Pre-Budget Expectation : Capital Expenditure expected to be closer to 3% of GDP for 2023-24 Says Mr. Karan Desai Interface Ventures
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Below is Pre budget views By Mr. Karan Desai - Founder at Interface Ventures
"Union Budget 2023 set to be presented on February 1, 2023, is being widely anticipated as one of the most progressive and growth focused budgets in recent times. While there are expectations of some changes on the direct tax front, such as doubling of the IT exemption limit from 2.5 lakhs to 5 lakhs, and standard deduction from Rs. 50,000 to Rs. 1,00,000 to account for inflation, the larger focus will be on the big ticket macro-economic initiatives, in a lead up to general elections 2024.
Given the Prime Minister’s continuous push on making India a hub for global investment and manufacturing, one can expect some positive moves on pushing the Production Linked Incentive (PLI) schemes, to boost local production, generate employment and reduce the CAD. Capital expenditure, with a focus on infrastructure development, is expected to be closer to 3% of GDP for 2023-24. This will be achieved in tandem with a tapering off of the fiscal deficit, by reallocating funds from subsidy payments to public capex spending. The Central Government will target bringing down the fiscal deficit to below 6% in FY 2024".
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