Global and Domestic Perspective of the Forthcoming Budget 2023-24
This article discusses the overall global and domestic context in which India’s 2023-24 Budget will be presented on Wednesday 1 February 2023. The overall context sets the broad boundaries the Budget and its specific proposals must be viewed. It should be noted that while the Union Government’s Budget presentation (along with accompanying documents such as The Economic Survey, Finance Bill, Memorandum Explaining the Provisions of the Finance bill, Statement of Fiscal Policy under the FRBM, Fiscal Responsibility and Budget Management, Act, 2003, and others) is customarily the prime economic event of the year, Union Government’s economic and fiscal policy initiatives are undertaken throughout the year. Therefore, the Budget should not be taken in isolation. Professional analysts would not rely on just the Budget Speech to assess the Budget of a particular year.