Union Budget of India 2023: Expectations from middle class
(2 minutes read)
Union Budget 2023: The Finance Minister of India Mrs. Nirmala Sitharaman going to present Union Budget of India 2023 on 1st Feb at 11 AM just after day of Economic Survey 2023. Every sector is keen to watch- what is there for them in Budget. The middle class of the country has high expectations from this budget session.
Let’s see what country is expecting form Union Budget session 2023-
Change in Income Tax slab
From past few years there is no change in Tax slabs. This time there are high hopes that there will be some relief in Income Tax slab. Experts suggest that there should be some income tax relief through reduction in income tax rates for individual salary earners. The Tax slab was modified on Budget 2020 when new Tax slab and old Tax slab concept was introduced.
Hike in standard deduction
Salaried class may see a hike in standard deduction from Rs 50,000 to Rs 1 lakh. It is also expected that Finance Minister may increase deduction available under section 80C. The current limit is Rs. 1.5 Lakh it may go upto 2 Lakh – 2.5 Lakh in Section 80C.
Increase in LTCG exemption limit
Current LTCG limit is 1 Lakh , Stock market investors are expecting that it will get increased upto 2 Lakh and that will be major relief for them.
Curb inflation and focus on Growth
The Finance Minister Mrs. Nirmal Sitharamam is most probably look into issues related to Growth, increase in jobs and eventually curbing inflation. As after COVID, inflation is high and Growth in slowdown. So she will be looking to support poor and middle class. But she may stay away from any populist schemes to lure majority as she need to be in means of Government spending as she also need to keep in mind the increasing fiscal deficit.
Support for SMEs
There may be strong focus on manufacturing sector with an focus on SMEs industry. PLI can get good allocation to encourage manufacturing. Budget probably allocate its household scheme which is its flagship scheme– Pradhan Mantri Awas Yojana. A Rs 40,000 crore in order to push growth in weaker housing sections.
Final words-Overall the Union Budget 2023 has lot of expectations as now Growth is picking up after pandemic and people are seeing new opportunities in front of them.
