Pre-Budget 2023 Key Highlights: From Tax Cut to Jobs Creation, From Digital India to Infrastructure Boost; what India wants from FM Sitharaman?

Release date: 02-2023Author:

India is eagerly awaiting the Union Budget 2023, presented by Finance Minister Nirmala Sitharaman. Over the past year, India has been severely impacted by the COVID-19 pandemic and ever since the government announced the Atmanirbhar Bharat package, citizens have been expecting much from the upcoming budget. 

The nation expects the FM to present a budget that will help in reviving the economy and bringing a new wave of reforms and tax cuts that will create more job opportunities and growth. Here are some of the key highlights that are expected from Budget 2023. 

Tax Cut:

The government is expected to present a tax cut that will help citizens save more money and increase the purchasing power of the people. The government can reduce the income tax rates for middle-income individuals and businesses to help them increase their savings and spur economic activity. 

Job Creation:

The budget should focus on job creation and helping people to get back to work. The government can offer incentives to companies that are willing to hire new employees and increase their payrolls. The government can also provide subsidies and tax breaks to businesses that create new jobs and help in the growth of the Indian economy. 

MSMEs:

The budget should also focus on helping MSMEs to revive and recover from the pandemic situation. The government can provide tax holidays, subsidies, and grants to help MSMEs to overcome the financial losses incurred due to the pandemic. 

Infrastructure:

To boost economic growth and development, the government is expected to focus on infrastructure spending in Budget 2023. This could include investments in railways, roads, digital infrastructure, and other sectors. This will not only help to create more jobs and spur economic activity but also boost development in key sectors. The budget should also focus on infrastructure and increasing the public investments in this sector. This will help in creating more job opportunities and facilitate economic growth. The government can offer incentives and tax breaks to businesses that invest in the infrastructure sector. 

Digital Transformation:

The budget should focus on boosting digital transformation in the country. The government can increase its spending on digital infrastructure and offer incentives to businesses that are willing to invest in the digital space. This will help in creating more job opportunities and facilitate economic growth. The government is also expected to focus on the Digital India mission in Budget 2023. This could include investments in digital infrastructure, such as 5G technology, fibre optic cables, and other digital infrastructure. 

Fiscal Stimulus:

The government is also expected to announce a fiscal stimulus package in the Budget 2023. This will help to revive the economy and kickstart growth, which is essential for the recovery of the country. The fiscal stimulus package could include infrastructure spending, tax cuts and incentives, and subsidy schemes.

In conclusion, Budget 2023 is expected to be a game-changer for the Indian economy and citizens are eagerly awaiting the FM’s announcement.