Budget 2023: Sitharaman reaches North Block

Union Finance Minister Nirmala Sitharaman on Wednesday morning arrived at the Ministry of Finance in the North Block in the Central Secretariat building ahead of the Budget presentation today in Parliament.

This Budget marks the last Budget of Prime Minister Narendra Modi government in the Parliament of this term. The Finance Minister will table the Union Budget 2023-24 at 11 am in Lok Sabha today, following which she will address the House.

The government will present the Union Budget in paperless form like the previous two ones. The government had presented the first paperless budget in 2021.

On Tuesday, Sitharaman tabled the Economic Survey for the Financial Year 2022-23 in Lok Sabha, which said that India’s economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24.

This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22. In view of the upcoming budget, top business leaders of the country have also put forward their suggestions for Nirmala Sitharaman.

Arihant Infrastructures, CMD, Ashok Chhajer told ANI on Monday that the government should focus on reducing home loan rates. “The government should reduce home loan rates. The affordable housing segment, which is capped at Rs 45 lakh, should be changed to Rs 60-75 lakh which is the average cost of a house in Metro cities and 2-tier cities,” said Chhajer.

Hiranandani Group MD, Niranjan Hiranandani said the Budget should focus on further investments in roads, railways, ports, airports and highways, as well as slum rehabilitation schemes.

“There should be more focus on further investments in roads, railways, ports, airports and highways. The focus must also be on the slum rehabilitation schemes to make India a slum-free country,” said Hiranandani.

The Budget Session of the Parliament began on January 31 with President Droupadi Murmu’s Address to the joint session of both houses.

The President touched upon various subjects during her inaugural address, which was her first one after being elected to the topmost office of the country last year. She mentioned women empowerment, India’s defence exports, and Aatmanirbhar Bharat by 2047 among others.

Ahead of the President’s Address, Prime Minister Narendra Modi addressed the media outside the Parliament. Prime Minister Modi said that India’s Budget will attempt to meet the hopes and aspirations of the common citizens amid the unstable global economic situation.

“Our Finance Minister will present one more Budget before the country tomorrow. In today’s global circumstances, not only India but the entire world is looking at India’s budget,” PM Modi said.

The Prime Minister firmly exuded confidence that Union Finance Minister Nirmala Sitharaman will make efforts to meet the expectations.

“Amid the unstable global economic situation, India’s budget will attempt to meet the hopes and aspirations of the common citizens. The ray of hope being seen by the world grows brighter-for this, I firmly believe that Nirmala Sitharaman will make all efforts to meet those aspirations,” PM Modi said while addressing the media.

The Prime Minister cited the “credible voices from the world of economy” and said that they have brought a positive message ahead of the session.

“Today, the Budget Session is commencing. Credible voices from the world of economy, have brought in a positive message, a ray of hope and a beginning of enthusiasm,” he said.

The budget session that began on Tuesday with the President’s address will take place in 27 sittings till April 6 with a month-long recess to examine the budget papers.

The first part of the session will conclude on February 13. Parliament will reconvene on March 12 for the second part of the Budget Session and will conclude on April 6.