Budget 2023: From Tax Rebate To Affordable Housing; Things Middle-Class Expects From FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said a few days before presenting the Budget 2023, “I belong to the middle class, understand their pressures.”

Sitharaman had said that she was aware of the pressures from the middle class but also reminded that the present government has not imposed any new tax on them.

Sitharaman will present the budget amid expectations from various sectors of the economy. The minister has assured that the government can do more for the middle class as its population is increasing and it has become huge now.

Broadly speaking, the Indian middle class is also expecting to see some announcements in the budget. Allegedly, there are some hopes;

• There is a growing demand that the government will increase the income tax limit and give relief to middle class taxpayers.
• The middle class is urging more focus on employment generation in the budget.
• Health Insurance- Covid-19 reiterates the need for health insurance. The demand is to increase the deduction limit under section 80D. The sector has demanded even less GST on health insurance,
• Affordable Housing: Higher rebate on home loan. Tax exemption on purchase of self-occupied house which is currently Rs 2 lakh.
• Decreasing inflation and rising cost of living.

Apart from the above expectations, there are sectoral demands from different corners of the economy. Recently UBS India The budget was expected to be more rural- and infra-centric. The upcoming budget is likely to increase rural/agriculture spending by $10 billion, a 15 percent increase over FY2023, and maintain double-digit growth of 20 percent in public capital spending in the current fiscal is, given that the nation is about to proceed with elections in mid-2024.

The budget session of Parliament will begin on January 31 and end on April 6. Finance Minister Nirmala Sitharaman will present the budget for 2023-24 on 01 February.

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