2023 Budget Speech: Key Takeaways For South African Citizens

2023 Budget Speech: Key Takeaways For South African Citizens – Budget 2023 explained: In FM Nirmala Sitharaman’s budget, focus on capex, tax consolidation, Union tax relief Budget 2023-24 explained Live Updates: Finance Minister Nirmala Sitharaman presented her fifth budget speech Wednesday in the House legislature. Here are the highlights, highlights and highlights of the Report.

Budget 2023 explained: Finance Minister Nirmala Sitharaman on Wednesday presented the Union budget, the last full budget of the Narendra Modi government before the 2024 Lok Sabha elections early next year, to the parliament.

2023 Budget Speech: Key Takeaways For South African Citizens

2023 Budget Speech: Key Takeaways For South African Citizens

Budget 2023 Live Updates Explained: Union Finance Minister Nirmala Sitharaman presented her new full budget ahead of the 2024 Lok Sabha elections on Wednesday. Budget 2023 focuses on increasing capital expenditure by the government, fiscal consolidation and attractive incentives and rebates in the new income tax regime. In an interview with The Indian Express, Sitharaman said that growth is the main goal and the main driving “decision” is that this is a “golden opportunity” for India and this time “we really mustn’t miss the bus”.

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The big announcement is the increase of the refund limit in the new – now default – tax regime from Rs 5 lakh to 7 lakh. Sitharaman, meanwhile, has proposed a 33% increase in capital expenditure to Rs 10 lakh crore. States are also encouraged to spend more on infrastructure. He also maintained a focus on fiscal consolidation by cutting subsidies and employment insurance plan funding.

Read the highlights of the Union budget for 2023 below, with a side-by-side explanation of the provisions and what they mean for you. Our senior editors P Vaidyanathan Iyer, Anil Sasi, Sandeep Singh, Udit Misra, Harish Damodaran, Ishan Bakshi, Soumyarendra Barik and Mihir Mishra break down the budget for you.

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Live updates explained by Union budget 2023: Here are the highlights of Nirmala Sitharaman’s budget speech in Parliament, and analysis and explanation of her announcements. Read the latest news and updates below

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Interview with Nirmala Sitharaman: ‘This is a golden opportunity for India. We really shouldn’t miss the bus this time’

A day after presenting the Union budget for the year 2023-24, Union Finance Minister Nirmala Sitharaman said that growth has been the main focus since day one when she and her team sat down to prepare the last budget of the full year before the Lok Sabha elections. “Even the Prime Minister agreed. He said that development momentum ka rakhna chahiye (we must maintain development momentum). If anything, we need to be fast, fuel well and manage it well, which is why the Rs 10 lakh crore figure for capital expenditure has been reached. Thursday.

He added that his “resolute” driving interest is that this is a “golden opportunity” for India and this time “we really shouldn’t miss the bus”. (Read the full interview here)

2023 Budget Speech: Key Takeaways For South African Citizens

Union Finance Minister Nirmala Sitharaman with State Finance Ministers Bhagwat Kishanrao Karad and Pankaj Chaudhary and government officials during the “Halwa” ceremony to mark the final round of the Union budget 2023-24, in New Delhi on Wednesday January 26, 2023 (PTI photo/Manvender) Vashist Lav)

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GDP Growth: The study says India’s growth rate for FY23 is higher than almost all major economies. “Despite strong global headwinds and domestic monetary policy, if India is still expected to grow between 6.5 and 7.0%, and even without the benefit of the base effect, it is a reflection of India’s economic resilience; of its ability to recover, renew and re-energize the growth engines of the economy,” the study said.

Addition: RBI forecasts headline inflation at 6.8% in FY23, outside the 2% to 6% comfort zone. High inflation is seen as a major factor that holds back demand among consumers. However, the study appears optimistic about inflation levels and the trajectory, saying that “it is not high enough to discourage private consumption, or so low as to discourage the incentive to invest”.

Unemployment: The study said that “employment levels have increased in the current fiscal year” and that “job creation seems to have shifted to a higher orbit with an initial increase in exports, a strong release of demand” pent-up” and fast pace. launch capex.

