Budget 2023: Not vote bank, growth should be ‘bird’s eye’! What are the expectations around the 2023 budget? – mssewb.org

Budget 2023: There was a time last year when foreign investment was flowing out like water. But since the international situation became turbulent, foreign investors looked at the Indian stock market. As a result, the inflow of foreign investment started in the stock market. Experts believe that this is one of the positive aspects of the country’s economy. They feel that the upcoming budget is going to be very important from that point of view. According to them, the main challenge for Union Finance Minister Nirmala Sitharaman is to sustain the rate of economic growth. And to present the budget with a view to sustaining that growth rate. But here they are also giving a warning. That is, next year i.e. 2024 there is Lok Sabha elections in the country. This is the complete budget of the ruling BJP government at the Center before that. From that point of view, the upcoming budget has a different political significance.

Because, the past experience shows that the ruling government usually presents the popular budget before the Lok Sabha elections. So that there is no impact on the vote bank. But experts think that it is desirable to happen this time. Because, in view of the economic situation of the world, India is standing at a very important juncture.
A report by the world’s leading research firms says that despite economic uncertainty elsewhere in the world, India is in a very favorable position for the next financial year. In particular, China’s productivity will take a hit as its economic growth slows. This will create a good opportunity for India to fill the gap that will be created. As a result, experts believe that the amount allocated to any sector has a different importance.

Again, due to the Russia-Ukraine war, the price of crude oil has decreased in the international market. Because of this, the financial losses incurred by state-owned companies in the past for buying crude oil, are likely to be recouped in recent circumstances. In this regard, Deepak Jasani, Head of Retail Research at HDFC Securities, says that the Finance Minister’s Budget 2023 needs to emphasize on continuing the growth rate as well as taking necessary steps to reduce inflation as well as reducing the revenue deficit. The Center has set a fiscal deficit target of 4.5% by FY26, Jasani said. To reach that target, the fiscal deficit needs to be 5.6-5.8% of GDP. That target was pegged at 6.4% in FY23.

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