Perspective: Budget Session 2023 | 13 January | 2023

Summary

The video script discusses the upcoming budget session of the Indian Parliament, set to start from January 31 to April 6, 2023, with 27 sittings over 66 days. The session will begin with the President's address and include the presentation of the economic survey and the Union budget. It will be the last full budget before the 2024 general elections. The discussion includes expert opinions on expected highlights, such as infrastructure spending, tax reforms, and welfare schemes, as well as the opposition's expectations for a balanced budget addressing wealth disparity and inflation.

Takeaways

• 📅 The budget session of the Indian Parliament is scheduled from January 31st to April 6th, 2023, with 27 sittings over 66 days, including a recess from February 14th to March 12th.
• 🗣️ The session will start with the President of India's address to a joint sitting of both houses, followed by the presentation of the Economic Survey and the Union Budget.
• 💰 This will be the last full budget before the general elections in mid-2024, and there are high expectations for economic relief and quality spending across various sectors.
• 🌐 The global economic situation, including the ongoing Russia-Ukraine war and its impact on supply chains and crude oil prices, is expected to influence the budget.
• 🇮🇳 India is projected to be one of the fastest-growing economies with a 7% GDP growth rate, which may shape the budget's focus on infrastructure and employment.
• 🛠️ Infrastructure development is anticipated to be a key component of the budget, with a continued push for the 100 lakh crore infrastructure plan to improve logistics costs and competitiveness.
• 💼 There is an expectation for more transparency in income tax and taxation reforms, reflecting the government's approach to economic management.
• 📉 The budget is expected to address wealth distribution and inflation control, with a focus on targeted subsidies and welfare schemes for the empowerment of the poor.
• 🏫 Education is highlighted as a critical area needing attention, with a call for at least 6% of the budgetary allocation to improve primary education infrastructure.
• 🛃 The implementation of GST is a contentious issue, with calls for rationalization, especially concerning its impact on food products and the middle class.
• 🏭 The MSME sector is in need of rejuvenation, with expectations for increased funding to support employment and industry development.

Q & A

When does the budget session of the Indian Parliament begin and end according to the script?

The budget session of the Indian Parliament begins on January 31st and ends on April 6th, 2023.

How many sittings are there in the budget session, and what is the duration of the session in days?

There are a total of 27 sittings spread over 66 days.

When is the recess period during the budget session?

The recess period is from February 14th to March 12th.

What significant event will commence the budget session?

The budget session will commence with an address by the President of India to a joint sitting of Lok Sabha and Rajya Sabha.

On which date will the Finance Minister present the economic survey, and when will the Union budget be presented?

The Finance Minister will present the economic survey on January 31st, and the Union budget will be presented on February 1st.

What is the significance of this budget session for the government?

This will technically be the last full budget of the present government ahead of the general elections to be held in mid-2024.

What are the key expectations from the budget according to Mr. KB Prasad?

Mr. KB Prasad expects the budget to focus on post-COVID relief for all sections of society, quality spending in all spheres, and the government's presentation through the economic survey.

What does Mr. Prakash, BJP's Member of Parliament, believe will be the key highlights of the budget?

Mr. Prakash expects an infrastructure push, more transparency in income tax and taxation, and targeted subsidies and welfare schemes for empowering the poor.

What are Dr. L Hanumanthaya's expectations for the budget from the perspective of the opposition?

Dr. L Hanumanthaya expects a balanced budget between the rich and the poor, controlling inflation, increased budgetary allocation for education, rationalization of GST, and relief for the middle class.

What is the general expectation regarding the economic growth of India as per the script?

The expectation is that India will be the fastest economically growing country with a projected GDP growth of 7% for 2022-23.

What is the role of the department-related parliamentary standing committees during the recess?

The department-related parliamentary standing committees will examine the demand for Grants during the recess.