He referred to the Periodic Labor Force Survey (PLFS), which showed that the urban unemployment rate for people aged 15 and over decreased from 9.8% in the quarter ending September 2021 to 7.2% a year later.

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The Observatory also emphasized that the reduction in the unemployment rate comes with an improvement in the labor force participation rate.

Chief Economic Adviser V. Anantha Nageswaran presents the Economic Survey 2022-23 during a press conference, in New Delhi on Tuesday, January 31, 2023. (PTI Photo/Manvender Vashist Lav)

It is true that EU budgets tend to vary from year to year. However, here are five opportunities that any Union budget must pass.

2023 Budget Speech: Key Takeaways For South African Citizens

Budget Speech: The speech presents the Budget to the audience. Separated from all the conversations around you, the Budget is essentially an annual financial statement. What citizens should know is whether they will pay more or less tax, whether the government will be able to make money (and if not, how much it will borrow from the market), and finally, where the government will spend it all. your money

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Figures of the Budget: The entire Budget is based on some assumptions of economic growth and revenue generation. But sometimes the government’s intentions disturb everyone.

Fiscal and revenue deficit: When a new budget is presented, the fiscal deficit figure should be read alongside the revenue deficit data to know how much money the government intends to borrow in the next fiscal year will be used to pay the daily bills. every day and how much of it will increase the productivity of the economy.

Revenue targets: A specific problem is that often the displacement target is calculated at the end of the government’s revenue calculation, i.e. after revenue assumptions from all other sources have already been made. Therefore, there is a great temptation to stretch the divestment target based on the gap that needs to be filled.

This behavior often leads to unrealistic regression goals. This, in turn, reduces the credibility of the Budget numbers. This is because if the turnover target is not met in one year, it immediately means that the fiscal deficit will expand from the level of the budget.

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No country has risen to world power without investing heavily in the health and education of its people. Any hope of India becoming the strongest hinge on India is increasing its human resources. But while there is much talk about the promise of India becoming the world’s back office, little is thought about the threat of automation. ahead of the finance minister’s budget speech scheduled for Thursday, which should provide insights into the direction of government policy.

At 15:24 GMT, the rand was trading at 18.2875 to the dollar, about 1.04% lower than the previous close, after hitting the 2023 low of 18.3225.

The dollar was up about 0.13% to 104.04 against a basket of global currencies, trading near a six-week high on Friday.

2023 Budget Speech: Key Takeaways For South African Citizens

Finance Minister Enoku Godongwana to deliver his 2023 budget speech on Thursday. In addition to presenting updated forecasts on revenue, expenditure and economic growth, he is expected to outline a plan for the government to recover some of the government’s ailing electricity debt. Eskom company.

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“The ZAR is poised for a big move in both directions tomorrow,” ETM Analytics said in a research note.

The rand is on the defensive as one of the worst emerging currencies this year and is susceptible to any bad news, he said.

Also this week, the international Financial Services Task Force (FATF), which sets standards for combating money laundering and illicit financing, may add South Africa to the “grey list” during meetings in Paris, which could hurt local asset prices.

Shares on the Johannesburg Stock Exchange declined, weighed down by Sibanye Stillwater Ltd ( SSWJ.J ) and Sasol Ltd ( SOLJ.J ), which both ended more than 5% lower. Sibanye said it expected its annual profit to fall as much as 51%, while Sasol’s mixed half-year results failed to impress investors.

Budget 2023: An Overview

Overall on the JSE, the broadest index of all stocks (.JALSH) fell 1.28%, while the top 40 index (.JTOPI) closed up 1.36% Budget 2023 : Highlights from FM Sitharaman’s speech The government has proposed to increase revenue capping increased Tax reduction from Rs 5 lakh to Rs 7 lakh in the new tax regime

Presenting her fifth annual budget, Finance Minister Nirmala Sitharaman on Wednesday said that the government is adopting seven priorities to lead India through Amrit Kaal. Important announcements for taxpayers have also been made in the budget.

“The budget adopts the following seven priorities: inclusive growth, reaching the last mile, infrastructure and investment, open energy, green growth, youth empowerment and

2023 Budget Speech: Key Takeaways For South African Citizens

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