Budget 2023 LIVE News Updates: FM Nirmala Sitharaman to Present Union Budget in Parliament Today

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income tax relief for individuals.

The Union Budget is a key government document as it outlines the policy structure of the country and aims to fulfill the aspirations of people with various welfare initiatives. It reveals the projected receivables and payables of the government during a financial year, under capital budget and revenue budget.

Policymakers and the industry will also take a look at the fiscal impact of the Budget on the economy and the budgeted disinvestment target for the financial year 2023-24. Last year, the government had targed a total disinvestment of Rs 65,000 crore for the current financial year 2022-23. Out of this, the government has so far raised around Rs 31,000 crore from divesting its equities in the central public sector enterprises.

Finance Minister Nirmala Sitharaman on Tuesday, January 31, also presented the report card of the Indian economy during the current financial year, the Economic Survey 2022-23. According to the Survey, India’s economic growth for the next financial year 2023-24 is pegged at 6-6.8 per cent with a baseline real GDP growth of 6.5 per cent. The country’s nominal economic growth is likely to grow at 11 per cent on a baseline scenario.

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