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Lok Sabha passes Rs 45 lakh crore union budget without discussion

If the stalemate continues, the government is likely to push for the passage of the Finance Bill on Friday, also without discussion
Last Updated 23 March 2023, 19:06 IST

The Union Budget 2023-24, which envisages total expenditure of Rs 45.03 lakh crore for the financial year beginning April 1, was passed by Lok Sabha on Thursday without any discussion.

Demands for grants and the Appropriation Bill, 2023 were passed by the lower house of parliament by voice vote amid logjam over Adani issue and Congress leader Rahul Gandhi’s remark in London.

If the stalemate continues, the government is likely to push for the passage of the Finance Bill on Friday, also without discussion.

The passing of the Finance Bill will complete the budget process. Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on 1st February.

For the financial year beginning April 1, 2023, the government has pegged the total expenditure at Rs 45.03 lakh crore, while the total receipts other than borrowings are estimated at Rs 27.2 lakh crore. The net tax receipts are estimated at Rs 23.3 lakh crore.

The budget seeks to cut India’s fiscal deficit target to 5.9% of GDP in 2023-24 from 6.4 per cent in 2022-23. To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at Rs 11.8 lakh crore. The balance financing is expected to come from small savings and other sources. The gross market borrowings are estimated at Rs 15.4 lakh crore.

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(Published 23 March 2023, 13:22 IST)

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