Budget 2023: Preparations for the general budget to be presented on February 1, 2023 for the financial year 2023-24 are going on in full swing. Finance Minister Nirmala Sitharaman herself has participated in eight rounds of discussion on the budget so far.
The Finance Minister has completed meetings with various parties regarding the preparations for the next financial year’s budget. If these suggestions are implemented by the Finance Ministry, then the salaried people will be benefited the most.
Different suggestions given regarding the budget include reduction in personal income tax, preparing programs for employment generation, increasing spending to boost the economy and promoting some industries. Suggestions have been received. The brainstorming on the budget started with a meeting with the industry from 21st November. It concluded on 28 November with discussions with economists. The budget for the financial year 2023-24 will be presented in the Parliament on 1 February.
Suggestion to reduce tax on electric vehicles
According to the information of the Ministry of Finance, different representatives gave many suggestions regarding the budget. It includes suggestions to bring urban employment guarantee program to increase employment opportunities, system of green certification to help MSMEs and rationalization of income tax.
Apart from this, plans to improve domestic supply system, reduce tax on electric vehicles, measures to promote India as a center for green hydrogen are included.
More than 110 representatives from various parties were involved , apart from this, suggestions were also given like bringing the unorganized sector employees under the ambit of social benefit scheme for children, ESIC.
Various parties also gave suggestions like continuation of public expenditure, fiscal consolidation and reduction in customs duty. The ministry said, ‘More than 110 representatives from seven different parties attended the eight meetings.’ Sitharaman said that the suggestions will be carefully considered while preparing the budget for the financial year 2023-24.
