Proposals from the public interaction for the consideration of upcoming Budget 2023

NewsBharati    24-Jan-2023 11:39:28 AM   
Total Views |
A) Individuals and Salaried classes :

As far as the people of the nation from the Individuals and salaried classes expectation are concerned, the rate of Income Tax slab shall be commenced after 5 Lacks taxable income of the assessee and taxable income above 5 Lacks and up to 10 Lakhs shall be considered as starting bracket of income tax rate at 5% for the benefit of the lower and middle-income group in the society.

Budget 2023 Proposals, Budget 2023, Union Budget 2023, Union Budget 2023-24

In addition to this, 10% between 10 Lakhs to 12.50 Lakhs, 15% between 12.50 Lakhs to 15 Lakhs, 20% between 15 Lakhs to 17.50 Lakhs, 25% between 17.50 Lakhs to 20 Lakhs and 30% for above 20 Lakhs of the taxable income. Apart from this, present surcharges on the taxes shall be regulated optimistically.

B) Contractors :

GST and Other Tax obligations shall be collected as per their progress of receipts, Otherwise, Contractors are suffering for their Working Capital adjustments since they are paying taxes prior to the collection of their dues.

C) Gareeb Kalyana Anna Yojana ( GKAY ) :

More than 81 Crore people across the nation are benefiting free food grains form this scheme and the program has been implementing since Covid19 lockdown, Special Thanks for the scheme has been extended for further 12 months now. Hence, appropriate allocations have been expected in the upcoming Budget for smooth functioning the scheme for the benefiting the poor and needed beneficiaries as identified under National Food Security Act ( NFSA ) guidelines.

D) Mahatma Gandhi National Rural Employment Guarantee Act ( MNREGA ) :

Minimum Guaranteed Rural Employment is top most priority for the Government and this program played pivotal role during the lockdown period of the pandemic and thereafter of the Post Covid 19 uninterruptedly. Further, I request to link MNREGA to Agriculture activities to benefit the farmers. Hence, Funds allocation for this program shall be enhanced reasonably.

E) National Health Mission ( NHM ) - Medical Infrastructure :

Ministry of Health and Family Welfare shall be provided up to 1 Lack Crore in the upcoming Budget 2023 -24 as a allocation, in which up to 45 thousand Crore allocation is required for the medical services in the rural and urban areas of the states. Union Government providing funds up to 90% in the Northeastern States and 60% for other states under NHM. In addition to this, request for the approval of a Medical Collage in every Parliament is very much needed in this upcoming Budget.

F) Industry & Infrastructure :

Most particularly, focus on MSME sector has been expected in true sense on the Potentially Sick and Sick units that can be revived with the finance or additional finance at concessional interest rates from the Banks and Financial Institutions where the existing units have the strong asset base to provide security for their loans or additional loans since more than 30% of Sick MSME units have strong asset base, but not obtaining the finance due to technical reasons (NPA, But strong asset based) from the Banks and Financial Institutes.

Special Industrial parks and clusters with the category wise manufacturing products shall be promoted through PPP mode at each district head quarters with modern infrastructure facilities for MSME. Similarly, encouragement for cottage industrial parks shall be provided in the Rural areas. These Parks and Clusters shall be set up besides the Newly forming National Highways where the Water and Electricity facilities available.

Note : We need to encourage the MSME sector in the Manufacturing Automated / Semi-Automated new technological Machinery Manufacturers to encourage the Atmanirbhar concept with Make In India to reduce the import dependency from China as maximum as possible, which will reduce the Trade Gap with China. For this Manufacturers, We need to provide clusters around the newly laid Highways across the country, most particularly between the Delhi - Mumbai expressway and the upcoming Surat - Chennai expressway along with Benguluru - Chennai expressway as High Potential Zone To Grow Quick ( HPZTGQ ) as identified already.


G) Agriculture : Focus on Millets :

Prime Minister Narendra Modi had convinced the United Nations to declare the year 2023 as the International Year of Millets and He called it for being Millet grains are high nutrition food for people which easily available in the Market. As per the data, around 90% of farmers in our country is in the strata of small and marginal farmers who are growing millet in a larger extent. Hence, a significant growth in the consumption of millet as a nutritious grain will assist these small and marginal farmers financially. Hence, Prime Minister Narendra Modi led Union Government to promote it and recently hosted a lunch for all Members of Parliament exclusively consisting of dishes prepared with millet.

In the next few days, huge number of foreign delegates are going to attend a series of meetings pertaining to the G-20 as being chaired by India, Prime Minister said that millets will be on the menu for delegates to promote it in the International fraternity. In addition to this, and Prime Minister Narendra Modi said that Anganwadis, Schools and Government Programs shall be utilised the millets for their food services in the future, further people at home can be used the millets for their better health. Hence, I request for the policy to encourage and promote the Millets as per the intentions of the Prime Minister Narendra Modi in the upcoming Budget 2023 for the benefit of the people health and assistance for the farmers that who are growing the Millets.

