On Tuesday, Sitharaman tabled the Economic Survey for the Financial Year 2022-23 in Lok Sabha, which said that India’s economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24.
Among the big decisions last year, the government had announced tax on digital asset transfers. The digital rupee was another big news item in a budget that saw no major populist giveaways. However, there were very few changes in the personal income tax structure that disappointed the common man.
Also Read: Budget 2023 first look: Nirmala Sitharaman all set to present Budget
Among the major Budget expectations this year, there are expectations that Sitharaman would put some money in the pockets of taxpayers in an era of higher inflation and job cuts.
What Individual Taxpayers Expect?
Tax payers are expecting some sort of change in tax regimes. Experts say govt may announce a simpler individual income tax slab and rate structure replacing the current two-tier system.
What is Defence Sector Expecting?
Defence budget may be hiked, along with rise in allocation for new procurements and defence Research and Development.Railways: Budget Expectations
Govt may increase the Railway Budget by up to 20%. The Railway had demanded 25-30% more funds. The government may give a fund of about Rs 2 trillion to the Ministry of Railways in the Budget. The sector had received Rs 1.4 trillion last year.
Industry:
The budget may see production-linked incentives getting extended to some more sectors like shipping containers and toys.
