Budget Expectations of 2023 from Various Sectors 

Union Budget 2023-24: The new financial year’s budget will be presented on February 1 2023. As part of the crucial budget, the government wants to announce relief to the middle class and different sectors of economy in the country. The Budget 2023 speech of Union finance minister Nirmala Sitharaman will be keenly watched not just in India, but across the world considering India’s impact on the global economy and the nature of globalized trade. Notably, Budget 2023 is going to be a full-fledged budget of the Modi government before the Lok Sabha elections in 2024.

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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. The meeting is the first to be held for the Union Council of Ministers in 2023.

Reportedly, the working of several ministries and policy initiatives taken by the government was reviewed and discussed. Demands for tax incentives, changes in income tax slabs, tax rebates, curtailing inflation, benefits in home loan interest are a few expectations which may find addressing the FM speech during the Budget announcement.

Ahead of the annual budget presentation, US-India Strategic and Partnership Forum (USISPF) has urged FM Sitharaman to simplify and rationalize the direct and indirect taxation system in India. This is a move USISPF believes would increase the confidence of global investors and yield greater foreign direct investment. Within the Indian economy, sectors like real estate, healthcare, MSME, pharma and education, to name a few, have highlighted their respective demands on various public forums.

Budget 2023 Expectations  from Fintech players, say that the budget 2023 should ease financial burden and start- ups in the fintech industry. Government should also introduce regulatory changes which creates an ease of access for start-ups and MSMEs. They also expect that this year, they should introduce fresh reforms and tax benefits. Investors will be eyeing what the FM says about Startups and tax benefits on long term capital gain.They should also consider making frameworks and controls that will ensure right allocation of funds and support to empower training facilities and programmes through private organizations.

The Working Space Sector needed the acceptance and popularity of the shared office spaces to be counted into considerations. The working space sector expectations from the union budget is primarily to get some tax benefits on leasing and renting. There should be a renewed focus on sustainability, which has been the foremost priority of the co- working spaces. They want the sector’s growth to be driven by most expected to be driven by addressing the concerns of business and policies. 

The Mobility Sector says that the government needs to give further stimulus to alternative fuel-based transport options, increase the necessity for instant auto LPG traction for a viable, cleaner mobility. It also includes an extension of the Faster Adoption and Manufacturing of Hybrid and Electric vehicles scheme beyond 2024 and a sustainable reduction of GST.

Income Tax Exemption Limit should be raised from current Rs 2.5 lakh to Rs. 4 lakh. This leading to the relief is likely to be offered in the “no exemption regime”. These above reliefs are added to the rationalization of the capital gains tax regime as another expectation.

The Digital Financial sector has big hopes on pinning the Budget 2023 where they want to gain the presidency of the G20, which is prominently placed on the global map of the digitized economy. Our flagship models of innovation- infrastructure- inclusion are envisaged to be the focus of this budget.

Real Estate in the budget 2023, hardly striving  to incentivise home purchases, the government must consider raising the tax deduction limit for interest on housing loans etc. This entirely a demand to the government to allot the criteria for housing to factor in the realities of the micro markets which is feasible to the purchasers.

Budget 2023 of the Energy sector wanted an entire renewable energy sector to witness a major push towards the promotion of clean energy and the country’s endeavor to reduce the overall carbon footprint during 2022 which catapulted the production and manufacturing of solar energy and energy storage facilities across the country. They are also looking forward to the introduction of the PLI scheme in India.

Budget on hospitals urged the government to focus on reducing GST in order to gain this reduction. The healthcare global enterprises limited said that, to encourage investments in cancer hospitals and reduce the cost of treatment for patients in collection of amounts should be charged low or affordable.

Post and Indian Railways are presented as the budget 2023 on the 1 February by FM Nirmala Sitharaman in order to seek some announcements which help these sectors to expand the E-commerce in India and to help the economic sector of the country.

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