Budget 2023: The Union Budget for FY 2023–24 should prioritise policies to speed up job creation and extend the revenue base by rationalising the GST and personal income tax brackets to increase consumption during their pre–Budget discussion with finance minister Nirmala Sitharaman and Industry bodies suggested on November 21.
Budget 2023: Key Points
● More aggressive privatisation of public sector entities and increased funding for capital expenditures were demanded by the CII.
● It emphasised that for India’s economy to expand in the face of uncertainty around the world, the government should concentrate on an investment-led growth plan.
● The CII recommended that an employment-linked incentive programme be implemented to encourage job creation.
● The government might take into consideration an urban employment guarantee programme and start a pilot in metro cities first in this Budget, as suggested by the CII, to encourage the creation of jobs.
Budget 2023: Budget recommendations from other industry bodies
● Another business organisation, the PHDCCI, also gave the finance minister its budget recommendations at the meeting with FM Sitharaman.
● The PHDCCI proposed a five-pronged strategy to revitalise private investments through actions to increase consumption, boost job creation, increase factory capacity utilization, improve the standard of social infrastructure, and quicken India’s economic growth.
● The presentation of the Union Budget for 2023–2024 comes at a critical time of geopolitical unpredictability, high inflation, and sluggish global economic growth.
● To preserve the current trend of stable economic growth, calculated actions to improve domestic sources of growth are now essential.