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Economic Times | 19 Jan, 2023 | 11:42AM IST
Union Budget 2023 Expectations LIVE Updates: Centre planning rate changes in new income tax structure, reports say
Union Budget 2023 Expectations News Live: Ahead of the Union Budget 2023 due on February 1, the Central government is considering lowering rates under its voluntary income tax framework and could introduce revised slabs, reported news agency Reuters.However, the final call rests with the Prime Minister's Office. A 5 per cent tax is levied on total income between Rs 2.5 lakh and Rs 5 lakh, 10 per cent on Rs 5 lakh to Rs 7.5 lakh, 15 per cent on Rs 7.5 lakh to Rs 10 lakh, 20 per cent on Rs 10 lakh to Rs 12.5 lakh, 25 per cent on Rs 12.5 lakh to Rs 15 lakh, and 30 per cent on above Rs 15 lakh.
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Budget 2023 Expectations LIVE: Schemes benefiting SCs, STs and senior citizens may get a boost
The Union Budget is set to give a major push to the social sector, especially schemes directly benefiting the Scheduled Castes (SC), Scheduled Tribes (ST) and senior citizens, ahead of elections in nine states and one Union territory and the parliamentary polls next year, said people aware of the matter.The thrust is likely to be on infrastructure creation in SC and ST-dominated districts, they said, with enhanced allocation for construction of residential schools and hostels for SC and ST students, care homes for senior citizens and under Pradhan Mantri Adi Adarsh Gram Yojana to improve basic infrastructure facilities in villages with more than 40% tribal population.
Budget 2023 Expectations LIVE: Biofuels, green hydrogen sectors expecting PLI boost
India’s focus shift to other alternatives such as biofuels and green hydrogen is a must, as these alternatives while serving as a substitute for petroleum imports also have the added advantage of being environment friendly and future safe. As such, a PLI scheme catering to this sector would give the requisite impetus to the already developing manufacturing set-up for these alternatives.
Budget 2023 Expectations: Key demands from agriculture industry
Higher input subsidy on fertilisers and agrochemicals, cheaper credit for the animal husbandry sector and introduction of production-linked incentives for agrochemicals can help boost the rural economy and increase rural demand, farmers and companies said, making their wish list for the upcoming Budget.Some suggested higher allocation of funds to the rural employment guarantee scheme, saying that it would help increase cash flow to the rural economy.Rural demand has taken a beating across categories, including for FMCG and two-wheelers. Inflation has been hurting households and real wages have fallen - both resulting in sluggish rural spending.
Budget 2023: FY24 Fiscal Deficit Estimate (% of GDP) and economists' projections
For FY24, we forecast the consolidated deficit will be 9.3% of GDP. For the central government, we expect a fiscal deficit of ₹17.7 lakh crore to be proposed (5.8% of GDP), which would allow the government to raise spending to around ₹46 lakh crore.
- Rahul Bajoria, Managing Director and Head of EM Asia (ex-China) economics of Barclays
Budget 2023: FY24 fiscal gap expected to be 5.8-6% of GDP, say experts
The upcoming Union budget is expected to peg the fiscal deficit for 2023-24 at between 5.8% and 6% of the gross domestic product (GDP) with the government having pressed ahead with fiscal consolidation despite spending pressures, economists have said. The Centre is expected to meet the budgeted fiscal deficit estimate of 6.4% of GDP for the current fiscal year, they added.
Budget 2023: Govt may bump up allocation for existing PLI schemes
India is likely to substantially top up the allocation for ongoing Production-Linked Incentive (PLI) schemes in the February 1 budget after seeing good results, said people with knowledge of the matter. Some new sectors may be included in the programme that seeks to reignite manufacturing in India and boost exports, along with other measures to spur investments.
Budget 2023 Expectations: Key demands from Textile industry
- Incentive scheme for textile value chain
- Cotton Price Stabilisation Fund Scheme to push exports
- Replace Technology Upgradation Fund Scheme with PLI type plan
- Issue claims for 40,000 pending cases in ATUFS
Budget 2023: Centre planning rate changes in new income tax structure, say reports
Ahead of the Union Budget 2023 due on February 1, the Central government is considering lowering rates under its voluntary income tax framework and could introduce revised slabs, reported news agency Reuters.However, the final call rests with the Prime Minister's Office. A 5 per cent tax is levied on total income between Rs 2.5 lakh and Rs 5 lakh, 10 per cent on Rs 5 lakh to Rs 7.5 lakh, 15 per cent on Rs 7.5 lakh to Rs 10 lakh, 20 per cent on Rs 10 lakh to Rs 12.5 lakh, 25 per cent on Rs 12.5 lakh to Rs 15 lakh, and 30 per cent on above Rs 15 lakh.