Further, MSP for the procurement of crop has been enhanced recently for the benefit of the farmers who are growing paddy, wheat, and other crops and most of the farmers are depending on Crop Loans in an unorganized manner with high-interest rate. Hence, the Union Finance Minister with the assistance of RBI shall prepare a proper plan to assist loans through Banks and Financial Institutions to the extent of maximum possible farmers and encourage financial assistance for alternative additional income sources to the farmers with ancillary activities.

PM Fasal Bima Yojana is very important for the crop insurance of the farmers to indemnify unforeseen crop damage or losses. Hence, more farmers need to cover under this scheme as many State Governments are neglecting to provide insurance procedures at the right time, which causes losses to the many farmers in the country. Hence, Union Government shall issue the proper protocols to provide the information to the farmers. Marketing of the crops by the farmers is going on through various existing systems, But it needs the sophisticated technology-driven market information to the existing e-NAM for better prices for the crop of the farmers.

H) Culture and Traditions Build up among G20 Countries:

We are honored to be chaired in G20 Countries due to the relentless efforts of our Prime Minister Narendra Modi, We need to encourage for diffuse of our traditions and culture worldwide to connect the International fraternity with us in a long-term mode.

Already, every year 21st of June has recognizes as Yoga Diwas, and it becomes a popular program in the World after the suggestion of Prime Minister Narendra Modi to the United Nations in his address in the year 2014. Hence, Union Finance Minister shall look into this program to attract more and more people to the Culture and Traditions of our Nation, even if required the Budget allocation in the upcoming Budget 2023 needs to consider.

I) Gatishakti Yojana:

Being 111 Lack Crore Gati Shakti Yojana Projects yield 4% to 5% additional GDP and huge employment opportunities in the coming years while implementation of the Projects. Hence, Co-Operation and Co - ordination between Central and State Governments is required while servicing the Gatishakti Yojana to achieve the end means as aspired by Prime Minister Narendra Modi.

J) Exports and Rupee in International Trade:

The Reserve Bank of India has taken a decision to allow the invoicing and payments for International Trade with rupees instead of dollars. Recently, our country had facilitated oil imports from Russia facilitated stronger bilateral trade where sanctions against Russia had imposed by US and many European countries, it has created hardships in cross border payments due to cut off the payments system.

Apart from this, promotion of our products for exports and create a positive atmosphere among the global business entities about the Rupee. Meanwhile, the Trade Deficit has reached $35.5 Billion, which is 4.3% of GDP by the 2nd Q of the Current financial year and it may raise further significantly by end of the current financial year.

It needs to observe that 85% of our fuel requirements are imported by us and it should be paid in US Dollars, sharp raise in the imported fuel prices, Coal Imports, and a raise in other imports cause a raise in the Trade Deficit. But, after the advent of the Rupee as a modem of settlement of International transactions, pressure on the Dollar requirement will come down. Hence, Union Finance Minster needs to focus on Rupee as accepted by more countries as maximum as possible to settle their transactions with our country.

K) Sate Government Finances : - Serious and Important :

My request is to set up “ Central Debt Regulatory Authority ( CDRA ) “ like GST Council or Electricity Regulatory Authority is very much required to examine, whether the Loans / Borrowings raising by the States with in the FRBM limits or not and whether the Loans / Borrowings of Corporations / Companies incorporated by the State Governments have been repaying by divert the revenue or debts from the consolidated fund of State. Further, Accounting adjustments to hide the factual Loans / Borrowings and Revenue or Fiscal Deficit shall be carefully examined.

"Central Debt Regulatory Authority ( CDRA )" is the need of the hour since Article 293 (3) and (4) regulations have not specifically given powers to act on irregularities of the State Government. Otherwise, most State Governments will follow unhealthy practices to harm the Nations' prospects in the future.

I am expecting the upcoming Union Budget 2023 will be prepared by Finance Minister Nirmala Sitharaman as "Inclusive Budget" focusing on the Growth of Industry, Service, and Agriculture sectors and meaningful Welfare with the spirit of Antyodaya and Atmanirbhar to reach as 3rd largest economy in the world with 5 Trillion USD as it’s size as per the aspirations of Prime Minister Narendra Modi.



Dinakar Lanka

Author Dinakar Lanka (B.Com., F.C.A.) is a Public speaker, Spokesman and Analyst in Print and Electronic Media. He is also the Andhra Pradesh Political Feedback Pramukh for BJP. His expertise and area of writing encapsulates Economy, Finance, Current Affairs of Indian Politics.