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March 3, 2024
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Budget 2023 Expectations: Important news related to economy before Union Budget

Budget 2023: Ahead of the Budget session, Union minister of state for finance Pankaj Chaudhary on Tuesday said “elections keep coming,” the Union Budget for 2023-24 will focus on improving the economic conditions of the people, not the polls. “As far as budget is concerned in view of elections, elections keep coming and going, but how to improve the economic condition of the people of the country, Hon’ble Modi ji’s attention is always there and it will be seen in this budget also,” Chaudhary said. Chaudhary said Union finance minister Nirmala Sitharaman will present the Economic Survey later today.

In the last month i.e. December, the eight core sectors of the economy have grown at a speed of 7.4 percent.

A year ago, the growth rate of these sectors was only 4.1 percent.

PTI has given this information citing data released by the Ministry of Commerce and Industry.

It has been told in the statement of the ministry that there was an increase of 11.5 percent in the production of coal in December. The growth rate of natural gas was 2.6 percent.

Coal, electricity, steel, cement, fertilizers, crude oil, refinery products and natural gas account for 40.27 percent of the industrial production index.

India Inc hopeful of out-of-box measures to boost growth in Budget

The Economic Survey 2022-23 tabled in Parliament presents a realistic assessment of India’s economy, industry bodies said, while expressing hope for out-of-box measures to boost growth and consumption in the upcoming Union Budget.

India’s economy is projected to slow to 6.5 per cent in the fiscal year starting April but will remain the fastest growing major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced, said the Survey.

Budget will be full of unfulfilled promises, says Siddaramaiah

On being asked about his expectations on the budget, the Congress leader said, “I don’t have any expectations from the budget. Because even this year, the budget presented by Finance Minister Nirmala Sitharaman will be full of unfulfilled promises.”

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