Union Budget 2023: What, When And Expectations

Union Budget 2023: What, When And Expectations

In India, the Union Budget 2023 will be held on February 1st before the 2024 general elections. That said, Finance Minister Nirmala Sitharaman will present the budget in such a situation when the major economies across the world are undergoing uncertainty. According to a couple of agencies, the country is going to face a recession in the current year. Owing to the uncertainty, companies are also conducting mass layoffs to cut economic costs. Various sectors are anticipating the upcoming Union Budget 2023 to be in their favor this time.

Union Budget 2023: Healthcare GST Needs To Be Rationalized

Founder and MD of Redcliffe Labs, Dheeraj Jain mentioned,

Turning to preventive care is the need of the hour. Despite the fact that it can significantly lower medical costs and detect life-threatening health conditions early, it is undervalued. Therefore, improving testing facilities or diagnostic services in Rural Bharat needs to be of the utmost importance. Additionally, the GST for the healthcare industry needs to be rationalized so that the businesses in the sector may attract more investment and provide services to customers at affordable rates. Furthermore, healthcare services in tier II and tier III cities need to be strengthened, especially when it comes to hospital facilities, which might be explored using a PPP model. Additionally, the budget should include a strategy for increasing the availability of healthcare professionals, particularly in Tier 2/3 & 4 towns. The forthcoming budget should also focus on healthcare digitization because it is a fundamental precondition for providing value-based care throughout India’s healthcare continuum. In India’s Tier II and III cities in particular, adopting intelligent solutions can help decrease barriers between hospitals and patients, improving access to care and raising overall patient satisfaction. Furthermore, the Ayushman Bharat Digital Mission should be implemented in all hospitals, especially those located in rural areas. In addition, the implementation of consolidated medical records and digital health ID cards must be emphasized for seamless access to patient data in one location.”

Union Budget 2023: Report Predicts India's Nominal GDP Will Grow By 11%

GDP at around 11%. Considering the prospects of weak exports, this will represent a slowdown from its current fiscal year estimate (Reuters). Inflation and benchmarks used to estimate tax collections might have an impact on nominal GDP growth next year due to the US recession, sources said. 

For the current fiscal year that ends on March 31, the government expects nominal growth of 15.4%. Due to the base effect, India’s gross tax collection growth rate in 2023/24 will be around 8%, compared with 14.5% in the current year, according to IDFC First Bank economist Gaura Sengupta.

To receive other updates on the Union Budget 2023, keep a close watch at

Union Budget 2023 Expectations: Spending On Public Healthcare To Be Increased

Dr. H Sudarshan Ballal, Chairman of Manipal Health Enterprises, covered the following topics:

  • A country can only be strong with a strong healthcare system. This calls for strong, increased, and long-standing demand for government health expenditure. Increasing public healthcare should contribute 3% to the total GDP.
  • The government must introduce universal health insurance coverage for all. Those already covered must have access to both private and public healthcare.
  • The number of healthcare experts including doctors, nurses, and technical employees must be increased fourfold in Tier 2 and Tier 3 cities.
  • Additionally, the government must look into providing incentives to empower healthcare service providers.

Union Budget 2023: MSME Sector’s Expectations From Finance Minister

Mamta Binani, president of MSME Development Forum- West Bengal, has included some exclusive points.

The MSME sector is looking forward to some relief from the adverse effects of the pandemic. Union Budget 2023 is expected to provide a roadmap to a heightened economic revival with greater spending on infrastructure and higher corporate Capex incentives.

Furthermore, she said,

“Technology, manufacturing, and R&D comprise the future of India and we look forward to initiatives aimed at making India a global super-power in these frontiers. Access to finance has always been a growth barrier for the MSME sector, as small business entrepreneurs do not have enough assets to offer as collateral. Lastly, I believe that the upcoming union budget will help with the overall GDP and creates more demand and job opportunities in the wires and cables industry.”

That is all for the update. What do you feel about the upcoming Union Budget 2023? Let us know in the comments section. If you like what we shared with you, feel free to pass it on to others who might like it as well. For more business news today and updates on financial affairs, visit the Finance section under the Business category on the News Magnify homepage. You can also follow us on Facebook, Instagram, or Twitter. Additionally, stay connected with India news online via our Telegram Channel.

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Radhika Dayal

Radhika Dayal has been writing about personal finance and budgeting basics since 2005. She teaches writing as an online instructor with a University, and also in several schools. Get every detail about finances and banks through her writing.

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