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Union Budget 2023-24: The budget for the financial year 2023-24 will be presented two days later on February 1. The budget is expected to provide relief to the middle class and various sectors of the economy. Union Finance Minister Nirmala Sitharaman’s Budget 2023 speech will be keenly watched not only in India but all over the world given India’s impact on the global economy and the nature of global trade.
Significantly, the budget 2023 is going to be the full budget of the Modi government before the 2024 Lok Sabha elections.
Meanwhile, days ahead of the Union Budget 2023, Prime Minister Narendra Modi on Sunday chaired a meeting of the Union Council of Ministers in New Delhi.
This is the first meeting of the Union Council of Ministers to be held in 2023.
Reportedly, the working of several ministries and policy initiatives taken by the government were reviewed and discussed.
Demand for tax incentives, changes in income tax slabs, tax exemptions, falling inflation, benefits in home loan interest are some of the expectations that may be mentioned in the Finance Minister’s speech.
Ahead of the annual budget presentation, the US-India Strategic and Partnership Forum (USISPF) has urged Finance Minister Sitharaman to simplify and rationalize the direct and indirect taxation system in India.
USISPF believes that this is a step that will increase the confidence of global investors and attract more foreign direct investment.
Within the Indian economy, certain sectors such as real estate, healthcare, MSME, pharma and education have highlighted their respective demands at various public forums.
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