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,
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,
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