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Though the International Monetary Fund (IMF) has sounded of a global economic slowdown, we remain cautiously optimistic about the Indian economy and the GDP to maintain reasonable growth momentum. India could see growth between 6.5 and 7.1 per cent during FY2022–23 and 5.5–6.1 per cent in the following year.
Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.
In the last full budget before a 2024 general election, Prime Minister Narendra Modi's government is expected to focus on lowering the fiscal deficit rather than extra spending.
With direct tax collections expected to register a 20% increase this year, cuts beneficial for the middle class - including on direct taxes – are keenly awaited in the budget.
The author offers two perspectives to view a budget – a narrow accounting one and a broader economic one.
The budget for ‘23-24 comes at the end of a landmark financial year, when India is set to record the highest growth among the large economies of the world, including China.
In the domestic futures market, MCX gold rose 0.4% to ₹57,050 per 10 grams. The spot rate was Rs 42,160 per 10 grams, according to a report.
Earlier, Pranav had posted a video in which he is seen playing a guitar and singing in a café.
The fiscal health of the states has improved from a sharp pandemic-induced deterioration in 2020-21 on the back of a broad-based economic recovery and resulting high revenue collections.
Rights group Oxfam International added that taxing India's ten-richest at 5 per cent can fetch entire money to bring children back to school.