Budget 2023: Ahead of the Union Budget, Prime Minister Narendra Modi on Sunday chaired a meeting of the Union Council of Ministers in New Delhi. The Union Budget, which will be presented in Parliament on February 1, will be the last full-fledged budget of the Modi government before the 2024 general elections.
The meeting, the first to be held for the Union Council of Ministers in 2023, started around 10 am and is expected to conclude in the evening. Sources said the working of several ministries and policy initiatives taken by the Narendra Modi government will be reviewed and discussed.
This comes amid a buzz of a cabinet reshuffle and also ahead of the assembly polls in nine states this year. The finance ministry is considering proposals to benefit the middle class in the upcoming budget.
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Finance Ministry contemplating sops for middle class
The finance ministry is looking into proposals sent by various government departments on specific steps which may be announced in the Budget, benefitting a large section of the middle class, sources said.
The government has not raised the income tax exemption limit from Rs 2.5 lakh which was fixed in 2014 by the then Finance Minister Arun Jaitley in his first Budget.