It’s a big day for the country. Finance Minister Nirmala Sitharaman is presenting the Budget 2023 today. Analysts are expecting to focus on key sectors like oil, power, infrastructure and agriculture.
With oil marketing companies (OMCs) suffering huge losses in FY2023 due to heightened crude prices, despite the one-time grant of Rs 22,000 crore to PSU OMCs, experts expect adequate budgetary compensations in order to help OMCs make up for the losses. Analysts expect to see either a reduction or abolishment of customs duty in the import of LNG, bringing it in line with crude imports. Elevated CNG prices mean that the Ujjwala Scheme must be continued by the government.
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In the power sector, analysts expect the Budget 2023 to help India achieve its decarbonisation goals faster. Analysts hope to see more SOPs, tax breaks and incentives in order to promote the renewable energy sector further. The energy sector will also receive some attention in terms of the power transmission sector, sources aware of the development told Business Today TV.
The demand for residential real estate has increased over the past years. As a result, analysts expect the Budget to feature cheaper and easier loans so that prospective home buyers can help the sector recover further. There are expectations that the capital expenditure for infrastructure be increased significantly as the government spends on highways and railways, as well as digital infrastructure.
In the agriculture sector, experts, analysts and industry groups are expecting the Budget to reduce or cut import duties on input materials for agriculture like fertilisers, crop protection chemicals and more. The Agro Chem Federation of India (ACFI) has also asked the government to increase incentives to private players undertaking research in the agriculture sector.
(Edited by : Sudarsanan Mani)
