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Budget 2023-24: Nirmala Sitharaman chairs talks with social sector experts

CNBCTV18 logo CNBCTV18 24-11-2022 Shoma Bhattacharjee
Union Finance Minister Nirmala Sitharaman on Thursday, November 24, chaired her sixth pre-Budget consultations with the representatives of the social sector, including health, education, rural development, water, and sanitation, in the national capital. Along with Sitharaman, the meeting was attended by Union Minister of State for Finance Pankaj Chaudhary, Finance Secretary T.V. Somanathan, secretaries from other departments of the Finance Ministry, and Chief Economic Advisor Anantha Nageswaran, the ministry said in a tweet today.

The pre-Budget meetings with the trade union representatives and economists are scheduled for November 28. The participants will give suggestions on Budget 2023-24, which will be presented in Parliament by the finance minister in February.

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This will be the fifth budget of the Narendra Modi 2.0 government and FM Nirmala Sitharaman and the last full Budget before the general elections due in April-May 2024.

During the election year, the government presents a Vote on Account for the limited period. Usually, the Budget is cleared till July. The Budget 2023-24 is likely to be presented on February 1, during the first half of Parliament's Budget session which usually begins in the last week of January every year.

The Budget 2023-24 is likely to be presented on February 1 during the first half of the Parliament's Budget session, which usually begins in the last week of January every year.

The Budget for the current fiscal had projected a growth rate of about 7-7.5 percent in real terms while the fiscal deficit was pegged at 6.4 percent of the gross domestic product (GDP).

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The PM Narendra Modi-led government scrapped a colonial-era tradition of presenting the Budget at the end of February. The then finance minister Arun Jaitley had for the first time presented the annual accounts on February 1, 2017.

With the preponement of the Budget, ministries are now allocated their budgeted funds from the start of the financial year beginning in April. This gives government departments more leeway to spend as well as allow companies time to adapt to business and taxation plans.

Previously, when the Budget was presented at the end of February, the three-stage Parliament approval process used to get completed some time in mid-May, weeks ahead of the onset of monsoon rains. This meant government departments would start spending on projects only from August-end or September after the monsoon season ended.

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