Union Budget 2023-2024: Union Finance Minister Nirmala Sitharaman will present the country’s budget (Budget 2023) on February 1. She is facing the challenge of maintaining the country’s economic momentum amidst the slowing economy of the world.
The way in which the pre-budget speech of President Draupadi Murmu talked about advancing the farmers, women, and the deprived, backward sections of the society, it is also clear that the government will focus on the development of the socially backward sections.
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The main sources of income of the government include tax received in the form of GST, income tax, license fees on various services and other taxes, disinvestment, and borrowing from institutions of India and abroad. For more than the last six months, the total collection of GST has crossed one lakh crore rupees.
It is likely to continue to grow in the future as well. The government is also expected to get a huge amount from the license area of ​​the telecom sector. Despite the efforts of the government in the field of disinvestment, the expected success has not been achieved.
Taking loans from various national-international institutions is the last major source of income for the government, but economic experts believe that the debt in the country is increasing unaccountably.
This has become 89 percent of the total GDP of the country. The debt taken by various states from various institutions has also been about 4.77 percent of GDP (off-budget debt). In this way, the country is in debt of about 94 percent of its GDP.
Government Should Increase Investment in Infrastructure:
Economic affairs expert Dr. Nagendra Kumar Sharma said that India’s exports are likely to weaken amidst the slowing down economy of the world.
India has an opportunity to go ahead and increase its share in the export market of the world. This share can be in the field of food items, processed products, textile machinery, and services.
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To maintain its economic momentum, the government should continue to invest heavily in building infrastructure. With this, industries in about fifty sectors including iron, steel, paint, cement, and transport will get a boost. This will prove to be a step to increase employment in the country, which seems to be the biggest challenge for the government.
Government Should Make Favourable Policies for Investment:
At present layoffs are taking place in various sectors of the world, especially in the IT sector. Close to one lakh youth in India alone can be affected by this. Due to this, the challenge of providing employment to these youth will increase in front of the government, and the country’s income in the form of foreign exchange will also be affected.
But the government should consider making this opportunity its strength. By making a better investment policy, the world’s leading IT companies should encourage the production of IT services in India.
With this, along with providing employment opportunities to these youths, the IT sector will be strengthened at the domestic level.
