Please give update on expectations from Budget 2023
Below are the 5 things one can expect from Union budget-23
- Expect higher spending on the infrastructure sector since this government is majorly focused on development.
- 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.
- Some experts are highly positive about the Railway sector and they expect Rs 2.70 lakh crore can be announced for this sector
- 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.
- 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.
- 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