UNION Budget 2023 UBS India economist Budget Focus On Rural Infra

Rural and Infra Focused in Budget 2023: Union Finance Minister Nirmala Sitharaman is going to present the budget on February 1, 2023. At the same time, a foreign brokerage company has expressed its views regarding this budget. The company says that this budget in India will focus on farmers, agriculture, rural and infrastructure. Along with this, the next year’s general election (Loksabha Election 2024) will be kept in mind in this budget, this upcoming general budget will be the last full budget of the current government.

Know what the company said

According to media reports, Tanvee Gupta Jain, economist of foreign brokerage company UBS India, says that general elections are going to be held in the country in the middle of the year 2024. There is a possibility of an increase of $ 10 billion in the expenditure on rural and agriculture from the upcoming budget. Also, this expenditure is estimated to be 15 per cent more than in the previous financial year 2022-23. With the effect of which it will maintain the 20 percent increase in public capital expenditure in double digits in the current financial year 2022-23.

Subsidy burden will be reduced

Tanvi says that there is no possibility of the Modi government at the Center going beyond the fiscal limits in its election-oriented budget and is also expected to reduce the subsidy burden in the financial year 2023-24. The focus is on doing. This will create more fiscal space to reallocate funds to help rural housing, roads and many other existing rural schemes, including the rural employment scheme MNREGA.

GDP will be 5.5 percent

He also said that India’s economy will see a slight softening following slow global growth and monetary tightening, as well as a softening of the economy as a result of the expected global recession this year. The effect of which is expected to be 5.5 percent growth rate of Gross Domestic Product (GDP) in the next financial year. This is lower than the consensus growth rate of 6 percent.

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