Lok Sabha passes Rs 45 lakh crore union budget without discussion

Opposition members protest in the well of the Lok Sabha during Budget Session of Parliament, in New Delhi, Thursday, March 23, 2023. Credit: PTI Photo

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.

Also Read | Rajya Sabha adjourned for the day as impasse continues over Rahul, Adani issues

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.