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Budget 2023 Live: Budget Expectations Live Updates: Inflation remains India’s top concern, reveals pre-Budget survey

Budget 2023 Live: Budget Expectations Live Updates: Inflation remains India's top concern, reveals pre-Budget survey


Budget Expectations Live Updates: Rising inflation is the top concern for Indians with 75% of the people wanting the government to introduce decisive measures to tackle the same, according to Kantar India Union Budget Survey 2023. Also one in four Indians is concerned about the threat of job layoffs, higher in the affluent, older and salaried classes. With rising healthcare costs, compounded by rising inflation concerns impacting household incomes, increase in rebate on medical/health insurance is the next big ask among the consumers at 45%.

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Budget 2023: Is it going to be a pet-friendly Budget?

Ahead of the presentation of the Union Budget for FY24 to be submitted on February 1 by Union Finance Minister Nirmala Sitharaman, several industry bodies and executives have expressed their wish list that ranges from pet friendly to the usual industry friendly. Will Sitharaman accede to their wishes ? Nevertheless, the wish list includes a Budget which is pet friendly.”With the 2023 budget, we expect an increase in the healthcare sector which is the need of the hour, especially for animals and some species that are on the brink of extinction. The healthcare sector is important for both humans and animals. The first and foremost area that needs to be focused on is an increase in financial support for veterinary services,” IANS quoted Anushka Iyer, Founder and CEO, Wiggles, as saying.”A substantial budget will foster an environment that pushes more people towards creating quality services that can serve both pets and community animals. It shall also help veterinarians to provide better treatment. Secondly, there must be a concerted effort towards education and sensitization for all, not and not limited to the younger generation,” she said.

Budget 2023: PLI, Make in India scheme to remain in focus this time

The PLI scheme is widely seen as having the potential to be a game changer on the jobs front for India. The stated objective of this scheme is to make local manufacturing globally competitive, create global champions in manufacturing, boost exports and create jobs. So far, the scheme has been rolled out for 14 sectors with an outlay of Rs 2 lakh crore. The sectors include automobiles and auto components, white goods, pharma, textiles, food products, high efficiency solar PV modules, advanced chemistry cell and specialty steel. Make in India, a policy introduced with the aim to transform India into a global hub of manufacturing , has emerged as a force multiplier to provide the country’s workforce with new livelihood options, the government says. The policy completed eight years in September 2022, and in 27 sectors it has driven noteworthy achievements including substantial job generation, govt data shows.

Budget Expectations Live Updates: Tax tweaks that professionals/MSMEs have been looking for

In order to boost small and medium businesses in India, the government should consider rationalizing certain income tax provisions for small businesses and professionals in Budget 2023. Here are some of them:

  • Increasing the monetary limit for presumptive taxation and extending the benefit to LLPs – Section 44AD
  • Rationalizing certain provisions of section 44ADA applicable for professionals
  • To address the issue of non-grant of full TDS credit appearing in Form 26AS
  • Enhancing the threshold limit of TDS u/s 194J and extending the same to directors
  • Reduction in income tax rate for Partnership Firms and LLPs with small businesses
  • Rationalization of TDS rates for start-ups, small businesses

Budget Expectations Live Updates: Education sector may receive incentives this time

The Ministry of Education could introduce a slew of measures for Design-Faculty Development. Since the shortage of qualified faculty members is the most significant challenge facing design education in India, the first step would be to bring in foreign faculty who are qualified and experienced in their field, to teach the first few batches as well as to train new faculty. Institutions can be incentivized for a limited period of say 5 years to hire foreign faculty members. A foreign faculty hiring fund can be created to be used to support the hiring of foreign faculty members by providing financial assistance for their travel and living expenses. Streamlining visa and immigration processes as well as giving a tax-incentive on the salaries paid to foreign faculty members will make it easier for institutions to hire them and will encourage more foreign faculty members to come to India to teach.

Budget Expectations Live Updates: The rising risk of a recession in major economies and global uncertainty due to rising Covid cases yet again might lead to volatile market conditions and discourage the government from factoring in significant privatisation/disinvestment proceeds in the budget calculations

– Sakshi Gupta, Principal Economist at HDFC Bank

Budget Expectations Live Updates: Will it take a pause on bank privatization?

India’s federal government is most likely to take its foot off the gas pedal for bank privatization and skip any mention of divesting state banks in the upcoming Budget 2023. However, it may use the privatization of IDBI Bank as a template for such future endeavors, according to experts. In the Union Budget for 2021-22, the government announced its intention to take up the privatization of two state-run banks in the year. It also approved a policy for strategic disinvestment of public sector enterprises.

Budget Expectations Live Updates: Urban governance reforms may receive a push

The forthcoming Union Budget is likely to give a major push to urban governance reforms and housing. The government is likely to emphasize urban governance, with elections to nine states slated for this year. The plan is part of the government’s attempt to woo urban voters. While the BJP has created a dedicated vote bank in rural India through targeted schemes, it may have to work harder in urban seats.

Budget Expectations Live Updates: Insights from pre-Budget survey

  • According to the Kantar India Union Budget Survey 2023, most urban Indians were happy with last year’s budget, with 73% claiming it positively impacted their household.
  • While the hope is that the worst is over, the pandemic has still not disappeared yet, hence 55% still wants continued focus on healthcare in this budget as well. This number, however, is significantly lower than last year’s 66%.
  • Half of the people surveyed believe that the Indian economy will grow in 2023 as opposed to 31% who feel there will be a slowdown.
  • Over 50% claim to be in favor of the new tax regime now and this proportion is higher among the affluent at 60% and salaried segment 58%, according to the survey that was conducted among a sample of 1892 consumers across top 12 key Indian cities .

Budget Expectations Live Updates: Inflation remains India’s top concern

Rising inflation is the top concern for Indians with 75% of the people wanting the government to introduce decisive measures to tackle the same, according to Kantar India Union Budget Survey 2023. One in four Indians is concerned about the threat of job layoff, higher in the affluent, older and salaried classes. With rising healthcare costs, compounded by rising inflation concerns impacting household incomes, increase in rebate on medical/health insurance is the next big ask among the consumers at 45%.



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