PM Modi holds pre-Budget meet with economists at NITI Aayog

Finance Minister Nirmala Sitharaman is scheduled to present her fifth straight Budget on February 1 for the fiscal starting April, 2023.
| Photo Credit: AP

Prime Minister Narendra Modi on January 13 held a meeting with economists at NITI Aayog to assess the state of the Indian economy and its challenges, ahead of the Union Budget 2023-24

PM Modi sought opinions and suggestions of the economists on measures to accelerate growth which is estimated to drop to 7%.

As per the First Advance Estimates of National Income for the year released by the National Statistical Office (NSO), India’s real GDP is expected to grow 7% in 2022-23, slowing from 8.7% in FY22.

Also read: RBI increases key lending rate by 35 bps, pegs GDP growth at 6.8%

The projections are much lower than government’s earlier forecast of 8-8.5% growth but above the Reserve Bank’s projection of 6.8%. If the forecast comes true, India’s GDP will be lower than Saudi Arabia’s, expected 7.6% expansion

The Budget Session of Parliament is likely to begin on January 31 and is expected to conclude on April 6 with a recess in between. The Session will have 27 sittings over 66 days with a recess from February 14 to March 12.

“Budget Session, 2023 of Parliament will commence from 31 January and continue till 6 April with 27 sittings spread over 66 days with usual recess. Amid Amrit Kaal looking forward to discussions on Motion of Thanks on the President’s Address, Union Budget & other items,” tweeted Union Minister of Parliamentary Affairs Pralhad Joshi.

The Session will start with an address by President Droupadi Murmu to the joint sitting of the Lok Sabha and Rajya Sabha in the Central Hall of Parliament. This will be the first address to the two Houses of Parliament by President Murmu since her elevation to the top post in July last year.

On the first day of the Budget Session, the Economic Survey will also be tabled in both Houses.

Also read: Budget likely to cap fiscal deficit at 5.8% for FY24; Centre’s borrowings to rise

Finance Minister Nirmala Sitharaman is likely to present the Union Budget in Parliament on February 1 and the first part of the session is expected to continue till February 10, according to government sources.

They said that after a recess during which the standing committees examine the demands of grants of various ministries, the second part of the Budget Session is likely to start on March 6 and conclude on April 6.

During the first part of the Budget Session, the two Houses have a detailed discussion on the Motion of Thanks to the President’s Address followed by a discussion on the Union Budget.

While Prime Minister Narendra Modi will reply to the debate on the Motion of Thanks to the President’s address, the Finance Minister will also reply to the debate on the Union Budget.

During the second part of the Budget Session, the major focus would be the discussion on the demands for grants for various ministries apart from the government’s legislative agenda. The Union Budget, a money bill, is passed during this part of the session.

(With inputs from agencies)