Union Finance Minister Nirmala Sitharaman, on February 1, will be presenting the Union Budget for the fiscal year 2023–24 in the parliament. This year's budget will be of great significance as it will be the last full budget of the Modi administration in its second term, and the country will hold its next Lok Sabha election in April–May 2024.
The President's address marked the beginning of the Parliament's budget session on January 31. This year's budget session will last 27 sessions until April 6, with a month off to review the budget documents. On February 13, the first part of the session will come to an end. On March 12, Parliament will meet again for the second part of the Budget Session, which will end on April 6.
The Economic Survey for the Financial Year 2022-23 was presented on January 31 by Union Finance Minister Nirmala Sitharaman.
According to the Economic Survey, India's recovery from the Covid pandemic is complete, and the economy is expected to grow by 6% to 6.8% in the coming fiscal year 2023-2024. This compares to 8.7% in 2021-2022 and 7% in this fiscal year.
The Union Budget for the years 2023–24 will also be distributed electronically, just like the previous two budgets.
Top business leaders in the country have also offered suggestions for Union Finance Minister Nirmala Sitharaman in the midst of rising public expectations regarding the Union Budget 2023.
According to reports, Ashok Chhajer, CMD of Arihant Infrastructures, the government ought to concentrate on lowering the interest rates on home loans.
Rates on home loans should be lowered by the government. "Chhajer stated that the affordable housing segment should be changed to Rs 60-75 lakh, which is the average cost of a house in Metro cities and 2-tier cities," with a cap of Rs 45 lakh.
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