Finance minister Nirmala Sitaraman is set to present the budget 2023 in parliament today. Every year the budget is presented on the first day of February. Nirmala Sitaraman along with her team of 6 members who are highly qualified in the field of economics.
Finance minister Nirmala Sitaraman has reached the parliament and also she clicked some pictures with her team members in front of the house.
The Finance Minister will start presenting the budget at 11 AM.
Indian Rupee also gained 12 paise in comparison to US dollar ahead of the Union Budget 2023. Indian Rupee raised to 81.76 against the US dollar.
The Union Cabinet has approved the budget at 10: 30 AM and now it is set to be tabled in the parliament.
Finance minister team includes –
Chief Economic Advisor – V Anantha Nageswaran
Finance secretary- TV Somanathan
Economics affairs secretary- Ajay Seth
DIPAM Secretary- Tuhin Kanta Pandey
Revenue secretary – Sanjay Malhotra
Financial Service secretary – Vivek Joshi
The Budget 2023 could be tough as well as easing the budget as this is an election year. 10 states are going for the assembly elections this year. Also this is the Last full Budget of the government as next year it would interim- budget.
Many financial experts believe that the government can reduce the income tax and on the other hand some are advising that the government should increase the corporate tax.
Whole nation is eyeing the Budget as the world faces challenges of a dipping economy. India on the other hand has shown to the world that it is a stable and developing economy and the government is taking all the steps to keep it going.
The Indian government has made a target of building an economy of 5 trillion till 2026.
Finance Minister Nirmala Sitaraman, who is generally addressed as Nirmala Tai, is often criticized by some financial experts and opposition leaders.
This time the finance minister has to prove herself by giving a budget to the nation that can generate more jobs and can reduce poverty and inequality.
Yesterday while presenting the economic survey in Lok Sabha Nirmala Sitaram said that India’s economy will grow at 6% to 6.8%. She said in her speech that India rose very quickly from the covid phase.
Also in her speech she mentioned that the growth projections can change depending upon the world economics. As the world is facing uncertainty financially.
Economic survey 2022- 2023 key highlights
GDP Growth rate (2021- 2022) — 8.7%
Estimated GDP — – 7%
Rate of increase in GDP — 6% – 6.8%