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Budget 2023 Live: Finance Minister Nirmala Sitharaman is going to present the general budget for the financial year 2023-24 today. The speech of the Finance Minister will be presented in the Lok Sabha from 11 am today. In view of inflation, decreasing jobs, global recession and next year’s general elections, this time’s budget is being considered very important. Experts are hopeful that in the budget, the Finance Minister can increase the allocation in welfare schemes like Ujjwala and Ayushman.
Economy slows down to 6.5 percent
In the Economic Review 2022-23, it has been estimated on Tuesday that the growth rate of the Indian economy is expected to come down to 6.5 percent in the next financial year. However, India will continue to be the fastest growing major economy in the world. India’s Gross Domestic Product (GDP) growth rate is estimated to be seven percent in the current financial year (April 2022 to March 2023). Last year it was 8.7 percent.
Rupee may remain under pressure
The Economic Review 2022-23 presented in the Parliament on Tuesday said that stagnation in exports and further increase in Current Account Deficit (CAD) could weaken the rupee further. The country’s current account deficit widened to 4.4 per cent of gross domestic product (GDP) in the July-September quarter due to a higher trade deficit, according to Reserve Bank of India (RBI) data. It was 2.2 per cent of GDP in the April-June quarter.
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