Finance Minister Nirmala Sitharaman is scheduled to present her fifth straight budget on February 1 for the fiscal year beginning April 2023. Photo Credit: AP
Prime Minister Narendra Modi on 13 January held a meeting with economists at NITI Aayog to assess the state of the Indian economy and its challenges. union budget 2023-24
PM Modi seeks opinion and suggestions from economists on measures to accelerate Growth rate which is projected to fall to 7%,
India’s real GDP is expected to grow by 7% in 2022-23, slowing from 8.7% in FY22, according to the first advance estimates of national income for the year released by the National Statistical Office (NSO).
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The estimate is much lower than the government’s earlier estimate of 8-8.5% growth but higher than the Reserve Bank’s estimate of 6.8%. If the forecast comes true, India’s GDP will be less than Saudi Arabia’s expected 7.6% expansion
The budget session of Parliament is likely to begin on January 31 and is expected to end on April 6 with a recess in between. The session will have 27 sittings in 66 days with a recess from February 14 to March 12.
“The Budget Session of Parliament, 2023 will begin on January 31 and continue till April 6 with 27 sittings in 66 days including the general recess. Amrit Kaal looking forward to the discussion on the Motion of Thanks on the President’s Address, Union Budget and other items,” tweeted Union Parliamentary Affairs Minister Pralhad Joshi.
The session will begin with the address by President Draupadi Murmu to the joint sitting of Lok Sabha and Rajya Sabha in the Central Hall of Parliament. This will be President Murmu’s first address to both Houses of Parliament after assuming the top post in July last year.
The Economic Survey will also be presented in both the houses on the first day of the budget session.
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According to government sources, Finance Minister Nirmala Sitharaman is likely to present the Union Budget in Parliament on February 1 and the first part of the session is expected to last till February 10.
He said that after a recess during which the Standing Committees examine the Demands for Grants of various ministries, the second part of the budget session is likely to begin on March 6 and conclude on April 6.
During the first part of the Budget session, a detailed discussion on the Motion of Thanks on the President’s Address is held in both the Houses and then the Union Budget is discussed.
While Prime Minister Narendra Modi will reply to the debate on the motion of thanks to the President’s address, the Finance Minister will also reply to the debate on the Union Budget.
During the second part of the budget session, besides the legislative agenda of the government, the demand for grants of various ministries will be discussed prominently. The Union Budget, a Money Bill, is passed during this part of the session.
(with inputs from agencies)