Budget 2023 Expectations: Halwa Ceremony on January 26, will the expectations of the common man be fulfilled by this budget?
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FM Sitharaman should encourage new income tax regime in budget 2023. Stock market investors are expecting a balanced budget this time. He believes that in the general budget, the government will focus on job creation, increasing spending on infrastructure, controlling the deficit and improving the economy.
Finance Minister Nirmala Sitharaman will present the last full budget of the NDA 2.0 government on February 1, 2023. Finance Minister Nirmala Sitharaman is expected to continue supporting GDP growth through policy measures in the Union Budget 2023. Every year the common man has a big expectation from the budget, relief in income tax slabs. Most of the salaried taxpayers are now looking towards Finance Minister Nirmala Sitharaman with the hope of change in income tax slabs after the impact of the pandemic subsides. Experts believe that FM Sitharaman should encourage the new income tax regime in Budget 2023. Stock market investors are expecting a balanced budget this time. He believes that in the general budget, the government will focus on job creation, increasing spending on infrastructure, controlling the deficit and improving the economy.
Halwa ceremony on 26 January
A customary halwa ceremony will be held on Thursday ahead of the “lock-in” process of officials involved in budget preparation in the presence of Union Finance and Corporate Affairs Minister Nirmala Sitharaman. The ceremony marks the final phase of the preparation of the Union Budget. The Finance Minister initiates the ceremony by stirring the halwa in a cauldron and then it is served to colleagues at the ministry’s headquarters in the national capital. The Halwa Ceremony takes place in the Union Finance Ministry Headquarters, North Block in the national capital. The Finance Minister, Minister of State and other top officials working with the Ministry of Finance are usually present during the ceremony.
Rail Budget 2023: Focus on Vande Bharat trains
Indian Railways is planning to gradually replace Shatabdi and Rajdhani Express trains with new age Vande Bharat Express trains. The new trains are likely to be mentioned in FM Sitharaman’s Budget 2023 speech along with the rollout timeline of 400 Vande Bharat trains.
focus on employment generation
With the economy taking a hit from the COVID-19 pandemic, the recovery is still not broad-based. One of the main expectations from Budget 2023 is the announcement of policy measures that will support job creation in the private and public sector.
Will the hopes of the common man be fulfilled?
Since 2014, the common man is expecting that the government should increase the basic exemption limit of income tax. As of now, no tax is levied up to Rs 2.50 lakh. This is the old tax slab. After this, a rebate of up to Rs 1.5 lakh is available under 80C. In the new tax slab, there is no tax on taxable income up to Rs 7 lakh. But there is no discount on this.
Stock investors expect a balanced budget
Stock market investors are expecting a balanced budget this time. He believes that in the general budget, the government will focus on job creation, increasing spending on infrastructure, controlling the deficit and improving the economy. There is a sluggish trend in the stock markets before the general budget. BSE Sensex has been almost flat this month. Even the quarterly results of the companies failed to enthuse the markets. However, positive movement was seen in some indices like IT and Bank. Foreign portfolio investors (FPIs) have pulled out over Rs 16,500 crore from domestic stock markets so far this month. Apart from this, investors are also cautious due to the fear of inflation and global recession.
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