Union Budget 2023: The Union Budget for 2022-23 which was presented by the Finance Minister of India on 1st February last year consists of four C’s- Continuity, Correctness, Conservatism and Crowding.
The practice of raising all items below the line, which started two years ago, continues in the budget. In the Revised Estimates for the coming financial year, extra-budgetary resources are limited to a single transitional item of Rs 750 crore, where borrowings are guaranteed and serviced by the central government. As was the case with the last two budgets, top priority is given to clean accounting and transparency while preparing the budget.
Increased allocations for the emergency credit-line programme, emergency food assistance (PM Garib Kalyan Yojana), which provides additional foodgrains beyond entitlements under the public distribution system (extended several times), and the rural employment guarantee program and PM-KISAN Has been done. implemented by the government during the last two years, which were marked by the global pandemic.
The Emergency Credit Line Guarantee Scheme has been extended to contact-based industries that have not yet returned to pre-pandemic levels in the Budget for 2022-23. Additional Rs 2.0 trillion credit for MSMEs will be made available by reforming and infusing additional capital into the Credit Guarantee Trust for Micro and Small Enterprises (MSMEs).
The pandemic crisis has provided an opportunity for the government to implement several important economic structural changes. Production Linked Incentive (PLI) program for 14 industries, elimination of retrospective taxation, privatisation, faceless tax assessment, and reduction of corporate and personal income taxes, where taxpayers with little or no exemptions or lower tax rates to file Can select the old method, only a few examples. The Gati Shakti dashboard, government procurement reforms, amendments to the factoring law, and the account aggregator framework are all important process-oriented initiatives that have been launched.
The various measures that have been announced in the Union Budget and the capital investments that have been planned will be able to crowd in private investments once confidence overcomes the concerns induced by the pandemic that are currently prevailing in the minds of citizens. have happened.
general question and answer
Q1. In how many phases will the budget session be held?
The budget consists of two sessions. The first part of the session can be held from January 31 to February 11. The second phase of the session may start from March 14 and end on April 8.
Q2. What is the budget for FY 2023?
The total budget for the current financial year (FY23) is estimated at Rs 3944157 crore.