Union Budget 2023: Finance Minister Nirmala Sitharaman begins pre-budget talks
Union Finance Minister Nirmala Sitharaman on Monday, as part of pre-Budget 2023-24 consultations, virtually held discussions with experts and industry leaders in infrastructure and climate change areas. Customary meetings have begun to seek suggestions from various experts for the full budget that will be tabled in the Parliament on February 1. Ministers of State For Finance—Pankaj Chaudhary and Bhagwat Kishanrao Karad—also attended the meetings.
Why does this story matter?
- A budget is a financial document meant to run the affairs of a country.
- The Union Budget 2023-24 is going to mark the last full budget presentation of the Narendra Modi 2.0 government, as the next General Election is slated for April-May 2024.
- All eyes are on the government as it has to address the challenges of inflation and unemployment besides ensuring economic growth.
Climate change to be one of key priorities
Reportedly, Budget 2023 will have a special focus on climate change, which has been a major challenge for India as well as the world. Moreover, India has committed to becoming a net zero carbon emitter by 2070. Besides, the budget will have to address several other burning issues like high inflation, job creation, economic growth, etc. To recall, Budget 2022 prioritized digitization and technology.
Meetings with other sector experts in coming days
Sitharaman will next meet representatives of the agro-processing industry, financial sector, and capital markets on Tuesday (November 22). Then, she will hold discussions with experts from the social sectors like health, education, water and sanitation, as well as representatives of the services sector and trade bodies on Thursday. On November 28, Sitharaman will be having deliberations with representatives of trade unions and economists.
FM Sitharaman chairs first pre-Budget 2023 consultation
Union Finance Minister Smt. @nsitharaman chairs her 1st #PreBudget2023 consultation with the first group of captains from Industry experts of #Infrastructure and #ClimateChange, in New Delhi, today. (1/2) pic.twitter.com/ubcNpbIwvF— Ministry of Finance (@FinMinIndia) November 21, 2022
Changes expected in Budget 2023
The government is likely to address the disparity in the taxing of various asset classes by modifying the capital gains tax structure. Citing a government official, Reuters earlier reported, "Asset classes are not taxed uniformly and have different holding periods for levying capital gains tax, which needs to be aligned." It said the government received several proposals for simplifying the capital gains tax structure.