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HomeNewsUnion Budget 2023: Here's what we can expect.

Union Budget 2023: Here’s what we can expect.

The Union Budget session will commence on 1st February 2023. Here's what we can expect.

Beginning on Tuesday, the Parliament’s Budget session is anticipated to be turbulent as the Opposition seeks to bring up a number of concerns. Including those pertaining to the stocks of the Adani Group and the contentious BBC documentary. The session will begin on Tuesday, the day before the presentation of the Union Budget. With a joint address by President Droupadi Murmu to the two Houses of Parliament, followed by the table of the economic survey for 2023 by Union Finance Minister Nirmala Sitharaman.

Expectations of the people from the budget:

Will Indians who make a salary receive any tax relief? Each and every Union Budget is has this one crucial question. The middle class did not receive any relief from the previous Union Budget. Primarily because there were no new tax breaks or changes to tax slabs announced by the government. There is a lot of talk leading up to this year’s Budget that the government may provide the middle class access to more disposable cash by significantly reducing income taxes.

If this prediction is accurate, it will be a huge relief for people who haven’t had their tax rates changed since 2017–2018 and their tax slab since July 2014.

A few points to keep in mind:

1. The government’s top priorities during the session will be to win support for the motion of thanks to the president’s address and the finance bill. While the opposition plans to pressure the government on issues like the Adani-Hindenburg controversy. Also, a national census of economic activity based on caste, and the bill establishing women’s reservations.

2. Following the President’s talk at 11 a.m. on Tuesday, the economic survey will be presented.

3. On February 1, Sitharaman will deliver the final full-fledged Union Budget. It will be of the Narendra Modi administration prior to the 2024 Lok Sabha elections.

4. During the session, the government intends to introduce about 36 laws, four of which are in relation to the budgeting process.

5. There will be 27 sittings in total. The session will last until April 6 before a month-long break to review the budget documents. On February 14, the session’s first segment will come to an end. On March 12, Parliament will meet once more to discuss the second half of the budget.

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