Deloitte India Union Budget 2023: Pre Budget Survey

The Union Budget 2023: Pre Budget Survey is an important exercise for the Government of India to understand the public’s opinion on the budget. This survey will help the government formulate policies and make decisions that are in sync with the public’s expectations. It will also provide insights into areas where people feel more investment is needed, and what kind of investment is expected from the government. The pre budget survey aims to capture public opinion on various aspects of taxation, subsidies, investments, infrastructure development, and other issues related to the Union Budget 2023.

Additionally, there is a need to reform the Indian tax system in order to make it more equitable and efficient. The Union budget survey also revealed that respondents wanted to see increased investment in infrastructure, as well as more focus on agricultural reforms, which could help to strengthen the rural economy. 

Finally, the budget survey showed that people want to see greater transparency from the government when it comes to budget decisions, as well as a greater focus on environmental conservation. These results will be taken into consideration as the Union Budget 2023 is being drafted, and will help to ensure that the budget is tailored to meet the needs of the country.

What do you mean by union budget survey?

The union budget survey is an important event in the financial and economic calendar of India, as it outlines the government's plans for revenue and expenditure, and provides an overview of the country's economic and financial performance. The budget also sets the tone for the country's economic policy in the coming year and is closely watched by economists, businesses, and the general public.

FY’23 Deloitte pre budget survey

According to business leaders who participated in the Deloitte pre budget survey conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP), the budget would outline the "Amrit Kaal" strategy for India and help the economy maintain its resilience and develop at a healthy rate while balancing worries about inflation and global challenges.

The survey aimed to determine what the business community anticipates from the forthcoming budget in terms of economic development, ESG adoption, trade agreements, and exports. CXOs from many sectors and business types participated in online surveys. The survey received 181 total responses from 10 different sectors. The study asked 27 questions about the economy, budget estimates, changes to individual and corporate taxation, and the success of different digital projects launched during the previous year.

Major developments in Budget FY'23 are projected to accelerate the growth rate even further

Infrastructure (both physical and digital) as a focal point In recent years, the government has been actively developing infrastructure, and it is anticipated that this trend would continue. The country will get long-term advantages from this in the form of industrial development, increased employment, supply chain integration on a global scale, and capital flow, supporting economic growth and meeting the US$5 trillion economy objective. The most effective ways to promote the growth of infrastructure would be to encourage private partnerships in huge projects, both physical and digital, and to reward private participants or reduce their risks.

Perspectives on Economic Growth

Despite the global recession, more than 60% of respondents expressed optimism about India's growth exceeding 6.5%. Sectors with superior performance and prognosis, supported by robust domestic demand, displayed a relatively higher level of confidence.

Efficiency of Digital Initiatives by the Government

Energy, BFSI, and the automobile industries have praised the government's digitization efforts. It could be necessary to make more focused efforts to digitise administrative procedures for the capital goods and textile industries.

Business Expectations for the Budget for 2023

Budget Sentiment

The government is expected to take aggressive steps to mitigate the effects of the dangers mentioned earlier, which may explain why respondents were more optimistic about a favourable budget this year than they were last year. The expectation of encouraging news is higher among respondents from the textile, capital goods, and electronics industries.

Budget 2023 expectations from the industry

PLI and Atmanirbhar Bharat

Seventy per cent of the respondents said their industry will benefit from the PLI plan. Nearly 60% of respondents anticipated that the incentive will be extended for further years.

Industry Expectations for the Budget for 2023

Expectations and Changes in Taxation

The two biggest improvements linked to GST that are anticipated from the budget are the ease of obtaining Input Tax Credit (ITC) and the elimination of credit constraints. The main industries to anticipate this are energy, business and financial services, life sciences, and health care.

Conclusion

All eyes are now focused on the government's Union Budget for 2022–2023 to keep the economic engine spinning. Sectors are lifted and their growth is elevated by the policies, incentives, and taxations that are issued during the budget session. Government actions are required to offer much-needed help while the Indian economy deals with the consequences of the pandemic and other outside concerns.

Despite a possible global downturn and geopolitical turmoil, Indian business leaders are hopeful that the union budget 2023–24 would support economic development across sectors and industries.

Deloitte India is pleased to present its Pre-Budget Survey for the Union Budget of 2023. The Deloitte pre budget survey seeks to provide insight into the expectations of the Indian public for the upcoming Union Budget. The current survey focuses on areas such as agriculture, education, healthcare, infrastructure and more.