BUDGET 2023- 2024!

New budget is “Follow the Spirit”

The budget 2023-2024 is scheduled to present on 1 Feb 2023 by the finance minister Nirmala Sitharaman. Every year the budget is prepared six to seven months before the presentation on the first day of Feb so that it will be modified before the financial year begins in April.

This year the budget focused on the growth of healthcare as the finance minister said that the new budget is “follow the spirit.” The union budget is prepared under steps that include planning, consultation, and implementation with the help of Niti Aayog and other ministries along with seven stakeholders groups in eight meeting schedules that include the Agro-processing industry, social sector, capital marketing and the financial sector, service and trade, labor organization and Economist.

This budget will speed up the capital expenditure nearly 3.5% and reduce the subsidies and revenue expenditure and will uplift the India’s economy due to global slowdown. GST rate will bring down from 28%.

Following the pandemic situation, the government announced a massive public spending programme. Sitharaman informed in an event that it is very inspiring and motivating for her in a condition while they are preparing for the next year’s budget, “which will follow the spirit of the earlier Budgets. We are going to set the template, which was set to earlier but follow it and take it further for India's next 25 years.”