Budget 2023
At the meeting before budgeting, the finance ministers from states requested the Center to release the unpaid GST compensation and a review of GST rates earlier.
Budget 2023 Union Finance Minister Nirmala Sitharaman hosted the budget meeting before the Budget on Friday in New Delhi with the finance ministers from all states and union territories. Finance ministers from all states except West Bengal, Gujarat, and Delhi were present at the meeting.
At the meeting before the Budget, states demanded to increase the financial aid in central schemes and share access revenue between the states and the finance minister.
Because of the policy decisions of the Center and the impact on the Fiscal Autonomy of States, the burden for states has increased during their implementation of the central plans. States have asked the Finance Ministry to help them by providing more financial aid in implementing the scheme. Ministers from the states requested the possibility of offering free loans with no interest to states to finance capital expenditure.
The states requested the Center to release the unpaid GST compensation earlier and review GST rates.
The Finance Ministry has been holding numerous pre-budget meetings, including executives from various industries and other departments within the ministries, to solicit their ideas and inputs on this year’s Budget. Along with Finance Minister Secretaries of the Department of Economic Affairs, Ajay Seth, secretary (designate) Sanjay Malhotra from the Department of Revenue and CEA Dr. Anantha Nageswaran, along with numerous other senior officials of The Finance Ministry has been a part of the pre-budget discussions.
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The Finance Minister has had meetings with representatives from the financial and capital markets and the agriculture and agro-processing industries. Pre-budget meetings with trade union officials and economists will be held on November 28.
Budget 2023 is the final Budget for Modi 2.0 government before the next Lok Sabha elections, which will be held between April and May 2024.
The Budget for 2023-24 is expected to be presented on February 1, 2023.
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