Stock markets open higher ahead of Budget presentation

The benchmark BSE sensex started on a positive note, rising over 400 points; NSE Nifty is up 106 points at 17,768. Finance Minister Nirmala Sitharaman will deliver the Union Budget 2023 at 11am today. This will be the last full Budget of the second Narendra Modi government ahead of general elections in 2024. The Union Budget 2023 might not offer any major relief to households due to fiscal restraints. It would focus on long-term growth instead. Finance Minister Nirmala Sitharaman is expected to announce increase in budget allocations for  health, education and rural projects, helped by a pick up in tax collections. 

In last year’s budget, Sitharaman had increased the overall financial allocation for the education sector for 2022-23 to Rs 1.04 lakh crore from Rs 93,224 crore (Budget estimate) in 2021-22. The minister had laid more emphasis on digital modes of learning to reverse learning losses caused by the coronavirus pandemic. However, the PM Poshan scheme (earlier known as mid-day meal scheme) saw a drop in central allocation from Rs 11,500 crore in 2021-22 to Rs 10,233 crore in 2022-23. The revised allocation for 2021-22 was also Rs 10,233 crore, indicating that the total fund earmarked for the scheme could not be spent during the ongoing financial year amid long closures of schools. The stakeholders in the education sector are expecting an increase in funds for research and development, along with more budgetary allocation for modern and state-of-the-art tools and equipment.