to the wellness of a society and nation, experts point out.
The real estate sector in India is also looking forward to the Union Budger. They hope to see a number of reforms and initiatives that can help boost the real estate market and encourage investment in the sector. The area of interest for the real estate sector is tax incentives. Real estate developers and investors are hoping for tax breaks and other financial incentives that can help lower the cost of developing new projects and make it more profitable for them. This can also encourage more investment in the sector and help boost the economy as a whole.
Industry experts said many people are struggling to find affordable housing options with the increasing cost of living and rising real estate prices.The government is expected to announce new initiatives and funding for affordable housing projects to make them more accessible to a wider range of people. Atul Banshal, Director Finance, Omaxe Ltd. said, "The budget should consider reducing stamp duty as that will assist it in resuming a robust real estate market and complete housing for all missions for the central government. The government must consider increasing the tax rebate on home mortgage interest from Rs 2 lakh to at least Rs 3 lakh." In addition, the real estate sector is hoping to see increased investment in infrastructure and transportation systems. This can help improve the accessibility and livability of real estate markets, making them more attractive to potential buyers and investors.
The stakeholders in the tourism business in Himachal Pradesh are expecting special provisions for the state in the Union Budget. The stakeholders of Tourism Industry stakeholders in the region said they were hopeful of certain special provisions in the Budget for boosting tourism industries in hill states such as Himachal Pradesh. Local travel agents and hoteliers' said they want special budgetary provisions in the field of tourism, which contributes significantly to the state GDP.
As the countdown begins for the presentation of the Union Budget for fiscal 2023-24, citizens across a wide spectrum of society have put forward their expectations. The Union Budget, also comprising the Railway Budget, will be presented on the floor of the Parliament on February 1, Wednesday. "The Railways should see that train fares do not go up. Also, the fare increases over the last few years should be controlled. While the rate of platform tickets has been reduced from Rs 50 to Rs 10, we want it to be reduced further," said MD Sanjay, a passenger at Patna junction told news agency ANI. The passengers also demonstrated a lot of enthusiasm and excitement around the Vande Bharat trains and the Bullet Train project. Many said Vande Bharat trains should ply from all capital cities of the country. Passengers outlined that the number and frequency of trains should also increase while others said the safety of women passengers and catering to their hygiene should feature prominently in the Budget.
Meanwhile, homemakers said rising inflation is eating into their household budgets, making it difficult for them to put a leash on their expenses. They said the rising prices of essential food items and LPG cylinders have added to their woes.
(Inputs from ANI)