FM Sitharaman to present Union Budget 2023-24 today; last full budget of Modi govt 2.0

This year’s Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024.

The Union Finance Minister, Nirmala Sitharaman on Tuesday tabled the Economic Survey for the Financial Year 2022-23.

Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form.

Arihant Infrastructures, CMD, Ashok Chhajer told ANI that the government should focus on reducing home loan rates.

Hiranandani Group MD, Niranjan Hiranandani said the Budget should focus on further investments in roads, railways, ports, airports and highways, as well as slum rehabilitation schemes.

“Logistics cost in India is 13 per cent. If our multimodal transport matters become successful in the next 2-3 years, we can reduce logistics cost by 3-4 per cent for every item in the country,” he added.

Keeping the COVID-19 pandemic in view, the Budget 2021-2022 and 2022-2023 focused on the country’s healthcare sector.

Besides, Sitharaman also highlighted the launch of the National Tele Mental Health Programme, which included building a network of 23 telecentres to support the mental well-being of individuals, and families.

“Another critical area is addressing the shortage of healthcare professionals – by identifying doctors, nurses and technical staff willing to work in Tier 2/3 cities and looking at non-traditional ways to double the number of doctors. We should look at best practices adopted in universities abroad (fall/summer admission pattern) to increase seats in existing medical colleges,” he said.

Dr Shravan Subramanyam, Managing Director, Wipro GE Healthcare Pvt Ltd said, “From the coming budget, we expect the further strengthening of ABDM along with the implementation of cybersecurity and data protection policies in consultation with industry. Against the backdrop of India’s nationwide 5G rollout in 2022, key announcements on allocations and policies that can influence 5G deployment for faster and safer healthcare delivery are awaited.”

The Indian Medical Association(IMA) has recently submitted suggestions to the government of India for the Budget. The IMA has submitted overall twelve suggestions for the Budget.

The area of interest for the real estate sector is tax incentives. Real estate developers and investors are hoping for tax breaks and other financial incentives that can help lower the cost of developing new projects and make it more profitable for them. This can also encourage more investment in the sector and help boost the economy as a whole.

Bansal said the upcoming budget must lower the holding time for property from the current 24 to 36 months to 12 months in order to qualify it as a long-term capital asset. Such measures would certainly give the much-desired boom to the economy.

Industry experts said many people are struggling to find affordable housing options with the increasing cost of living and rising real estate prices.

Atul Banshal, Director Finance, Omaxe Ltd. said, “The budget should consider reducing stamp duty as that will assist it in resuming a robust real estate market and complete housing for all missions for the central government. The government must consider increasing the tax rebate on home mortgage interest from Rs 2 lakh to at least Rs 3 lakh. It is also necessary to have separate deductions for principal repayments, which are currently included under Section 80(c).”

“Consequently, collecting the existing 18 per cent GST rate on brokerage services falls solely on realtors. Thus, real estate brokerage services must be brought on par with other service providers by lowering the GST rate to a more manageable 5 per cent as this tax cut could encourage more realty agents to join the tax system, benefiting the government’s revenue collection,” he added.

The stakeholders in the tourism business in Himachal Pradesh are expecting special provisions for the state in the next Union Budget.

Local travel agents and hoteliers’ said they want special budgetary provisions in the field of tourism, which contributes significantly to the state GDP.

He added that the tourism industry took heavy losses due to the Covid-19 pandemic and in small cities like Shimla, local issues were also hurting the tourism business.

“We are entirely dependent on nature and are harnessing nature for tourism. Little here is manmade. We want the government to build infrastructure, rail and air connectivity in the region. We hope the Budget will us and our businesses in coming out of the pandemic shocks,’ Rajendra Singh, a hotelier told ANI.

The Union Budget, also comprising the Railway Budget, will be presented on the floor of the Parliament on February 1, Wednesday.

The passengers also demonstrated a lot of enthusiasm and excitement around the Vande Bharat trains and the Bullet Train project. Many said Vande Bharat trains should ply from all capital cities of the country.

Regular railway passengers also demanded an increase in the number of trains across the country.

Passengers further said the Railway Budget should also focus on ensuring provision of better food in trains.

Deepak Sharma, a passenger at New Delhi Railway station, said, “I want the government to ensure passenger security and they should also invest more money in securing the railway network and making it less prone to accidents. The number and frequency of trains should also increase.”

Meanwhile, homemakers said rising inflation is eating into their household budgets, making it difficult for them to put a leash on their expenses. They said the rising prices of essential food items and LPG cylinders have added to their woes.