Budget 2023 Expectation Updates

General
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Please give update on expectations from Budget 2023

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Below are the 5 things one can expect from Union budget-23

  1. Expect higher spending on the infrastructure sector since this government is majorly focused on development.
  2. Expect higher spending on defense - The government has reduced the imports of materials engaged in the defense sector manufacturing in the past couple of years hence we can expect something good here.
  3. Some experts are highly positive about the Railway sector and they expect Rs 2.70 lakh crore can be announced for this sector
  4. Rural spending - The general elections scheduled to take place in 2024, we expect the government to increase rural and welfare spending as seen in pre-election budgets,” Goldman Sachs said in the report.
  5. Income tax relief - Some experts believe there may be some relief here as the government may increase the limit in the 80C section.

Also, some believe there may be a reduction in GST (from 18% to 5%) in health insurance.

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  • Tax slab can be increased form 2.5 to 5 lakhs
  • It is expected that the highest tax rate of 30% be reduced to 25%
  • Investment under section 80C can be increased from 1.5 lakh to 2.5 lakhs
  • Focused sectors for Budget 2023: railway Energy and Power manufacturing, rural development, and defence industry
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