Budget 2023-24: Union Finance Minister Nirmala Sitharaman said that the Union Budget to be presented in 2023 will have to be prepared in such a way that the pace of economic growth of the country remains intact, amid the reduction of estimates of India’s economic growth rate by many rating agencies including IMF World Bank. are. Along with this, the Finance Minister said that through the budget, efforts will also be made to curb inflation.
Finance Minister on US tour
Finance Minister Sitharaman is currently on a visit to the US where she is going to attend the annual meeting of the IMF and the World Bank. The Finance Minister said these things about the budget during the program at Brookings Institute. In response to the question asked about the budget, the Finance Minister said that it is not possible to say anything about the budget right now because it will happen very soon. But the priorities for economic development will be at the top. There are concerns about inflation, so inflation will also be dealt with. The Finance Minister said that the global crisis that has arisen regarding energy, fertilizer and food has affected India as well and we are making sure that it does not affect the common people.
Budget to be presented on February 1, 2023
Let us tell you that on February 1, 2023, Nirmala Sitharaman will present the last full budget of the second term of the Modi government for the fifth time in a row. The series of pre-budget meetings of the Finance Ministry with different ministries, departments and union territories has started from October 10, 2022, which will continue till November 10. After this, the Finance Minister will hold a meeting with representatives of industry, social sector, economists, agricultural experts, startups and labor unions and will consult about the budget.
Economic growth slowed down
On Tuesday, the IMF has cut India’s economic growth forecast for the 2022-23 fiscal year to 6.8 per cent, which is 0.6 per cent lower than the IMF’s earlier estimate. The IMF has reduced the estimate for the second time in 3 months. Before the IMF, many rating agencies including the World Bank, RBI have reduced India’s economic growth rate estimates. RBI believes that 7 percent GDP can be in 2022-23.
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