This year's Budget presentation holds significance as it is Prime Minister Narendra Modi's government's last full budget before the next parliamentary elections, slated for April-May 2024. Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form.<
India's foreign exchange reserves stood at USD 532.7 billion as of September-end of 2022, covering 8.8 months of imports according to the Economic Survey tabled by Union Finance Minister Nirmala Sitharaman in Parliament today.
Congress leader Siddaramaiah said, "I don't have any expectations with the budget. Because even this year, the budget presented by Finance Minister Nirmala Sitharaman will be full of unfulfilled promises."
Indian economy is expected to grow at 7 per cent (in real terms) during the financial year ending March 2023, according to the Economic Survey for 2022-23 released on Tuesday.
Capital expenditure spending in India increased by 63.4 per cent in the first eight months of 2022-23, according to the Economic Survey document for 2022-23 which, projected the capex rise as another growth driver of the Indian economy.
The Economic Survey document said the growth projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, the IMF, the Asian Development Bank and the Reserve Bank of India.
The Rajya Sabha has adjourned for the day after Finance Minister Nirmala Sitharaman tabled the Economic Survey, 2022-23 with its Highlights and Statistical Appendix.
PM Modi exuded confidence that the House will discuss the policy-making of the country appropriately and asserted that the discussion would be beneficial for it in the long run.
Union finance minister Nirmala Sitharaman will table the pre-Budget document in the Parliament after President Droupadi Murmu's address to the joint sitting of the two houses of Parliament.