Budget 2023 Expectations LIVE: The finance ministry is considering proposals to benefit the middle class in its last full Budget 2023 of the Narendra Modi 2.0 government to be presented on February 1 in the Lok Sabha. The finance ministry is looking into proposals sent by various government departments on specific steps which may be announced in the Budget 2023, benefitting a large section of the middle class, reported PTI citing sources.
The government has not raised the income tax exemption limit from Rs 2.5 lakh which was fixed in 2014 by Finance Minister Arun Jaitley in his first Budget. Also, the standard deduction has remained at Rs 50,000 since 2019. Several experts are of the opinion that the exemption limit as well as standard deduction need to be increased to compensate the salaried middle class for elevated levels of inflation.

Q1: When is Budget 2023?
Ans: The budget will be presented on February 1, 2023, during the budget session of the parliament.

Q2: Who is presenting the Budget 2023?
Ans: It will be presented by finance minister Nirmala Sitharaman in the parliament.

Q3: What relief a common man should expect in Budget 2023?
Ans: The finance ministry is considering proposals to benefit the middle class in its last full Budget of the Narendra Modi 2.0 government to be presented on February 1 in the Lok Sabha. The finance ministry is looking into proposals sent by various government departments on specific steps which may be announced in the Budget, benefitting a large section of the middle class, sources said.

Q4: Are there going to be any Tax-related changes in Budget 2023?
Ans: The government has not raised the income tax exemption limit from Rs 2.5 lakh which was fixed in 2014 by the then Finance Minister Arun Jaitley in his first Budget.

Also, the standard deduction has remained at Rs 50,000 since 2019. Several experts are of the opinion that the exemption limit as well as standard deduction need to be increased to compensate the salaried middle class for an elevated level of inflation.

Q5: What can industries expect from Budget 2023?
Ans: Considering the tough times being faced by engineering exporters in the wake of the slowdown in key markets, the government may put cash in the hands of businesses especially MSMEs by way of tax exemption and lower rates in the upcoming Budget, said EEPC India chairman Arun Kumar Garodia on expectations from Budget.

He said that the support under the Emergency Credit Line Guarantee Scheme (ECLGS) in the wake of the Covid pandemic was essentially loans and hence a liability that has to be repaid.

“Engineering exports slumped nearly 12% year-on-year to US$ 9.08 billion in December 2022 as compared to US$ 10.30 billion in the same month a year ago. Given that the world economy is projected to slow down in 2023, global trade would be hit badly. Many global agencies have predicted a very bleak scenario. This could make the situation quite tough for engineering exporters,” the EEPC India chairman said.