Finance Minister Nirmala Sitharaman is due to present her fifth consecutive budget on February 1 for the fiscal year beginning in April 2023. | Photo credit: AP
Prime Minister Narendra Modi held a meeting with economists at NITI Aayog on January 13 to assess the state of India’s economy and its challenges, ahead of the Union Budget 2023-24
Prime Minister Modi has sought opinions and suggestions from economists on measures to boost growth, which is expected to fall to 7%.
According to the first advance estimates of national income for the year released by the National Statistical Office (NSO), India’s real GDP is expected to grow by 7% in 2022-23, from 8.7% in 2022-23. exercise 22.
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The projections are well below the government’s previous forecast of 8-8.5% growth, but above the Reserve Bank’s projection of 6.8%. If predictions come true, India’s GDP will be lower than Saudi Arabia’s, with an expected expansion of 7.6%
Parliament’s budget session is scheduled to start on January 31 and end on April 6 with a break in between. The Session will have 27 sessions over 66 days with a suspension from February 14 to March 12.
“The 2023 Budget Session of Parliament will start on January 31 and run until April 6 with 27 sittings spread over 66 days with the usual recess. Union budget and other items,” Union Parliamentary Affairs Minister Pralhad Joshi tweeted.
The session will begin with an address by President Draupadi Murmu to the joint session of the Lok Sabha and the Rajya Sabha in the central hall of the Parliament. This will be the first speech delivered to both Houses of Parliament by President Murmu since her elevation to the highest post in July last year.
On the first day of the budget session, the economic study will also be tabled in both chambers.
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Finance Minister Nirmala Sitharaman is expected to present the Union budget to Parliament on February 1 and the first part of the session is expected to continue until February 10, according to government sources.
They said that after a recess during which standing committees consider grant applications from various ministries, the second part of the budget session is scheduled to start on March 6 and end on April 6.
During the first part of the budget session, the two houses have a detailed discussion on the motion of thanks to the address of the president followed by a discussion on the budget of the Union.
While Prime Minister Narendra Modi will respond to the debate on the vote of thanks for the President’s speech, the finance minister will also respond to the debate on the Union budget.
During the second part of the budget session, the focus would be on discussing grant applications for various departments outside of the government’s legislative agenda. The budget of the Union, a finance bill, is adopted during this part of the session.
(With agency contributions)