Common expectations from budget 2023

The Union Budget for 2023 will be tabled in Parliament on February 1. Everyone from the common man to the big businessmen await this budget. They are waiting to see if they will get any concessions and relief including tax exemption. This year's budget is the last major budget of the current ruling BJP government. The next election is in 2024, so only a small budget will be tabled in Parliament. Therefore, the expectations about this budget are high among the people.

Small and medium enterprises have been hit the hardest during the COVID-19 pandemic period. Mainly GST tax, high cost of raw materials etc. have affected them a lot. Small and medium enterprises account for 30 percent of the country's total GDP growth. Most importantly, small enterprises account for a large share of employment.

It is expected that the GST tax will be reduced for the small and micro enterprises to benefit them and export tax concessions will be available for exporting to foreign countries. By increasing the import duty here on foreign goods especially from China, the domestic production will increase and the government will also get income from it. Small and micro enterprises are looking forward to various benefits in this budget, including increasing the growth of domestic production.

Similarly, everyone is looking forward to the benefits provided by women's groups so that women and youth can get easy loan assistance.The next biggest expectation is employment. As the election is nearing next year, this is expected to be a major focus in the central budget. Many are looking forward to the Union Budget with the expectation that it will increase employment by providing major concessions to businesses including production and exports. Will Finance Minister NirmalaSitharaman live up to the common man's expectations?