Union Budget 2023 is expected to begin on January 31 and end on April 6, with a recess in between. On February 1, Finance Minister Nirmala Sitharaman will propose the budget to Parliament.

Finance Minister Nirmala Sitharaman will introduce the Union Budget 2023 to Parliament on February 1. The budget for this year is projected to be growth-oriented, with a focus on capital expenditure, manufacturing, infrastructure, and the rural economy.

The first part of the 2023 budget session is expected to last until February 10. The full session is expected to begin on January 31 and end on April 6, with a break in between.

Distinct sectors have different budget expectations; let’s look at what the various organizations demand from the entities listed below.

1) TTK Prestige’s Chandru Kalro, Managing Director

“The last several years have seen exceptional volatility, and India has outperformed most significant global economies thanks to some very strong policy actions by the government,” said TTK Prestige MD. Because we are seeing a downturn in the second part of FY 23, I anticipate that the budget will stimulate demand.

The budget should continue to support growth, with a focus on local manufacturing and exports, in line with the ‘Make-in-India’ objective. The supply side has been properly managed, but the demand side need additional attention.

Inflation has been difficult for a big segment of society, and the government should consider lowering some taxes, both direct and indirect, so that more money is accessible to the people.

The middle class is the economic backbone. They are the primary drivers of consumption and economic growth, and they require special attention. The government must consider tax breaks for middle-class consumers and salaried workers who have always paid their taxes on time. This will significantly affect their finances and costs. It will leave them with more disposable income, which will fuel spending and stimulate the economy. As a result, I would want to see some tax breaks for this segment of society included in the budget.”

2) Shriram Housing Finance Ltd.’s Ravi Subramanian, MD, and CEO

“Housing for All has been one of the most significant projects driven by the GoI,” he remarked. We anticipate that the government would continue to expand on programs like PMAY to underline the relevance of the same. The rural low-income housing market, with ticket sizes ranging from INR 8-15 lakh and borrowers earning less than INR 3 lakh per year, has the greatest need for decent accommodation. We anticipate certain additional incentives for customers/builders in rural housing to overcome the demand-supply mismatch. With few initiatives catering to customers in this area, any assistance from the government would help to alleviate worries about both supply and pricing.

Furthermore, the limits of Sections 80C and 24 for principal and interest rebates on home loans are expected to be revised. With recent increases in inflation, construction costs have risen, and any rationalization of these constraints will benefit the end customer.”

3) Bipin Preet Singh, MobiKwik’s Co-Founder and CEO

“The forthcoming budget will surely aim to boost the Indian economy’s growth, but it will also need to address the issues faced by the average man and the salaried class as we recover from a worldwide pandemic and deal with the ongoing global economic slump.

People are particularly optimistic about the upcoming budget’s ability to address unemployment, control inflation, and make essential goods and services more affordable. The salaried class is hoping for some good news on the personal tax front, with the annual basic exemption limit being raised to 5 lakhs from the current 2.5 lakhs.”