Every Union Budget is preceded by certain predictions, expectations, and, more than anything else, hope. As was the case for all budgets before it, the Union Budget, to be announced on 1 February 2023, is also an event that industries, sectors and the general public anticipate. Most of the aspects of the economy which were not addressed in the last budget should be addressed in this one, say experts. Nonetheless, there isn’t any certainty of this, only speculation. For one thing, everyone from experts to laypeople wish that the tax slabs are revised. An essential part of the budget is the role that key sectors will benefit from (or not). This has a direct impact on the economy as well as the daily lives of Indian citizens. What are the sectors to check for?
According to experts, the agriculture sector will see significant reforms and spending activity. In advance of the general elections in May 2024, this is the last Union Budget to be released, and the government appears to want to leave no stone unturned to secure a victory. Since the agricultural sector is large, with a huge populace involved in its different areas, the government will likely generate an enormous amount of capital to aid farmers and agricultural workers. Prime Minister Modi aims to curb poverty, and financial momentum for the Agri sector may be a way to do that.
India has already seen tremendous development in building, construction and infrastructure under Modi’s forward-thinking leadership. With the roll-out of numerous schemes like the PMAY Urban, Smart Cities Mission, RRTS & Metro Rail, among others, urban areas are being developed at breakneck speed and efficiency. The infra sector hopes that this will continue with the upcoming 2023-24 Union Budget, if not get more relevance. Moreover, with the Indian government’s goals of major infrastructure transformations by 2030, it is hoped that rural areas will improve in their basic infrastructure as well.
The education sector hopes that the union budget 2023 will give it some relevance after it has faced the brunt of millions of students’ lives being affected due to the pandemic. With the deterioration in the quality of schooling and education overall, the sector hopes that the government will allocate a sufficient amount of capital to lift this sector out of the dregs. The Education sector has proposed that enough capital (to the tune of Rs. 250 crores) be put aside for adult learning and teacher training of a high standard.
A vital aspect of the budget will be its focus on the technology sector, or so industry experts would like to believe. Something to look out for in this budget is government spending on requirements concerning infrastructure for digital development overall. There should also be spending chiefly allocated to training and skill growth. Something else to be on the alert for is an array of incentives to boost the manufacture of electronics and measures that ensure seamless business operations in the field of technology.
Apart from the growth of the sectors mentioned, there is something to be said about government spending in the health sector. If anything, the health crisis of the past years has taught India that it has to ramp up its healthcare by leaps and bounds. Therefore, more funds for the allocation of research and development, infrastructure, treatment and innovation in healthcare should be something to seek in the Union Budget of 2023-2024.
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