The Department of Economics and Banking organized live screening of the Union Budget on 1st February 2023 in the smart classroom from 11:00 am to 12:30 p.m. The Union Budget was screened live so as to provide an opportunity to students and faculty members to understand details about the projected receivables and payables of the government for 2023-2024.
28 students and staff members across the B.Com and BCA programmes attended the live screening of the budget. The budget was presented in the Lok Sabha by the Finance Minister Ms. Nirmala Sitharaman in two parts; Part A consisted of an introduction, PM GatiShakti, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition and climate action, financing of investments and fiscal management. While part B broadly highlighted upon direct tax proposals and indirect taxes. At the outset, the finance minister expressed empathy for those who bore adverse health and economic effects of the pandemic. The total expenditure in budget 2023-24 is estimated at Rs. 45,03,097 crores of which total capital expenditure is Rs. 10,00,961 crores. The budget of 2023-24 reflected continued strong commitment of the Union Government to boost economic growth by investing in infrastructure development leading to an increase in capital expenditure by 37.4 per cent over revised estimate of 2022-23. It presented a vision for Amrit Kaal- a blue print for an empowered and inclusive economy. Further, railways have been accorded its highest-ever capital outlay of Rs 2.40 lakh crore. The budget expanded capital expenditure spending and tied in various priorities including green growth, youth power and inclusive development.
The Finance Minister concluded the budget speech with the announcement of changes in direct and indirect taxes. Ms. Sitharaman announced major changes in tax slabs under the new tax regime. Ms. Lizette D’Costa and Ms. Stesa Pereira were the faculty in charge of the session.
