The enormous presentation of Union Budget 2023. It is announced by Finance Minister Nirmala Sitharaman in the parliament on 1st Feb 2023.
Sitharaman presented the budget in the PM Modi led government. She mentioned first word Amrit Kaal in her speech. She added further that this year’s budget is Saptarshi’s seven priorities – Inclusive Development, Reaching the last mile, Infrastructure and Investment, Unleashing Potential, Green Growth, Financial Sector and Youth Power.
Get more details about Union Budget 2023
List of Union Merits and Demerits. However, some potential benefits and drawbacks of the Union Budget could include:
Merits of Union Budget 2023
- Boosting economic growth: Increased allocation of funds towards infrastructure development. Other key sectors can help drive economic growth and create job opportunities.
- Supporting farmers and rural areas: Increased allocation of funds towards agriculture. Rural development can help improve the livelihoods of farmers and rural communities.
- Encouraging entrepreneurship and small businesses: The government can announce tax breaks or other incentives for small businesses. Entrepreneurs to encourage their growth and development.
- Improving public health and education: Increased allocation of funds towards healthcare. Education can improve the quality of services provided and provide better opportunities for people.
Demerits of Union Budget 2023
- Increased tax burden: The government may increase taxes to fund its various initiatives, which can be a burden for taxpayers.
- Inadequate allocation of funds for certain sectors: Some sectors may not receive enough allocation of funds to make a significant impact, which could result in slow development and growth.
- Negative impact on certain socio-economic classes: Certain tax or spending proposals could have a negative impact on certain socio-economic classes, such as low-income individuals or businesses.
- Inefficient utilization of funds: If the funds allocated in the budget does not utilize effectively, it could result in wastage of resources and slow progress towards development goals.
- The price of electronics product importing from out of country may increase.
- The tax of Cigarettes is 16%. It might increase 33% to deter the consumers from using this very effected products as they are becoming one of the major cause of Cancer.
Enormous Present Income tax Budget 2023 India
These are just a few potential pros and cons of the Union Budget 2023. The actual impact of the budget will depend on the specific proposals and initiatives outlined in the budget when it is presented.
